Senate advances $240 million highway-financing plan, approves bond-anticipation amendment

The Senate on Feb. 27 debated and amended Senate Bill 2, a highway-financing measure that sponsors said is intended to keep major reconstruction projects — including I‑15 work — on schedule.

A floor amendment approved during debate would allow early issuance of $50 million in bond‑anticipation notes to capture potential arbitrage benefits and serve as a backup if federal funds do not arrive. Sponsor remarks explained the financing plan: up to $240 million in authorizations overall, with $190 million earmarked for programmed work and $50 million held as contingency; the plan also assumes $50 million in federal receipts and some department efficiency savings (discussed at $6 million in the present plan, down from an earlier $20 million projection).

Senators questioned the bill’s distribution of legacy-highway funding, local-match assumptions and what would happen if the anticipated federal funds or efficiency savings did not materialize; sponsors said the bond authorization includes a backup increase (from $190M to $240M) if federal receipts fall short, and that project pacing could be adjusted if funds are constrained.

Following debate and a sponsor summation calling for a vote, the Senate held a roll-call. The tally recorded Senate Bill 2 as passing to the third-reading calendar with 22 aye votes, 3 nay votes and 4 absent. Senators on the floor urged colleagues to consider the long-term fiscal obligations created by the full package of transportation and related revenue bills being considered in the session.