The State Transportation Board wants the Georgia General Assembly to kill the planned sale of $300 million in bonds slated to fund road improvements in the upcoming fiscal year.
Board member David Doss of Rome said the resolution adopted by the full board Thursday is on its way to every lawmaker.
“The board made it clear we are not interested in borrowing any more money,” he said. “We can not afford to absorb $26 million in debt service.”
The state was originally scheduled to pay the annual debt service, Doss said, but a decision to take the money from the Georgia Department of Transportation’s budget makes the plan unworkable.
If the legislature does not de-authorize the bonds, the debt service would come from the motor fuel tax, which is dedicated to road and bridge projects.
Doss said the board has already told Gov. Sonny Perdue and the General Assembly that the
GDOT will not have enough money in 2012 for the required federal transportation dollar match.
Without the match, the money would be redirected to another state. And Doss noted the only funding fix before the legislature now is a regional transportation sales tax.
“That would not add one penny to the GDOT,” he said. “We recognize the financial decline, but the consequences of leaving Georgians’ tax money on the table in Washington is not something anyone wants to see.”
There are four days remaining in the 40-day legislative session. The General Assembly is scheduled to meet next Tuesday and Wednesday and again on April 27 and April 29.