I 

113TH CONGRESS 

2D SESSION H. R. 4945 

To authorize the Secretary of the Treasury to issue Transportation Bonds 

to fund transportation projects in each State, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 24, 2014 

Mr. BENTIVOLIO introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Appropriations and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such 

provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To authorize the Secretary of the Treasury to issue Transportation Bonds to fund transportation projects in each 

State, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Repairing Our Aging 

5 Roads Act’’. 

6 SEC. 2. TRANSPORTATION BONDS AND TRUST FUNDS. 

7 (a) AUTHORITY TO ISSUE TRANSPORTATION

8 BONDS.—Section 3102 of title 31, United States Code, 


dlhill on DSK7TPTVN1PROD with BILLS
2 

•HR 4945 IH

1 is amended by adding at the end the following new sub2 section: 

3 ‘‘(f) TRANSPORTATION BONDS.— 

4 ‘‘(1) IN GENERAL.—The Secretary is authorized 

5 to issue bonds under this section, to be known as 

6 ‘Transportation Bonds’. Transportation Bonds shall 

7 be issued for each of the 50 States and shall be sep8 arately identified with respect to each State. 

9 ‘‘(2) LIMITATION.—The aggregate amount of 

10 Transportation Bonds issued with respect to each 

11 State shall not exceed $2,000,000,000. 

12 ‘‘(3) FORM.—Except as provided in paragraph 

13 (3), the bonds authorized by paragraph (1) shall be 

14 in such form and denominations, and shall be sub15 ject to such terms and conditions of issue, conver16 sion, redemption, maturation, payment, and rate of 

17 interest as the Secretary may prescribe. 

18 ‘‘(4) MAXIMUM RATE OF INTEREST.—The rate 

19 of interest on any bond authorized by paragraph (1) 

20 shall not exceed the rate of interest which is 0.25 

21 percentage points less than the rate of interest 

22 which would apply with respect to an otherwise sub23 stantially identical bond authorized under subsection 

24 (a).’’. 

25 (b) TRANSPORTATION TRUST FUNDS.— 


dlhill on DSK7TPTVN1PROD with BILLS
3 

•HR 4945 IH

1 (1) ESTABLISHMENT OF TRUST FUNDS.—There 

2 is established in the Treasury of the United States 

3 50 separate trust funds, consisting of such amounts 

4 as may be appropriated, credited, or transferred to 

5 each such trust fund as provided in this section or 

6 other provision of law. Such trust funds shall be es7 tablished with respect to each of the 50 States and 

8 each shall be known as the ‘‘State Transportation 

9 Trust Fund’’ (where the name of the corresponding 

10 State is substituted for ‘‘State’’). For purposes of 

11 this subsection, any reference to ‘‘each State Trans12 portation Trust Fund’’ shall be treated as a ref13 erence to each of the 50 trust funds established 

14 under this paragraph. 

15 (2) TRANSFERS TO TRUST FUNDS.—There are 

16 hereby appropriated to each State Transportation 

17 Trust Fund amounts equivalent to all revenues de18 rived from the sale and issuance of Transportation 

19 Bonds issued under section 3102 of title 31, United 

20 States Code, with respect to the corresponding 

21 State. 

22 (3) EXPENDITURES FROM TRUST FUNDS.— 

23 Amounts in each State Transportation Trust Fund 

24 shall be available, without need of further appropria25 tion, for monthly disbursement to the corresponding 


dlhill on DSK7TPTVN1PROD with BILLS
4 

•HR 4945 IH

1 State with respect to such Trust Fund. Such month2 ly disbursements shall be used by the corresponding 

3 State only for purposes of making expenditures to 

4 construct or improve transportation infrastructure in 

5 the corresponding State. 

6 (c) PREVENTION OF STATE PARTICIPATION IN

7 TRANSPORTATION BONDS PROGRAM.— 

8 (1) IN GENERAL.—The Secretary of the Treas9 ury shall not issue any Transportation Bond under 

10 section 3102(f) of title 31, United States Code, as 

11 added by subsection (a), to any State or political 

12 subdivision thereof. 

13 (2) DENIAL OF STATE BENEFIT FROM INDI14 RECT ACQUISITIONS.—Appropriations to any State 

15 Transportation Trust Fund under subsection (b)(2) 

16 shall be reduced by the amount of any revenues de17 rived from the sale or issuance of any Transpor18 tation Bond to any person if such bond was acquired 

19 by such person with funds provided directly or indi20 rectly by any State or political subdivision thereof. 

21 SEC. 3. OFFSETTING REDUCTION IN DISCRETIONARY 

22 SPENDING. 

23 (a) CALCULATION.—On the last day of the first quar24 ter during which Transportation Bonds are issued under 

25 section 3102(f) of title 31, United States Code (as added 


dlhill on DSK7TPTVN1PROD with BILLS
5 

•HR 4945 IH

1 by subsection (a)), and on the last day of each quarter 

2 thereafter, the Secretary of the Treasury shall calculate 

3 the dollar amount of bonds issued during any such quar4 ter. 

5 (b) RESCISSION.—On the first day of the quarter im6 mediately following any quarter with respect to which a 

7 calculation is made under subsection (a), there is hereby 

8 rescinded an amount equal to the calculated dollar amount 

9 of— 

10 (1) the budget authority provided for any dis11 cretionary account in any appropriation Act for the 

12 fiscal year in which such first day occurs; and 

13 (2) the budget authority provided in any ad14 vance appropriation for any discretionary account in 

15 any prior year appropriation Act. 

16 (c) PROPORTIONATE APPLICATION.—Any rescission 

17 made by subsection (b) shall be applied proportionately— 

18 (1) to each discretionary account and each item 

19 of budget authority described in such subsection; 

20 and 

21 (2) within each such account and item, to each 

22 program, project, and activity (with programs, 

23 projects, and activities as delineated in the appro24 priation Act or accompanying reports for the rel25 evant fiscal year covering such account or item, or 


dlhill on DSK7TPTVN1PROD with BILLS
6 

•HR 4945 IH

1 for accounts and items not included in appropriation 

2 Acts, as delineated in the most recently submitted 

3 President’s budget). 

Æ 


dlhill on DSK7TPTVN1PROD with BILLS