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 Com-
mittee on Ways and Means, and in addition to the Committees on Appro-
priations and Transportation and Infrastructure, for a period to be subse-
quently 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 Trans-
portation Bonds to fund transportation projects in each 
State, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Repairing Our Aging 
Roads Act’’. 
SEC. 2. TRANSPORTATION BONDS AND TRUST FUNDS. 
(a) 
AUTHORITY
TO
ISSUE
TRANSPORTATION 
BONDS.—Section 3102 of title 31, United States Code, 
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(1) ESTABLISHMENT OF TRUST FUNDS.—There 
is established in the Treasury of the United States 
50 separate trust funds, consisting of such amounts 
as may be appropriated, credited, or transferred to 
each such trust fund as provided in this section or 
other provision of law. Such trust funds shall be es-
tablished with respect to each of the 50 States and 
each shall be known as the ‘‘State Transportation 
Trust Fund’’ (where the name of the corresponding 
State is substituted for ‘‘State’’). For purposes of 
this subsection, any reference to ‘‘each State Trans-
portation Trust Fund’’ shall be treated as a ref-
erence to each of the 50 trust funds established 
under this paragraph. 
(2) TRANSFERS TO TRUST FUNDS.—There are 
hereby appropriated to each State Transportation 
Trust Fund amounts equivalent to all revenues de-
rived from the sale and issuance of Transportation 
Bonds issued under section 3102 of title 31, United 
States Code, with respect to the corresponding 
State. 
(3) EXPENDITURES
FROM
TRUST
FUNDS.— 
Amounts in each State Transportation Trust Fund 
shall be available, without need of further appropria-
tion, for monthly disbursement to the corresponding 
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State with respect to such Trust Fund. Such month-
ly disbursements shall be used by the corresponding 
State only for purposes of making expenditures to 
construct or improve transportation infrastructure in 
the corresponding State. 
(c) PREVENTION
OF
STATE
PARTICIPATION
IN 
TRANSPORTATION BONDS PROGRAM.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury shall not issue any Transportation Bond under 
section 3102(f) of title 31, United States Code, as 
added by subsection (a), to any State or political 
subdivision thereof. 
(2) DENIAL OF STATE BENEFIT FROM INDI-
RECT ACQUISITIONS.—Appropriations to any State 
Transportation Trust Fund under subsection (b)(2) 
shall be reduced by the amount of any revenues de-
rived from the sale or issuance of any Transpor-
tation Bond to any person if such bond was acquired 
by such person with funds provided directly or indi-
rectly by any State or political subdivision thereof. 
SEC. 
3. 
OFFSETTING 
REDUCTION 
IN 
DISCRETIONARY 
SPENDING. 
(a) CALCULATION.—On the last day of the first quar-
ter during which Transportation Bonds are issued under 
section 3102(f) of title 31, United States Code (as added 
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by subsection (a)), and on the last day of each quarter 
thereafter, the Secretary of the Treasury shall calculate 
the dollar amount of bonds issued during any such quar-
ter. 
(b) RESCISSION.—On the first day of the quarter im-
mediately following any quarter with respect to which a 
calculation is made under subsection (a), there is hereby 
rescinded an amount equal to the calculated dollar amount 
of— 
(1) the budget authority provided for any dis-
cretionary account in any appropriation Act for the 
fiscal year in which such first day occurs; and 
(2) the budget authority provided in any ad-
vance appropriation for any discretionary account in 
any prior year appropriation Act. 
(c) PROPORTIONATE APPLICATION.—Any rescission 
made by subsection (b) shall be applied proportionately— 
(1) to each discretionary account and each item 
of budget authority described in such subsection; 
and 
(2) within each such account and item, to each 
program, project, and activity (with programs, 
projects, and activities as delineated in the appro-
priation Act or accompanying reports for the rel-
evant fiscal year covering such account or item, or 
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for accounts and items not included in appropriation 
Acts, as delineated in the most recently submitted 
President’s budget). 
Æ 
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