Committee approves Richardville legislation to make more dollars available for roads and bridges
LANSING - The Senate Transportation Committee today approved legislation sponsored by Sen. Randy Richardville that will make more dollars available for roads and bridges in Michigan.
“Michigan needs a reliable transportation system to help keep residents safe, attract job providers and stimulate the economy,” said Richardville, R-Monroe. “The challenge is finding money without creating additional burdens on our taxpayers. Under this proposal, more dollars would be raised for fixing our roads and bridges, but the funds would not be coming from residents’ paychecks.”
Senate Bill 670 would turn the Michigan Transportation Fund into a “trust fund” to allow the state to receive higher interest earnings from the funds. The Michigan Infrastructure and Transportation Association estimated that the state could earn an additional $10 million a year by making this change.
Richardville, who introduced the bill after meeting with local road commissioners, said the measure will allow the state to better manage its transportation dollars.
“Creating a trust fund will enable the state to use the money more efficiently as a transportation investment,” Richardville said. “The earnings would be used directly on our roads and bridges, rather than departmental administrative purposes.”
SB 670 is based on a recommendation from the governor’s Transportation Funding Task Force 2008 report.
The measure will now advance to the full Senate for consideration.
Posted: Tuesday, August 18, 2009
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