LINCOLN – Surrounded by state lawmakers and representatives of cities, counties and business, Governor Pete Ricketts today signed into law LB 960, the so-called Transportation Innovation Act.
The measure uses state cash reserves along with gas tax revenue to provide a boost for transportation project funding. The bill introduced on behalf of the Governor by Senator Jim Smith of Papillion, will initially use $50 million from the state’s cash reserve fund, and about $400 million from gas tax revenue.
Governor Ricketts says funding within the bill will help finance expressway construction, county bridge work and transportation projects that could help business.
:37 “what that will be”
The plan originally proposed by Ricketts sought a higher amount of cash reserves, but the governor called LB 960 a good start. Ricketts lauded the efforts of state senators, legislative committees and the public for a plan to move transportation needs forward.
:29 “in the state”
Executive Director for the Nebraska Association of County Officials, Larry Dix, said increasing the support for counties to complete needed bridge work, aids one of the state’s top economic engines.
:28 “Nebraska forward”
Members of both the transportation and appropriations committees were on hand for the signing of LB 960, Monday.
The infrastructure fund will pay for a 17-year program of highway construction, county bridge repair and transportation-related economic development.