,i #aacth ,,congress #b;d ,session ,h4 ,r4 #dide ,,in ,,the ,,house ,,of ,,representatives ,june #bd1 #bjad ,mr4 ,bentivolio introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committees on ,appropriations and ,transportation and ,infrastructure1 for a period to be subsequently determined by the ,speaker1 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 ,state1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,repairing ,our ,aging ,roads ,act4 #b4 ,transportation ,bonds and ,trust ,funds 7a7 ,authority ,to issue ,transportation ,bonds ,section #cajb of title #ca1 ,united ,states ,code1 is amended by adding at the end the following new subsection3 7f7 ,transportation ,bonds 7#a7 ,in general ,the ,secretary is authorized to issue bonds under this section1 to be known as ,transportation ,bonds4 ,transportation ,bonds shall be issued for each of the #ej ,states and shall be separately identified with respect to each ,state4 7#b7 ,limitation ,the aggregate amount of ,transportation ,bonds issued with respect to each ,state shall not exceed #b1jjj1jjj1jjj4 7#c7 ,form ,except as provided in paragraph 7#c71 the bonds authorized by paragraph 7#a7 shall be in such form and denominations1 and shall be subject to such terms and conditions of issue1 conversion1 redemption1 maturation1 payment1 and rate of interest as the ,secretary may prescribe4 7#d7 ,maximum rate of interest ,the rate of interest on any bond authorized by paragraph 7#a7 shall not exceed the rate of interest which is #j4be percentage points less than the rate of interest which would apply with respect to an otherwise substantially identical bond authorized under subsection 7a74 4 7b7 ,transportation ,trust ,funds 7#a7 ,establishment of ,trust funds ,there is established in the ,treasury of the ,united ,states #ej separate trust funds1 consisting of such amounts as may be appropriated1 credited1 or transferred to each such trust fund as provided in this section or other provision of law4 ,such trust funds shall be established with respect to each of the #ej ,states and each shall be known as the ,state ,transportation ,trust ,fund 7where the name of the corresponding ,state is substituted for ,state74 ,for purposes of this subsection1 any reference to each ,state ,transportation ,trust ,fund shall be treated as a reference to each of the #ej trust funds established under this paragraph4 7#b7 ,transfers to trust funds ,there are hereby appropriated to each ,state ,transportation ,trust ,fund amounts equivalent to all revenues derived from the sale and issuance of ,transportation ,bonds issued under section #cajb of title #ca1 ,united ,states ,code1 with respect to the corresponding ,state4 7#c7 ,expenditures from trust funds ,amounts in each ,state ,transportation ,trust ,fund shall be available1 without need of further appropriation1 for monthly disbursement to the corresponding ,state with respect to such ,trust ,fund4 ,such monthly disbursements shall be used by the corresponding ,state only for purposes of making expenditures to construct or improve transportation infrastructure in the corresponding ,state4 7c7 ,prevention of ,state participation in ,transportation ,bonds program 7#a7 ,in general ,the ,secretary of the ,treasury shall not issue any ,transportation ,bond under section #cajb7;f7 of title #ca1 ,united ,states ,code1 as added by subsection 7a71 to any ,state or political subdivision thereof4 7#b7 ,denial of ,state benefit from indirect acquisitions ,appropriations to any ,state ,transportation ,trust ,fund under subsection 7b77#b7 shall be reduced by the amount of any revenues derived from the sale or issuance of any ,transportation ,bond to any person if such bond was acquired by such person with funds provided directly or indirectly by any ,state or political subdivision thereof4 #c4 ,offsetting reduction in discretionary spending 7a7 ,calculation ,on the last day of the first quarter during which ,transportation ,bonds are issued under section #cajb7;f7 of title #ca1 ,united ,states ,code 7as added by subsection 7a771 and on the last day of each quarter thereafter1 the ,secretary of the ,treasury shall calculate the dollar amount of bonds issued during any such quarter4 7b7 ,rescission ,on the first day of the quarter immediately following any quarter with respect to which a calculation is made under subsection 7a71 there is hereby rescinded an amount equal to the calculated dollar amount of-- 7#a7 the budget authority provided for any discretionary account in any appropriation ,act for the fiscal year in which such first day occurs2 and 7#b7 the budget authority provided in any advance appropriation for any discretionary account in any prior year appropriation ,act4 7c7 ,proportionate application ,any rescission made by subsection 7b7 shall be applied proportionately-- 7#a7 to each discretionary account and each item of budget authority described in such subsection2 and 7#b7 within each such account and item1 to each program1 project1 and activity 7with programs1 projects1 and activities as delineated in the appropriation ,act or accompanying reports for the relevant fiscal year covering such account or item1 or for accounts and items not included in appropriation ,acts1 as delineated in the most recently submitted ,president's budget74