Senate Bill 2941, also known as House Bill 2972, authorizes the state of Tennessee to issue and sell general obligation bonds totaling up to $87,700,000. The funds generated from these bonds will be allocated for various infrastructure projects, including the construction of highways, acquisition of equipment and sites, and improvements to existing structures and bridges. The bill also allows for the issuance of bond anticipation notes to cover costs associated with the issuance of the bonds, with the funding board having the discretion to determine the allocation of these funds.

Additionally, the bill amends Chapter 470 of the Public Acts of 2011 by adjusting specific funding amounts for various subdivisions. It replaces the previous allocation of "thirty-four million dollars ($34,000,000.00)" with "twelve million dollars ($12,000,000.00)" and changes "seven million nine hundred thousand dollars ($7,900,000.00)" to "twenty-nine million nine hundred thousand dollars ($29,900,000.00)" in the specified subdivisions. The act emphasizes that all expenditures must comply with civil rights provisions and takes effect upon becoming law.