House Bill 2972 authorizes the state of Tennessee to issue and sell general obligation bonds and bond anticipation notes totaling up to $87,700,000. The funds generated from these bonds will be allocated primarily to the Department of Transportation for various infrastructure projects, including the construction of highways, acquisition of equipment and sites, and repairs to existing structures and bridges. Additionally, the funding board is permitted to issue bonds for costs associated with discounts and issuance, not exceeding 2.5% of the total bond amount.

The bill outlines the terms for the issuance of these bonds, including their maturity, interest rates, and tax exemptions. It also stipulates that no bonds will be issued until the General Assembly appropriates sufficient funds to cover the first year's principal and interest obligations. Furthermore, the act includes provisions to ensure compliance with civil rights laws and establishes that if any part of the act is deemed invalid, the remaining provisions will still be enforceable. The act will take effect upon becoming law.