House Bill 1407, also known as Senate Bill 1430, authorizes the state of Tennessee to issue and sell general obligation bonds and bond anticipation notes totaling up to $1,009,547,000. The funds raised will be allocated for various purposes, including the acquisition of equipment and sites, construction and improvement of buildings, highway construction, and bridge rehabilitation. The bill allows for the issuance of bonds in amounts not exceeding 2.5% of the total authorized amount to cover discounts and costs of issuance. The proceeds will be distributed among several departments, including the Department of Finance and Administration and the Department of Transportation, for specific projects that have been approved by the State Building Commission.

Additionally, the bill stipulates that no bonds will be issued until the General Assembly appropriates sufficient funds to cover the first year's principal and interest obligations. It also includes provisions to ensure compliance with civil rights laws and establishes that if any part of the act is found invalid, the remaining provisions will still be enforceable. The act is set to take effect upon becoming law, emphasizing its urgency for public welfare.