Senate Bill 1430, also known as House Bill 1407, authorizes the state of Tennessee to issue and sell general obligation bonds and bond anticipation notes totaling up to one billion nine million five hundred forty-seven thousand dollars ($1,009,547,000) for various infrastructure projects. These projects include the acquisition of equipment and sites, construction and improvement of buildings, highways, and bridges, as well as grants to local governments and industrial development corporations. The bill allows for the issuance of bonds in excess of the authorized amount to cover discounts and costs of issuance, and it makes appropriations for an indefinite period to allocate the proceeds from these bonds.

An amendment to the bill changes the total bond issuance amount to one billion thirty-four million five hundred forty-seven thousand dollars ($1,034,547,000) and increases the allocation for the Department of Finance and Administration from seven hundred ninety-five million five hundred forty-seven thousand dollars ($795,547,000) to eight hundred twenty million five hundred forty-seven thousand dollars ($820,547,000). The funding board is empowered to manage the issuance and allocation of these funds, ensuring that they are used for the specified public purposes while adhering to legal and regulatory requirements.