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 generated from these bonds will be allocated for various purposes, including the acquisition of equipment and sites, construction and improvement of buildings, and infrastructure projects such as highways and bridges. The bill also allows for grants to local governments and industrial development corporations for similar purposes. Additionally, the funding board is permitted to issue bonds in amounts not exceeding 2.5% of the total authorized amount to cover costs associated with the issuance of these bonds.

The bill outlines specific allocations for different departments, including $795,547,000 for the Department of Finance and Administration, $134,000,000 for state office buildings, and $80,000,000 for the Department of Transportation. It establishes that the bonds will be direct general obligations of the state, backed by its full faith and credit, and exempts the bonds and interest from state and local taxation, except for certain taxes. The act also includes provisions for the issuance of bond anticipation notes and ensures that no bonds will be issued until sufficient funds are appropriated to cover the first year's principal and interest obligations.