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 to fund various infrastructure projects, including the acquisition of equipment and sites, construction of buildings, and improvements to highways and bridges. The total amount of bonds authorized is adjusted to one billion thirty-four million five hundred forty-seven thousand dollars ($1,034,547,000), with specific allocations for different departments, including the Department of Finance and Administration and the Department of Transportation. The bill also allows for the issuance of bonds in excess of the authorized amount to cover costs of issuance and discounts.

The bill outlines the procedures for issuing these bonds, including the requirement for the General Assembly to appropriate sufficient funds for the first year's principal and interest obligations before any bonds can be issued. Additionally, it includes provisions for the bonds to be exempt from state and local taxes, except for inheritance, transfer, and estate taxes. The act emphasizes compliance with civil rights laws and establishes that if any part of the act is found invalid, the remaining provisions will still be enforceable.