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 and improvement of buildings, and highway and bridge repairs. The total amount of bonds authorized is set at one billion nine million five hundred forty-seven thousand dollars ($1,009,547,000), with provisions for an additional 2.5% to cover costs of issuance. The proceeds from these bonds will be allocated to 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.

An amendment to the bill changes the total bond 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 act also stipulates that no bonds will be issued until sufficient funds are appropriated to cover the first year's principal and interest obligations, and it includes provisions to ensure compliance with civil rights laws. The act will take effect upon becoming law.