Capital Projects

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About Capital Projects Funded by Bond Proceeds

General Obligation and Severance Tax Bonds are used, along with other funding sources such as the state general fund, to fund capital projects around the state. The State Board of Finance issues tax-exempt General Obligation and Severance Tax Bonds and taxable short-term Severance Tax Notes to fund capital projects appropriated by the legislature.

For more information on these bonding programs, click here.

The Questionnaire Process

Prior to bonds being sold for a capital project, each oversight agency/local entity must certify the need to receive bond proceeds by completing a questionnaire through the Capital Project Questionnaire System.

When capital projects are funded with tax-exempt or taxable bond proceeds, the Board must ensure that those projects comply with state and federal laws. Agencies must certify the need for bond proceeds as well as provide necessary information so the SBOF can determine whether or not the project is ready to receive funding (i.e., funds can be expended timely to comply with spend-down requirements).

Board staff and DFA staff and tax, bond, and board counsel review the questionnaires. Board staff oversees and manages any necessary questions and follow-up.

State Agency Reimbursement Requests & Resources

Bond Project Disbursement Rule

Bond Project Conditions Memos

LEDA Certification

Mainstreet Certification

Statewide Governmental Projects Non-LEDA Certification

Reversions

General Resources & Information

Bond Project Authorized but Unissued Lists

GOB ABU (2025)

STB ABU (July 2025)

ABUs (January 2024)

ABUs (July 2023)

ABUs (January 2023)

ABUs (June 2022)

ABUs (September 2022)

Training Resources

New Capital Project Questionnaire Trainings