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House Bill No. 5480

Public Act No. 04-149

AN ACT CONCERNING FUNDING OF TRANSPORTATION STRATEGY PROJECTS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subsection (a) of section 3 of public act 03-4 of the June 30 special session is repealed and the following is substituted in lieu thereof (Effective from passage):

(a) The General Assembly approves the principles set forth in section I of the report specified in subdivision (4) of subsection (a) of section 13b-57d, as amended, provided no funds from the Transportation Strategy Board projects account, established under section 13b-57r, shall be authorized for any transportation project except those specified in subsection (b) of this section, provided nothing in this subsection shall preclude any TSB project from being funded, in whole or in part, by other state or federal funds. Funds authorized for any TSB project shall be used only for said project. TSB projects shall be funded from funds authorized for the Transportation Strategy Board only to the extent [such projects are not funded from the Infrastructure Improvement Fund] such funding is not provided from other funds in the Special Transportation Fund or the Infrastructure Improvement Fund created by the senior indenture for special tax obligation bonds.

Sec. 2. Subsection (a) of section 17 of public act 03-4 of the June 30 special session is repealed and the following is substituted in lieu thereof (Effective from passage):

(a) On or before December 1, 2003, and August first of each year thereafter, the Department of Transportation, in consultation with the Secretary of the Office of Policy and Management, the State Treasurer and the Transportation Strategy Board, shall prepare a financing plan for the annual funding and financing of the projects and purposes described in section 3 of [this act] public act 03-4 of the June 30 special session, as amended by this act. Such annual financing plan shall be based upon the authorized funding amount establishing the maximum aggregate use of cash from the incremental revenues and use of special tax obligation bond proceeds to fund some or all of such projects and purposes, as well as the use of any federal revenue, grants or other transportation-related financial assistance which may be available in such fiscal year, and shall otherwise meet all requirements of state statutes and applicable trust indenture provisions, including any coverage requirements, relating to such financing plan. Upon the approval of such annual financing plan by the Governor, incremental revenues identified in the annual financing plan for cash funding shall be paid within the fiscal year of such annual financing plan into the Transportation Strategy Board projects account, established under section 113 of public act 03-1 of the June 30 special session, of the Special Transportation Fund [, created by the senior indenture for special tax obligation bonds, as an expenditure of the Infrastructure Improvement Fund] and shall be available to fund those projects and purposes identified in such annual financing plan for cash funding. Upon the approval of the portion of the annual financing plan relating to the use of bond proceeds to fund some or all of such projects and purposes by the Treasurer and the Secretary of the Office of Policy and Management, incremental revenues identified in the annual financing plan to pay debt service and other expenditures related to the issuance of special tax obligation bonds to fund such projects and purposes shall be paid into the Transportation Strategy Board project account, established under section 113 of public act 03-1 of the June 30 special session, of the Special Transportation Fund during the fiscal year covered by such financing plan and shall be available to pay debt service requirements, as defined in section 13b-75, in accordance with the provisions of subsection (a) of section 13b-69, as amended by this act, and the Treasurer shall proceed to issue the requisite amount of special tax obligation bonds, subject to any required approval of the State Bond Commission, to fund those projects and purposes identified in such annual financing plan to be funded by bond proceeds, and the Commissioner of Transportation shall direct the expenditure of such bond proceeds. The proceeds of any special tax obligation bonds issued to fund the projects and purposes described in section 3 of public act 03-4 of the June 30 special session, as amended by this act, as those projects and purposes may be modified, less costs of issuance and the funding of required reserves, shall be deposited in a subaccount of the Infrastructure Improvement Fund created by the senior indenture for special tax obligation bonds and shall be available to fund those projects and purposes identified in such annual financing plan to be funded by the issuance of special tax obligation bonds. Any such projects or purposes so financed are hereby found and determined to be in furtherance of one or more of the authorized purposes for the issuance of special tax obligation bonds set forth in subdivision (6) of subsection (b) of section 13b-74, as amended. Said special tax obligation bonds are hereby authorized to be issued in an amount up to the authorized funding amount with respect to each fiscal year for the projects and purposes set forth in section 3 of [this act] public act 03-4 of the June 30 special session, as amended by this act, and shall be special obligations of the state and shall not be payable from nor charged upon any funds other than revenues of the state pledged therefor in subsection (b) of section 13b-61, as amended by this act, and section 13b-69, as amended by this act, or such other receipts, funds or moneys as may be pledged therefor. Said bonds shall not be payable from nor charged upon any funds other than such pledged revenues or such other receipts, funds or moneys as may be pledged therefor, nor shall the state or any political subdivision thereof be subject to any liability thereon, except to the extent of such pledged revenues or such other receipts, funds or moneys as may be pledged therefor. Said bonds shall be issued under and in accordance with the provisions of sections 13b-74 to 13b-77, inclusive, as amended, and sections 13 to 17, inclusive of [this act] public act 03-4 of the June 30 special session.

Sec. 3. Subdivision (16) of subsection (b) of section 13b-61 of the general statutes, as amended by section 20 of public act 03-4 of the June 30 special session, is repealed and the following is substituted in lieu thereof (Effective from passage):

(16) On and after July 1, 2003, and up to and including June 30, 2036, all moneys received or collected by the state or any officer thereof on account of, or derived from, the incremental revenues generated pursuant to sections 1-1h, as amended, 14-35, as amended, 14-44i, as amended, 14-47, as amended, 14-48b, as amended, 14-49, as amended, 14-50, as amended, 14-66, as amended, 14-67, as amended, and 14-381, as amended, and revenues specified in sections 113 and 114 of public act 03-1 of the June 30 special session, as amended by this act, shall be deposited into the Transportation Strategy Board projects account, established under section 113 of public act 03-1 of the June 30 special session, of the [Infrastructure Improvement] Special Transportation Fund and shall be used to support the funding of the projects and purposes described in section 3 of [this act] public act 03-4 of the June 30 special session, as amended by this act.

Sec. 4. Subsection (a) of section 13b-69 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(a) The Treasurer shall apply the resources in the Special Transportation Fund, upon their receipt, first, to pay or provide for the payment of debt service requirements, as defined in section 13b-75, at such time or times, in such amount or amounts and in such manner, as provided by the proceedings authorizing the issuance of special tax obligation bonds pursuant to sections 13b-74 to 13b-77, inclusive, as amended, and then to pay from the Transportation Strategy Board projects account of the Special Transportation Fund, established under section 113 of public act 03-1 of the June 30 special session, the incremental revenues identified in approved annual financing plans for cash funding in accordance with the provisions of section 17 of public act 03-4 of the June 30 special session, as amended by this act.

Sec. 5. Section 114 of public act 03-1 of the June 30 special session is repealed and the following is substituted in lieu thereof (Effective from passage):

(a) Notwithstanding any provision of the general statutes, for the fiscal year ending June 30, 2004, the sum of $ 10,000,000 [shall be transferred from the resources of] on deposit in the Special Transportation Fund [and] shall be credited to [the resources of] the Transportation Strategy Board projects account established under section 113 of [this act] public act 03-1 of the June 30 special session.

(b) Notwithstanding any provision of the general statutes, for the fiscal year ending June 30, 2005, the sum of $ 5,000,000 [shall be transferred from the resources of] on deposit in the Special Transportation Fund [and] shall be credited to [the resources of] the Transportation Strategy Board projects account established under section 113 of [this act] public act 03-1 of the June 30 special session.

(c) Notwithstanding any provision of the general statutes, on July 1, 2005, the sum of $ 5,000,000 [shall be transferred from the resources of] on deposit in the Special Transportation Fund [and] shall be credited to [the resources of] the Transportation Strategy Board projects account established under section 113 of [this act] public act 03-1 of the June 30 special session.

Approved May 21, 2004