Sec. 13b-57q. Annual financing plan for TSB projects. Incremental revenues
to be paid into Transportation Strategy Board projects account. Issuance of special
tax obligation bonds. (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 13b-57h. 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 13b-57r, of the Special Transportation 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 13b-57r, 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 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 13b-57h 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. 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 13b-57h 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 and section 13b-69, 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, and sections 13b-57m to 13b-57q, inclusive.
(b) In addition to the preparation of the annual financing plans, the Department of
Transportation shall prepare a five-year financing plan that shall project for a period of
five years the incremental revenues to be credited to the Transportation Strategy Board
projects account, established under section 13b-57r, of the Special Transportation Fund,
the expenditures anticipated under section 13b-57o, the anticipated use of cash funding,
bond proceeds and federal revenue, grants or other transportation related financial assistance to fund or finance the projects and purposes described in section 13b-57h. Such
five-year financing plan shall be updated on or before August first of each year at the
same time as the preparation of the annual financing plan and shall be provided by
the Commissioner of Transportation to the Transportation Strategy Board, the State
Treasurer, the Secretary of the Office of Policy and Management and the joint standing
committees of the General Assembly having cognizance of matters relating to transportation and finance, revenue and bonding.
(June 30 Sp. Sess. P.A. 03-4, S. 17; P.A. 04-149, S. 2.)
History: June 30 Sp. Sess. P.A. 03-4 effective August 20, 2003; P.A. 04-149 amended Subsec. (a) to provide for
preparation of financing plan on or before December 1, 2003, to provide for deposit of incremental revenues into the TSB
projects account, to provide for the deposit of bond proceeds into a subaccount of the Infrastructure Improvement Fund
and to make technical changes, effective May 21, 2004.
Sec. 13b-57r. Transportation Strategy Board projects account. Moneys to be
deposited into the account. (a) There shall be a Transportation Strategy Board projects
account, which shall be a nonlapsing account within the Special Transportation Fund.
(b) For the fiscal year ending June 30, 2004, five million dollars of the moneys
received or collected by the state or any officer thereof on account of, or derived from,
the incremental revenues received pursuant to section 14-50a shall be deposited into
the account established under subsection (a) of this section and shall be used to provide
funding for the projects and purposes of the Transportation Strategy Board.
(c) On and after July 1, 2004, all moneys received or collected by the state or any
officer thereof on account of, or derived from, one-half of the incremental revenues
received pursuant to section 14-50a shall be deposited into the account established under
subsection (a) of this section and shall be used to provide funding for the projects and
purposes of the Transportation Strategy Board.
(June 30 Sp. Sess. P.A. 03-1, S. 113; P.A. 04-177, S. 9.)
History: June 30 Sp. Sess. P.A. 03-1 effective August 16, 2003; P.A. 04-177 amended Subsec. (c) to change date on
which one-half of incremental revenues begin to be deposited into Transportation Strategy Board projects account from
July 1, 2005, to July 1, 2004, effective June 1, 2004.