Connecticut Seal

General Assembly

Amendment

 

June Special Session, 2015

LCO No. 9718

   
 

*SB0150209718SRO*

Offered by:

 

SEN. FASANO, 34th Dist.

SEN. WITKOS, 8th Dist.

SEN. BOUCHER, 26th Dist.

 

To: Senate Bill No. 1502

File No.

Cal. No.

(As Amended)

"AN ACT IMPLEMENTING PROVISIONS OF THE STATE BUDGET FOR THE BIENNIUM ENDING JUNE 30, 2017 CONCERNING GENERAL GOVERNMENT, EDUCATION AND HEALTH AND HUMAN SERVICES. "

Strike section 441 in its entirety and insert the following in lieu thereof:

"Sec. 441. Section 13b-68 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(a) There is established a fund to be known as the "Special Transportation Fund". The fund may contain any moneys required or permitted by law to be deposited in the fund and any moneys recovered by the state for overpayments, improper payments or duplicate payments made by the state relating to any transportation infrastructure improvements which have been financed by special tax obligation bonds issued pursuant to sections 13b-74 to 13b-77, inclusive, and shall be held by the [State] Treasurer separate and apart from all other moneys, funds and accounts. Investment earnings credited to the assets of said fund shall become part of the assets of said fund. Any balance remaining in said fund at the end of any fiscal year shall be carried forward in said fund for the fiscal year next succeeding.

(b) (1) The Special Transportation Fund shall be a perpetual fund, the resources of which shall be used solely for transportation purposes. Such purposes include the payment of debt service on obligations of the state incurred for transportation purposes. All sources of moneys, funds and receipts of the state required to be credited, deposited or transferred to said fund by state law on or after the effective date of this section shall continue to be credited, deposited or transferred to said fund, so long as the sources of such moneys, funds and receipts are collected or received by the state or any officer thereof. No law shall be enacted authorizing the resources of said fund to be expended other than for transportation purposes.

(2) Effective upon the date the Secretary of the State makes an official determination of the result of a vote by the people of the state to adopt a constitutional amendment that requires certain credits, deposits or transfers to the Special Transportation Fund, and restricts the expenditure of the resources of said fund to transportation purposes, the provisions of subdivision (1) of this subsection shall be superseded by such constitutional amendment.

[(b)] (c) There is established a fund to be known as the "Transportation Grants and Restricted Accounts Fund". Upon certification by the Comptroller and the Secretary of the Office of Policy and Management that the CORE-CT project for fiscal services is operational, the fund shall contain all transportation moneys that are restricted, not available for general use and previously accounted for in the Special Transportation Fund as "Federal and Other Grants". The Comptroller is authorized to make such transfers as are necessary to provide that, notwithstanding any provision of the general statutes, all transportation moneys that are restricted and not available for general use are in the Transportation Grants and Restricted Accounts Fund. "