2005 Connecticut Code - 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.
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.
(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.
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