State Codes and Statutes
Statutes > Connecticut > Title13b > Chap242a > Sec13b-57qSec. 13b-57q. Annual financing plan for TSB projects. Five-year financing plan. (a) On or before August first of each year, 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 funding available or anticipated to be available in the Transportation Strategy Board projects account, as well as the use of any federal revenue, grants or other transportation-related financial assistance which may be available in such fiscal year. The annual financing plan shall include funding mandated by sections 13b-57s and 13b-57t. Upon the approval of such annual financing plan by the Governor, funding identified in the annual financing plan 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.
(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 funds to be credited to the Transportation Strategy Board projects account, established under section 13b-57r, of the Special Transportation Fund, the anticipated use of cash funding, including funding mandated by sections 13b-57s and 13b-57t, 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; June Sp. Sess. P.A. 05-4, S. 42.)
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; June Sp. Sess. P.A. 05-4 amended Subsec. (a) to delete provisions re funding from incremental revenues or special tax obligation bond proceeds and provide that the annual financing plan includes certain mandated funding, and amended Subsec. (b) to remove reference to incremental revenues and provide that the five-year financing plan includes certain mandated funding, effective July 1, 2005.
