Senate Bill No. 1461 proposes significant amendments to the management of the Special Transportation Fund (STF) and introduces the Transportation Grants and Restricted Accounts Fund. The bill repeals Section 13b-68 and establishes the STF as a perpetual fund dedicated exclusively to transportation purposes, including debt service payments on state obligations. It modifies the criteria for appropriating excess funds, allowing the Treasurer to utilize any balance exceeding eighteen percent of the net appropriations for the current fiscal year for redeeming, purchasing, or defeasing special tax obligation indebtedness. This change aims to enhance the financial management of the STF and ensure that excess funds are effectively used to reduce transportation-related debt.

Furthermore, the bill amends Section 3-37 to require the Treasurer to submit a final audited report to the Governor and the Investment Advisory Council by December 31 each year, detailing comprehensive financial statements and performance reviews of the investment funds. It also introduces new reporting requirements that mandate the Treasurer to provide an annual report on the methods used for debt reduction and the projected savings, ensuring that these savings do not exceed established limits. The bill's modifications include the insertion of new provisions related to reporting and debt reduction methods while deleting outdated references, with the act set to take effect upon passage.

Statutes affected:
Raised Bill: 3-37
FIN Joint Favorable: 3-37
File No. 850: 3-37