Senate Bill No. 1461 seeks to amend the management and utilization of the Special Transportation Fund (STF) in Connecticut by establishing a new framework that includes any moneys recovered by the state for overpayments related to transportation infrastructure improvements financed by special tax obligation bonds. The bill allows the Treasurer to appropriate any balance exceeding eighteen percent of the net STF appropriations for the current fiscal year for specific purposes, such as redeeming or purchasing outstanding special tax obligation indebtedness. This change aims to enhance the state's ability to manage its debt effectively and ensure that excess funds are utilized in a responsible manner.

Furthermore, the bill modifies the Treasurer's reporting requirements, mandating the submission of a final audited report to the Governor and the Investment Advisory Council that details the activities of the State Treasurer's office for the preceding fiscal year. This report will include complete financial statements, performance reviews, and summaries of cash management and unclaimed property program activities. The bill also makes permanent a provision requiring a portion of the remaining balance in the STF at the end of each fiscal year to be appropriated for the paydown of STF-supported debt, with the Treasurer having discretion over the methods for debt reduction. New legal language is introduced to clarify reporting obligations and debt reduction methods, while outdated language is deleted to improve clarity and consistency. The bill is set to take effect upon passage, aiming to enhance fiscal responsibility and transparency in the management of transportation funds.

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