General Assembly Raised Bill No. 1461 seeks to amend current laws governing the Special Transportation Fund and the reporting duties of the State Treasurer. A significant addition is the creation of the "Transportation Grants and Restricted Accounts Fund," which will contain transportation funds that are restricted from general use. The bill also empowers the Treasurer to manage excess funds in the Special Transportation Fund; specifically, if the fund's balance surpasses eighteen percent of the net appropriations for the fiscal year, the Treasurer can utilize the excess for debt management strategies, such as redeeming or purchasing outstanding special tax obligation debts.

In terms of reporting, the bill enhances the Treasurer's obligations by requiring an annual report that includes detailed financial statements and performance reviews of investment funds, with updated language for clarity. It also introduces new reporting requirements regarding the use of the Special Transportation Fund's remaining balance and replaces previous reporting items to include information on companies divested due to business in Sudan. Starting October 1, 2010, the Treasurer will be required to submit monthly reports to legislative committees, covering cash balances and authorized but unissued bonds, which will be made publicly available. Overall, the bill aims to ensure effective management of transportation funds and transparency in reporting.

Statutes affected:
Raised Bill: 3-37