Sec. 3-21c. Transfer of unexpended proceeds from transportation-related general obligation bonds that are no longer required for designated purposes or projects.
Sec. 3-21c. Transfer of unexpended proceeds from transportation-related
general obligation bonds that are no longer required for designated purposes or
projects. Notwithstanding any general statute, public act or special act, upon a determination by the Treasurer and approval by the State Bond Commission that unexpended
proceeds of transportation related general obligation bonds of the state issued pursuant
to section 3-20 and accounted for in a general obligation bond fund of the state established by the Treasurer are no longer required for any of the purposes or projects funded
or remaining to be funded from amounts in such bond fund, the Treasurer is authorized
to transfer all or any portion of said unexpended bond proceeds from such bond fund
for further credit to the Special Transportation Fund of the state established pursuant to
section 13b-68, provided the debt service on the bonds from which such unexpended
proceeds were derived is otherwise payable from the Special Transportation Fund as
permitted by section 13b-69 and provided further the Treasurer shall determine that
such transfer shall not adversely affect the exclusion from gross income of the interest
on the bonds from which such unexpended proceeds are derived, pursuant to Section
103 of the Internal Revenue Code of 1986 or any corresponding internal revenue code
of the United States, as from time to time amended.
(June Sp. Sess. P.A. 93-1, S. 38, 45; June 5 Sp. Sess. P.A. 97-2, S. 23, 25.)
History: June Sp. Sess. P.A. 93-1 effective July 1, 1993; June 5 Sp. Sess. P.A. 97-2 replaced Infrastructure Improvement
Fund with Special Transportation Fund and made conforming and technical changes, effective July 23, 1997.