AN ACT CONCERNING THE TREASURER'S RECOMMENDATION FOR THE PAYDOWN OF SPECIAL TAX OBLIGATION INDEBTEDNESS.

SB 1461 establishes two new state funds to manage transportation debt: the Special Transportation Fund (for bonds financing infrastructure) and the Transportation Grants and Restricted Accounts Fund (for restricted transportation moneys). It requires the Treasurer to use any excess balance in the Special Transportation Fund (over 18% of annual appropriations) to pay down state transportation debt through redemption, open-market purchases, or setting aside funds to cover future payments. This directly affects state debt management for transportation projects funded by special tax bonds. The bill mandates annual reporting on these debt-reduction actions to the Governor and Investment Advisory Council.