§ 11f. Transportation Infrastructure Bond Fund
(a) There is created a special fund within the Transportation Fund known as the Transportation
Infrastructure Bond Fund to consist of funds raised from the motor fuel transportation
infrastructure assessments levied pursuant to 23 V.S.A. §§ 3003(a) and 3106(a). Interest from the Fund shall be credited to the Fund, and the amount in the Fund
shall carry forward from year to year.
(b) As used in this section, the terms “Transportation Infrastructure Bonds Debt Service
Fund” and “debt service obligations” are as defined in 32 V.S.A. § 951a.
(c) Monies in the Transportation Infrastructure Bond Fund shall be transferred to the
Transportation Infrastructure Bonds Debt Service Fund to cover all debt service obligations
of transportation infrastructure bonds that are due in the current fiscal year and
as otherwise required in accordance with any trust agreement pertaining to such bonds.
(d) Provided that resources in the Transportation Infrastructure Bonds Debt Service Fund
are sufficient in amount to cover all debt service obligations of transportation infrastructure
bonds that are due in the current fiscal year and to meet all other obligations set
forth in any trust agreement pertaining to any such bonds, any remaining balance in
the Transportation Infrastructure Bond Fund may be used to pay for:
(1) the rehabilitation, reconstruction, or replacement of State bridges, culverts, roads,
railroads, airports, and necessary buildings that, after such work, have an estimated
minimum remaining useful life of 10 years;
(2) the rehabilitation, reconstruction, or replacement of municipal bridges, culverts,
and highways that, after such work, have an estimated minimum remaining useful life
of 10 years; and
(3) up to $100,000.00 per year for operating costs associated with administering the capital
expenditures.
(e) To the extent in the current fiscal year any balance remains in the Transportation
Infrastructure Bond Fund after all transfers required by subsection (c) of this section
have been made and all appropriations authorized by subsection (d) of this section
are accounted for, such remaining balance may be transferred to the Transportation
Infrastructure Bonds Debt Service Fund to cover debt service obligations of transportation
infrastructure bonds that are due in future fiscal years.
(f) The assessments for motor fuel transportation infrastructure assessments paid pursuant
to 23 V.S.A. §§ 3003(a) and 3106(a) shall not be reduced below the rates in effect at the time of issuance of any transportation
infrastructure bond until the principal, interest, and all costs that must be paid
in order to retire the bond have been paid.
(g) Except as provided in subsection (h) of this section, all transfers of funds from
the Transportation Infrastructure Bond Fund to the Transportation Infrastructure Bonds
Debt Service Fund shall be approved by the General Assembly.
(h) To minimize disruption of summer construction schedules, it is the policy of the State
to have a balance in the Transportation Infrastructure Bonds Debt Service Fund at
the end of each fiscal year that is sufficient in amount to cover all debt service
obligations of transportation infrastructure bonds that are due or are anticipated
to be due in the succeeding fiscal year. To achieve the policy objective of ensuring
the State’s transportation infrastructure bond obligations are fulfilled with a minimum
of disruption to the construction schedules of approved projects, in the event that
revenue, economic, or other conditions vary from those assumed in the consensus forecast
and in the budget process in which the General Assembly approved transfers to the
Transportation Infrastructure Bonds Debt Service Fund, the Secretary of Transportation
with the approval of the Secretary of Administration may, notwithstanding the provisions
of 32 V.S.A. § 706:
(1) transfer appropriations of transportation infrastructure bond funds to the Transportation
Infrastructure Bonds Debt Service Fund; and
(2) transfer appropriations of transportation funds to replace transportation infrastructure
bond funds transferred under subdivision (1) of this subsection, provided no significant
delay in the construction schedule of any approved project results from the transfer.
(i) After executing a transfer authorized by subsection (h) of this section, the administration
shall give prompt notice thereof to the Joint Fiscal Office and submit an explanation
and description of the action taken to the Joint Fiscal Committee at its next scheduled
meeting. (Added 2009, No. 50, § 27; amended 2011, No. 63, § F.100, eff. June 2, 2011.)