CT SB00868

State Bond Commission authorized to issue up to $20 million in bonds for commercial rail freight line improvements and modernization in Connecticut.

Bond proceeds allocated to Department of Transportation competitive grant program providing 100% funding for state-owned rail rights-of-way improvements and 70% funding for privately-owned rail line improvements (commissioner may waive 30% matching requirement if project demonstrates increased rail freight traffic).

Grant preference given to projects on Department of Transportation's American Recovery and Reinvestment Act eligibility list, projects improving at-grade rail crossings for safety, projects connecting to major freight generators, projects advancing Connecticut State Rail Plan objectives, and projects increasing rail freight capacity.

Bonds structured as general obligations of the state with full faith and credit pledge, maturing within 20 years, with temporary notes authorized in anticipation of bond sale proceeds.

Effective date July 1, 2019, amending General Statutes Section 13b-236.