CT HB06742

Authorizes the State Bond Commission to issue up to twenty million dollars in state bonds for commercial rail freight line improvements and repairs in Connecticut, increasing the previous authorization of seventeen million five hundred thousand dollars.

Directs the Department of Transportation to administer a competitive grant program using bond proceeds for improvements to existing rail, rail beds, and related facilities operated by commercial freight lines.

Provides one hundred percent grant funding for state-owned rail rights of way improvements and seventy percent funding for privately owned rail lines, with discretion for the commissioner to waive the thirty percent private match requirement if projects demonstrably increase rail freight traffic.

Prioritizes grant funding for projects that improve at-grade rail crossing safety, connect to major freight generators, align with the Connecticut State Rail Plan, or increase capacity for rail freight traffic.

Establishes bonds as general obligations of the state with full faith and credit backing, with maturity dates not exceeding twenty years and becomes effective July 1, 2023.