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This entry was published on 2017-04-21
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Debt reduction reserve fund
State Finance (STF) CHAPTER 56, ARTICLE 6
* § 97-rrr. Debt reduction reserve fund. 1. There is hereby
established in the joint custody of the comptroller and the commissioner
of taxation and finance a fund to be known as the debt reduction reserve
fund. Such fund shall be established as a capital projects fund.

2. Such fund shall consist of all monies credited or transferred
thereto from the general fund or from any other fund or sources pursuant
to law.

3. The monies in such fund, following appropriation by the legislature
and allocation by the director of the budget, shall be available for the
following purposes:

(a) for the payment of principal, interest, and related expenses on
general obligation bonds, lease purchase payments, or special
contractual obligation payments, or for the purposes of retiring or
defeasing bonds previously issued, including any accrued interest
thereon, for any state-supported bonding program or programs, and;

(b) for the funding of capital projects, equipment acquisitions, or
similar expenses which have been authorized by law to be financed
through the issuance of bonds, notes, or other obligations.

4. Any amounts disbursed from such fund shall be excluded from the
calculation of annual spending growth in state operating funds until
June 30, 2019.

* NB There are 2 § 97-rrr's