Connecticut needs a secure transportation lockbox for all funds raised for transportation, Gov. Dannel Malloy said as he embarked on his second term.
Malloy, sworn in at the state Armory in Hartford the afternoon of Jan. 7, was to hinge his state of the state address on transportation infrastructure later before the General Assembly in its opening session.
"No gimmicks. No diversions," Malloy, a Democrat and former Stamford mayor, said in prepared remarks released in advance to the media. "And we should include a covenant with bondholders and all people of Connecticut to ensure that money set aside for transportation projects is only used for that purpose.
"Send me a bill that accomplishes these goals and I will sign it immediately," Malloy added. He threatened to veto any transportation-related levy without it.
Skeptics say that siphoning money from lockbox accounts is common in some states. A National Conference of State Legislatures survey of lawmakers throughout the U.S. in 2013 cited such raids - often to balance general fund budgets - as a major concern.
Connecticut is facing about a $1 billion deficit in its next state budget. Hartford-based asset manager Conning Inc. in October ranked it last 45th in credit quality in its State of the States report, citing a stagnant economy and high legacy costs.
Malloy is expected to unveil a major transportation investment initiative next month when he presents his budget to the legislature. A lockbox could pave the way for resumption of highway tolls in Connecticut, a politically sensitive matter in the state.
Connecticut has not tolled drivers along interstate routes since 1985. Federal approval would be necessary.
Two 1983 tragedies have shaped toll and highway-maintenance discussions in Connecticut over the past 30 years: a tollgate crash that killed seven people in Stratford, and the Mianus River Bridge collapse, when a 100-foot chunk of northbound Interstate 95 in Greenwich fell off and created an open pit, killing three motorists who fell 70 feet below.
