INTEREST GENERATED ON BOATING FUND MONIES Proposal

AN ACT CONCERNING INTEREST GENERATED ON BOATING FUND MONIES

Sec. 15-155. Fees for numbering and registration of vessels. Certain amounts to be allocated to boating fund and additional amounts to be distributed to towns in lieu of property tax on vessels. (a) All revenue received by the state, annually, for the twelve month period from November first to October thirty-first, inclusive, in fees for the numbering and registration of vessels under section 15-144 shall be paid to the treasurer and allocated and distributed as follows: (1) The first one million dollars, and any balance in excess of the amounts required under subdivision (2) of this subsection, shall be credited to the separate fund maintained by the treasurer and known as the boating fund , ALL MONIES WITHIN SUCH FUND SHALL BE INVESTED BY THE STATE TREASURER IN ACCORDANCE WITH ESTABLISHED INVESTMENT PRACTICES AND ALL INTEREST EARNED BY SUCH INVESTMENTS SHALL BE RETURNED TO THE FUND and (2) and amount equal to the amount of property tax paid on vessels on the assessment list of October 1, 1978, in each town, as defined in section 15-127, to the extent such revenue is sufficient, shall be distributed to the towns in lieu of property tax on such vessels in the manner set forth and as determined by section 15-155b. In the event total revenue from such fees for any period of twelve months from November first to October thirty-first next following, inclusive, is less than the amount necessary to credit the sum of one million dollars to the boating fund, as provided under subdivision (1) of this subsection, and make such distribution equivalent to the total of certain property taxes on vessels in each town, as provided under subdivision (2) of this subsection, the additional money necessary to provide such credit and payment in full shall  be allocated for such purpose from any unallocated funds in the boating fund, as determined immediately following the end of such period of twelve months.