Please read the frequently asked questions listed below for more information about the Transportation Referendum. Click on a question from one of the categories below to view the answer.
The obligation of GSFIC to pay or reimburse any Eligible Project Cost is expressly limited solely to the amount of special district transportation sales and use tax proceeds remitted to GSFIC by GDOR net of the local government distributions.
Should the proceeds of the special district's transportation sales and use tax be insufficient to meet the payment requests of GDOT as determined by GSFIC in its sole discretion, GSFIC's payment obligation shall terminate without further obligation of GSFIC to the extent that the obligations exceed the availability of such proceeds.
GSFIC's certification as to the availability of special district transportation sales and use tax proceeds is conclusive.
Similarly, the obligation of GDOT to pay or reimburse any Eligible Project Cost is expressly limited to the amount of special district transportation sales and use tax proceeds remitted to GDOT by GSFIC and designated by GDOT for the Project.
In order to safeguard the availability of special district transportation sales and use tax proceeds a reserve fund has been established by GSFIC for each Special District. Reserves may be used throughout the year to meet extraordinary cash requirements of GDOT in excess of the annual expenditure projections included in the Annual Program Draw Schedule or in the event monthly revenue collections fall below the Annual Revenue Projection. Reserves will be replenished as soon as special district transportation sales and use tax proceeds allow.
GSFIC and GDOT have established a reserves policy. It is subject to modification depending on Program needs.
GSFIC has the right to review and audit the use of funds dispensed to GDOT upon receipt of a complaint or as otherwise warranted. In addition, an annual audit, paid for by the net tax proceeds available for the Projects on the Approved Investment List for each Special District and conducted by an independent auditing firm as selected by GSFIC. The audit will include a schedule which shows for each Project the original estimated cost, the current estimated cost, amounts expended in prior years, and amounts expended in the current year.
It is recognized that Projects may include funds from sources other than special district transportation sales and use tax proceeds. For purposes of the annual audit, GDOT shall identify the source of all funds, including funds from sources other than special district transportation sales and use tax proceeds.