General Assembly Governor's Bill No. 1006
January Session, 2011 LCO No. 3381
*03381__________*
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
SEN. WILLIAMS, 29th Dist. SEN. LOONEY, 11th Dist. REP. DONOVAN, 84th Dist. REP. SHARKEY, 88th Dist.
General Assembly
Governor's Bill No. 1006
January Session, 2011
LCO No. 3381
*03381__________*
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
SEN. WILLIAMS, 29th Dist.
SEN. LOONEY, 11th Dist.
REP. DONOVAN, 84th Dist.
REP. SHARKEY, 88th Dist.
AN ACT INCREASING CERTAIN BOND AUTHORIZATIONS FOR CAPITAL IMPROVEMENTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsections (a) and (b) of section 4-66c of the general statutes are repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(a) For the purposes of subsection (b) of this section, the State Bond Commission shall have power, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate [one billion one hundred fifty-nine million four hundred eighty-seven thousand five hundred forty-four dollars] one billion two hundred thirty-nine million four hundred eighty-seven thousand five hundred forty-four dollars, provided thirty million dollars of said authorization shall be effective July 1, 2012. All provisions of section 3-20, or the exercise of any right or power granted thereby, which are not inconsistent with the provisions of this section, are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to this section, and temporary notes in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with said section 3-20 and from time to time renewed. Such bonds shall mature at such time or times not exceeding twenty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such bonds. None of said bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization, which is signed by or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission in its discretion may require. Said bonds issued pursuant to this section shall be general obligations of the state and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.
(b) (1) The proceeds of the sale of said bonds, to the extent hereinafter stated, shall be used, subject to the provisions of subsections (c) and (d) of this section, for the purpose of redirecting, improving and expanding state activities which promote community conservation and development and improve the quality of life for urban residents of the state as hereinafter stated: (A) For the Department of Economic and Community Development: Economic and community development projects, including administrative costs incurred by the Department of Economic and Community Development, not exceeding sixty-seven million five hundred ninety-one thousand six hundred forty-two dollars, one million dollars of which shall be used for a grant to the development center program and the nonprofit business consortium deployment center approved pursuant to section 32-411; (B) for the Department of Transportation: Urban mass transit, not exceeding two million dollars; (C) for the Department of Environmental Protection: Recreation development and solid waste disposal projects, not exceeding one million nine hundred ninety-five thousand nine hundred two dollars; (D) for the Department of Social Services: Child day care projects, elderly centers, shelter facilities for victims of domestic violence, emergency shelters and related facilities for the homeless, multipurpose human resource centers and food distribution facilities, not exceeding thirty-nine million one hundred thousand dollars, provided four million dollars of said authorization shall be effective July 1, 1994; (E) for the Department of Economic and Community Development: Housing projects, not exceeding three million dollars; (F) for the Office of Policy and Management: (i) Grants-in-aid to municipalities for a pilot demonstration program to leverage private contributions for redevelopment of designated historic preservation areas, not exceeding one million dollars; (ii) grants-in-aid for urban development projects including economic and community development, transportation, environmental protection, public safety, children and families and social services projects and programs, including, in the case of economic and community development projects administered on behalf of the Office of Policy and Management by the Department of Economic and Community Development, administrative costs incurred by the Department of Economic and Community Development, not exceeding [one billion forty-four million eight hundred thousand dollars] one billion one hundred twenty-four million eight hundred thousand dollars, provided thirty million dollars of said authorization shall be effective July 1, 2012.
(2) (A) Five million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection may be made available to private nonprofit organizations for the purposes described in said subparagraph (F)(ii). (B) Twelve million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection may be made available for necessary renovations and improvements of libraries. (C) Five million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for small business gap financing. (D) Ten million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection may be made available for regional economic development revolving loan funds. (E) One million four hundred thousand dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for rehabilitation and renovation of the Black Rock Library in Bridgeport. (F) Two million five hundred thousand dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for site acquisition, renovation and rehabilitation for the Institute for the Hispanic Family in Hartford. (G) Three million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for the acquisition of land and the development of commercial or retail property in New Haven. (H) Seven hundred fifty thousand dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for repairs and replacement of the fishing pier at Cummings Park in Stamford.
Sec. 2. Subsection (a) of section 4a-10 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate [three hundred sixty-four million two hundred thousand dollars] three hundred eighty-seven million one hundred thousand dollars, provided twenty-two million nine hundred thousand dollars of said authorization shall be effective July 1, 2012.
Sec. 3. Subsection (a) of section 7-538 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time, to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate [six hundred forty-five million] seven hundred five million dollars, provided thirty million dollars of said authorization shall be effective July 1, [2010] 2012.
Sec. 4. Section 10-287d of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
For the purposes of funding (1) grants to projects that have received approval of the [State Board of Education] Department of Construction Services pursuant to sections 10-287 and 10-287a, subsection (a) of section 10-65 and section 10-76e, (2) grants to assist school building projects to remedy safety and health violations and damage from fire and catastrophe, and (3) regional vocational-technical school projects pursuant to section 10-283b, the State Treasurer is authorized and directed, subject to and in accordance with the provisions of section 3-20, to issue bonds of the state from time to time in one or more series in an aggregate amount not exceeding [eight billion thirty-eight million nine hundred sixty thousand] nine billion one hundred forty-five million nine hundred sixty thousand dollars, provided [six hundred thirty million four hundred thousand] five hundred eighty-four million dollars of said authorization shall be effective July 1, [2010] 2012. Bonds of each series shall bear such date or dates and mature at such time or times not exceeding thirty years from their respective dates and be subject to such redemption privileges, with or without premium, as may be fixed by the State Bond Commission. They shall be sold at not less than par and accrued interest and the full faith and credit of the state is pledged for the payment of the interest thereon and the principal thereof as the same shall become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due. The State Treasurer is authorized to invest temporarily in direct obligations of the United States, United States agency obligations, certificates of deposit, commercial paper or bank acceptances such portion of the proceeds of such bonds or of any notes issued in anticipation thereof as may be deemed available for such purpose.
Sec. 5. Section 10-292k of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
For purposes of funding interest subsidy grants, except for interest subsidy grants made pursuant to subsection (b) of section 10-292m, the State Treasurer is authorized and directed, subject to and in accordance with the provisions of section 3-20, to issue bonds of the state from time to time in one or more series in an aggregate amount not exceeding [three hundred thirty-four million seven hundred thousand] three hundred fifty-six million four hundred thousand dollars, provided [eleven million two hundred thousand] eight million three hundred thousand dollars of said authorization shall be effective July 1, [2010] 2012. Bonds of each series shall bear such date or dates and mature at such time or times not exceeding thirty years from their respective dates and be subject to such redemption privileges, with or without premium, as may be fixed by the State Bond Commission. They shall be sold at not less than par and accrued interest and the full faith and credit of the state is pledged for the payment of the interest thereon and the principal thereof as the same shall become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due. The State Treasurer is authorized to invest temporarily in direct obligations of the United States, United States agency obligations, certificates of deposit, commercial paper or bank acceptances, such portion of the proceeds of such bonds or of any notes issued in anticipation thereof as may be deemed available for such purpose.
Sec. 6. Subsection (b) of section 16a-38m of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(b) The proceeds of the sale of said bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by the Department of [Public Works] Energy and Environmental Protection for the purpose of funding [the net project costs, or the balance of any projects after applying any public or private financial incentives available, for] any energy services project that results in increased efficiency measures in state buildings pursuant to section 16a-38l, or for any renewable energy or combined heat and power project in state buildings.
Sec. 7. Subsection (b) of section 16a-38p of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(b) The proceeds of the sale of said bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by [Connecticut Innovations, Incorporated] the Department of Energy and Environmental Protection, for the purpose of funding [the net project costs, or the balance of any projects after applying any public or private financial incentives available, for any renewable energy or combined heat and power projects in state buildings. The funds shall be made available through the Renewable Energy Investment Fund, established pursuant to section 16-245n. Eligible state buildings shall be Leadership in Energy and Environmental Design (LEED) certified or in the process of becoming LEED certified or in the process of becoming LEED silver rating certified or receive a two-globe rating in the green Globes USA design program or in the process of receiving a two-globe rating in the Green Globes USA design program] any energy services project that results in increased efficiency measures in state buildings pursuant to section 16a-38l, or for any renewable energy or combined heat and power project in state buildings.
Sec. 8. Section 22-26hh of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
The State Bond Commission shall have power, from time to time, to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate [one hundred thirty million two hundred fifty thousand] one hundred fifty million two hundred fifty thousand dollars, the proceeds of which shall be used for the purposes of section 22-26cc, provided not more than ten million dollars of said authorization shall be effective July 1, [2010] 2012, and further provided not more than two million dollars shall be used for the purposes of section 22-26jj. All provisions of section 3-20, or the exercise of any right or power granted thereby which are not inconsistent with the provisions of this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to this section, and temporary notes in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with said section 3-20 and from time to time renewed. Such bonds shall mature at such time or times not exceeding twenty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such bonds. None of said bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization, which is signed by or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission, in its discretion, may require. Said bonds issued pursuant to this section shall be general obligations of the state and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.
Sec. 9. Subsection (a) of section 22a-483 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(a) For the purposes of sections 22a-475 to 22a-483, inclusive, the State Bond Commission shall have the power, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts, not exceeding in the aggregate [one billion forty-one million twenty-five thousand nine hundred seventy-six dollars] one billion two hundred twenty-seven million six hundred twenty-five thousand nine hundred seventy-six dollars, provided ninety-four million dollars of said authorization shall be effective July 1, 2012.
Sec. 10. Subsection (d) of section 22a-483 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(d) Notwithstanding the foregoing, nothing herein shall preclude the State Bond Commission from authorizing the issuance of revenue bonds, in principal amounts not exceeding in the aggregate [one billion nine hundred fifty-three million four hundred thousand] two billion four hundred twenty-five million one hundred eighty thousand dollars, provided [one hundred twenty million] two hundred thirty-eight million three hundred sixty thousand dollars of said authorization shall be effective July 1, [2010] 2012, that are not general obligations of the state of Connecticut to which the full faith and credit of the state of Connecticut are pledged for the payment of the principal and interest. Such revenue bonds shall mature at such time or times not exceeding thirty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such revenue bonds. The revenue bonds, revenue state bond anticipation notes and revenue state grant anticipation notes authorized to be issued under sections 22a-475 to 22a-483, inclusive, shall be special obligations of the state and shall not be payable from nor charged upon any funds other than the revenues or other receipts, funds or moneys pledged therefor as provided in said sections 22a-475 to 22a-483, inclusive, including the repayment of municipal loan obligations; nor shall the state or any political subdivision thereof be subject to any liability thereon except to the extent of such pledged revenues or the receipts, funds or moneys pledged therefor as provided in said sections 22a-475 to 22a-483, inclusive. The issuance of revenue bonds, revenue state bond anticipation notes and revenue state grant anticipation notes under the provisions of said sections 22a-475 to 22a-483, inclusive, shall not directly or indirectly or contingently obligate the state or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment. The revenue bonds, revenue state bond anticipation notes and revenue state grant anticipation notes shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the state or of any political subdivision thereof, except the property mortgaged or otherwise encumbered under the provisions and for the purposes of said sections 22a-475 to 22a-483, inclusive. The substance of such limitation shall be plainly stated on the face of each revenue bond, revenue state bond anticipation note and revenue state grant anticipation note issued pursuant to said sections 22a-475 to 22a-483, inclusive, shall not be subject to any statutory limitation on the indebtedness of the state and such revenue bonds, revenue state bond anticipation notes and revenue state grant anticipation notes, when issued, shall not be included in computing the aggregate indebtedness of the state in respect to and to the extent of any such limitation. As part of the contract of the state with the owners of such revenue bonds, revenue state bond anticipation notes and revenue state grant anticipation notes, all amounts necessary for the punctual payment of the debt service requirements with respect to such revenue bonds, revenue state bond anticipation notes and revenue state grant anticipation notes shall be deemed appropriated, but only from the sources pledged pursuant to said sections 22a-475 to 22a-483, inclusive. The proceeds of such revenue bonds or notes may be deposited in the Clean Water Fund for use in accordance with the permitted uses of such fund. Any expense incurred in connection with the carrying out of the provisions of this section, including the costs of issuance of revenue bonds, revenue state bond anticipation notes and revenue state grant anticipation notes may be paid from the accrued interest and premiums or from any other proceeds of the sale of such revenue bonds, revenue state bond anticipation notes or revenue state grant anticipation notes and in the same manner as other obligations of the state. All provisions of subsections (g), (k), (l), (s) and (u) of section 3-20 or the exercise of any right or power granted thereby which are not inconsistent with the provisions of said sections 22a-475 to 22a-483, inclusive, are hereby adopted and shall apply to all revenue bonds, state revenue bond anticipation notes and state revenue grant anticipation notes authorized by the State Bond Commission pursuant to said sections 22a-475 to 22a-483, inclusive. For the purposes of subsection (o) of section 3-20, "bond act" shall be construed to include said sections 22a-475 to 22a-483, inclusive.
Sec. 11. Subsection (a) of section 32-235 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate [five hundred ninety-five million three hundred thousand] six hundred seventy-five million three hundred thousand dollars, provided [forty-five million] forty million dollars of said authorization shall be effective July 1, [2008] 2012.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2011 4-66c(a) and (b)
Sec. 2 July 1, 2011 4a-10(a)
Sec. 3 July 1, 2011 7-538(a)
Sec. 4 July 1, 2011 10-287d
Sec. 5 July 1, 2011 10-292k
Sec. 6 July 1, 2011 16a-38m(b)
Sec. 7 July 1, 2011 16a-38p(b)
Sec. 8 July 1, 2011 22-26hh
Sec. 9 July 1, 2011 22a-483(a)
Sec. 10 July 1, 2011 22a-483(d)
Sec. 11 July 1, 2011 32-235(a)
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2011
4-66c(a) and (b)
Sec. 2
July 1, 2011
4a-10(a)
Sec. 3
July 1, 2011
7-538(a)
Sec. 4
July 1, 2011
10-287d
Sec. 5
July 1, 2011
10-292k
Sec. 6
July 1, 2011
16a-38m(b)
Sec. 7
July 1, 2011
16a-38p(b)
Sec. 8
July 1, 2011
22-26hh
Sec. 9
July 1, 2011
22a-483(a)
Sec. 10
July 1, 2011
22a-483(d)
Sec. 11
July 1, 2011
32-235(a)
Statement of Purpose:
To implement the Governor's budget recommendations.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]