General Assembly Raised Bill No. 1156
January Session, 2011 LCO No. 3993
*03993_______FIN*
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
(FIN)
General Assembly
Raised Bill No. 1156
January Session, 2011
LCO No. 3993
*03993_______FIN*
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
(FIN)
AN ACT LIMITING THE TERM OF TEMPORARY BORROWING BY THE STATE TREASURER AND REQUIRING NOTICE OF SUCH BORROWING.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 3-16 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2011):
(a) The Treasurer is authorized, subject to the approval of the Governor, to borrow such funds, from time to time, as may be necessary, and to issue the obligations of the state therefor, signed by him or her as Treasurer, which obligations shall be binding on the state and shall be redeemed by the Treasurer whenever, in his or her opinion, there are funds in the Treasury available for such purpose or not later than two years from the date of issuance, whichever is earlier.
(b) The Governor shall specify, in his or her approval of temporary borrowing undertaken pursuant to subsection (a) of this section the dollar amount of such borrowing.
(c) Concurrently with the Governor's notice to the Treasurer of approval of such borrowing, the Governor shall provide notice of approval of such borrowing to the chairs and ranking members of the joint standing committees of the General Assembly having cognizance of matters relating to finance, revenue and bonding and appropriations.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2011 3-16
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2011
3-16
Statement of Purpose:
To clarify the current process by which the Treasurer borrows funds and issues obligations of the state.
[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.]