Connecticut Senate Bill SB00842

Connecticut 2013 Regular Session

• Introduced: 2/7/13
• Refer: 2/7/13
• Report Pass: 4/16/13
• Refer: 4/26/13
• Report Pass: 5/2/13
• Engrossed: 6/4/13
• Report Pass: 6/4/13
• Chaptered: 6/14/13
• Enrolled: 6/17/13
• Passed: 7/1/13

Caption

An Act Authorizing And Adjusting Bonds Of The State For Capital Improvements, Transportation, Elimination Of The Accumulated Gaap Deficit And Other Purposes.

Impact

The implementation of SB00842 is poised to have significant effects on state laws concerning fiscal responsibility and infrastructure development. By endorsing long-term financing through bond sales, the state allocates funds for projects while potentially influencing state credit ratings and financial planning strategies. The bonds issued will be general obligations of the state, committing its full faith and credit for their repayment, thus impacting future budgeting and fiscal policy decisions of the state government.

Summary

SB00842 is an act that authorizes and adjusts bonds of the state for various capital improvements, including enhancements in transportation and addressing the accumulated GAAP deficit. This legislative bill aims to facilitate funding through bond issuance to support essential state infrastructure projects and initiatives. The bill outlines specific allocations for relevant departments, such as the Department of Transportation and the Office of Policy and Management, to ensure proper management and utilization of the funds raised from these bonds.

Sentiment

Discussions surrounding SB00842 yield a generally supportive sentiment, particularly from those invested in economic development and infrastructure revitalization. Proponents argue that the bond funding is vital for modernizing state assets and promoting public welfare through improved public services. However, there are also concerns regarding the state’s increasing debt load and the implications of long-term financial commitments on future budgets, eliciting a level of scrutiny from fiscal conservatives and opponents of extensive state borrowing.

Contention

Despite the overall support for SB00842, contention exists primarily around the potential for increased state debt and its long-term implications. Critics fear that the reliance on bonding may lead to fiscal burdens on future administrations, complicating the state’s financial landscape. Furthermore, opponents question the prioritization of projects funded by these bonds, advocating for transparency and accountability in the selection process of such capital improvement initiatives.