General Assembly Proposed Bill No. 17
February Session, 2014 LCO No. 118
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. FASANO, 34th Dist.
General Assembly
Proposed Bill No. 17
February Session, 2014
LCO No. 118
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. FASANO, 34th Dist.
AN ACT CONCERNING THE USE OF BOND PROCEEDS TO REDUCE BONDED INDEBTEDNESS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That subsection (f) of section 3-20 of the general statutes be amended to provide that the net earnings, accrued interest and premiums received on bonds be used by the Treasurer to make additional payments on the principal and interest of the outstanding capital debt, rather than be deposited in the General Fund.
Statement of Purpose:
To create savings in the state's long-term debt by allowing certain bond revenue to be used to reduce outstanding capital indebtedness.