General Assembly Raised Bill No. 183
February Session, 2014 LCO No. 514
*00514_______HED*
Referred to Committee on HIGHER EDUCATION AND EMPLOYMENT ADVANCEMENT
Introduced by:
(HED)
General Assembly
Raised Bill No. 183
February Session, 2014
LCO No. 514
*00514_______HED*
Referred to Committee on HIGHER EDUCATION AND EMPLOYMENT ADVANCEMENT
Introduced by:
(HED)
AN ACT CONCERNING FINANCING TRANSACTIONS FOR REVENUE BOND PROJECTS UNDER UCONN 2000.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (a) of section 10a-109f of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(a) The university may, when directed by vote of its board of trustees and subject to the limitations in the authorized funding amount, borrow money and enter into financing transactions proceedings in anticipation of assured revenues, [or] project revenue or other funding sources in the name of the university, on behalf of the state, and issue securities in connection with such proceedings, as follows: (1) To finance the cost of UConn 2000 or any one project thereof, or more than one, or any combination of projects thereof; (2) to refund securities issued pursuant to sections 10a-109a to 10a-109y, inclusive; and (3) to refund any such refunding borrowings. All securities issued in connection with assured revenues, [or] project revenues or other funding sources that will be financing transaction proceedings entered into pursuant to this section shall be authorized by a resolution approved by not less than a majority vote of its board of trustees. Nothing in this subsection shall increase the annual or aggregate cap on the amount of securities, the special debt service requirements of which are secured by the state debt service commitment pursuant to section 10a-109g.
This act shall take effect as follows and shall amend the following sections:
Section 1 from passage 10a-109f(a)
This act shall take effect as follows and shall amend the following sections:
Section 1
from passage
10a-109f(a)
Statement of Purpose:
To expand the revenues acceptable for issuing certain securities for UConn 2000 projects.
[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.]