Connecticut 2019 Regular Session

Connecticut House Bill HB07348 Compare Versions

Version 1 (Old)

Version 2 (New)

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7	5		General Assembly Raised Bill No. 7348
8	6		January Session, 2019
9	7		LCO No. 5460
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11	9
12	10		Referred to Committee on ENVIRONMENT
13	11
14	12
15	13		Introduced by:
16	14		(ENV)
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20	19		AN ACT CONCERNING BO NDING AUTHORIZATIONS FOR C LEAN
21	20		WATER FUND PROJECTS.
22	21		Be it enacted by the Senate and House of Representatives in General
23	22		Assembly convened:
24	23
25	24		Section 1. Section 22a-483 of the general statutes is repealed and the 1
26	25		following is substituted in lieu thereof (Effective from passage): 2
27	26		(a) For the purposes of sections 22a-475 to 22a-483, inclusive, the 3
28	27		State Bond Commission shall have the power, from time to time to 4
29	28		authorize the issuance of bonds of the state in one or more series and 5
30	29		in principal amounts, not exceeding in the aggregate one billion [seven 6
31	30		hundred fifteen] eight hundred ninety-five million one hundred 7
32	31		twenty-five thousand nine hundred seventy-six dollars, provided 8
33	32		[eighty-five] ninety million dollars of said authorization shall be 9
34	33		effective July 1, [2018] 2020. 10
35	34		(b) The proceeds of the sale of any bonds, state bond anticipation 11
36	35		notes or state grant anticipation notes issued pursuant to sections 22a-12
37	36		475 to 22a-483, inclusive, shall be deposited in the Clean Water Fund 13
38		-	and not less than [fifty] one hundred million dollars of such proceeds 14
39		-	shall be deposited in the Long Island Sound clean-up account of said 15 Raised Bill No. 7348
	37	+	and not less than [fifty] one hundred million dollars of such proceeds 14 Raised Bill No. 7348
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	43	+	shall be deposited in the Long Island Sound clean-up account of said 15
46	44		fund, not less than five million dollars of such proceeds shall be made 16
47	45		available for physical improvements to coves, embayments, coastal 17
48	46		wetlands and salt marshes in physical proximity to Long Island Sound 18
49	47		and not less than twenty million dollars of such proceeds shall be 19
50	48		made available for the Commissioner of Energy and Environmental 20
51	49		Protection to provide grants on a competitive basis for demonstration 21
52	50		projects to reduce nonpoint source pollution of Long Island Sound, 22
53	51		following establishment by the commissioner of criteria for the 23
54	52		awarding of such grants. 24
55	53		(c) All provisions of section 3-20, or the exercise of any right or 25
56	54		power granted thereby which are not inconsistent with the provisions 26
57	55		of sections 22a-475 to 22a-483, inclusive, are hereby adopted and shall 27
58	56		apply to all bonds authorized by the State Bond Commission pursuant 28
59	57		to said sections, and temporary notes in anticipation of the money to 29
60	58		be derived from the sale of any such bonds so authorized may be 30
61	59		issued in accordance with said section 3-20 and from time to time 31
62	60		renewed. None of said bonds shall be authorized except upon a 32
63	61		finding by the State Bond Commission that there has been filed with it 33
64	62		a request for such authorization, which is signed by or on behalf of the 34
65	63		Secretary of the Office of Policy and Management and states such 35
66	64		terms and conditions as said commission, in its discretion, may 36
67	65		require. Said bonds issued pursuant to sections 22a-475 to 22a-483, 37
68	66		inclusive, may be general obligations of the state and in such case the 38
69	67		full faith and credit of the state of Connecticut are pledged for the 39
70	68		payment of the principal of and interest on said bonds as the same 40
71	69		become due, and accordingly and as part of the contract of the state 41
72	70		with the holders of said bonds, appropriation of all amounts necessary 42
73	71		for punctual payment of such principal and interest is hereby made, 43
74	72		and the Treasurer shall pay such principal and interest as the same 44
75	73		become due. Such general obligation bonds shall mature at such time 45
76	74		or times not exceeding twenty years from their respective dates as may 46
77	75		be provided in or pursuant to the resolution or resolutions of the State 47
78		-	Bond Commission authorizing such general obligation bonds. The 48
79		-	state, acting by and through the State Bond Commission, is hereby 49 Raised Bill No. 7348
	76	+	Bond Commission authorizing such general obligation bonds. The 48 Raised Bill No. 7348
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	82	+	state, acting by and through the State Bond Commission, is hereby 49
86	83		authorized to issue from time to time general obligation bonds in such 50
87	84		sums as is appropriate and necessary to meet the state's matching 51
88	85		requirement for eligibility pursuant to the federal Water Quality Act of 52
89	86		1987 or the federal Safe Drinking Water Act or other similar federal act, 53
90	87		provided such sums shall not exceed the aggregate principal amounts 54
91	88		of bonds authorized pursuant to subsection (a) of this section. 55
92	89		Whenever such bonds are so authorized, the state's obligations shall be 56
93	90		issued on such terms and conditions as shall be determined and 57
94	91		established by the Treasurer. Such bonds shall bear such rate of 58
95	92		interest as the treasurer shall determine, by reference to such open 59
96	93		market indices for obligations having similar terms and characteristics 60
97	94		as the Treasurer shall determine relevant, in order to arrive at a taxable 61
98	95		rate of interest on the obligations of the state issued and sold to the 62
99	96		Clean Water Fund. The Treasurer shall deliver such bonds to the Clean 63
100	97		Water Fund upon the receipt of evidence from the Environmental 64
101	98		Protection Agency evidencing satisfaction by the state of its federal 65
102	99		matching requirement pursuant to the federal Water Quality Act of 66
103	100		1987 or the federal Safe Drinking Water Act or other similar federal act. 67
104	101		(d) Notwithstanding the foregoing, nothing herein shall preclude 68
105	102		the State Bond Commission from authorizing the issuance of revenue 69
106	103		bonds, in principal amounts not exceeding in the aggregate [three] 70
107	104		four billion [eight] two hundred eighty-four million eighty thousand 71
108	105		dollars, provided three hundred fifty million three hundred thousand 72
109	106		dollars of said authorization shall be effective July 1, [2018] 2020, that 73
110	107		are not general obligations of the state of Connecticut to which the full 74
111	108		faith and credit of the state of Connecticut are pledged for the payment 75
112	109		of the principal and interest. Such revenue bonds shall mature at such 76
113	110		time or times not exceeding thirty years from their respective dates as 77
114	111		may be provided in or pursuant to the resolution or resolutions of the 78
115	112		State Bond Commission authorizing such revenue bonds. The revenue 79
116	113		bonds, revenue state bond anticipation notes and revenue state grant 80
117	114		anticipation notes authorized to be issued under sections 22a-475 to 81
118		-	22a-483, inclusive, shall be special obligations of the state and shall not 82
119		-	be payable from nor charged upon any funds other than the revenues 83 Raised Bill No. 7348
	115	+	22a-483, inclusive, shall be special obligations of the state and shall not 82 Raised Bill No. 7348
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	121	+	be payable from nor charged upon any funds other than the revenues 83
126	122		or other receipts, funds or moneys pledged therefor as provided in 84
127	123		said sections 22a-475 to 22a-483, inclusive, including the repayment of 85
128	124		municipal loan obligations; nor shall the state or any political 86
129	125		subdivision thereof be subject to any liability thereon except to the 87
130	126		extent of such pledged revenues or the receipts, funds or moneys 88
131	127		pledged therefor as provided in said sections 22a-475 to 22a-483, 89
132	128		inclusive. The issuance of revenue bonds, revenue state bond 90
133	129		anticipation notes and revenue state grant anticipation notes under the 91
134	130		provisions of said sections 22a-475 to 22a-483, inclusive, shall not 92
135	131		directly or indirectly or contingently obligate the state or any political 93
136	132		subdivision thereof to levy or to pledge any form of taxation whatever 94
137	133		therefor or to make any appropriation for their payment. The revenue 95
138	134		bonds, revenue state bond anticipation notes and revenue state grant 96
139	135		anticipation notes shall not constitute a charge, lien or encumbrance, 97
140	136		legal or equitable, upon any property of the state or of any political 98
141	137		subdivision thereof, except the property mortgaged or otherwise 99
142	138		encumbered under the provisions and for the purposes of said sections 100
143	139		22a-475 to 22a-483, inclusive. The substance of such limitation shall be 101
144	140		plainly stated on the face of each revenue bond, revenue state bond 102
145	141		anticipation note and revenue state grant anticipation note issued 103
146	142		pursuant to said sections 22a-475 to 22a-483, inclusive, shall not be 104
147	143		subject to any statutory limitation on the indebtedness of the state and 105
148	144		such revenue bonds, revenue state bond anticipation notes and 106
149	145		revenue state grant anticipation notes, when issued, shall not be 107
150	146		included in computing the aggregate indebtedness of the state in 108
151	147		respect to and to the extent of any such limitation. As part of the 109
152	148		contract of the state with the owners of such revenue bonds, revenue 110
153	149		state bond anticipation notes and revenue state grant anticipation 111
154	150		notes, all amounts necessary for the punctual payment of the debt 112
155	151		service requirements with respect to such revenue bonds, revenue 113
156	152		state bond anticipation notes and revenue state grant anticipation 114
157	153		notes shall be deemed appropriated, but only from the sources 115
158	154		pledged pursuant to said sections 22a-475 to 22a-483, inclusive. The 116
159		-	proceeds of such revenue bonds or notes may be deposited in the 117
160		-	Clean Water Fund for use in accordance with the permitted uses of 118 Raised Bill No. 7348
	155	+	proceeds of such revenue bonds or notes may be deposited in the 117 Raised Bill No. 7348
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	161	+	Clean Water Fund for use in accordance with the permitted uses of 118
167	162		such fund. Any expense incurred in connection with the carrying out 119
168	163		of the provisions of this section, including the costs of issuance of 120
169	164		revenue bonds, revenue state bond anticipation notes and revenue 121
170	165		state grant anticipation notes may be paid from the accrued interest 122
171	166		and premiums or from any other proceeds of the sale of such revenue 123
172	167		bonds, revenue state bond anticipation notes or revenue state grant 124
173	168		anticipation notes and in the same manner as other obligations of the 125
174	169		state. All provisions of subsections (g), (k), (l), (s) and (u) of section 126
175	170		3-20 or the exercise of any right or power granted thereby which are 127
176	171		not inconsistent with the provisions of said sections 22a-475 to 22a-483, 128
177	172		inclusive, are hereby adopted and shall apply to all revenue bonds, 129
178	173		state revenue bond anticipation notes and state revenue grant 130
179	174		anticipation notes authorized by the State Bond Commission pursuant 131
180	175		to said sections 22a-475 to 22a-483, inclusive. For the purposes of 132
181	176		subsection (o) of section 3-20, "bond act" shall be construed to include 133
182	177		said sections 22a-475 to 22a-483, inclusive. 134
183	178		(e) Any pledge made by the state pursuant to sections 22a-475 to 135
184	179		22a-483, inclusive, is a statutory pledge and shall be valid and binding 136
185	180		from the time when the pledge is made, and any revenues or other 137
186	181		receipts, funds or moneys so pledged and thereafter received by the 138
187	182		state shall be subject immediately to the lien of such pledge without 139
188	183		any physical delivery thereof or further act. The lien of any such 140
189	184		pledge shall be valid and binding as against all parties having claims 141
190	185		of any kind in tort, contract or otherwise against the state, irrespective 142
191	186		of whether such parties have notice thereof. Neither the resolution nor 143
192	187		any other instrument by which a pledge is created need be recorded. 144
193	188		Any pledge made by the state pursuant to sections 22a-475 to 22a-483, 145
194	189		inclusive, to secure revenue bonds issued to finance eligible water 146
195	190		quality projects shall secure only revenue bonds issued for such 147
196	191		purpose and any such pledge made by the state to secure revenue 148
197	192		bonds issued to finance eligible drinking water projects shall secure 149
198	193		only revenue bonds issued for such purpose. 150
199	194		(f) Whenever the General Assembly has authorized the State Bond 151 Raised Bill No. 7348
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206	200		Commission to authorize bonds of the state for clean water projects 152
207	201		and uses and has found that such projects and uses are for any of the 153
208	202		purposes set forth in sections 22a-475 to 22a-483, inclusive, and 154
209	203		whenever the State Bond Commission finds that the authorization of 155
210	204		such bonds will be in the best interests of the state, the State Bond 156
211	205		Commission shall authorize the issuance of such bonds from time to 157
212	206		time in one or more series and in principal amounts not exceeding the 158
213	207		aggregate amount authorized by the General Assembly. 159
214	208		(g) Whenever the state has a written commitment to receive a grant-160
215	209		in-aid or similar form of assistance with respect to a project or program 161
216	210		for which the issuance of bonds has been authorized pursuant to 162
217	211		sections 22a-475 to 22a-483, inclusive, the Treasurer may issue state 163
218	212		grant anticipation notes in anticipation of the issuance of such a grant-164
219	213		in-aid or other assistance provided (1) the total amount of such notes 165
220	214		shall not exceed the amount of the grant commitment which has not 166
221	215		been paid to the state and (2) all grant payments with respect to such 167
222	216		project or program received by the state, to the extent required, shall 168
223	217		be applied promptly toward repayment of such temporary notes as the 169
224	218		same shall become due and payable, or shall be deposited in trust for 170
225	219		such purpose. Notes evidencing such borrowings shall be signed by 171
226	220		the manual or facsimile signature of the Treasurer or his deputy. The 172
227	221		principal of and interest on any state grant anticipation notes issued 173
228	222		pursuant to this subsection may be repaid from the proceeds of 174
229	223		renewals thereof, from grants-in-aid or other assistance pledged for the 175
230	224		payment thereof, or from the proceeds of a credit facility including, but 176
231	225		not limited to, a letter of credit or policy of bond insurance. 177
232	226		(h) Bonds, state bond anticipation notes and state grant anticipation 178
233	227		notes issued pursuant to sections 22a-475 to 22a-483, inclusive, are 179
234	228		hereby made securities in which public officers and public bodies of 180
235	229		the state and its political subdivisions, all insurance companies, credit 181
236	230		unions, building and loan associations, investment companies, 182
237	231		banking associations, trust companies, executors, administrators, 183
238		-	trustees and other fiduciaries and pension, profit-sharing and 184 Raised Bill No. 7348
	232	+	trustees and other fiduciaries and pension, profit-sharing and 184
	233	+	retirement funds may properly and legally invest funds, including 185 Raised Bill No. 7348
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245		-	retirement funds may properly and legally invest funds, including 185
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246	239		capital in their control or belonging to them. Such bonds, state bond 186
247	240		anticipation notes and state grant anticipation notes are hereby made 187
248	241		securities which may properly and legally be deposited with and 188
249	242		received by any state or municipal officer or any agency or political 189
250	243		subdivision of the state for any purpose for which the deposit of 190
251	244		bonds, state bond anticipation notes, state grant anticipation notes or 191
252	245		other obligations of the state is now or may hereafter be authorized by 192
253	246		law. 193
254	247		(i) The proceedings under which bonds are authorized to be issued 194
255	248		may, subject to the provisions of the general statutes, contain any or all 195
256	249		of the following: (1) Provisions respecting custody of the proceeds 196
257	250		from the sale of the bonds and any bond anticipation notes, including 197
258	251		any requirements that such proceeds be held separate from or not be 198
259	252		commingled with other funds of the state; (2) provisions for the 199
260	253		investment and reinvestment of bond proceeds utilized to pay project 200
261	254		costs and for the disposition of any excess bond proceeds or 201
262	255		investment earnings thereon; (3) provisions for the execution of 202
263	256		reimbursement agreements or similar agreements in connection with 203
264	257		credit facilities, including, but not limited to, letters of credit or policies 204
265	258		of bond insurance, remarketing agreements and agreements for the 205
266	259		purpose of moderating interest rate fluctuations, and of such other 206
267	260		agreements entered into pursuant to section 3-20a; (4) provisions for 207
268	261		the collection, custody, investment, reinvestment and use of the 208
269	262		pledged revenues or other receipts, funds or moneys pledged therefor 209
270	263		as provided in sections 22a-475 to 22a-483, inclusive; (5) provisions 210
271	264		regarding the establishment and maintenance of reserves, sinking 211
272	265		funds and any other funds and accounts as shall be approved by the 212
273	266		State Bond Commission in such amounts as may be established by the 213
274	267		State Bond Commission, and the regulation and disposition thereof, or 214
275	268		the establishment of a reserve fund of the state into which may be 215
276	269		deposited any moneys appropriated and made available by the state 216
277	270		for such fund, any proceeds of the sale of bonds or notes, to the extent 217
278		-	provided in the resolution of the state authorizing the issuance thereof, 218 Raised Bill No. 7348
	271	+	provided in the resolution of the state authorizing the issuance thereof, 218
	272	+	and any other moneys which may be made available to the state for 219 Raised Bill No. 7348
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285		-	and any other moneys which may be made available to the state for 219
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286	278		the purpose of such fund from any source whatever and, in lieu of the 220
287	279		deposit of any such moneys, evidence by the state of the satisfaction of 221
288	280		a federal matching requirement on the part of the state pursuant to the 222
289	281		federal Water Quality Act of 1987 or the federal Safe Drinking Water 223
290	282		Act or other related federal act, as applicable, including requirements 224
291	283		that any such funds and accounts be held separate from or not be 225
292	284		commingled with other funds of the state; (6) covenants for the 226
293	285		establishment of pledged revenue coverage requirements for the bonds 227
294	286		and state bond anticipation notes; (7) provisions for the issuance of 228
295	287		additional bonds on a parity with bonds theretofore issued, including 229
296	288		establishment of coverage requirements with respect thereto as herein 230
297	289		provided; (8) provisions regarding the rights and remedies available in 231
298	290		case of a default to bondowners, noteowners or any trustee under any 232
299	291		contract, loan agreement, document, instrument or trust indenture, 233
300	292		including the right to appoint a trustee to represent their interests 234
301	293		upon occurrence of an event of default, as defined in said proceedings, 235
302	294		provided that if any bonds or state bond anticipation notes shall be 236
303	295		secured by a trust indenture, the respective owners of such bonds or 237
304	296		notes shall have no authority except as set forth in such trust indenture 238
305	297		to appoint a separate trustee to represent them; (9) provisions for the 239
306	298		payment of rebate amounts; and (10) provisions or covenants of like or 240
307	299		different character from the foregoing which are consistent with 241
308	300		sections 22a-475 to 22a-483, inclusive, and which the State Bond 242
309	301		Commission determines in such proceedings are necessary, convenient 243
310	302		or desirable in order to better secure the bonds or state bond 244
311	303		anticipation notes, or will tend to make the bonds or state bond 245
312	304		anticipation notes more marketable, and which are in the best interests 246
313	305		of the state. Any provision which may be included in proceedings 247
314	306		authorizing the issuance of bonds hereunder may be included in an 248
315	307		indenture of trust duly approved in accordance with sections 22a-475 249
316	308		to 22a-483, inclusive, which secures the bonds and any notes issued in 250
317	309		anticipation thereof, and in such case the provisions of such indenture 251
318	310		shall be deemed to be a part of such proceedings as though they were 252
319	311		expressly included therein. 253 Raised Bill No. 7348
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326	317		(j) Whether or not any bonds, state bond anticipation notes or state 254
327	318		grant anticipation notes issued pursuant to sections 22a-475 to 22a-483, 255
328	319		inclusive, are of such form and character as to be negotiable 256
329	320		instruments under the terms of title 42a, such bonds, state bond 257
330	321		anticipation notes and state grant anticipation notes are hereby made 258
331	322		negotiable instruments within the meaning of and for all purposes of 259
332	323		title 42a, subject only to the provisions of such bonds, state bond 260
333	324		anticipation notes and state grant anticipation notes for registration. 261
334	325		(k) The state covenants with the purchasers and all subsequent 262
335	326		owners and transferees of bonds, state bond anticipation notes and 263
336	327		state grant anticipation notes issued by the state pursuant to sections 264
337	328		22a-475 to 22a-483, inclusive, in consideration of the acceptance of and 265
338	329		payment for the bonds, state bond anticipation notes and state grant 266
339	330		anticipation notes, that such bonds, state bond anticipation notes and 267
340	331		state grant anticipation notes shall be free at all times from taxes levied 268
341	332		by any municipality or political subdivision or special district having 269
342	333		taxing powers of the state and the principal and interest of any bonds, 270
343	334		state bond anticipation notes and grant anticipation notes issued under 271
344	335		the provisions of sections 22a-475 to 22a-483, inclusive, their transfer 272
345	336		and the income therefrom, including revenues derived from the sale 273
346	337		thereof, shall at all times be free from taxation of every kind by the 274
347	338		state of Connecticut or under its authority, except for estate or 275
348	339		succession taxes. The Treasurer is authorized to include this covenant 276
349	340		of the state in any agreement with the owner of any such bonds, state 277
350	341		bond anticipation notes or state grant anticipation notes. 278
351	342		(l) Pending the use and application of any bond proceeds, such 279
352	343		proceeds may be invested by, or at the direction of the State Treasurer, 280
353	344		in obligations listed in section 3-20 or in investment agreements rated 281
354	345		within the top rating categories of any nationally recognized rating 282
355	346		service or in investment agreements secured by obligations, of or 283
356	347		guaranteed by, the United States or agencies or instrumentalities of the 284
357	348		United States. 285
358	349		(m) Any revenue bonds issued under the provisions of sections 22a-286 Raised Bill No. 7348
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365	355		475 to 22a-483, inclusive, and at any time outstanding may, at any time 287
366	356		and from time to time, be refunded by the state by the issuance of its 288
367	357		revenue refunding bonds in such amounts as the State Bond 289
368	358		Commission may deem necessary, but not to exceed an amount 290
369	359		sufficient to refund the principal of the revenue bonds to be so 291
370	360		refunded, to pay any unpaid interest thereon and any premiums and 292
371	361		commissions necessary to be paid in connection therewith and to pay 293
372	362		costs and expenses which the Treasurer may deem necessary or 294
373	363		advantageous in connection with the authorization, sale and issuance 295
374	364		of refunding bonds. Any such refunding may be effected whether the 296
375	365		revenue bonds to be refunded shall have matured or shall thereafter 297
376	366		mature. All revenue refunding bonds issued hereunder shall be 298
377	367		payable solely from the revenues or other receipts, funds or moneys 299
378	368		out of which the revenue bonds to be refunded thereby are payable 300
379	369		and shall be subject to and may be secured in accordance with the 301
380	370		provisions of this section. 302
381	371		(n) The Treasurer shall have power, out of any funds available 303
382	372		therefor, to purchase revenue bonds, state revenue bond anticipation 304
383	373		notes and state revenue grant anticipation notes of the state issued 305
384	374		pursuant to sections 22a-475 to 22a-483, inclusive. The Treasurer may 306
385	375		hold, pledge, cancel or resell such bonds or notes, subject to and in 307
386	376		accordance with agreements with bondholders or noteholders, as 308
387	377		applicable. 309
388	378		This act shall take effect as follows and shall amend the following
389	379		sections:
390	380
391	381		Section 1 from passage 22a-483
392	382
393		-	ENV Joint Favorable
	383	+	Statement of Purpose:
	384	+	To increase bonding authorizations for Clean Water Fund projects.
	385	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline,
	386	+	except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is
	387	+	not underlined.]
394	388