Connecticut 2019 Regular Session

Connecticut House Bill HJ00170 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
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	2	+
	3	+	LCO No. 10560 1 of 4
	4	+
	5	+	General Assembly House Joint
	6	+	Resolution No. 170
	7	+	January Session, 2019
	8	+	LCO No. 10560
	9	+
	10	+
	11	+	Referred to Committee on No Committee
	12	+
	13	+
	14	+	Introduced by:
	15	+	REP. ARESIMOWICZ, 30
	16	+	th
	17	+	Dist.
	18	+	REP. RITTER M., 1
	19	+	st
	20	+	Dist.
	21	+	SEN. LOONEY, 11
	22	+	th
	23	+	Dist.
	24	+	SEN. DUFF, 25
	25	+	th
	26	+	Dist.
1	27
2	28
3	29
4		-	House Joint Resolution No. 170
5		-
6		-	Resolution Act No. 19-3
7	30
8	31
9	32		RESOLUTION CONCERNIN G THE BOND COVENANT.
10	33		Resolved by this Assembly:
11	34
12		-	WHEREAS, on May 9, 2018, the General Assembly adopted public
13		-	acts 18-49, 18-81 and 18-178, which acts, passed and signed by the
14		-	Governor prior to the issuance of any bonds referenced in subsection
15		-	(aa) of section 3-20 of the general statutes, amend statutory provisions
16		-	incorporated into said subsection; and
17		-	WHEREAS, as codified by the Legislative Commissioners' Office,
18		-	subsection (aa) of section 3-20 of the general statutes, as amended by
19		-	public acts 18-49 and 18-81, reads as follows:
20		-	(aa) (1) For each fiscal year during which general obligation bonds
21		-	or credit revenue bonds issued on and after May 15, 2018, and prior to
22		-	July 1, 2020, shall be outstanding, the state of Connecticut shall comply
23		-	with the provisions of (A) section 4-30a of the general statutes, revision
24		-	of 1958, revised to January 1, 2017, as amended by section 704 of public
25		-	act 17-2 of the June special session and section 7 of public act 18-49 and
26		-	section 20 of public act 18-81, (B) section 2-33c in effect on October 31,
27		-	2017, (C) section 2-33a of the general statutes, revision of 1958, revised
28		-	to January 1, 2017, as amended by section 709 of public act 17-2 of the
29		-	June special session, (D) subsections (d) and (g) of this section, revision
30		-	of 1958, revised to January 1, 2017, as amended by sections 710 and 711 House Joint Resolution No. 170
31		-
32		-	Resolution Act No. 19-3 2 of 4
33		-
34		-	of public act 17-2 of the June special session, and (E) section 3-21 of the
35		-	general statutes, revision of 1958, revised to January 1, 2017, as
36		-	amended by section 712 of public act 17-2 of the June special session.
37		-	The state of Connecticut does hereby pledge to and agree with the
38		-	holders of any bonds, notes and other obligations issued pursuant to
39		-	subdivision (2) of this subsection that no public or special act of the
40		-	General Assembly taking effect on or after May 15, 2018, and prior to
41		-	July 1, 2023, shall alter the obligation to comply with the provisions of
42		-	the sections and subsections set forth in subparagraphs (A) to (E),
43		-	inclusive, of this subdivision, until such bonds, notes or other
44		-	obligations, together with the interest thereon, are fully met and
45		-	discharged, provided nothing in this subsection shall preclude such
46		-	alteration (i) if and when adequate provision shall be made by law for
47		-	the protection of the holders of such bonds, or (ii) (I) if and when the
48		-	Governor declares an emergency or the existence of extraordinary
49		-	circumstances, in which the provisions of section 4-85 are invoked, (II)
50		-	at least three-fifths of the members of each chamber of the General
51		-	Assembly vote to alter such required compliance during the fiscal year
52		-	for which the emergency or existence of extraordinary circumstances
53		-	are determined, and (III) any such alteration is for the fiscal year in
54		-	progress only.
55		-	(2) The Treasurer shall include this pledge and undertaking in
56		-	general obligation bonds and credit revenue bonds issued on or after
57		-	May 15, 2018, and prior to July 1, 2020, provided such pledge and
58		-	undertaking (A) shall be applicable for a period of five years from the
59		-	date of first issuance of such bonds, and (B) shall not apply to
60		-	refunding bonds issued for bonds issued under this subdivision.
61		-	WHEREAS, as public act 18-178 does not directly amend subsection
62		-	(aa) of section 3-20 of the general statutes, in keeping with the practice
63		-	of the General Assembly, it is not reflected in said codification; and
64		-	WHEREAS, it was and remains the intent of the General Assembly House Joint Resolution No. 170
65		-
66		-	Resolution Act No. 19-3 3 of 4
67		-
68		-	that the relevant provisions of public acts 18-49, 18-81 and 18-178,
69		-	which amend sections of general statutes or public acts referenced in
70		-	subsection (aa) of section 3-20 of the general statutes be operative and
71		-	be incorporated in the pledge to be made to holders of bonds issued
72		-	during the time referenced in said subsection; and
73		-	WHEREAS, it was and remains the intent of the General Assembly
74		-	that the references in subsection (aa) of section 3-20 of the general
75		-	statutes to sections of the general statutes and public acts amended by
76		-	public acts 18-49, 18-81 and 18-178 incorporate the amendments made
77		-	by such public acts and no contrary intention has been expressed by
78		-	the General Assembly; and
79		-	WHEREAS, at the request of the State Treasurer, the Attorney
80		-	General of the State, in Formal Opinion 18-4 issued November 21,
81		-	2018, provided guidance as to the proper interpretation of subsection
82		-	(aa) of section 3-20 of the general statutes, concluding that it was the
83		-	intention of the General Assembly that references in said subsection to
84		-	sections of the general statutes and public acts amended by public acts
85		-	18-49, 18-81 and 18-178 incorporate the amendments made by such
86		-	public acts; and
87		-	WHEREAS, Formal Opinion 18-4 correctly interpreted the intention
88		-	of the General Assembly in passing public acts 18-49, 18-81 and 18-178;
89		-	THAT THEREFORE, this General Assembly does hereby ratify and
90		-	confirm the conclusions set forth in Formal Opinion 18-4 and further
91		-	does hereby restate and reconfirm that the intent of the General
92		-	Assembly was and is that the pledge made by the state in subsection
93		-	(aa) of section 3-20 of the general statutes and to be included as a
94		-	covenant in any bonds issued by the state after May 15, 2018, and prior
95		-	to July 1, 2020, incorporate the provisions of public acts 18-49, 18-81
96		-	and 18-178. House Joint Resolution No. 170
97		-
98		-	Resolution Act No. 19-3 4 of 4
	35	+	WHEREAS, on May 9, 2018, the General Assembly adopted public 1
	36	+	acts 18-49, 18-81 and 18-178, which acts, passed and signed by the 2
	37	+	Governor prior to the issuance of any bonds referenced in subsection 3
	38	+	(aa) of section 3-20 of the general statutes, amend statutory provisions 4
	39	+	incorporated into said subsection; and 5
	40	+	WHEREAS, as codified by the Legislative Commissioners' Office, 6
	41	+	subsection (aa) of section 3-20 of the general statutes, as amended by 7
	42	+	public acts 18-49 and 18-81, reads as follows: 8
	43	+	(aa) (1) For each fiscal year during which general obligation bonds 9
	44	+	or credit revenue bonds issued on and after May 15, 2018, and prior to 10
	45	+	July 1, 2020, shall be outstanding, the state of Connecticut shall comply 11
	46	+	with the provisions of (A) section 4-30a of the general statutes, revision 12 House Joint Resolution No.
99	47
100	48
	49	+	LCO No. 10560 2 of 4
	50	+
	51	+	of 1958, revised to January 1, 2017, as amended by section 704 of public 13
	52	+	act 17-2 of the June special session and section 7 of public act 18-49 and 14
	53	+	section 20 of public act 18-81, (B) section 2-33c in effect on October 31, 15
	54	+	2017, (C) section 2-33a of the general statutes, revision of 1958, revised 16
	55	+	to January 1, 2017, as amended by section 709 of public act 17-2 of the 17
	56	+	June special session, (D) subsections (d) and (g) of this section, revision 18
	57	+	of 1958, revised to January 1, 2017, as amended by sections 710 and 711 19
	58	+	of public act 17-2 of the June special session, and (E) section 3-21 of the 20
	59	+	general statutes, revision of 1958, revised to January 1, 2017, as 21
	60	+	amended by section 712 of public act 17-2 of the June special session. 22
	61	+	The state of Connecticut does hereby pledge to and agree with the 23
	62	+	holders of any bonds, notes and other obligations issued pursuant to 24
	63	+	subdivision (2) of this subsection that no public or special act of the 25
	64	+	General Assembly taking effect on or after May 15, 2018, and prior to 26
	65	+	July 1, 2023, shall alter the obligation to comply with the provisions of 27
	66	+	the sections and subsections set forth in subparagraphs (A) to (E), 28
	67	+	inclusive, of this subdivision, until such bonds, notes or other 29
	68	+	obligations, together with the interest thereon, are fully met and 30
	69	+	discharged, provided nothing in this subsection shall preclude such 31
	70	+	alteration (i) if and when adequate provision shall be made by law for 32
	71	+	the protection of the holders of such bonds, or (ii) (I) if and when the 33
	72	+	Governor declares an emergency or the existence of extraordinary 34
	73	+	circumstances, in which the provisions of section 4-85 are invoked, (II) 35
	74	+	at least three-fifths of the members of each chamber of the General 36
	75	+	Assembly vote to alter such required compliance during the fiscal year 37
	76	+	for which the emergency or existence of extraordinary circumstances 38
	77	+	are determined, and (III) any such alteration is for the fiscal year in 39
	78	+	progress only. 40
	79	+	(2) The Treasurer shall include this pledge and undertaking in 41
	80	+	general obligation bonds and credit revenue bonds issued on or after 42
	81	+	May 15, 2018, and prior to July 1, 2020, provided such pledge and 43
	82	+	undertaking (A) shall be applicable for a period of five years from the 44
	83	+	date of first issuance of such bonds, and (B) shall not apply to 45
	84	+	refunding bonds issued for bonds issued under this subdivision. 46 House Joint Resolution No.
	85	+
	86	+
	87	+	LCO No. 10560 3 of 4
	88	+
	89	+	WHEREAS, as public act 18-178 does not directly amend subsection 47
	90	+	(aa) of section 3-20 of the general statutes, in keeping with the practice 48
	91	+	of the General Assembly, it is not reflected in said codification; and 49
	92	+	WHEREAS, it was and remains the intent of the General Assembly 50
	93	+	that the relevant provisions of public acts 18-49, 18-81 and 18-178, 51
	94	+	which amend sections of general statutes or public acts referenced in 52
	95	+	subsection (aa) of section 3-20 of the general statutes be operative and 53
	96	+	be incorporated in the pledge to be made to holders of bonds issued 54
	97	+	during the time referenced in said subsection; and 55
	98	+	WHEREAS, it was and remains the intent of the General Assembly 56
	99	+	that the references in subsection (aa) of section 3-20 of the general 57
	100	+	statutes to sections of the general statutes and public acts amended by 58
	101	+	public acts 18-49, 18-81 and 18-178 incorporate the amendments made 59
	102	+	by such public acts and no contrary intention has been expressed by 60
	103	+	the General Assembly; and 61
	104	+	WHEREAS, at the request of the State Treasurer, the Attorney 62
	105	+	General of the State, in Formal Opinion 18-4 issued November 21, 63
	106	+	2018, provided guidance as to the proper interpretation of subsection 64
	107	+	(aa) of section 3-20 of the general statutes, concluding that it was the 65
	108	+	intention of the General Assembly that references in said subsection to 66
	109	+	sections of the general statutes and public acts amended by public acts 67
	110	+	18-49, 18-81 and 18-178 incorporate the amendments made by such 68
	111	+	public acts; and 69
	112	+	WHEREAS, Formal Opinion 18-4 correctly interpreted the intention 70
	113	+	of the General Assembly in passing public acts 18-49, 18-81 and 18-178; 71
	114	+	THAT THEREFORE, this General Assembly does hereby ratify and 72
	115	+	confirm the conclusions set forth in Formal Opinion 18-4 and further 73
	116	+	does hereby restate and reconfirm that the intent of the General 74
	117	+	Assembly was and is that the pledge made by the state in subsection 75
	118	+	(aa) of section 3-20 of the general statutes and to be included as a 76
	119	+	covenant in any bonds issued by the state after May 15, 2018, and prior 77
	120	+	to July 1, 2020, incorporate the provisions of public acts 18-49, 18-81 78 House Joint Resolution No.
	121	+
	122	+
	123	+	LCO No. 10560 4 of 4
	124	+
	125	+	and 18-178. 79