House Joint Resolution No. 170
Resolution Act No. 19-3
RESOLUTION CONCERNIN G THE BOND COVENANT.
Resolved by this Assembly:
WHEREAS, on May 9, 2018, the General Assembly adopted public
acts 18-49, 18-81 and 18-178, which acts, passed and signed by the
Governor prior to the issuance of any bonds referenced in subsection
(aa) of section 3-20 of the general statutes, amend statutory provisions
incorporated into said subsection; and
WHEREAS, as codified by the Legislative Commissioners' Office,
subsection (aa) of section 3-20 of the general statutes, as amended by
public acts 18-49 and 18-81, reads as follows:
(aa) (1) For each fiscal year during which general obligation bonds
or credit revenue bonds issued on and after May 15, 2018, and prior to
July 1, 2020, shall be outstanding, the state of Connecticut shall comply
with the provisions of (A) section 4-30a of the general statutes, revision
of 1958, revised to January 1, 2017, as amended by section 704 of public
act 17-2 of the June special session and section 7 of public act 18-49 and
section 20 of public act 18-81, (B) section 2-33c in effect on October 31,
2017, (C) section 2-33a of the general statutes, revision of 1958, revised
to January 1, 2017, as amended by section 709 of public act 17-2 of the
June special session, (D) subsections (d) and (g) of this section, revision
of 1958, revised to January 1, 2017, as amended by sections 710 and 711 House Joint Resolution No. 170
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of public act 17-2 of the June special session, and (E) section 3-21 of the
general statutes, revision of 1958, revised to January 1, 2017, as
amended by section 712 of public act 17-2 of the June special session.
The state of Connecticut does hereby pledge to and agree with the
holders of any bonds, notes and other obligations issued pursuant to
subdivision (2) of this subsection that no public or special act of the
General Assembly taking effect on or after May 15, 2018, and prior to
July 1, 2023, shall alter the obligation to comply with the provisions of
the sections and subsections set forth in subparagraphs (A) to (E),
inclusive, of this subdivision, until such bonds, notes or other
obligations, together with the interest thereon, are fully met and
discharged, provided nothing in this subsection shall preclude such
alteration (i) if and when adequate provision shall be made by law for
the protection of the holders of such bonds, or (ii) (I) if and when the
Governor declares an emergency or the existence of extraordinary
circumstances, in which the provisions of section 4-85 are invoked, (II)
at least three-fifths of the members of each chamber of the General
Assembly vote to alter such required compliance during the fiscal year
for which the emergency or existence of extraordinary circumstances
are determined, and (III) any such alteration is for the fiscal year in
progress only.
(2) The Treasurer shall include this pledge and undertaking in
general obligation bonds and credit revenue bonds issued on or after
May 15, 2018, and prior to July 1, 2020, provided such pledge and
undertaking (A) shall be applicable for a period of five years from the
date of first issuance of such bonds, and (B) shall not apply to
refunding bonds issued for bonds issued under this subdivision.
WHEREAS, as public act 18-178 does not directly amend subsection
(aa) of section 3-20 of the general statutes, in keeping with the practice
of the General Assembly, it is not reflected in said codification; and
WHEREAS, it was and remains the intent of the General Assembly House Joint Resolution No. 170
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that the relevant provisions of public acts 18-49, 18-81 and 18-178,
which amend sections of general statutes or public acts referenced in
subsection (aa) of section 3-20 of the general statutes be operative and
be incorporated in the pledge to be made to holders of bonds issued
during the time referenced in said subsection; and
WHEREAS, it was and remains the intent of the General Assembly
that the references in subsection (aa) of section 3-20 of the general
statutes to sections of the general statutes and public acts amended by
public acts 18-49, 18-81 and 18-178 incorporate the amendments made
by such public acts and no contrary intention has been expressed by
the General Assembly; and
WHEREAS, at the request of the State Treasurer, the Attorney
General of the State, in Formal Opinion 18-4 issued November 21,
2018, provided guidance as to the proper interpretation of subsection
(aa) of section 3-20 of the general statutes, concluding that it was the
intention of the General Assembly that references in said subsection to
sections of the general statutes and public acts amended by public acts
18-49, 18-81 and 18-178 incorporate the amendments made by such
public acts; and
WHEREAS, Formal Opinion 18-4 correctly interpreted the intention
of the General Assembly in passing public acts 18-49, 18-81 and 18-178;
THAT THEREFORE, this General Assembly does hereby ratify and
confirm the conclusions set forth in Formal Opinion 18-4 and further
does hereby restate and reconfirm that the intent of the General
Assembly was and is that the pledge made by the state in subsection
(aa) of section 3-20 of the general statutes and to be included as a
covenant in any bonds issued by the state after May 15, 2018, and prior
to July 1, 2020, incorporate the provisions of public acts 18-49, 18-81
and 18-178. House Joint Resolution No. 170
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