Connecticut 2019 Regular Session

Connecticut Senate Bill SB01034 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	LCO 4625 \\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-01034-R01-
4		-	SB.docx
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7	5		General Assembly Raised Bill No. 1034
8	6		January Session, 2019
9	7		LCO No. 4625
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12	10		Referred to Committee on COMMERCE
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14	12
15	13		Introduced by:
16	14		(CE)
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20	19		AN ACT AUTHORIZING B ONDS OF THE STATE FOR BROWNFIELD
21	20		REMEDIATION AND DEVE LOPMENT.
22	21		Be it enacted by the Senate and House of Representatives in General
23	22		Assembly convened:
24	23
25	24		Section 1. (Effective July 1, 2019) (a) For the purposes described in 1
26	25		subsection (b) of this section, the State Bond Commission shall have 2
27	26		the power from time to time to authorize the issuance of bonds of the 3
28	27		state in one or more series and in principal amounts not exceeding in 4
29	28		the aggregate one hundred million dollars, provided twenty-five 5
30	29		million dollars of said authorization shall be effective July 1, 2019, 6
31	30		twenty-five million dollars of said authorization shall be effective July 7
32	31		1, 2020, twenty-five million dollars of said authorization shall be 8
33	32		effective July 1, 2021, and twenty-five million dollars of said 9
34	33		authorization shall be effective July 1, 2022. 10
35	34		(b) The proceeds of the sale of such bonds, to the extent of the 11
36	35		amount stated in subsection (a) of this section, shall be used by the 12
37	36		Department of Economic and Community Development for the 13
38	37		brownfield remediation and development account established 14
39		-	pursuant to section 32-762 of the general statutes. 15 Raised Bill No. 1034
	38	+	pursuant to section 32-762 of the general statutes. 15
	39	+	(c) All provisions of section 3-20 of the general statutes, or the 16 Raised Bill No. 1034
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46		-	(c) All provisions of section 3-20 of the general statutes, or the 16
	43	+	LCO No. 4625 2 of 2
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47	45		exercise of any right or power granted thereby, that are not 17
48	46		inconsistent with the provisions of this section are hereby adopted and 18
49	47		shall apply to all bonds authorized by the State Bond Commission 19
50	48		pursuant to this section. Temporary notes in anticipation of the money 20
51	49		to be derived from the sale of any such bonds so authorized may be 21
52	50		issued in accordance with section 3-20 of the general statutes and from 22
53	51		time to time renewed. Such bonds shall mature at such time or times 23
54	52		not exceeding twenty years from their respective dates as may be 24
55	53		provided in or pursuant to the resolution or resolutions of the State 25
56	54		Bond Commission authorizing such bonds. None of such bonds shall 26
57	55		be authorized except upon a finding by the State Bond Commission 27
58	56		that there has been filed with it a request for such authorization that is 28
59	57		signed by or on behalf of the Secretary of the Office of Policy and 29
60	58		Management and states such terms and conditions as said commission, 30
61	59		in its discretion, may require. Such bonds issued pursuant to this 31
62	60		section shall be general obligations of the state and the full faith and 32
63	61		credit of the state of Connecticut are pledged for the payment of the 33
64	62		principal of and interest on such bonds as the same become due, and 34
65	63		accordingly and as part of the contract of the state with the holders of 35
66	64		such bonds, appropriation of all amounts necessary for punctual 36
67	65		payment of such principal and interest is hereby made, and the State 37
68	66		Treasurer shall pay such principal and interest as the same become 38
69	67		due. 39
70	68		This act shall take effect as follows and shall amend the following
71	69		sections:
72	70
73	71		Section 1 July 1, 2019 New section
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75		-
76		-	CE Joint Favorable C/R FIN
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	73	+	Statement of Purpose:
	74	+	To provide funding for brownfield remediation and development
	75	+	projects.
	76	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline,
	77	+	except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is
	78	+	not underlined.]