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General Assembly Raised Bill No. 1034
January Session, 2019
LCO No. 4625
Referred to Committee on COMMERCE
Introduced by:
(CE)
AN ACT AUTHORIZING BONDS OF THE STATE FOR BROWNF IELD
REMEDIATION AND DEVE LOPMENT.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (Effective July 1, 2019) (a) For the purposes described in 1
subsection (b) of this section, the State Bond Commission shall have 2
the power from time to time to authorize the issuance of bonds of the 3
state in one or more series and in principal amounts not exceeding in 4
the aggregate one hundred million dollars, provided twenty-five 5
million dollars of said authorization shall be effective July 1, 2019, 6
twenty-five million dollars of said authorization shall be effective July 7
1, 2020, twenty-five million dollars of said authorization shall be 8
effective July 1, 2021, and twenty-five million dollars of said 9
authorization shall be effective July 1, 2022. 10
(b) The proceeds of the sale of such bonds, to the extent of the 11
amount stated in subsection (a) of this section, shall be used by the 12
Department of Economic and Community Development for the 13
brownfield remediation and development account established 14
pursuant to section 32-762 of the general statutes. 15 Raised Bill No. 1034
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(c) All provisions of section 3-20 of the general statutes, or the 16
exercise of any right or power granted thereby, that are not 17
inconsistent with the provisions of this section are hereby adopted and 18
shall apply to all bonds authorized by the State Bond Commission 19
pursuant to this section. Temporary notes in anticipation of the money 20
to be derived from the sale of any such bonds so authorized may be 21
issued in accordance with section 3-20 of the general statutes and from 22
time to time renewed. Such bonds shall mature at such time or times 23
not exceeding twenty years from their respective dates as may be 24
provided in or pursuant to the resolution or resolutions of the State 25
Bond Commission authorizing such bonds. None of such bonds shall 26
be authorized except upon a finding by the State Bond Commission 27
that there has been filed with it a request for such authorization that is 28
signed by or on behalf of the Secretary of the Office of Policy and 29
Management and states such terms and conditions as said commission, 30
in its discretion, may require. Such bonds issued pursuant to this 31
section shall be general obligations of the state and the full faith and 32
credit of the state of Connecticut are pledged for the payment of the 33
principal of and interest on such bonds as the same become due, and 34
accordingly and as part of the contract of the state with the holders of 35
such bonds, appropriation of all amounts necessary for punctual 36
payment of such principal and interest is hereby made, and the State 37
Treasurer shall pay such principal and interest as the same become 38
due. 39
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2019 New section
CE Joint Favorable C/R FIN