LCO No. 2753 1 of 2
General Assembly Raised Bill No. 876
January Session, 2021
LCO No. 2753
Referred to Committee on HOUSING
Introduced by:
(HSG)
AN ACT CONCERNING BO NDS OF BOARD MEMBERS AND OTHER
EMPLOYEES OF THE CON NECTICUT HOUSING FINANCE
AUTHORITY.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Section 8-247 of the general statutes is repealed and the 1
following is substituted in lieu thereof (Effective July 1, 2021): 2
Each member of the board of directors of the authority shall execute 3
a surety bond in the penal sum of fifty thousand dollars and the 4
executive director shall execute a surety bond in the penal sum of one 5
hundred thousand dollars, or, in lieu thereof, the [chairman] 6
chairperson of the board shall execute a blanket position bond or 7
procure an equivalent insurance product covering each board member, 8
the executive director and the employees of the authority. [, each] Each 9
surety bond [to be] or equivalent insurance product shall be conditioned 10
upon the faithful performance of the duties of the office or offices 11
covered, to be executed by a surety company or issued by an insurance 12
company authorized to transact business in this state as surety or for an 13
equivalent insurance product and [to be approved by the Attorney 14 Raised Bill No. 876
LCO No. 2753 2 of 2
General and] shall be filed in the office of the Secretary of the State. The 15
cost of each such bond or insurance product shall be paid by the 16
authority. 17
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2021 8-247
Statement of Purpose:
To permit the board members and other employees of the Connecticut
Housing Finance Authority to obtain an equivalent insurance product
in lieu of a surety bond.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
underlined.]