Connecticut 2021 Regular Session

Connecticut Senate Bill SB00876 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
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3		-	LCO 2753 \\PRDFS1\SCOUSERS\FORZANOF\WS\2021SB-00876-R01-
4		-	SB.docx
5		-	1 of 2
	3	+	LCO No. 2753 1 of 2
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7	5		General Assembly Raised Bill No. 876
8	6		January Session, 2021
9	7		LCO No. 2753
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11	9
12	10		Referred to Committee on HOUSING
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14	12
15	13		Introduced by:
16	14		(HSG)
	15	+
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20	19		AN ACT CONCERNING BO NDS OF BOARD MEMBERS AND OTHER
21	20		EMPLOYEES OF THE CON NECTICUT HOUSING FINANCE
22	21		AUTHORITY.
23	22		Be it enacted by the Senate and House of Representatives in General
24	23		Assembly convened:
25	24
26	25		Section 1. Section 8-247 of the general statutes is repealed and the 1
27	26		following is substituted in lieu thereof (Effective July 1, 2021): 2
28	27		Each member of the board of directors of the authority shall execute 3
29	28		a surety bond in the penal sum of fifty thousand dollars and the 4
30	29		executive director shall execute a surety bond in the penal sum of one 5
31	30		hundred thousand dollars, or, in lieu thereof, the [chairman] 6
32	31		chairperson of the board shall execute a blanket position bond or 7
33	32		procure an equivalent insurance product covering each board member, 8
34	33		the executive director and the employees of the authority. [, each] Each 9
35	34		surety bond [to be] or equivalent insurance product shall be conditioned 10
36	35		upon the faithful performance of the duties of the office or offices 11
37	36		covered, to be executed by a surety company or issued by an insurance 12
38	37		company authorized to transact business in this state as surety or for an 13
39	38		equivalent insurance product and [to be approved by the Attorney 14 Raised Bill No. 876
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42		-	LCO 2753 {\\PRDFS1\SCOUSERS\FORZANOF\WS\2021SB-00876-
43		-	R01-SB.docx }
44		-	2 of 2
	41	+
	42	+	LCO No. 2753 2 of 2
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46	44		General and] shall be filed in the office of the Secretary of the State. The 15
47	45		cost of each such bond or insurance product shall be paid by the 16
48	46		authority. 17
49	47		This act shall take effect as follows and shall amend the following
50	48		sections:
51	49
52	50		Section 1 July 1, 2021 8-247
53	51
54		-	HSG Joint Favorable
	52	+	Statement of Purpose:
	53	+	To permit the board members and other employees of the Connecticut
	54	+	Housing Finance Authority to obtain an equivalent insurance product
	55	+	in lieu of a surety bond.
	56	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	57	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	58	+	underlined.]
55	59