Connecticut 2021 Regular Session

Connecticut Senate Bill SB01012 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
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6	6	LCO No. 4403 1 of 22
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8	8	General Assembly Raised Bill No. 1012
9	9	January Session, 2021
10	10	LCO No. 4403
11	11
12	12
13	13	Referred to Committee on GOVERNMENT ADMINISTRATION
14	14	AND ELECTIONS
15	15
16	16
17	17	Introduced by:
18	18	(GAE)
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20	20
21	21
22	22
23	23	AN ACT CONCERNING OP ERATIONS OF THE STATE TREASURER.
24	24	Be it enacted by the Senate and House of Representatives in General
25	25	Assembly convened:
26	26
27	27	Section 1. Section 8-169oo of the general statutes is repealed and the 1
28	28	following is substituted in lieu thereof (Effective from passage): 2
29	29	(a) The board of directors of the Connecticut Municipal 3
30	30	Redevelopment Authority is authorized from time to time to issue its 4
31	31	bonds, notes and other obligations in such principal amounts as in the 5
32	32	opinion of the board shall be necessary to provide sufficient funds for 6
33	33	carrying out the purposes set forth in section 8-169jj, as amended by this 7
34	34	act, including the payment, funding or refunding of the principal of, or 8
35	35	interest or redemption premiums on, any bonds, notes and other 9
36	36	obligations issued by it, whether the bonds, notes or other obligations 10
37	37	or interest to be funded or refunded have or have not become due, the 11
38	38	establishment of reserves to secure such bonds, notes and other 12
39	39	obligations, loans made by the authority and all other expenditures of 13
40	40	the authority incident to and necessary or convenient to carry out the 14
41	41	purposes set forth in section 8-169jj, as amended by this act. 15 Raised Bill No. 1012
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43	43
44	44
45	45	LCO No. 4403 2 of 22
46	46
47	47	(b) Every issue of bonds, notes or other obligations shall be a general 16
48	48	obligation of the authority payable out of any moneys or revenues of the 17
49	49	authority and subject only to any agreements with the holders of 18
50	50	particular bonds, notes or other obligations pledging any particular 19
51	51	moneys or revenues. Any such bonds, notes or other obligations may be 20
52	52	additionally secured by any grant or contributions from any 21
53	53	department, agency or instrumentality of the United States or person or 22
54	54	a pledge of any moneys, income or revenues of the authority from any 23
55	55	source whatsoever. 24
56	56	(c) Notwithstanding any other provision of any law, any bonds, notes 25
57	57	or other obligations issued by the authority pursuant to this section shall 26
58	58	be fully negotiable within the meaning and for all purposes of title 42a. 27
59	59	Any such bonds, notes or other obligations shall be legal investments 28
60	60	for all trust companies, banks, investment companies, savings banks, 29
61	61	building and loan associations, executors, administrators, guardians, 30
62	62	conservators, trustees and other fiduciaries and pension, profit-sharing 31
63	63	and retirement funds. 32
64	64	(d) Bonds, notes or other obligations of the authority shall be 33
65	65	authorized by resolution of the board of directors of the authority and 34
66	66	may be issued in one or more series and shall bear such date or dates, 35
67	67	mature at such time or times, in the case of any such note, or any renewal 36
68	68	thereof, not exceeding the term of years as the board shall determine 37
69	69	from the date of the original issue of such notes, and, in the case of 38
70	70	bonds, not exceeding thirty years from the date thereof, bear interest at 39
71	71	such rate or rates, be in such denomination or denominations, be in such 40
72	72	form, either coupon or registered, carry such conversion or registration 41
73	73	privileges, have such rank or priority, be executed in such manner, be 42
74	74	payable from such sources in such medium of payment at such place or 43
75	75	places within or without this state, and be subject to such terms of 44
76	76	redemption, with or without premium, as such resolution or resolutions 45
77	77	may provide. 46
78	78	(e) Bonds, notes or other obligations of the authority may be sold at 47
79	79	public or private sale at such price or prices as the board shall determine. 48 Raised Bill No. 1012
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81	81
82	82
83	83	LCO No. 4403 3 of 22
84	84
85	85	(f) Bonds, notes or other obligations of the authority may be refunded 49
86	86	and renewed from time to time as may be determined by resolution of 50
87	87	the board, provided any such refunding or renewal shall be in 51
88	88	conformity with any rights of the holders of such bonds, notes or other 52
89	89	obligations. 53
90	90	(g) [Except as provided in section 8-169qq, bonds] Bonds, notes or 54
91	91	other obligations of the authority issued under the provisions of this 55
92	92	section shall not be deemed to constitute a debt or liability of the state 56
93	93	or of any political subdivision thereof other than the authority, or a 57
94	94	pledge of the faith and credit of the state or of any such political 58
95	95	subdivision other than the authority, and shall not constitute bonds or 59
96	96	notes issued or guaranteed by the state within the meaning of section 3-60
97	97	21, but shall be payable solely from the funds as provided in this section. 61
98	98	All such bonds, notes or other obligations shall contain on the face 62
99	99	thereof a statement to the effect that, unless otherwise provided by law, 63
100	100	neither the state of Connecticut nor any political subdivision thereof 64
101	101	other than the authority shall be obligated to pay the same or the interest 65
102	102	thereof except from revenues or other funds of the authority and that 66
103	103	neither the faith and credit nor the taxing power of the state of 67
104	104	Connecticut or of any political subdivision thereof other than the 68
105	105	authority is pledged to the payment of the principal of, or the interest 69
106	106	on, such bonds, notes or other obligations. 70
107	107	(h) Any resolution or resolutions authorizing the issuance of bonds, 71
108	108	notes or other obligations may contain provisions, except as limited by 72
109	109	existing agreements with the holders of bonds, notes or other 73
110	110	obligations, which shall be a part of the contract with the holders 74
111	111	thereof, as to the following: (1) The pledging of all or any part of the 75
112	112	moneys received by the authority to secure the payment of the principal 76
113	113	of and interest on any bonds, notes or other obligations or of any issue 77
114	114	thereof; (2) the pledging of all or part of the assets of the authority to 78
115	115	secure the payment of the principal and interest on any bonds, notes or 79
116	116	other obligations or of any issue thereof; (3) the establishment of 80
117	117	reserves or sinking funds, the making of charges and fees to provide for 81
118	118	the same, and the regulation and disposition thereof; (4) limitations on 82 Raised Bill No. 1012
119	119
120	120
121	121
122	122	LCO No. 4403 4 of 22
123	123
124	124	the purpose to which the proceeds of sale of bonds, notes or other 83
125	125	obligations may be applied and pledging such proceeds to secure the 84
126	126	payment of the bonds, notes or other obligations, or of any issues 85
127	127	thereof; (5) limitations on the issuance of additional bonds, notes or 86
128	128	other obligations, the terms upon which additional bonds, bond 87
129	129	anticipation notes or other obligations may be issued and secured, the 88
130	130	refunding or purchase of outstanding bonds, notes or other obligations 89
131	131	of the authority; (6) the procedure, if any, by which the terms of any 90
132	132	contract with the holders of any bonds, notes or other obligations of the 91
133	133	authority may be amended or abrogated, the amount of bonds, notes or 92
134	134	other obligations the holders of which must consent thereto and the 93
135	135	manner in which such consent may be given; (7) limitations on the 94
136	136	amount of moneys to be expended by the authority for operating, 95
137	137	administrative or other expenses of the authority; (8) the vesting in a 96
138	138	trustee or trustees of such property, rights, powers and duties in trust as 97
139	139	the authority may determine, which may include any or all of the rights, 98
140	140	powers and duties of any trustee appointed by the holders of any bonds, 99
141	141	notes or other obligations and limiting or abrogating the right of the 100
142	142	holders of any bonds, notes or other obligations of the authority to 101
143	143	appoint a trustee or limiting the rights, powers and duties of such 102
144	144	trustee; (9) provision for a trust agreement by and between the authority 103
145	145	and a corporate trustee which may be any trust company or bank having 104
146	146	the powers of a trust company within or without the state, which 105
147	147	agreement may provide for the pledging or assigning of any assets or 106
148	148	income from assets to which or in which the authority has any rights or 107
149	149	interest, and may further provide for such other rights and remedies 108
150	150	exercisable by the trustee as may be proper for the protection of the 109
151	151	holders of any bonds, notes or other obligations of the authority and not 110
152	152	otherwise in violation of law. Such agreement may provide for the 111
153	153	restriction of the rights of any individual holder of bonds, notes or other 112
154	154	obligations of the authority. All expenses incurred in carrying out the 113
155	155	provisions of such trust agreement may be treated as a part of the cost 114
156	156	of operation of the authority. The trust agreement may contain any 115
157	157	further provisions which are reasonable to delineate further the 116
158	158	respective rights, duties, safeguards, responsibilities and liabilities of 117 Raised Bill No. 1012
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160	160
161	161
162	162	LCO No. 4403 5 of 22
163	163
164	164	the authority, individual and collective holders of bonds, notes and 118
165	165	other obligations of the authority and the trustees; (10) covenants to do 119
166	166	or refrain from doing such acts and things as may be necessary or 120
167	167	convenient or desirable in order to better secure any bonds, notes or 121
168	168	other obligations of the authority, or which, in the discretion of the 122
169	169	authority, will tend to make any bonds, notes or other obligations to be 123
170	170	issued more marketable, notwithstanding that such covenants, acts or 124
171	171	things may not be enumerated herein; and (11) any other matters of like 125
172	172	or different character, which in any way affect the security or protection 126
173	173	of the bonds, notes or other obligations. 127
174	174	(i) Any pledge made by the authority of income, revenues or other 128
175	175	property shall be valid and binding from the time the pledge is made. 129
176	176	The income, revenue, such state taxes as the authority shall be entitled 130
177	177	to receive or other property so pledged and thereafter received by the 131
178	178	authority shall immediately be subject to the lien of such pledge without 132
179	179	any physical delivery thereof or further act, and the lien of any such 133
180	180	pledge shall be valid and binding as against all parties having claims of 134
181	181	any kind in tort, contract or otherwise against the authority, irrespective 135
182	182	of whether such parties have notice thereof. 136
183	183	(j) The board of directors of the authority is authorized and 137
184	184	empowered to obtain from any department, agency or instrumentality 138
185	185	of the United States any insurance or guarantee as to, or of or for the 139
186	186	payment or repayment of, interest or principal or both, or any part 140
187	187	thereof, on any bonds, notes or other obligations issued by the authority 141
188	188	pursuant to the provisions of this section and, notwithstanding any 142
189	189	other provisions of sections 8-169ii to 8-169ss, inclusive, to enter into any 143
190	190	agreement, contract or any other instrument whatsoever with respect to 144
191	191	any such insurance or guarantee except to the extent that such action 145
192	192	would in any way impair or interfere with the authority's ability to 146
193	193	perform and fulfill the terms of any agreement made with the holders 147
194	194	of the bonds, bond anticipation notes or other obligations of the 148
195	195	authority. 149
196	196	[(k) Neither the members of the board of directors of the authority 150 Raised Bill No. 1012
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199	199
200	200	LCO No. 4403 6 of 22
201	201
202	202	nor any person executing bonds, notes or other obligations of the 151
203	203	authority issued pursuant to this section shall be liable personally on 152
204	204	such bonds, notes or other obligations or be subject to any personal 153
205	205	liability or accountability by reason of the issuance thereof, nor shall any 154
206	206	director, officer or employee of the authority be personally liable for 155
207	207	damage or injury caused in the performance of such director, officer or 156
208	208	employee's duties and within the scope of employment or appointment 157
209	209	as such director, officer or employee, provided the conduct of such 158
210	210	director, officer or employee was found not to have been wanton, 159
211	211	reckless, wilful or malicious. The authority shall protect, save harmless 160
212	212	and indemnify its directors, officers or employees from financial loss 161
213	213	and expense, including legal fees and costs, if any, arising out of any 162
214	214	claim, demand, suit or judgment by reason of alleged negligence or 163
215	215	alleged deprivation of any person's civil rights or any other act or 164
216	216	omission resulting in damage or injury, if the director, officer or 165
217	217	employee is found to have been acting in the discharge of his or her 166
218	218	duties or within the scope of his or her employment and such act or 167
219	219	omission is found not to have been wanton, reckless, wilful or 168
220	220	malicious.] 169
221	221	[(l)] (k) The board of directors of the authority [shall have power to] 170
222	222	may purchase bonds, notes or other obligations of the authority out of 171
223	223	any funds available for such purpose. The authority may hold, cancel or 172
224	224	resell such bonds, notes or other obligations subject to and in accordance 173
225	225	with agreements with holders of its bonds, notes and other obligations. 174
226	226	[(m)] (l) All moneys received pursuant to the authority of this section, 175
227	227	whether as proceeds from the sale of bonds or as revenues, shall be 176
228	228	deemed to be trust funds to be held and applied solely as provided in 177
229	229	this section. Any officer with whom, or any bank or trust company with 178
230	230	which, such moneys shall be deposited shall act as trustee of such 179
231	231	moneys and shall hold and apply the same for the purposes of section 180
232	232	8-169jj, as amended by this act, and the resolution authorizing the bonds 181
233	233	of any issue or the trust agreement securing such bonds may provide. 182
234	234	[(n)] (m) Any holder of bonds, notes or other obligations issued under 183 Raised Bill No. 1012
235	235
236	236
237	237
238	238	LCO No. 4403 7 of 22
239	239
240	240	the provisions of this section, and the trustee or trustees under any trust 184
241	241	agreement, except to the extent the rights herein given may be restricted 185
242	242	by any resolution authorizing the issuance of or any such trust 186
243	243	agreement securing such bonds, may, either at law or in equity, by suit, 187
244	244	action, mandamus or other proceeding, protect and enforce any and all 188
245	245	rights under the laws of the state or granted under this section or under 189
246	246	such resolution or trust agreement and may enforce and compel the 190
247	247	performance of all duties required by this section or by such resolution 191
248	248	or trust agreement to be performed by the authority or by any officer, 192
249	249	employee or agent of the authority, including the fixing, charging and 193
250	250	collecting of the rates, rents, fees and charges herein authorized and 194
251	251	required by the provisions of such resolution or trust agreement to be 195
252	252	fixed, established and collected. 196
253	253	[(o)] (n) The authority may make representations and agreements for 197
254	254	the benefit of the holders of any bonds, notes or other obligations of the 198
255	255	state which are necessary or appropriate to ensure the exclusion from 199
256	256	gross income for federal income tax purposes of interest on bonds, notes 200
257	257	or other obligations of the state from taxation under the Internal 201
258	258	Revenue Code of 1986 or any subsequent corresponding internal 202
259	259	revenue code of the United States, as amended from time to time, 203
260	260	including agreement to pay rebates to the federal government of 204
261	261	investment earnings derived from the investment of the proceeds of the 205
262	262	bonds, notes or other obligations of the authority. Any such agreement 206
263	263	may include: (1) A covenant to pay rebates to the federal government of 207
264	264	investment earnings derived from the investment of the proceeds of the 208
265	265	bonds, notes or other obligations of the authority; (2) a covenant that the 209
266	266	authority will not limit or alter its rebate obligations until its obligations 210
267	267	to the holders or owners of such bonds, notes or other obligations are 211
268	268	finally met and discharged; and (3) provisions to (A) establish trust and 212
269	269	other accounts which may be appropriate to carry out such 213
270	270	representations and agreements, (B) retain fiscal agents as depositories 214
271	271	for such funds and accounts, and (C) provide that such fiscal agents may 215
272	272	act as trustee of such funds and accounts. 216
273	273	Sec. 2. Section 8-169qq of the general statutes is repealed and the 217 Raised Bill No. 1012
274	274
275	275
276	276
277	277	LCO No. 4403 8 of 22
278	278
279	279	following is substituted in lieu thereof (Effective from passage): 218
280	280	[(a) The state shall protect, save harmless and indemnify the 219
281	281	directors, officers and employees of the Connecticut Municipal 220
282	282	Redevelopment Authority from financial loss and expenses, including 221
283	283	legal fees and costs, if any, arising out of any claim, demand, suit or 222
284	284	judgment based upon any alleged act or omission of any such director, 223
285	285	officer or employee in connection with, or any other legal challenge to, 224
286	286	authority development projects within a Connecticut Municipal 225
287	287	Redevelopment Authority development district, provided any such 226
288	288	director, officer or employee is found to have been acting in the 227
289	289	discharge of such director, officer or employee's duties or within the 228
290	290	scope of such director, officer or employee's employment and any such 229
291	291	act or omission is found not to have been wanton, reckless, wilful or 230
292	292	malicious. 231
293	293	(b) In the event any bond, note or other obligation of the authority 232
294	294	cannot be paid by the authority, the state shall assume the liability of 233
295	295	and make payment on such debt.] 234
296	296	(a) For the purposes of this section, "required minimum capital 235
297	297	reserve" means the maximum amount permitted to be deposited in a 236
298	298	special capital reserve fund by the Internal Revenue Code of 1986, or 237
299	299	any subsequent corresponding internal revenue code of the United 238
300	300	States, as amended from time to time, to permit the interest on such 239
301	301	bonds to be excluded from gross income for federal tax purposes and 240
302	302	secured by such special capital reserve fund. 241
303	303	(b) In connection with the issuance of bonds or to refund bonds 242
304	304	previously issued by the authority, or in connection with the issuance of 243
305	305	bonds to effect a refinancing or other restructuring with respect to one 244
306	306	or more projects, the authority may create and establish one or more 245
307	307	reserve funds to be known as special capital reserve funds, and may pay 246
308	308	into such special capital reserve funds (1) any moneys appropriated and 247
309	309	made available by the state for the purposes of such special capital 248
310	310	reserve funds, (2) any proceeds of the sale of notes or bonds, to the extent 249 Raised Bill No. 1012
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312	312
313	313
314	314	LCO No. 4403 9 of 22
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316	316	provided in the resolution of said authority authorizing the issuance 250
317	317	thereof, and (3) any other moneys which may be made available to the 251
318	318	authority for the purpose of such special capital reserve funds from any 252
319	319	other source or sources. 253
320	320	(c) Except as otherwise provided in this section, the moneys held in 254
321	321	or credited to any special capital reserve fund established under this 255
322	322	section shall be used for (1) the payment of the principal of and interest, 256
323	323	when due, whether at maturity or by mandatory sinking fund 257
324	324	installments, on bonds of the authority secured by such special capital 258
325	325	reserve fund as such payments become due, or (2) the purchase of such 259
326	326	bonds of the authority and the payment of any redemption premium 260
327	327	required to be paid when such bonds are redeemed prior to maturity, 261
328	328	including reimbursement of a provider of bond insurance or of a credit 262
329	329	or liquidity facility that has paid such redemption premiums. The 263
330	330	authority may prohibit the withdrawal of moneys in any such special 264
331	331	capital reserve fund in an amount that would result in the balance of 265
332	332	such fund being less than (A) the maximum amount of principal and 266
333	333	interest becoming due by reasons of maturity or a required sinking fund 267
334	334	installment in the then current or any succeeding calendar year on the 268
335	335	bonds of said authority then outstanding, or (B) the required minimum 269
336	336	capital reserve, except for the purpose of paying such principal of, 270
337	337	redemption premium and interest on such bonds of the authority 271
338	338	secured by such special capital reserve becoming due and for the 272
339	339	payment of which other moneys of said authority are not available. The 273
340	340	authority may provide that it shall not issue bonds secured by a special 274
341	341	capital reserve fund at any time if the required minimum capital reserve 275
342	342	on the bonds outstanding and the bonds then to be issued and secured 276
343	343	by the same special capital reserve fund at the time of issuance exceeds 277
344	344	the moneys in the special capital reserve fund, unless the authority, at 278
345	345	the time of the issuance of such bonds, deposits in such special capital 279
346	346	reserve fund from the proceeds of the bonds so to be issued, or from 280
347	347	other sources, an amount which, together with the amount then in such 281
348	348	special capital reserve fund, will be not less than the required minimum 282
349	349	capital reserve. 283 Raised Bill No. 1012
350	350
351	351
352	352
353	353	LCO No. 4403 10 of 22
354	354
355	355	(d) Prior to December first, annually, the authority shall deposit into 284
356	356	any special capital reserve fund, the balance of which has fallen below 285
357	357	the required minimum capital reserve of such fund, the full amount 286
358	358	required to meet the minimum capital reserve of such fund, as available 287
359	359	to the authority from any resources of the authority not otherwise 288
360	360	pledged or dedicated to another purpose. On or before December first, 289
361	361	annually, but after the authority has made such required deposit, there 290
362	362	is deemed to be appropriated from the General Fund such sums, if any, 291
363	363	as shall be certified by the chairperson or vice-chairperson of the 292
364	364	authority to the Secretary of the Office of Policy and Management, the 293
365	365	State Treasurer and the joint standing committees of the General 294
366	366	Assembly having cognizance of matters relating to finance, revenue and 295
367	367	bonding and planning and development, as necessary to restore each 296
368	368	such special capital reserve fund to the amount equal to the required 297
369	369	minimum capital reserve of such fund, and such amounts shall be 298
370	370	allotted and paid to the authority. For the purpose of evaluation of any 299
371	371	such special capital reserve fund, obligations acquired as an investment 300
372	372	for any such special capital reserve fund shall be valued at amortized 301
373	373	cost. 302
374	374	(e) Nothing contained in this section shall preclude the authority 303
375	375	from establishing and creating other debt service reserve funds in 304
376	376	connection with the issuance of bonds or notes of the authority which 305
377	377	are not special capital reserve funds. Subject to any agreement or 306
378	378	agreements with holders of outstanding notes and bonds of the 307
379	379	authority, any amount or amounts allotted and paid to the authority 308
380	380	pursuant to subsection (d) of this section shall be repaid to the state from 309
381	381	moneys of the authority at such time as such moneys are not required 310
382	382	for any other of the authority's corporate purposes, and in any event 311
383	383	shall be repaid to the state on the date one year after all bonds and notes 312
384	384	of the authority theretofore issued on the date or dates such amount or 313
385	385	amounts are allotted and paid to the authority or thereafter issued, 314
386	386	together with interest on such bonds and notes, with interest on any 315
387	387	unpaid installments of interest and all costs and expenses in connection 316
388	388	with any action or proceeding by or on behalf of the holders thereof, are 317 Raised Bill No. 1012
389	389
390	390
391	391
392	392	LCO No. 4403 11 of 22
393	393
394	394	fully met and discharged. 318
395	395	(f) No bonds secured by a special capital reserve fund shall be issued 319
396	396	to pay project costs unless the authority has obtained the required 320
397	397	approvals under subsection (g) of this section and determines that the 321
398	398	revenues from the project shall be sufficient to (1) pay the principal of 322
399	399	and interest on the bonds issued to finance the project, (2) establish, 323
400	400	increase and maintain any reserves deemed by the authority to be 324
401	401	advisable to secure the payment of the principal of and interest on such 325
402	402	bonds, (3) pay the cost of maintaining the project in good repair and 326
403	403	keeping it properly insured, and (4) pay such other costs of the project 327
404	404	as may be required. 328
405	405	(g) No bonds secured by a special capital reserve fund shall be issued 329
406	406	by the authority until and unless such issuance has been approved by 330
407	407	the Secretary of the Office of Policy and Management or his or her 331
408	408	deputy. Any such approval by the secretary pursuant to this subsection 332
409	409	shall be in addition to (1) the otherwise required opinion of sufficiency 333
410	410	by the authority set forth in subsection (f) of this section, and (2) the 334
411	411	approval of the State Treasurer or the Deputy State Treasurer and the 335
412	412	documentation by the authority otherwise required under subsection 336
413	413	(a) of section 1-124. Such approval may provide for the waiver or 337
414	414	modification of such other requirements of this section as the secretary 338
415	415	determines to be necessary or appropriate in order to effectuate such 339
416	416	issuance, subject to all applicable tax covenants of the authority and the 340
417	417	state. 341
418	418	(h) Notwithstanding any other provision contained in this section, 342
419	419	the aggregate amount of bonds secured by such special capital reserve 343
420	420	fund authorized to be created and established by this section shall not 344
421	421	exceed fifty million dollars. 345
422	422	Sec. 3. (NEW) (Effective from passage) (a) Before any state officer, state 346
423	423	employee, state agency, state board or state commission, or any agent 347
424	424	thereof, for any purpose, (1) shall incur any financial obligation of the 348
425	425	state, or (2) shall enter into any agreement to covenants, events of 349 Raised Bill No. 1012
426	426
427	427
428	428
429	429	LCO No. 4403 12 of 22
430	430
431	431	default, remedies, priority rights or other similar terms in connection 350
432	432	with a financial obligation of the state, where such financial obligation 351
433	433	is (A) in excess of one million dollars, or (B) encumbers property or 352
434	434	rights of the state material to the operations of the state, such officer, 353
435	435	employee, agency, board or commission, or any agent thereof, shall 354
436	436	notify the State Treasurer of such proposed obligation or agreement and 355
437	437	receive a written acknowledgment under this section. Upon receipt of 356
438	438	such notification, the State Treasurer shall determine whether the 357
439	439	information provided is adequate for the State Treasurer to meet timely 358
440	440	required disclosure obligations under federal securities law. Once the 359
441	441	State Treasurer has determined that adequate disclosure information 360
442	442	has been received concerning the financial obligation, including any 361
443	443	document pursuant to which such financial obligation is to be incurred 362
444	444	and such additional information as may be requested by the State 363
445	445	Treasurer, the State Treasurer, or his or her designee, shall provide 364
446	446	written acknowledgment of such determination to the state officer, state 365
447	447	employee, state agency, state board or state commission, or any agent 366
448	448	thereof. The State Treasurer may establish, and revise from time to time, 367
449	449	exemptions from such filing requirements as the State Treasurer 368
450	450	determines are consistent with the state's obligations under the federal 369
451	451	securities laws. 370
452	452	(b) For the purposes of this section, (1) "state officer, state employee, 371
453	453	state agency, state board or state commission, or any agent thereof" 372
454	454	includes the John Dempsey Hospital Finance Corporation or any similar 373
455	455	organization; and (2) "financial obligation" means (A) a debt obligation, 374
456	456	(B) a derivative instrument entered into in connection with, or pledged 375
457	457	as security or a source of payment for, an existing or planned debt 376
458	458	obligation, (C) a guarantee of subparagraph (A) or (B) of this 377
459	459	subdivision, or (D) any other financial obligation, as defined in 17 CFR 378
460	460	240.15c2-12, as amended from time to time. 379
461	461	Sec. 4. Subsection (a) of section 3-37 of the general statutes is repealed 380
462	462	and the following is substituted in lieu thereof (Effective July 1, 2021): 381
463	463	(a) The Treasurer shall, annually, on or before December thirty-first, 382 Raised Bill No. 1012
464	464
465	465
466	466
467	467	LCO No. 4403 13 of 22
468	468
469	469	submit a final audited report to the Governor and a copy of such report 383
470	470	to the Investment Advisory Council, which shall include the following 384
471	471	information concerning the activities of the office of the State Treasurer 385
472	472	for the immediately preceding fiscal year ending June thirtieth: (1) 386
473	473	Complete financial statements and accompanying footnotes for the 387
474	474	combined investment funds prepared in accordance with generally 388
475	475	accepted accounting principles, which financial statements shall be 389
476	476	audited in accordance with generally accepted auditing standards and 390
477	477	supplementary schedules depicting the interests of the component 391
478	478	retirement plans and trust funds; (2) complete financial statements and 392
479	479	accompanying footnotes for the Short Term Investment Fund prepared 393
480	480	in accordance with generally accepted accounting principles and 394
481	481	supplementary schedules listing all assets held by the Short Term 395
482	482	Investment Fund; (3) a discussion and review of the performance of the 396
483	483	combined investment funds and Short Term Investment Fund for such 397
484	484	fiscal year in accordance with recognized and appropriate performance 398
485	485	presentation and disclosure, including an analysis of the return earned 399
486	486	by the portfolio and each combined investment fund as well as the risk 400
487	487	profile of the portfolio and each combined investment fund according 401
488	488	to investment industry standards; (4) the activities and transactions in 402
489	489	such reasonable detail as is appropriate of the cash management 403
490	490	division including information on the state's cash receipts and 404
491	491	disbursements for the fiscal year, and the debt management division; 405
492	492	[including the financial statements of the tax-exempt proceeds fund 406
493	493	prepared in accordance with generally accepted accounting principles;] 407
494	494	(5) financial statements and accompanying footnotes as well as a 408
495	495	summary of operating results for the Second Injury Fund for such fiscal 409
496	496	year; (6) a financial summary and report on the activities of the state's 410
497	497	unclaimed property program for such fiscal year; (7) a listing of the 411
498	498	companies from which state funds were divested based upon such 412
499	499	companies' business in Sudan, pursuant to the provisions of section 3-413
500	500	21e, and any companies identified by the Treasurer as companies from 414
501	501	which investment of state funds has been declared impermissible by the 415
502	502	Treasurer, pursuant to the provisions of section 3-21e; and (8) such other 416
503	503	information as the Treasurer deems of interest to the public. 417 Raised Bill No. 1012
504	504
505	505
506	506
507	507	LCO No. 4403 14 of 22
508	508
509	509	Sec. 5. Subsection (q) of section 3-62h of the general statutes is 418
510	510	repealed and the following is substituted in lieu thereof (Effective July 1, 419
511	511	2021): 420
512	512	(q) Any moneys held by the Treasurer or by a trustee pursuant to an 421
513	513	indenture of trust with respect to abandoned property fund bonds 422
514	514	including pledged revenues, other pledged receipts, funds or moneys 423
515	515	and proceeds from the sale of such abandoned property fund bonds, 424
516	516	may, pending the use or application of the proceeds thereof for an 425
517	517	authorized purpose, be (1) invested and reinvested in such obligations, 426
518	518	securities and investments as are set forth in subsection (f) of section 3-427
519	519	20 [,] and in participation certificates in the Short Term Investment 428
520	520	Funds created under sections 3-27a and 3-27f, [and in participation 429
521	521	certificates or securities of the Tax-Exempt Proceeds Fund created under 430
522	522	section 3-24a] or (2) deposited or redeposited in such bank or banks as 431
523	523	shall be provided in the proceedings. Unless the proceedings provide 432
524	524	otherwise, proceeds from investments authorized by this subsection, 433
525	525	less amounts required under the proceedings authorizing the issuance 434
526	526	of abandoned property fund bonds for the payment of Special 435
527	527	Abandoned Property Fund financing costs relating to such abandoned 436
528	528	property fund bonds, shall be credited to the Special Abandoned 437
529	529	Property Fund. 438
530	530	Sec. 6. Subsection (d) of section 7-406n of the general statutes is 439
531	531	repealed and the following is substituted in lieu thereof (Effective July 1, 440
532	532	2021): 441
533	533	(d) Any moneys held by the Treasurer or by a trustee pursuant to an 442
534	534	indenture of trust with respect to municipal pension solvency account 443
535	535	bonds including pledged revenues, other pledged receipts, funds or 444
536	536	moneys and proceeds from the sale of such municipal pension solvency 445
537	537	account bonds, may, pending the use or application of such proceeds 446
538	538	for an authorized purpose, be (1) invested and reinvested in such 447
539	539	obligations, securities and investments as are set forth in subsection (f) 448
540	540	of section 3-20 [,] and in participation certificates in the Short Term 449
541	541	Investment Funds created under sections 3-27a and 3-27f, [and in 450 Raised Bill No. 1012
542	542
543	543
544	544
545	545	LCO No. 4403 15 of 22
546	546
547	547	participation certificates or securities of the Tax-Exempt Proceeds Fund 451
548	548	created under section 3-24a,] or (2) deposited or redeposited in such 452
549	549	bank or banks as shall be provided in the proceedings authorizing the 453
550	550	issuance of municipal pension solvency account bonds. Unless the 454
551	551	proceedings provide otherwise, proceeds from investments authorized 455
552	552	by this subsection, less amounts required under the proceedings for the 456
553	553	payment of municipal pension solvency loan costs relating to such 457
554	554	municipal pension solvency account bonds, shall be credited to the 458
555	555	municipal pension solvency account. 459
556	556	Sec. 7. Subdivision (9) of subsection (b) of section 8-169jj of the general 460
557	557	statutes is repealed and the following is substituted in lieu thereof 461
558	558	(Effective July 1, 2021): 462
559	559	(9) Invest any funds not needed for immediate use or disbursement 463
560	560	in obligations issued or guaranteed by the United States or the state, 464
561	561	including the Short Term Investment Fund, [and the Tax-Exempt 465
562	562	Proceeds Fund,] and in other obligations that are legal investments for 466
563	563	savings banks in this state, and in-time deposits or certificates of deposit 467
564	564	or other similar banking arrangements secured in such manner as the 468
565	565	authority determines; 469
566	566	Sec. 8. Subsection (b) of section 8-336o of the general statutes is 470
567	567	repealed and the following is substituted in lieu thereof (Effective July 1, 471
568	568	2021): 472
569	569	(b) Any moneys held in the Housing Trust Fund may, pending the 473
570	570	use or application of the proceeds thereof for an authorized purpose, be 474
571	571	(1) invested and reinvested in such obligations, securities and 475
572	572	investments as are set forth in subsection (f) of section 3-20, in 476
573	573	participation certificates in the Short Term Investment Fund created 477
574	574	under sections 3-27a and 3-27f, [and in participation certificates or 478
575	575	securities of the Tax-Exempt Proceeds Fund created under section 3-479
576	576	24a,] (2) deposited or redeposited in such bank or banks at the direction 480
577	577	of the Treasurer, or (3) invested in participation units in the combined 481
578	578	investment funds, as defined in section 3-31b. Unless otherwise 482 Raised Bill No. 1012
579	579
580	580
581	581
582	582	LCO No. 4403 16 of 22
583	583
584	584	provided pursuant to subsection (c) of this section, proceeds from 483
585	585	investments authorized by this subsection shall be credited to the 484
586	586	Housing Trust Fund. 485
587	587	Sec. 9. Subsection (b) of section 32-7o of the general statutes is 486
588	588	repealed and the following is substituted in lieu thereof (Effective July 1, 487
589	589	2021): 488
590	590	(b) Any moneys held in the Connecticut Manufacturing Innovation 489
591	591	Fund may, pending the use or application of the proceeds thereof for an 490
592	592	authorized purpose, be (1) invested and reinvested in such obligations, 491
593	593	securities and investments as are set forth in subsection (f) of section 3-492
594	594	20, in participation certificates in the Short Term Investment Fund 493
595	595	created under sections 3-27a and 3-27f, [and in participation certificates 494
596	596	or securities of the Tax-Exempt Proceeds Fund created under section 3-495
597	597	24a,] (2) deposited or redeposited in any bank or banks, at the direction 496
598	598	of the Treasurer, or (3) invested in participation units in the combined 497
599	599	investment funds, as defined in section 3-31b. Proceeds from 498
600	600	investments authorized by this subsection shall be credited to the 499
601	601	Connecticut Manufacturing Innovation Fund. 500
602	602	Sec. 10. Subsection (b) of section 32-602 of the general statutes is 501
603	603	repealed and the following is substituted in lieu thereof (Effective July 1, 502
604	604	2021): 503
605	605	(b) For these purposes, the authority shall have the following powers: 504
606	606	(1) To have perpetual succession as a body corporate and to adopt 505
607	607	procedures for the regulation of its affairs and the conduct of its business 506
608	608	as provided in subsection (f) of section 32-601, to adopt a corporate seal 507
609	609	and alter the same at its pleasure, and to maintain an office at such place 508
610	610	or places within the city of Hartford as it may designate; (2) to sue and 509
611	611	be sued, to contract and be contracted with; (3) to employ such 510
612	612	assistants, agents and other employees as may be necessary or desirable 511
613	613	to carry out its purposes, which employees shall be exempt from the 512
614	614	classified service and shall not be employees, as defined in subsection 513
615	615	(b) of section 5-270, to fix their compensation, to establish and modify 514 Raised Bill No. 1012
616	616
617	617
618	618
619	619	LCO No. 4403 17 of 22
620	620
621	621	personnel procedures as may be necessary from time to time and to 515
622	622	negotiate and enter into collective bargaining agreements with labor 516
623	623	unions; (4) to acquire, lease, hold and dispose of personal property for 517
624	624	the purposes set forth in this section; (5) to procure insurance against 518
625	625	any liability or loss in connection with its property and other assets, in 519
626	626	such amounts and from such insurers as it deems desirable and to 520
627	627	procure insurance for employees; (6) to invest any funds not needed for 521
628	628	immediate use or disbursement in obligations issued or guaranteed by 522
629	629	the United States of America or the state of Connecticut, including the 523
630	630	Short Term Investment Fund, [and the Tax-Exempt Proceeds Fund,] and 524
631	631	in other obligations which are legal investments for savings banks in 525
632	632	this state and in time deposits or certificates of deposit or other similar 526
633	633	banking arrangements secured in such manner as the authority 527
634	634	determines; (7) notwithstanding any other provision of the general 528
635	635	statutes, upon request of the Secretary of the Office of Policy and 529
636	636	Management, to enter into an agreement for funding to facilitate the 530
637	637	relocation of state offices within the capital city economic development 531
638	638	district; (8) to enter into such memoranda of understanding as the 532
639	639	authority deems appropriate to carry out its responsibilities under this 533
640	640	chapter; and (9) to do all acts and things necessary or convenient to carry 534
641	641	out the purposes of and the powers expressly granted by this section. 535
642	642	Sec. 11. Section 10-63b of the general statutes is repealed and the 536
643	643	following is substituted in lieu thereof (Effective from passage): 537
644	644	Within thirty days of receipt of an application pursuant to section 10-538
645	645	63a the regional board of education shall call for the appointment of a 539
646	646	committee to study issues relating to withdrawal or dissolution. The 540
647	647	committee shall consist of the following: One member of the board of 541
648	648	education of each town within the district, to be selected by each such 542
649	649	board, if any, or if none, an elector to be elected by the legislative body 543
650	650	in such town; one member of the board of finance or comparable fiscal 544
651	651	body of each town within the district to be selected by each such board 545
652	652	or body; two members of the regional board of education, to be selected 546
653	653	by such board, no more than one of whom may be a resident of a town 547
654	654	making the application for the appointment of the committee; one 548 Raised Bill No. 1012
655	655
656	656
657	657
658	658	LCO No. 4403 18 of 22
659	659
660	660	member to be appointed by the Commissioner of Education, who [shall] 549
661	661	is not [be] a resident of any town within the district; [the State Treasurer 550
662	662	or the Treasurer's designee,] and one member to be appointed by the 551
663	663	regional board of education, who [shall be] is an expert in municipal 552
664	664	bonding and financing and who [shall] is not [be] a resident of any town 553
665	665	within the district. The members shall receive no compensation for their 554
666	666	services, but their expenses and those incurred by the regional board in 555
667	667	connection with withdrawal or dissolution procedures shall be paid by 556
668	668	the towns applying for withdrawal or dissolution. The appointee of the 557
669	669	Commissioner of Education shall call the first meeting of the committee, 558
670	670	and the committee shall organize and function in accordance with 559
671	671	section 10-41. 560
672	672	Sec. 12. Subdivision (3) of subsection (a) of section 10-283 of the 561
673	673	general statutes is repealed and the following is substituted in lieu 562
674	674	thereof (Effective July 1, 2021): 563
675	675	(3) (A) All final calculations completed by the Department of 564
676	676	Administrative Services for school building projects shall include a 565
677	677	computation of the state grant for the school building project amortized 566
678	678	on a straight line basis over a twenty-year period for school building 567
679	679	projects with costs equal to or greater than two million dollars and over 568
680	680	a ten-year period for school building projects with costs less than two 569
681	681	million dollars. Any town or regional school district which abandons, 570
682	682	sells, leases, demolishes or otherwise redirects the use of such a school 571
683	683	building project to other than a public school use during such 572
684	684	amortization period shall refund to the state the unamortized balance of 573
685	685	the state grant remaining as of the date the abandonment, sale, lease, 574
686	686	demolition or redirection occurs. The amortization period for a project 575
687	687	shall begin on the date the project was accepted as complete by the local 576
688	688	or regional board of education. A town or regional school district 577
689	689	required to make a refund to the state pursuant to this subdivision may 578
690	690	request forgiveness of such refund if the building is redirected for public 579
691	691	use. The Department of Administrative Services shall include as an 580
692	692	addendum to the annual school construction priority list all those towns 581
693	693	requesting forgiveness. General Assembly approval of the priority list 582 Raised Bill No. 1012
694	694
695	695
696	696
697	697	LCO No. 4403 19 of 22
698	698
699	699	containing such request shall constitute approval of such request. This 583
700	700	subdivision shall not apply to projects to correct safety, health and other 584
701	701	code violations or to remedy certified school indoor air quality 585
702	702	emergencies approved pursuant to subsection (b) of this section or 586
703	703	projects subject to the provisions of section 10-285c. 587
704	704	(B) If the board of governors for an independent institution of higher 588
705	705	education, as defined in subsection (a) of section 10a-173, or the 589
706	706	equivalent of such a board, on behalf of the independent institution of 590
707	707	higher education, that operates an interdistrict magnet school makes 591
708	708	private use of any portion of a school building in which such operator 592
709	709	received a school building project grant pursuant to this chapter, such 593
710	710	operator shall annually submit a report to the Commissioner of 594
711	711	Education that demonstrates that such operator provides an equal to or 595
712	712	greater than in-kind or supplemental benefit of such institution's 596
713	713	facilities to students enrolled in such interdistrict magnet school that 597
714	714	outweighs the private use of such school building. If the commissioner 598
715	715	finds that the private use of such school building exceeds the in-kind or 599
716	716	supplemental benefit to magnet school students, the commissioner may 600
717	717	require such institution to refund to the state the unamortized balance 601
718	718	of the state grant. 602
719	719	[(C) Any moneys refunded to the state pursuant to subparagraphs 603
720	720	(A) and (B) of this subdivision shall be deposited in the state's tax-604
721	721	exempt proceeds fund and used not later than sixty days after 605
722	722	repayment to pay debt service on, including redemption, defeasance or 606
723	723	purchase of, outstanding bonds of the state the interest on which is not 607
724	724	included in gross income pursuant to Section 103 of the Internal 608
725	725	Revenue Code of 1986, or any subsequent corresponding internal 609
726	726	revenue code of the United States, as from time to time amended.] 610
727	727	Sec. 13. Subsection (x) of section 3-20 of the general statutes is 611
728	728	repealed and the following is substituted in lieu thereof (Effective July 1, 612
729	729	2021): 613
730	730	(x) Notwithstanding any provision of the general statutes, public acts 614 Raised Bill No. 1012
731	731
732	732
733	733
734	734	LCO No. 4403 20 of 22
735	735
736	736	or special acts, [upon] any sale, lease or other disposition to or use by a 615
737	737	nongovernmental entity of all or a portion of any project financed with 616
738	738	proceeds of bonds of the state the interest on which is not included in 617
739	739	gross income pursuant to Section 103 of the Internal Revenue Code of 618
740	740	1986, or any subsequent corresponding internal revenue code of the 619
741	741	United States, as from time to time amended, that would otherwise 620
742	742	cause such bonds to be treated as private activity bonds within the 621
743	743	meaning of Section 141 of said internal revenue code [,] shall be subject 622
744	744	to the prior approval of the Treasurer, and the Treasurer is authorized 623
745	745	to transfer all or a portion of the proceeds received with respect to and 624
746	746	at the time of such disposition or use, in an amount not less than the 625
747	747	amount required by said internal revenue code to preserve the exclusion 626
748	748	from gross income of interest on such bonds, (1) to the General Fund to 627
749	749	pay debt service on, including redemption, defeasance or purchase of, 628
750	750	outstanding bonds of the state the interest on which is not included in 629
751	751	gross income pursuant to Section 103 of said internal revenue code, (2) 630
752	752	with the approval of the State Bond Commission, in lieu of the issuance 631
753	753	of bonds, to the appropriate account or fund for any projects or purposes 632
754	754	authorized by the State Bond Commission pursuant to a bond act and 633
755	755	with the same force and effect as bond proceeds, thereby reducing the 634
756	756	authority to issue bonds by such dollar amount, provided in any event 635
757	757	that any such transfer does not cause the interest on the subject bonds 636
758	758	to become included in gross income pursuant to Section 103 of said 637
759	759	internal revenue code. 638
760	760	Sec. 14. Subsection (b) of section 22a-260a of the general statutes is 639
761	761	repealed and the following is substituted in lieu thereof (Effective July 1, 640
762	762	2021): 641
763	763	(b) Wherever the words "Connecticut Resources Recovery Authority" 642
764	764	are used in any public or special act of 2014 or in the following sections 643
765	765	of the general statutes, the words "Materials Innovation and Recycling 644
766	766	Authority" shall be substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, 645
767	767	[3-24d, 3-24f,] 7-329a, 12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-646
768	768	208v, 22a-209h, 22a-219b, 22a-220, 22a-241, 22a-260, 22a-261, 22a-263a, 647
769	769	22a-263b, 22a-268a, 22a-268b, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-648 Raised Bill No. 1012
770	770
771	771
772	772
773	773	LCO No. 4403 21 of 22
774	774
775	775	284, 32-1e and 32-658. 649
776	776	Sec. 15. Subsection (a) of section 32-11f of the general statutes is 650
777	777	repealed and the following is substituted in lieu thereof (Effective July 1, 651
778	778	2021): 652
779	779	(a) (1) Wherever the term "Connecticut Development Authority" is 653
780	780	used in the following sections of the general statutes, the term 654
781	781	"Connecticut Innovations, Incorporated" shall be substituted in lieu 655
782	782	thereof: [3-24d, 3-24f,] 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-656
783	783	79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-657
784	784	4l, 32-6j, 32-9c, 32-9n, 32-9qq, 32-22b, 32-23l, 32-23o, 32-23q, 32-23r, 32-658
785	785	23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23qq, 32-23ss, 32-23tt, 32-659
786	786	31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-262, 660
787	787	32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503, 32-609, 32-661
788	788	761, 32-763 and 32-768. 662
789	789	(2) Wherever the term "authority" is used in the following sections of 663
790	790	the general statutes, the term "corporation" shall be substituted in lieu 664
791	791	thereof: 32-14, 32-15, 32-16, 32-16a, 32-17a, 32-18, 32-19, 32-22, 32-22a, 32-665
792	792	23a, 32-23j, 32-23o, 32-23p, 32-23q, 32-23r, 32-23s, 32-23v, 32-23x, 32-23y, 666
793	793	32-23z, 32-23bb, 32-23ii, 32-23jj, 32-23kk, 32-23ll, 32-23qq, 32-23ss, 32-667
794	794	23tt, 32-23uu, 32-23vv, 32-31a, 32-61, 32-62, 32-63, 32-64, 32-65, 32-67, 32-668
795	795	68a, 32-262, 32-263, 32-265, 32-267, 32-269, 32-270, 32-271, 32-272, 32-280, 669
796	796	32-282, 32-285, 32-341, 32-356, 32-500, 32-503, 32-717 and 32-718. 670
797	797	Sec. 16. Sections 3-24a to 3-24h, inclusive, of the general statutes are 671
798	798	repealed. (Effective July 1, 2021) 672
799	799	This act shall take effect as follows and shall amend the following
800	800	sections:
801	801
802	802	Section 1 from passage 8-169oo
803	803	Sec. 2 from passage 8-169qq
804	804	Sec. 3 from passage New section
805	805	Sec. 4 July 1, 2021 3-37(a)
806	806	Sec. 5 July 1, 2021 3-62h(q)
807	807	Sec. 6 July 1, 2021 7-406n(d) Raised Bill No. 1012
808	808
809	809
810	810
811	811	LCO No. 4403 22 of 22
812	812
813	813	Sec. 7 July 1, 2021 8-169jj(b)(9)
814	814	Sec. 8 July 1, 2021 8-336o(b)
815	815	Sec. 9 July 1, 2021 32-7o(b)
816	816	Sec. 10 July 1, 2021 32-602(b)
817	817	Sec. 11 from passage 10-63b
818	818	Sec. 12 July 1, 2021 10-283(a)(3)
819	819	Sec. 13 July 1, 2021 3-20(x)
820	820	Sec. 14 July 1, 2021 22a-260a(b)
821	821	Sec. 15 July 1, 2021 32-11f(a)
822	822	Sec. 16 July 1, 2021 Repealer section
823	823
824	824	Statement of Purpose:
825	825	To (1) amend provisions concerning the bonding authority of the
826	826	Connecticut Municipal Redevelopment Authority, (2) require state
827	827	agencies to notify the Treasurer of reportable financial obligations, (3)
828	828	remove the Treasurer from the regional school district committee, (4)
829	829	remove provisions concerning the Tax-Exempt Proceeds Fund, and (5)
830	830	require the approval of the Treasurer for certain transactions.
831	831	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
832	832	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
833	833	underlined.]
834	834