Connecticut 2022 Regular Session

Connecticut House Bill HB05502 Compare Versions

Version 1 (Old)

Version 2 (New)

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7		-	General Assembly Substitute Bill No. 5502
	4	+	LCO No. 3500 1 of 21
	5	+
	6	+	General Assembly Raised Bill No. 5502
8	7		February Session, 2022
	8	+	LCO No. 3500
9	9
	10	+
	11	+	Referred to Committee on FINANCE, REVENUE AND
	12	+	BONDING
	13	+
	14	+
	15	+	Introduced by:
	16	+	(FIN)
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12	19
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14	21		AN ACT CONCERNING THE OPERATIONS OF THE STATE
15	22		TREASURER AND THE BONDING AUTHORITY OF THE
16	23		CONNECTICUT MUNICIPAL REDEVELOPMENT AUTHORITY.
17	24		Be it enacted by the Senate and House of Representatives in General
18	25		Assembly convened:
19	26
20	27		Section 1. Section 8-169oo of the general statutes is repealed and the 1
21	28		following is substituted in lieu thereof (Effective from passage): 2
22	29		(a) The board of directors of the Connecticut Municipal 3
23	30		Redevelopment Authority is authorized from time to time to issue its 4
24	31		bonds, notes and other obligations in such principal amounts as in the 5
25	32		opinion of the board shall be necessary to provide sufficient funds for 6
26	33		carrying out the purposes set forth in section 8-169jj, as amended by this 7
27	34		act, including the payment, funding or refunding of the principal of, or 8
28	35		interest or redemption premiums on, any bonds, notes and other 9
29	36		obligations issued by it, whether the bonds, notes or other obligations 10
30	37		or interest to be funded or refunded have or have not become due, the 11
31	38		establishment of reserves to secure such bonds, notes and other 12
32	39		obligations, loans made by the authority and all other expenditures of 13
33		-	the authority incident to and necessary or convenient to carry out the 14
	40	+	the authority incident to and necessary or convenient to carry out the 14 Raised Bill No. 5502
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	42	+
	43	+
	44	+	LCO No. 3500 2 of 21
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34	46		purposes set forth in section 8-169jj, as amended by this act. 15
35	47		(b) Every issue of bonds, notes or other obligations shall be a general 16
36		-	obligation of the authority payable out of any moneys or revenues of the 17 Substitute Bill No. 5502
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42		-
	48	+	obligation of the authority payable out of any moneys or revenues of the 17
43	49		authority and subject only to any agreements with the holders of 18
44	50		particular bonds, notes or other obligations pledging any particular 19
45	51		moneys or revenues. Any such bonds, notes or other obligations may be 20
46	52		additionally secured by any grant or contributions from any 21
47	53		department, agency or instrumentality of the United States or person or 22
48	54		a pledge of any moneys, income or revenues of the authority from any 23
49	55		source whatsoever. 24
50	56		(c) Notwithstanding any other provision of any law, any bonds, notes 25
51	57		or other obligations issued by the authority pursuant to this section shall 26
52	58		be fully negotiable within the meaning and for all purposes of title 42a. 27
53	59		Any such bonds, notes or other obligations shall be legal investments 28
54	60		for all trust companies, banks, investment companies, savings banks, 29
55	61		building and loan associations, executors, administrators, guardians, 30
56	62		conservators, trustees and other fiduciaries and pension, profit-sharing 31
57	63		and retirement funds. 32
58	64		(d) Bonds, notes or other obligations of the authority shall be 33
59	65		authorized by resolution of the board of directors of the authority and 34
60	66		may be issued in one or more series and shall bear such date or dates, 35
61	67		mature at such time or times, in the case of any such note, or any renewal 36
62	68		thereof, not exceeding the term of years as the board shall determine 37
63	69		from the date of the original issue of such notes, and, in the case of 38
64	70		bonds, not exceeding thirty years from the date thereof, bear interest at 39
65	71		such rate or rates, be in such denomination or denominations, be in such 40
66	72		form, either coupon or registered, carry such conversion or registration 41
67	73		privileges, have such rank or priority, be executed in such manner, be 42
68	74		payable from such sources in such medium of payment at such place or 43
69	75		places within or without this state, and be subject to such terms of 44
70	76		redemption, with or without premium, as such resolution or resolutions 45
71		-	may provide. 46
	77	+	may provide. 46 Raised Bill No. 5502
	78	+
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	80	+
	81	+	LCO No. 3500 3 of 21
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72	83		(e) Bonds, notes or other obligations of the authority may be sold at 47
73	84		public or private sale at such price or prices as the board shall determine. 48
74		-	(f) Bonds, notes or other obligations of the authority may be refunded 49 Substitute Bill No. 5502
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	85	+	(f) Bonds, notes or other obligations of the authority may be refunded 49
81	86		and renewed from time to time as may be determined by resolution of 50
82	87		the board, provided any such refunding or renewal shall be in 51
83	88		conformity with any rights of the holders of such bonds, notes or other 52
84	89		obligations. 53
85	90		(g) [Except as provided in section 8-169qq, bonds] Bonds, notes or 54
86	91		other obligations of the authority issued under the provisions of this 55
87	92		section shall not be deemed to constitute a debt or liability of the state 56
88	93		or of any political subdivision thereof other than the authority, or a 57
89	94		pledge of the faith and credit of the state or of any such political 58
90	95		subdivision other than the authority, and shall not constitute bonds or 59
91	96		notes issued or guaranteed by the state within the meaning of section 3-60
92	97		21, but shall be payable solely from the funds as provided in this section. 61
93	98		All such bonds, notes or other obligations shall contain on the face 62
94	99		thereof a statement to the effect that, unless otherwise provided by law, 63
95	100		neither the state of Connecticut nor any political subdivision thereof 64
96	101		other than the authority shall be obligated to pay the same or the interest 65
97	102		thereof except from revenues or other funds of the authority and that 66
98	103		neither the faith and credit nor the taxing power of the state of 67
99	104		Connecticut or of any political subdivision thereof other than the 68
100	105		authority is pledged to the payment of the principal of, or the interest 69
101	106		on, such bonds, notes or other obligations. 70
102	107		(h) Any resolution or resolutions authorizing the issuance of bonds, 71
103	108		notes or other obligations may contain provisions, except as limited by 72
104	109		existing agreements with the holders of bonds, notes or other 73
105	110		obligations, which shall be a part of the contract with the holders 74
106	111		thereof, as to the following: (1) The pledging of all or any part of the 75
107	112		moneys received by the authority to secure the payment of the principal 76
108	113		of and interest on any bonds, notes or other obligations or of any issue 77
109	114		thereof; (2) the pledging of all or part of the assets of the authority to 78
110		-	secure the payment of the principal of and interest on any bonds, notes 79
	115	+	secure the payment of the principal of and interest on any bonds, notes 79 Raised Bill No. 5502
	116	+
	117	+
	118	+
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111	121		or other obligations or of any issue thereof; (3) the establishment of 80
112	122		reserves or sinking funds, the making of charges and fees to provide for 81
113		-	the same, and the regulation and disposition thereof; (4) limitations on 82 Substitute Bill No. 5502
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	123	+	the same, and the regulation and disposition thereof; (4) limitations on 82
120	124		the purpose to which the proceeds of sale of bonds, notes or other 83
121	125		obligations may be applied and pledging such proceeds to secure the 84
122	126		payment of the bonds, notes or other obligations, or of any issues 85
123	127		thereof; (5) limitations on the issuance of additional bonds, notes or 86
124	128		other obligations, the terms upon which additional bonds, bond 87
125	129		anticipation notes or other obligations may be issued and secured, the 88
126	130		refunding or purchase of outstanding bonds, notes or other obligations 89
127	131		of the authority; (6) the procedure, if any, by which the terms of any 90
128	132		contract with the holders of any bonds, notes or other obligations of the 91
129	133		authority may be amended or abrogated, the amount of bonds, notes or 92
130	134		other obligations the holders of which must consent thereto and the 93
131	135		manner in which such consent may be given; (7) limitations on the 94
132	136		amount of moneys to be expended by the authority for operating, 95
133	137		administrative or other expenses of the authority; (8) the vesting in a 96
134	138		trustee or trustees of such property, rights, powers and duties in trust as 97
135	139		the authority may determine, which may include any or all of the rights, 98
136	140		powers and duties of any trustee appointed by the holders of any bonds, 99
137	141		notes or other obligations and limiting or abrogating the right of the 100
138	142		holders of any bonds, notes or other obligations of the authority to 101
139	143		appoint a trustee or limiting the rights, powers and duties of such 102
140	144		trustee; (9) provision for a trust agreement by and between the authority 103
141	145		and a corporate trustee which may be any trust company or bank having 104
142	146		the powers of a trust company within or without the state, which 105
143	147		agreement may provide for the pledging or assigning of any assets or 106
144	148		income from assets to which or in which the authority has any rights or 107
145	149		interest, and may further provide for such other rights and remedies 108
146	150		exercisable by the trustee as may be proper for the protection of the 109
147	151		holders of any bonds, notes or other obligations of the authority and not 110
148	152		otherwise in violation of law. Such agreement may provide for the 111
149	153		restriction of the rights of any individual holder of bonds, notes or other 112
150	154		obligations of the authority. All expenses incurred in carrying out the 113
151		-	provisions of such trust agreement may be treated as a part of the cost 114
	155	+	provisions of such trust agreement may be treated as a part of the cost 114 Raised Bill No. 5502
	156	+
	157	+
	158	+
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	160	+
152	161		of operation of the authority. The trust agreement may contain any 115
153	162		further provisions which are reasonable to delineate further the 116
154		-	respective rights, duties, safeguards, responsibilities and liabilities of 117 Substitute Bill No. 5502
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	163	+	respective rights, duties, safeguards, responsibilities and liabilities of 117
161	164		the authority, individual and collective holders of bonds, notes and 118
162	165		other obligations of the authority and the trustees; (10) covenants to do 119
163	166		or refrain from doing such acts and things as may be necessary or 120
164	167		convenient or desirable in order to better secure any bonds, notes or 121
165	168		other obligations of the authority, or which, in the discretion of the 122
166	169		authority, will tend to make any bonds, notes or other obligations to be 123
167	170		issued more marketable, notwithstanding that such covenants, acts or 124
168	171		things may not be enumerated herein; and (11) any other matters of like 125
169	172		or different character, which in any way affect the security or protection 126
170	173		of the bonds, notes or other obligations. 127
171	174		(i) Any pledge made by the authority of income, revenues or other 128
172	175		property shall be valid and binding from the time the pledge is made. 129
173	176		The income, revenue, such state taxes as the authority shall be entitled 130
174	177		to receive or other property so pledged and thereafter received by the 131
175	178		authority shall immediately be subject to the lien of such pledge without 132
176	179		any physical delivery thereof or further act, and the lien of any such 133
177	180		pledge shall be valid and binding as against all parties having claims of 134
178	181		any kind in tort, contract or otherwise against the authority, irrespective 135
179	182		of whether such parties have notice thereof. 136
180	183		(j) The board of directors of the authority is authorized and 137
181	184		empowered to obtain from any department, agency or instrumentality 138
182	185		of the United States any insurance or guarantee as to, or of or for the 139
183	186		payment or repayment of, interest or principal or both, or any part 140
184	187		thereof, on any bonds, notes or other obligations issued by the authority 141
185	188		pursuant to the provisions of this section and, notwithstanding any 142
186	189		other provisions of sections 8-169ii to 8-169ss, inclusive, to enter into any 143
187	190		agreement, contract or any other instrument whatsoever with respect to 144
188	191		any such insurance or guarantee except to the extent that such action 145
189	192		would in any way impair or interfere with the authority's ability to 146
190	193		perform and fulfill the terms of any agreement made with the holders 147
191		-	of the bonds, bond anticipation notes or other obligations of the 148
192		-	authority. 149
193		-	[(k) Neither the members of the board of directors of the authority 150 Substitute Bill No. 5502
	194	+	of the bonds, bond anticipation notes or other obligations of the 148 Raised Bill No. 5502
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	200	+	authority. 149
	201	+	[(k) Neither the members of the board of directors of the authority 150
200	202		nor any person executing bonds, notes or other obligations of the 151
201	203		authority issued pursuant to this section shall be liable personally on 152
202	204		such bonds, notes or other obligations or be subject to any personal 153
203	205		liability or accountability by reason of the issuance thereof, nor shall any 154
204	206		director, officer or employee of the authority be personally liable for 155
205	207		damage or injury caused in the performance of such director, officer or 156
206	208		employee's duties and within the scope of employment or appointment 157
207	209		as such director, officer or employee, provided the conduct of such 158
208	210		director, officer or employee was found not to have been wanton, 159
209	211		reckless, wilful or malicious. The authority shall protect, save harmless 160
210	212		and indemnify its directors, officers or employees from financial loss 161
211	213		and expense, including legal fees and costs, if any, arising out of any 162
212	214		claim, demand, suit or judgment by reason of alleged negligence or 163
213	215		alleged deprivation of any person's civil rights or any other act or 164
214	216		omission resulting in damage or injury, if the director, officer or 165
215	217		employee is found to have been acting in the discharge of his or her 166
216	218		duties or within the scope of his or her employment and such act or 167
217	219		omission is found not to have been wanton, reckless, wilful or 168
218	220		malicious.] 169
219	221		[(l)] (k) The board of directors of the authority [shall have power to] 170
220	222		may purchase bonds, notes or other obligations of the authority out of 171
221	223		any funds available for such purpose. The authority may hold, cancel or 172
222	224		resell such bonds, notes or other obligations subject to and in accordance 173
223	225		with agreements with holders of its bonds, notes and other obligations. 174
224	226		[(m)] (l) All moneys received pursuant to the authority of this section, 175
225	227		whether as proceeds from the sale of bonds or as revenues, shall be 176
226	228		deemed to be trust funds to be held and applied solely as provided in 177
227	229		this section. Any officer with whom, or any bank or trust company with 178
228	230		which, such moneys shall be deposited shall act as trustee of such 179
229	231		moneys and shall hold and apply the same for the purposes of section 180
230		-	8-169jj, as amended by this act, and the resolution authorizing the bonds 181
231		-	of any issue or the trust agreement securing such bonds may provide. 182
232		-	[(n)] (m) Any holder of bonds, notes or other obligations issued under 183 Substitute Bill No. 5502
	232	+	8-169jj, as amended by this act, and the resolution authorizing the bonds 181 Raised Bill No. 5502
233	233
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	238	+	of any issue or the trust agreement securing such bonds may provide. 182
	239	+	[(n)] (m) Any holder of bonds, notes or other obligations issued under 183
239	240		the provisions of this section, and the trustee or trustees under any trust 184
240	241		agreement, except to the extent the rights herein given may be restricted 185
241	242		by any resolution authorizing the issuance of or any such trust 186
242	243		agreement securing such bonds, may, either at law or in equity, by suit, 187
243	244		action, mandamus or other proceeding, protect and enforce any and all 188
244	245		rights under the laws of the state or granted under this section or under 189
245	246		such resolution or trust agreement and may enforce and compel the 190
246	247		performance of all duties required by this section or by such resolution 191
247	248		or trust agreement to be performed by the authority or by any officer, 192
248	249		employee or agent of the authority, including the fixing, charging and 193
249	250		collecting of the rates, rents, fees and charges herein authorized and 194
250	251		required by the provisions of such resolution or trust agreement to be 195
251	252		fixed, established and collected. 196
252	253		[(o)] (n) The authority may make representations and agreements for 197
253	254		the benefit of the holders of any bonds, notes or other obligations of the 198
254	255		state which are necessary or appropriate to ensure the exclusion from 199
255	256		gross income for federal income tax purposes of interest on bonds, notes 200
256	257		or other obligations of the state from taxation under the Internal 201
257	258		Revenue Code of 1986, or any subsequent corresponding internal 202
258	259		revenue code of the United States, as amended from time to time, 203
259	260		including agreement to pay rebates to the federal government of 204
260	261		investment earnings derived from the investment of the proceeds of the 205
261	262		bonds, notes or other obligations of the authority. Any such agreement 206
262	263		may include: (1) A covenant to pay rebates to the federal government of 207
263	264		investment earnings derived from the investment of the proceeds of the 208
264	265		bonds, notes or other obligations of the authority; (2) a covenant that the 209
265	266		authority will not limit or alter its rebate obligations until its obligations 210
266	267		to the holders or owners of such bonds, notes or other obligations are 211
267	268		finally met and discharged; and (3) provisions to (A) establish trust and 212
268	269		other accounts which may be appropriate to carry out such 213
269	270		representations and agreements, (B) retain fiscal agents as depositories 214
270		-	for such funds and accounts, and (C) provide that such fiscal agents may 215
271		-	act as trustee of such funds and accounts. 216 Substitute Bill No. 5502
	271	+	for such funds and accounts, and (C) provide that such fiscal agents may 215 Raised Bill No. 5502
272	272
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	277	+	act as trustee of such funds and accounts. 216
278	278		Sec. 2. Section 8-169qq of the general statutes is repealed and the 217
279	279		following is substituted in lieu thereof (Effective from passage): 218
280	280		(a) For the purposes of this section, "required minimum capital 219
281	281		reserve" means the maximum amount permitted to be deposited in a 220
282	282		special capital reserve fund by the Internal Revenue Code of 1986, or 221
283	283		any subsequent corresponding internal revenue code of the United 222
284	284		States, as amended from time to time, to permit the interest on the bonds 223
285	285		of the Connecticut Municipal Redevelopment Authority secured by 224
286	286		such special capital reserve fund to be excluded from gross income for 225
287	287		federal tax purposes. 226
288	288		(b) The authority may, in connection with the issuance of bonds, the 227
289	289		refunding of bonds previously issued by the authority or the issuance 228
290	290		of bonds to effect a refinancing or other restructuring with respect to one 229
291	291		or more projects, establish one or more special capital reserve funds. The 230
292	292		authority may pay into such special capital reserve funds (1) any 231
293	293		moneys appropriated and made available by the state for the purposes 232
294	294		of such special capital reserve funds, (2) any proceeds of the sale of 233
295	295		bonds or notes of the authority, to the extent provided in the resolution 234
296	296		of said authority authorizing the issuance of such bonds or notes, and 235
297	297		(3) any moneys made available to the authority from any other source 236
298	298		for the purposes of such special capital reserve funds. The amount of 237
299		-	bonds ~~of the authority~~ secured by special capital reserve funds shall not 238
300		-	~~exceed fifty~~ million dollars in the aggregate. 239
	299	+	bonds secured by special capital reserve funds shall not exceed fifty 238
	300	+	million dollars in the aggregate. 239
301	301		(c) (1) Except as otherwise provided in this section, the moneys held 240
302	302		in or credited to any special capital reserve fund established under this 241
303	303		section shall be used for: 242
304	304		(A) The payment of the principal and interest as such payments 243
305	305		become due, whether due at maturity or by mandatory sinking fund 244
306	306		installments, on bonds of the authority secured by such special capital 245
307		-	reserve fund; or 246
308		-	(B) The purchase of such bonds and the payment of any redemption 247 Substitute Bill No. 5502
	307	+	reserve fund; or 246 Raised Bill No. 5502
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	313	+	(B) The purchase of such bonds and the payment of any redemption 247
315	314		premium required to be paid when such bonds are redeemed prior to 248
316	315		maturity, including reimbursement of a provider of bond insurance or 249
317	316		of a credit or liquidity facility that has paid such redemption premium. 250
318		-	(2) The authority may prohibit, except for the purpose of paying the 251
319		-	principal of and interest and redemption premium on bonds of the 252
320		-	authority secured by a special capital reserve fund for which other 253
321		-	moneys of the authority are not available, the withdrawal of moneys in 254
322		-	any special capital reserve fund in an amount that would result in the 255
323		-	balance of such special capital reserve fund being less than (A) the 256
324		-	maximum amount of principal and interest becoming due by reason of 257
325		-	maturity or a required sinking fund installment on the bonds of the 258
326		-	authority outstanding in the then current or any succeeding calendar 259
327		-	year, or (B) the required minimum capital reserve. 260
328		-	(3) The authority may provide at any time that it shall not issue bonds 261
329		-	secured by a special capital reserve fund if the required minimum 262
330		-	capital reserve on the bonds outstanding and the bonds to be issued and 263
331		-	secured by the same special capital reserve fund at the time of issuance 264
332		-	exceeds the moneys in the special capital reserve fund, unless the 265
333		-	authority deposits proceeds from the bonds to be issued or moneys from 266
334		-	other sources into such special capital reserve fund, in an amount that, 267
335		-	together with the amount then in such special capital reserve fund, will 268
336		-	be not less than the required minimum capital reserve. 269
337		-	(d) (1) (A) Prior to December first, annually, the authority shall 270
338		-	deposit, for any special capital reserve fund for which the balance is 271
339		-	below the required minimum capital reserve, the full amount required 272
340		-	to meet the required minimum capital reserve for such special capital 273
341		-	reserve fund. Such deposit shall be made from any resources available 274
342		-	to the authority not otherwise pledged or dedicated to another purpose. 275
343		-	(B) On or prior to December first, annually, but after the authority has 276
344		-	made any deposits required under subparagraph (A) of this 277
345		-	subdivision, there shall be deemed appropriated from the General Fund 278
346		-	any sums necessary to restore the balance of each such special capital 279 Substitute Bill No. 5502
	317	+	(2) (A) The authority may prohibit the withdrawal of moneys in any 251
	318	+	special capital reserve fund in an amount that would result in the 252
	319	+	balance of such special capital reserve fund being less than (i) the 253
	320	+	maximum amount of principal and interest becoming due by reason of 254
	321	+	maturity or a required sinking fund installment on the bonds of the 255
	322	+	authority outstanding in the then current or any succeeding calendar 256
	323	+	year, or (ii) the required minimum capital reserve. 257
	324	+	(B) Notwithstanding the provisions of subparagraph (A) of this 258
	325	+	subdivision, the authority may withdraw moneys for the purpose of 259
	326	+	paying the principal of and interest and redemption premium on bonds 260
	327	+	of the authority secured by such special capital reserve fund for which 261
	328	+	other moneys of the authority are not available. 262
	329	+	(3) The authority may provide at any time that it shall not issue bonds 263
	330	+	secured by a special capital reserve fund if the required minimum 264
	331	+	capital reserve on the bonds outstanding and the bonds to be issued and 265
	332	+	secured by the same special capital reserve fund at the time of issuance 266
	333	+	exceeds the moneys in the special capital reserve fund, unless the 267
	334	+	authority deposits proceeds from the bonds to be issued or moneys from 268
	335	+	other sources into such special capital reserve fund, in an amount that, 269
	336	+	together with the amount then in such special capital reserve fund, will 270
	337	+	be not less than the required minimum capital reserve. 271
	338	+	(d) (1) Prior to December first, annually, the authority shall deposit, 272
	339	+	for any special capital reserve fund for which the balance is below the 273
	340	+	required minimum capital reserve, the full amount required to meet the 274
	341	+	required minimum capital reserve for such special capital reserve fund. 275
	342	+	Such deposit shall be made from any resources available to the authority 276
	343	+	not otherwise pledged or dedicated to another purpose. For the 277
	344	+	purposes of this subsection, obligations acquired as an investment for 278 Raised Bill No. 5502
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353		-	reserve fund to the required minimum capital reserve amount. The 280
354		-	amount of any such sum shall be allotted and paid to the authority upon 281
355		-	the certification of such sum by the chairperson or vice-chairperson of 282
356		-	the authority to the Secretary of the Office of Policy and Management, 283
357		-	the Treasurer and the joint standing committees of the General 284
358		-	Assembly having cognizance of matters relating to planning and 285
359		-	development and finance, revenue and bonding. For the purposes of 286
360		-	this subdivision, obligations acquired as an investment for any special 287
361		-	capital reserve fund shall be valued at amortized cost. 288
362		-	(2) Subject to any agreement or agreements with holders of 289
363		-	outstanding bonds or notes of the authority, any amount allotted and 290
364		-	paid to the authority pursuant to subdivision (1) of this subsection shall 291
365		-	be repaid to the state from moneys of the authority, at such time as such 292
366		-	moneys are not required for any other corporate purposes of the 293
367		-	authority. Such repayment shall occur not later than one year after the 294
368		-	date the following liabilities are met and fully discharged by the 295
369		-	authority: (A) All bonds and notes of the authority that were issued 296
370		-	before, on or after the date such allotted amount was paid to the 297
371		-	authority; (B) all interest on such bonds and notes and on any unpaid 298
372		-	installments of interest; and (C) all costs and expenses incurred in 299
373		-	connection with any action or proceeding by or on behalf of the holders 300
374		-	of such bonds or notes. 301
375		-	(e) (1) The authority shall not issue bonds secured by a special capital 302
376		-	reserve fund until and unless: 303
377		-	(A) The authority has determined, and has provided such 304
378		-	determination to the Secretary of the Office of Policy and Management 305
379		-	or the secretary's deputy and to the Treasurer or the Deputy Treasurer, 306
380		-	that the revenues from the project shall be sufficient to (i) pay the 307
381		-	principal of and interest on the bonds issued to finance the project, (ii) 308
382		-	establish, increase and maintain any reserves deemed advisable by the 309
383		-	authority to secure the payment of the principal of and interest on such 310
384		-	bonds, (iii) pay the cost of maintaining the project in good repair and 311
385		-	properly insured, and (iv) pay such other costs of the project as may be 312 Substitute Bill No. 5502
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	349	+
	350	+	any special capital reserve fund shall be valued at amortized cost. 279
	351	+	(2) On or prior to December first, annually, but after the authority has 280
	352	+	made any deposits required under subdivision (1) of this subsection, 281
	353	+	there shall be deemed appropriated any sums necessary to restore the 282
	354	+	balance of each such special capital reserve fund to the required 283
	355	+	minimum capital reserve amount. The amount of any such sum shall be 284
	356	+	allotted and paid to the authority upon the certification of such sum by 285
	357	+	the chairperson or vice-chairperson of the authority to the Secretary of 286
	358	+	the Office of Policy and Management, the Treasurer and the joint 287
	359	+	standing committees of the General Assembly having cognizance of 288
	360	+	matters relating to planning and development and finance, revenue and 289
	361	+	bonding. 290
	362	+	(3) Subject to any agreement or agreements with holders of 291
	363	+	outstanding bonds or notes of the authority, any amount allotted and 292
	364	+	paid to the authority pursuant to subdivision (2) of this subsection shall 293
	365	+	be repaid to the state from moneys of the authority, at such time as such 294
	366	+	moneys are not required for any other corporate purposes of the 295
	367	+	authority. Such repayment shall occur not later than one year after the 296
	368	+	date the following liabilities are met and fully discharged by the 297
	369	+	authority: (A) All bonds and notes of the authority that were issued 298
	370	+	before, on or after the date such allotted amount was paid to the 299
	371	+	authority; (B) all interest on such bonds and notes and on any unpaid 300
	372	+	installments of interest; and (C) all costs and expenses incurred in 301
	373	+	connection with any action or proceeding by or on behalf of the holders 302
	374	+	of such bonds or notes. 303
	375	+	(e) (1) The authority shall not issue bonds secured by a special capital 304
	376	+	reserve fund until and unless: 305
	377	+	(A) If such bonds are to be issued to pay for project costs, the 306
	378	+	authority has determined, and provided such determination to the 307
	379	+	Secretary of the Office of Policy and Management or the secretary's 308
	380	+	deputy and to the Treasurer or the Deputy Treasurer, that the revenues 309
	381	+	from the project shall be sufficient to (i) pay the principal of and interest 310 Raised Bill No. 5502
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392		-	required; 313
393		-	(B) The issuance has been approved by the Secretary of the Office of 314
394		-	Policy and Management or the secretary's deputy; and 315
395		-	(C) The authority has provided the documentation required under 316
396		-	subsection (a) of section 1-124 to the Treasurer or the Deputy Treasurer 317
397		-	and the issuance has been approved by the Treasurer or the Deputy 318
398		-	Treasurer pursuant to said subsection. 319
399		-	(2) The approval by the Secretary of the Office of Policy and 320
400		-	Management or the secretary's deputy may provide for the waiver or 321
401		-	modification of the requirements of this section as the secretary deems 322
402		-	necessary or appropriate to effectuate such issuance, subject to any 323
403		-	applicable tax covenants of the authority and the state. 324
404		-	(f) Nothing in this section shall preclude the authority from 325
405		-	establishing other debt service reserve funds that are not special capital 326
406		-	reserve funds in connection with the issuance of bonds or notes of the 327
407		-	authority. 328
408		-	(g) (1) The provisions of this subsection shall not apply to any 329
409		-	financial loss and expenses arising out of any claim, demand, suit, 330
410		-	judgment or legal challenge described in this subsection filed on or after 331
411		-	the effective date of this section. 332
412		-	[(a)] (2) The state shall protect, save harmless and indemnify the 333
413		-	directors, officers and employees of the Connecticut Municipal 334
414		-	Redevelopment Authority from financial loss and expenses, including 335
415		-	legal fees and costs, if any, arising out of any claim, demand, suit or 336
416		-	judgment based upon any alleged act or omission of any such director, 337
417		-	officer or employee in connection with, or any other legal challenge to, 338
418		-	authority development projects within a Connecticut Municipal 339
419		-	Redevelopment Authority development district, provided any such 340
420		-	director, officer or employee is found to have been acting in the 341
421		-	discharge of such director, officer or employee's duties or within the 342
422		-	scope of such director, officer or employee's employment and any such 343 Substitute Bill No. 5502
	385	+	LCO No. 3500 11 of 21
	386	+
	387	+	on the bonds issued to finance the project, (ii) establish, increase and 311
	388	+	maintain any reserves deemed advisable by the authority to secure the 312
	389	+	payment of the principal of and interest on such bonds, (iii) pay the cost 313
	390	+	of maintaining the project in good repair and properly insured, and (iv) 314
	391	+	pay such other costs of the project as may be required; 315
	392	+	(B) The issuance has been approved by the Secretary of the Office of 316
	393	+	Policy and Management or the secretary's deputy; and 317
	394	+	(C) The authority has provided the documentation required under 318
	395	+	subsection (a) of section 1-124 to the Treasurer or the Deputy Treasurer 319
	396	+	and the issuance has been approved by the Treasurer or the Deputy 320
	397	+	Treasurer pursuant to said subsection. 321
	398	+	(2) The approval by the Secretary of the Office of Policy and 322
	399	+	Management or the secretary's deputy may provide for the waiver or 323
	400	+	modification of the requirements of this section as the secretary deems 324
	401	+	necessary or appropriate to effectuate such issuance, subject to any 325
	402	+	applicable tax covenants of the authority and the state. 326
	403	+	(f) Nothing in this section shall preclude the authority from 327
	404	+	establishing other debt service reserve funds that are not special capital 328
	405	+	reserve funds in connection with the issuance of bonds or notes of the 329
	406	+	authority. 330
	407	+	(g) (1) The provisions of this subsection shall not apply to any 331
	408	+	financial loss and expenses arising out of any claim, demand, suit, 332
	409	+	judgment or legal challenge described in this subsection filed on or after 333
	410	+	the effective date of this section. 334
	411	+	[(a)] (2) The state shall protect, save harmless and indemnify the 335
	412	+	directors, officers and employees of the Connecticut Municipal 336
	413	+	Redevelopment Authority from financial loss and expenses, including 337
	414	+	legal fees and costs, if any, arising out of any claim, demand, suit or 338
	415	+	judgment based upon any alleged act or omission of any such director, 339
	416	+	officer or employee in connection with, or any other legal challenge to, 340
	417	+	authority development projects within a Connecticut Municipal 341 Raised Bill No. 5502
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429		-	act or omission is found not to have been wanton, reckless, wilful or 344
430		-	malicious. 345
431		-	[(b) In the event any bond, note or other obligation of the authority 346
432		-	cannot be paid by the authority, the state shall assume the liability of 347
433		-	and make payment on such debt.] 348
434		-	Sec. 3. (NEW) (Effective from passage) (a) As used in this section, (1) 349
435		-	"person" means any (A) state officer, (B) state agency, department, board 350
436		-	or commission, or (C) state employee, or any agent thereof. "Person" 351
437		-	includes The University of Connecticut Health Care Finance 352
438		-	Corporation, and (2) "financial obligation" has the same meaning as 353
439		-	provided in 17 CFR 240.15c2-12, as amended from time to time. 354
440		-	(b) (1) Before any person incurs any financial obligation of the state 355
441		-	or enters into any agreement to covenants, events of default, remedies, 356
442		-	priority rights or other similar terms in connection with a financial 357
443		-	obligation of the state, where such financial obligation (A) is in excess of 358
444		-	one million dollars, or (B) encumbers property or rights of the state 359
445		-	material to the operations of the state, such person shall notify the 360
446		-	Treasurer of such proposed financial obligation or agreement and 361
447		-	submit any documents pursuant to which such financial obligation is to 362
448		-	be incurred or such agreement is to be entered into. No such person shall 363
449		-	incur any such financial obligation or enter into any such agreement 364
450		-	until such person has received a written acknowledgment pursuant to 365
451		-	subdivision (2) of this subsection. 366
452		-	(2) Upon receipt of such notification and documents, the Treasurer 367
453		-	shall determine whether the information provided is adequate for the 368
454		-	Treasurer to timely meet required disclosure obligations under federal 369
455		-	securities law. The Treasurer may request additional information the 370
456		-	Treasurer deems necessary to make such determination. Upon the 371
457		-	Treasurer's satisfaction that adequate information has been provided for 372
458		-	the Treasurer to timely meet required disclosure obligations under 373
459		-	federal securities law, the Treasurer or the Treasurer's designee shall 374
460		-	provide written acknowledgment to the person seeking to incur such 375 Substitute Bill No. 5502
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	422	+
	423	+	Redevelopment Authority development district, provided any such 342
	424	+	director, officer or employee is found to have been acting in the 343
	425	+	discharge of such director, officer or employee's duties or within the 344
	426	+	scope of such director, officer or employee's employment and any such 345
	427	+	act or omission is found not to have been wanton, reckless, wilful or 346
	428	+	malicious. 347
	429	+	[(b) In the event any bond, note or other obligation of the authority 348
	430	+	cannot be paid by the authority, the state shall assume the liability of 349
	431	+	and make payment on such debt.] 350
	432	+	Sec. 3. (NEW) (Effective from passage) (a) As used in this section, (1) 351
	433	+	"person" means any (A) state officer, (B) state agency, department, board 352
	434	+	or commission, or (C) state employee, or any agent thereof. "Person" 353
	435	+	includes The University of Connecticut Health Care Finance 354
	436	+	Corporation, and (2) "financial obligation" has the same meaning as 355
	437	+	provided in 17 CFR 240.15c2-12, as amended from time to time. 356
	438	+	(b) Before any person incurs any financial obligation of the state or 357
	439	+	enters into any agreement to covenants, events of default, remedies, 358
	440	+	priority rights or other similar terms in connection with a financial 359
	441	+	obligation of the state, where such financial obligation (1) is in excess of 360
	442	+	one million dollars, or (2) encumbers property or rights of the state 361
	443	+	material to the operations of the state, such person shall notify the 362
	444	+	Treasurer of such proposed financial obligation or agreement and 363
	445	+	submit any documents pursuant to which such financial obligation or 364
	446	+	agreement is to be incurred or entered into. Upon receipt of such 365
	447	+	notification and documents, the Treasurer shall determine whether the 366
	448	+	information provided is adequate for the Treasurer to timely meet 367
	449	+	required disclosure obligations under federal securities law. The 368
	450	+	Treasurer may request additional information the Treasurer deems 369
	451	+	necessary to make such determination. Upon the Treasurer's satisfaction 370
	452	+	that adequate information has been provided for the Treasurer to timely 371
	453	+	meet required disclosure obligations under federal securities law, the 372
	454	+	Treasurer or the Treasurer's designee shall provide written 373
	455	+	acknowledgment to the person seeking to incur such financial 374 Raised Bill No. 5502
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467		-	financial obligation or enter into such agreement. The Treasurer may 376
468		-	establish, and revise from time to time, exemptions from such 377
469		-	notification and submission requirements as the Treasurer determines 378
470		-	are consistent with the state's disclosure obligations under federal 379
471		-	securities law. 380
472		-	Sec. 4. Subsection (x) of section 3-20 of the general statutes is repealed 381
473		-	and the following is substituted in lieu thereof (Effective July 1, 2022): 382
474		-	(x) Notwithstanding any provision of the general statutes, public acts 383
475		-	or special acts, [upon] any sale, lease or other disposition to or use by a 384
476		-	nongovernmental entity of all or a portion of any project financed with 385
477		-	proceeds of bonds of the state the interest on which is not included in 386
478		-	gross income pursuant to Section 103 of the Internal Revenue Code of 387
479		-	1986, or any subsequent corresponding internal revenue code of the 388
480		-	United States, as amended from time to time, [amended,] that would 389
481		-	otherwise cause such bonds to be treated as private activity bonds 390
482		-	within the meaning of Section 141 of said internal revenue code [, the] 391
483		-	shall be subject to the prior approval of the Treasurer. The Treasurer is 392
484		-	authorized to transfer all or a portion of the proceeds received with 393
485		-	respect to and at the time of such disposition or use, in an amount not 394
486		-	less than the amount required by said internal revenue code to preserve 395
487		-	the exclusion from gross income of interest on such bonds, (1) to the 396
488		-	General Fund to pay debt service on, including redemption, defeasance 397
489		-	or purchase of, outstanding bonds of the state the interest on which is 398
490		-	not included in gross income pursuant to Section 103 of said internal 399
491		-	revenue code, (2) with the approval of the State Bond Commission, in 400
492		-	lieu of the issuance of bonds, to the appropriate account or fund for any 401
493		-	projects or purposes authorized by the State Bond Commission 402
494		-	pursuant to a bond act and with the same force and effect as bond 403
495		-	proceeds, thereby reducing the authority to issue bonds by such dollar 404
496		-	amount, provided in any event that any such transfer does not cause the 405
497		-	interest on the subject bonds to become included in gross income 406
498		-	pursuant to Section 103 of said internal revenue code. 407
499		-	Sec. 5. Subsection (a) of section 3-37 of the general statutes is repealed 408 Substitute Bill No. 5502
	459	+	LCO No. 3500 13 of 21
	460	+
	461	+	obligation or enter into such agreement. The Treasurer may establish, 375
	462	+	and revise from time to time, exemptions from such notification and 376
	463	+	submission requirements as the Treasurer determines are consistent 377
	464	+	with the state's disclosure obligations under federal securities law. 378
	465	+	Sec. 4. Subsection (x) of section 3-20 of the general statutes is repealed 379
	466	+	and the following is substituted in lieu thereof (Effective July 1, 2022): 380
	467	+	(x) Notwithstanding any provision of the general statutes, public acts 381
	468	+	or special acts, [upon] any sale, lease or other disposition to or use by a 382
	469	+	nongovernmental entity of all or a portion of any project financed with 383
	470	+	proceeds of bonds of the state the interest on which is not included in 384
	471	+	gross income pursuant to Section 103 of the Internal Revenue Code of 385
	472	+	1986, or any subsequent corresponding internal revenue code of the 386
	473	+	United States, as amended from time to time, [amended,] that would 387
	474	+	otherwise cause such bonds to be treated as private activity bonds 388
	475	+	within the meaning of Section 141 of said internal revenue code [, the] 389
	476	+	shall be subject to the prior approval of the Treasurer. The Treasurer is 390
	477	+	authorized to transfer all or a portion of the proceeds received with 391
	478	+	respect to and at the time of such disposition or use, in an amount not 392
	479	+	less than the amount required by said internal revenue code to preserve 393
	480	+	the exclusion from gross income of interest on such bonds, (1) to the 394
	481	+	General Fund to pay debt service on, including redemption, defeasance 395
	482	+	or purchase of, outstanding bonds of the state the interest on which is 396
	483	+	not included in gross income pursuant to Section 103 of said internal 397
	484	+	revenue code, (2) with the approval of the State Bond Commission, in 398
	485	+	lieu of the issuance of bonds, to the appropriate account or fund for any 399
	486	+	projects or purposes authorized by the State Bond Commission 400
	487	+	pursuant to a bond act and with the same force and effect as bond 401
	488	+	proceeds, thereby reducing the authority to issue bonds by such dollar 402
	489	+	amount, provided in any event that any such transfer does not cause the 403
	490	+	interest on the subject bonds to become included in gross income 404
	491	+	pursuant to Section 103 of said internal revenue code. 405
	492	+	Sec. 5. Subsection (a) of section 3-37 of the general statutes is repealed 406
	493	+	and the following is substituted in lieu thereof (Effective July 1, 2022): 407 Raised Bill No. 5502
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506		-	and the following is substituted in lieu thereof (Effective July 1, 2022): 409
507		-	(a) The Treasurer shall, annually, on or before December thirty-first, 410
508		-	submit a final audited report to the Governor and a copy of such report 411
509		-	to the Investment Advisory Council, which shall include the following 412
510		-	information concerning the activities of the office of the State Treasurer 413
511		-	for the immediately preceding fiscal year ending June thirtieth: (1) 414
512		-	Complete financial statements and accompanying footnotes for the 415
513		-	combined investment funds prepared in accordance with generally 416
514		-	accepted accounting principles, which financial statements shall be 417
515		-	audited in accordance with generally accepted auditing standards and 418
516		-	supplementary schedules depicting the interests of the component 419
517		-	retirement plans and trust funds; (2) complete financial statements and 420
518		-	accompanying footnotes for the Short Term Investment Fund prepared 421
519		-	in accordance with generally accepted accounting principles and 422
520		-	supplementary schedules listing all assets held by the Short Term 423
521		-	Investment Fund; (3) a discussion and review of the performance of the 424
522		-	combined investment funds and Short Term Investment Fund for such 425
523		-	fiscal year in accordance with recognized and appropriate performance 426
524		-	presentation and disclosure, including an analysis of the return earned 427
525		-	by the portfolio and each combined investment fund as well as the risk 428
526		-	profile of the portfolio and each combined investment fund according 429
527		-	to investment industry standards; (4) the activities and transactions in 430
528		-	such reasonable detail as is appropriate of the cash management 431
529		-	division including information on the state's cash receipts and 432
530		-	disbursements for the fiscal year, and the debt management division; 433
531		-	[including the financial statements of the tax-exempt proceeds fund 434
532		-	prepared in accordance with generally accepted accounting principles;] 435
533		-	(5) financial statements and accompanying footnotes as well as a 436
534		-	summary of operating results for the Second Injury Fund for such fiscal 437
535		-	year; (6) a financial summary and report on the activities of the state's 438
536		-	unclaimed property program for such fiscal year; (7) a listing of the 439
537		-	companies from which state funds were divested based upon such 440
538		-	companies' business in Sudan, pursuant to the provisions of section 3-441
539		-	21e, and any companies identified by the Treasurer as companies from 442 Substitute Bill No. 5502
	497	+	LCO No. 3500 14 of 21
	498	+
	499	+	(a) The Treasurer shall, annually, on or before December thirty-first, 408
	500	+	submit a final audited report to the Governor and a copy of such report 409
	501	+	to the Investment Advisory Council, which shall include the following 410
	502	+	information concerning the activities of the office of the State Treasurer 411
	503	+	for the immediately preceding fiscal year ending June thirtieth: (1) 412
	504	+	Complete financial statements and accompanying footnotes for the 413
	505	+	combined investment funds prepared in accordance with generally 414
	506	+	accepted accounting principles, which financial statements shall be 415
	507	+	audited in accordance with generally accepted auditing standards and 416
	508	+	supplementary schedules depicting the interests of the component 417
	509	+	retirement plans and trust funds; (2) complete financial statements and 418
	510	+	accompanying footnotes for the Short Term Investment Fund prepared 419
	511	+	in accordance with generally accepted accounting principles and 420
	512	+	supplementary schedules listing all assets held by the Short Term 421
	513	+	Investment Fund; (3) a discussion and review of the performance of the 422
	514	+	combined investment funds and Short Term Investment Fund for such 423
	515	+	fiscal year in accordance with recognized and appropriate performance 424
	516	+	presentation and disclosure, including an analysis of the return earned 425
	517	+	by the portfolio and each combined investment fund as well as the risk 426
	518	+	profile of the portfolio and each combined investment fund according 427
	519	+	to investment industry standards; (4) the activities and transactions in 428
	520	+	such reasonable detail as is appropriate of the cash management 429
	521	+	division including information on the state's cash receipts and 430
	522	+	disbursements for the fiscal year, and the debt management division; 431
	523	+	[including the financial statements of the tax-exempt proceeds fund 432
	524	+	prepared in accordance with generally accepted accounting principles;] 433
	525	+	(5) financial statements and accompanying footnotes as well as a 434
	526	+	summary of operating results for the Second Injury Fund for such fiscal 435
	527	+	year; (6) a financial summary and report on the activities of the state's 436
	528	+	unclaimed property program for such fiscal year; (7) a listing of the 437
	529	+	companies from which state funds were divested based upon such 438
	530	+	companies' business in Sudan, pursuant to the provisions of section 3-439
	531	+	21e, and any companies identified by the Treasurer as companies from 440
	532	+	which investment of state funds has been declared impermissible by the 441
	533	+	Treasurer, pursuant to the provisions of section 3-21e; and (8) such other 442 Raised Bill No. 5502
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546		-	which investment of state funds has been declared impermissible by the 443
547		-	Treasurer, pursuant to the provisions of section 3-21e; and (8) such other 444
548		-	information as the Treasurer deems of interest to the public. 445
549		-	Sec. 6. Subsection (q) of section 3-62h of the general statutes is 446
550		-	repealed and the following is substituted in lieu thereof (Effective July 1, 447
551		-	2022): 448
552		-	(q) Any moneys held by the Treasurer or by a trustee pursuant to an 449
553		-	indenture of trust with respect to abandoned property fund bonds 450
554		-	including pledged revenues, other pledged receipts, funds or moneys 451
555		-	and proceeds from the sale of such abandoned property fund bonds, 452
556		-	may, pending the use or application of the proceeds thereof for an 453
557		-	authorized purpose, be (1) invested and reinvested in such obligations, 454
558		-	securities and investments as are set forth in subsection (f) of section 3-455
559		-	20 [,] and in participation certificates in the Short Term Investment 456
560		-	Funds created under sections 3-27a and 3-27f, [and in participation 457
561		-	certificates or securities of the Tax-Exempt Proceeds Fund created under 458
562		-	section 3-24a] or (2) deposited or redeposited in such bank or banks as 459
563		-	shall be provided in the proceedings. Unless the proceedings provide 460
564		-	otherwise, proceeds from investments authorized by this subsection, 461
565		-	less amounts required under the proceedings authorizing the issuance 462
566		-	of abandoned property fund bonds for the payment of Specia l 463
567		-	Abandoned Property Fund financing costs relating to such abandoned 464
568		-	property fund bonds, shall be credited to the Special Abandoned 465
569		-	Property Fund. 466
570		-	Sec. 7. Subsection (d) of section 7-406n of the general statutes is 467
571		-	repealed and the following is substituted in lieu thereof (Effective July 1, 468
572		-	2022): 469
573		-	(d) Any moneys held by the Treasurer or by a trustee pursuant to an 470
574		-	indenture of trust with respect to municipal pension solvency account 471
575		-	bonds including pledged revenues, other pledged receipts, funds or 472
576		-	moneys and proceeds from the sale of such municipal pension solvency 473
577		-	account bonds, may, pending the use or application of such proceeds 474 Substitute Bill No. 5502
	537	+	LCO No. 3500 15 of 21
	538	+
	539	+	information as the Treasurer deems of interest to the public. 443
	540	+	Sec. 6. Subsection (q) of section 3-62h of the general statutes is 444
	541	+	repealed and the following is substituted in lieu thereof (Effective July 1, 445
	542	+	2022): 446
	543	+	(q) Any moneys held by the Treasurer or by a trustee pursuant to an 447
	544	+	indenture of trust with respect to abandoned property fund bonds 448
	545	+	including pledged revenues, other pledged receipts, funds or moneys 449
	546	+	and proceeds from the sale of such abandoned property fund bonds, 450
	547	+	may, pending the use or application of the proceeds thereof for an 451
	548	+	authorized purpose, be (1) invested and reinvested in such obligations, 452
	549	+	securities and investments as are set forth in subsection (f) of section 3-453
	550	+	20 [,] and in participation certificates in the Short Term Investment 454
	551	+	Funds created under sections 3-27a and 3-27f, [and in participation 455
	552	+	certificates or securities of the Tax-Exempt Proceeds Fund created under 456
	553	+	section 3-24a] or (2) deposited or redeposited in such bank or banks as 457
	554	+	shall be provided in the proceedings. Unless the proceedings provide 458
	555	+	otherwise, proceeds from investments authorized by this subsection, 459
	556	+	less amounts required under the proceedings authorizing the issuance 460
	557	+	of abandoned property fund bonds for the payment of Special 461
	558	+	Abandoned Property Fund financing costs relating to such abandoned 462
	559	+	property fund bonds, shall be credited to the Special Abandoned 463
	560	+	Property Fund. 464
	561	+	Sec. 7. Subsection (d) of section 7-406n of the general statutes is 465
	562	+	repealed and the following is substituted in lieu thereof (Effective July 1, 466
	563	+	2022): 467
	564	+	(d) Any moneys held by the Treasurer or by a trustee pursuant to an 468
	565	+	indenture of trust with respect to municipal pension solvency account 469
	566	+	bonds including pledged revenues, other pledged receipts, funds or 470
	567	+	moneys and proceeds from the sale of such municipal pension solvency 471
	568	+	account bonds, may, pending the use or application of such proceeds 472
	569	+	for an authorized purpose, be (1) invested and reinvested in such 473
	570	+	obligations, securities and investments as are set forth in subsection (f) 474 Raised Bill No. 5502
578	571
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583	573
584		-	for an authorized purpose, be (1) invested and reinvested in such 475
585		-	obligations, securities and investments as are set forth in subsection (f) 476
586		-	of section 3-20 [,] and in participation certificates in the Short Term 477
587		-	Investment Funds created under sections 3-27a and 3-27f, [and in 478
588		-	participation certificates or securities of the Tax-Exempt Proceeds Fund 479
589		-	created under section 3-24a,] or (2) deposited or redeposited in such 480
590		-	bank or banks as shall be provided in the proceedings authorizing the 481
591		-	issuance of municipal pension solvency account bonds. Unless the 482
592		-	proceedings provide otherwise, proceeds from investments authorized 483
593		-	by this subsection, less amounts required under the proceedings for the 484
594		-	payment of municipal pension solvency loan costs relating to such 485
595		-	municipal pension solvency account bonds, shall be credited to the 486
596		-	municipal pension solvency account. 487
597		-	Sec. 8. Subdivision (9) of subsection (b) of section 8-169jj of the general 488
598		-	statutes is repealed and the following is substituted in lieu thereof 489
599		-	(Effective July 1, 2022): 490
600		-	(9) Invest any funds not needed for immediate use or disbursement 491
601		-	in obligations issued or guaranteed by the United States or the state, 492
602		-	including the Short Term Investment Fund, [and the Tax-Exempt 493
603		-	Proceeds Fund,] and in other obligations that are legal investments for 494
604		-	savings banks in this state, and in-time deposits or certificates of deposit 495
605		-	or other similar banking arrangements secured in such manner as the 496
606		-	authority determines; 497
607		-	Sec. 9. Subsection (b) of section 8-336o of the general statutes is 498
608		-	repealed and the following is substituted in lieu thereof (Effective July 1, 499
609		-	2022): 500
610		-	(b) Any moneys held in the Housing Trust Fund may, pending the 501
611		-	use or application of the proceeds thereof for an authorized purpose, be 502
612		-	(1) invested and reinvested in such obligations, securities and 503
613		-	investments as are set forth in subsection (f) of section 3-20 [,] and in 504
614		-	participation certificates in the Short Term Investment Fund created 505
615		-	under sections 3-27a and 3-27f, [and in participation certificates or 506 Substitute Bill No. 5502
	574	+	LCO No. 3500 16 of 21
	575	+
	576	+	of section 3-20 [,] and in participation certificates in the Short Term 475
	577	+	Investment Funds created under sections 3-27a and 3-27f, [and in 476
	578	+	participation certificates or securities of the Tax-Exempt Proceeds Fund 477
	579	+	created under section 3-24a,] or (2) deposited or redeposited in such 478
	580	+	bank or banks as shall be provided in the proceedings authorizing the 479
	581	+	issuance of municipal pension solvency account bonds. Unless the 480
	582	+	proceedings provide otherwise, proceeds from investments authorized 481
	583	+	by this subsection, less amounts required under the proceedings for the 482
	584	+	payment of municipal pension solvency loan costs relating to such 483
	585	+	municipal pension solvency account bonds, shall be credited to the 484
	586	+	municipal pension solvency account. 485
	587	+	Sec. 8. Subdivision (9) of subsection (b) of section 8-169jj of the general 486
	588	+	statutes is repealed and the following is substituted in lieu thereof 487
	589	+	(Effective July 1, 2022): 488
	590	+	(9) Invest any funds not needed for immediate use or disbursement 489
	591	+	in obligations issued or guaranteed by the United States or the state, 490
	592	+	including the Short Term Investment Fund, [and the Tax-Exempt 491
	593	+	Proceeds Fund,] and in other obligations that are legal investments for 492
	594	+	savings banks in this state, and in-time deposits or certificates of deposit 493
	595	+	or other similar banking arrangements secured in such manner as the 494
	596	+	authority determines; 495
	597	+	Sec. 9. Subsection (b) of section 8-336o of the general statutes is 496
	598	+	repealed and the following is substituted in lieu thereof (Effective July 1, 497
	599	+	2022): 498
	600	+	(b) Any moneys held in the Housing Trust Fund may, pending the 499
	601	+	use or application of the proceeds thereof for an authorized purpose, be 500
	602	+	(1) invested and reinvested in such obligations, securities and 501
	603	+	investments as are set forth in subsection (f) of section 3-20 [,] and in 502
	604	+	participation certificates in the Short Term Investment Fund created 503
	605	+	under sections 3-27a and 3-27f, [and in participation certificates or 504
	606	+	securities of the Tax-Exempt Proceeds Fund created under section 3-505
	607	+	24a,] (2) deposited or redeposited in such bank or banks at the direction 506 Raised Bill No. 5502
616	608
617	609
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620		-	17 of 21
621	610
622		-	securities of the Tax-Exempt Proceeds Fund created under section 3-507
623		-	24a,] (2) deposited or redeposited in such bank or banks at the direction 508
624		-	of the Treasurer, or (3) invested in participation units in the combined 509
625		-	investment funds, as defined in section 3-31b. Unless otherwise 510
626		-	provided pursuant to subsection (c) of this section, proceeds from 511
627		-	investments authorized by this subsection shall be credited to the 512
628		-	Housing Trust Fund. 513
629		-	Sec. 10. Subdivision (3) of subsection (a) of section 10-283 of the 2022 514
630		-	supplement to the general statutes is repealed and the following is 515
631		-	substituted in lieu thereof (Effective July 1, 2022): 516
632		-	(3) (A) All final calculations completed by the Department of 517
633		-	Administrative Services for school building projects shall include a 518
634		-	computation of the state grant for the school building project amortized 519
635		-	on a straight line basis over a twenty-year period for school building 520
636		-	projects with costs equal to or greater than two million dollars and over 521
637		-	a ten-year period for school building projects with costs less than two 522
638		-	million dollars. Any town or regional school district which abandons, 523
639		-	sells, leases, demolishes or otherwise redirects the use of such a school 524
640		-	building project to other than a public school use during such 525
641		-	amortization period shall refund to the state the unamortized balance of 526
642		-	the state grant remaining as of the date the abandonment, sale, lease, 527
643		-	demolition or redirection occurs. The amortization period for a project 528
644		-	shall begin on the date the project was accepted as complete by the local 529
645		-	or regional board of education. A town or regional school district 530
646		-	required to make a refund to the state pursuant to this subdivision may 531
647		-	request forgiveness of such refund if the building is redirected for public 532
648		-	use. The Department of Administrative Services shall include as an 533
649		-	addendum to the annual school construction priority list all those towns 534
650		-	requesting forgiveness. General Assembly approval of the priority list 535
651		-	containing such request shall constitute approval of such request. This 536
652		-	subdivision shall not apply to projects to correct safety, health and other 537
653		-	code violations or to remedy certified school indoor air quality 538
654		-	emergencies approved pursuant to subsection (b) of this section or 539 Substitute Bill No. 5502
	611	+	LCO No. 3500 17 of 21
	612	+
	613	+	of the Treasurer, or (3) invested in participation units in the combined 507
	614	+	investment funds, as defined in section 3-31b. Unless otherwise 508
	615	+	provided pursuant to subsection (c) of this section, proceeds from 509
	616	+	investments authorized by this subsection shall be credited to the 510
	617	+	Housing Trust Fund. 511
	618	+	Sec. 10. Subdivision (3) of subsection (a) of section 10-283 of the 2022 512
	619	+	supplement to the general statutes is repealed and the following is 513
	620	+	substituted in lieu thereof (Effective July 1, 2022): 514
	621	+	(3) (A) All final calculations completed by the Department of 515
	622	+	Administrative Services for school building projects shall include a 516
	623	+	computation of the state grant for the school building project amortized 517
	624	+	on a straight line basis over a twenty-year period for school building 518
	625	+	projects with costs equal to or greater than two million dollars and over 519
	626	+	a ten-year period for school building projects with costs less than two 520
	627	+	million dollars. Any town or regional school district which abandons, 521
	628	+	sells, leases, demolishes or otherwise redirects the use of such a school 522
	629	+	building project to other than a public school use during such 523
	630	+	amortization period shall refund to the state the unamortized balance of 524
	631	+	the state grant remaining as of the date the abandonment, sale, lease, 525
	632	+	demolition or redirection occurs. The amortization period for a project 526
	633	+	shall begin on the date the project was accepted as complete by the local 527
	634	+	or regional board of education. A town or regional school district 528
	635	+	required to make a refund to the state pursuant to this subdivision may 529
	636	+	request forgiveness of such refund if the building is redirected for public 530
	637	+	use. The Department of Administrative Services shall include as an 531
	638	+	addendum to the annual school construction priority list all those towns 532
	639	+	requesting forgiveness. General Assembly approval of the priority list 533
	640	+	containing such request shall constitute approval of such request. This 534
	641	+	subdivision shall not apply to projects to correct safety, health and other 535
	642	+	code violations or to remedy certified school indoor air quality 536
	643	+	emergencies approved pursuant to subsection (b) of this section or 537
	644	+	projects subject to the provisions of section 10-285c. 538
	645	+	(B) If the board of governors for an independent institution of higher 539 Raised Bill No. 5502
655	646
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660	648
661		-	projects subject to the provisions of section 10-285c. 540
662		-	(B) If the board of governors for an independent institution of higher 541
663		-	education, as defined in subsection (a) of section 10a-173, or the 542
664		-	equivalent of such a board, on behalf of the independent institution of 543
665		-	higher education, that operates an interdistrict magnet school makes 544
666		-	private use of any portion of a school building in which such operator 545
667		-	received a school building project grant pursuant to this chapter, such 546
668		-	operator shall annually submit a report to the Commissioner of 547
669		-	Education that demonstrates that such operator provides an equal to or 548
670		-	greater than in-kind or supplemental benefit of such institution's 549
671		-	facilities to students enrolled in such interdistrict magnet school that 550
672		-	outweighs the private use of such school building. If the commissioner 551
673		-	finds that the private use of such school building exceeds the in-kind or 552
674		-	supplemental benefit to magnet school students, the commissioner may 553
675		-	require such institution to refund to the state the unamortized balance 554
676		-	of the state grant. 555
677		-	[(C) Any moneys refunded to the state pursuant to subparagraphs 556
678		-	(A) and (B) of this subdivision shall be deposited in the state's tax-557
679		-	exempt proceeds fund and used not later than sixty days after 558
680		-	repayment to pay debt service on, including redemption, defeasance or 559
681		-	purchase of, outstanding bonds of the state the interest on which is not 560
682		-	included in gross income pursuant to Section 103 of the Internal 561
683		-	Revenue Code of 1986, or any subsequent corresponding internal 562
684		-	revenue code of the United States, as from time to time amended.] 563
685		-	Sec. 11. Subsection (b) of section 22a-260a of the general statutes is 564
686		-	repealed and the following is substituted in lieu thereof (Effective July 1, 565
687		-	2022): 566
688		-	(b) Wherever the words "Connecticut Resources Recovery Authority" 567
689		-	are used in any public or special act of 2014 or in the following sections 568
690		-	of the general statutes, the words "Materials Innovation and Recycling 569
691		-	Authority" shall be substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, 570
692		-	[3-24d, 3-24f,] 7-329a, 12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-571 Substitute Bill No. 5502
	649	+	LCO No. 3500 18 of 21
	650	+
	651	+	education, as defined in subsection (a) of section 10a-173, or the 540
	652	+	equivalent of such a board, on behalf of the independent institution of 541
	653	+	higher education, that operates an interdistrict magnet school makes 542
	654	+	private use of any portion of a school building in which such operator 543
	655	+	received a school building project grant pursuant to this chapter, such 544
	656	+	operator shall annually submit a report to the Commissioner of 545
	657	+	Education that demonstrates that such operator provides an equal to or 546
	658	+	greater than in-kind or supplemental benefit of such institution's 547
	659	+	facilities to students enrolled in such interdistrict magnet school that 548
	660	+	outweighs the private use of such school building. If the commissioner 549
	661	+	finds that the private use of such school building exceeds the in-kind or 550
	662	+	supplemental benefit to magnet school students, the commissioner may 551
	663	+	require such institution to refund to the state the unamortized balance 552
	664	+	of the state grant. 553
	665	+	[(C) Any moneys refunded to the state pursuant to subparagraphs 554
	666	+	(A) and (B) of this subdivision shall be deposited in the state's tax-555
	667	+	exempt proceeds fund and used not later than sixty days after 556
	668	+	repayment to pay debt service on, including redemption, defeasance or 557
	669	+	purchase of, outstanding bonds of the state the interest on which is not 558
	670	+	included in gross income pursuant to Section 103 of the Internal 559
	671	+	Revenue Code of 1986, or any subsequent corresponding internal 560
	672	+	revenue code of the United States, as from time to time amended.] 561
	673	+	Sec. 11. Subsection (b) of section 22a-260a of the general statutes is 562
	674	+	repealed and the following is substituted in lieu thereof (Effective July 1, 563
	675	+	2022): 564
	676	+	(b) Wherever the words "Connecticut Resources Recovery Authority" 565
	677	+	are used in any public or special act of 2014 or in the following sections 566
	678	+	of the general statutes, the words "Materials Innovation and Recycling 567
	679	+	Authority" shall be substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, 568
	680	+	[3-24d, 3-24f,] 7-329a, 12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-569
	681	+	208v, 22a-209h, 22a-219b, 22a-220, 22a-241, 22a-260, 22a-261, 22a-263a, 570
	682	+	22a-263b, 22a-268a, 22a-268b, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-571
	683	+	284, 32-1e and 32-658. 572 Raised Bill No. 5502
693	684
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698	686
699		-	208v, 22a-209h, 22a-219b, 22a-220, 22a-241, 22a-260, 22a-261, 22a-263a, 572
700		-	22a-263b, 22a-268a, 22a-268b, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-573
701		-	284, 32-1e and 32-658. 574
702		-	Sec. 12. Subsection (b) of section 32-7o of the general statutes is 575
703		-	repealed and the following is substituted in lieu thereof (Effective July 1, 576
704		-	2022): 577
705		-	(b) Any moneys held in the Connecticut Manufacturing Innovation 578
706		-	Fund may, pending the use or application of the proceeds thereof for an 579
707		-	authorized purpose, be (1) invested and reinvested in such obligations, 580
708		-	securities and investments as are set forth in subsection (f) of section 3-581
709		-	20 [,] and in participation certificates in the Short Term Investment Fund 582
710		-	created under sections 3-27a and 3-27f, [and in participation certificates 583
711		-	or securities of the Tax-Exempt Proceeds Fund created under section 3-584
712		-	24a,] (2) deposited or redeposited in any bank or banks, at the direction 585
713		-	of the Treasurer, or (3) invested in participation units in the combined 586
714		-	investment funds, as defined in section 3-31b. Proceeds from 587
715		-	investments authorized by this subsection shall be credited to the 588
716		-	Connecticut Manufacturing Innovation Fund. 589
717		-	Sec. 13. Subdivision (1) of subsection (a) of section 32-11f of the 590
718		-	general statutes is repealed and the following is substituted in lieu 591
719		-	thereof (Effective July 1, 2022): 592
720		-	(a) (1) Wherever the term "Connecticut Development Authority" is 593
721		-	used in the following sections of the general statutes, the term 594
722		-	"Connecticut Innovations, Incorporated" shall be substituted in lieu 595
723		-	thereof: [3-24d, 3-24f,] 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-596
724		-	79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-597
725		-	4l, 32-6j, 32-9c, 32-9n, 32-9qq, 32-22b, 32-23l, 32-23o, 32-23q, 32-23r, 32-598
726		-	23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23qq, 32-23ss, 32-23tt, 32-599
727		-	31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-262, 600
728		-	32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503, 32-609, 32-601
729		-	761, 32-763 and 32-768. 602 Substitute Bill No. 5502
	687	+	LCO No. 3500 19 of 21
	688	+
	689	+	Sec. 12. Subsection (b) of section 32-7o of the general statutes is 573
	690	+	repealed and the following is substituted in lieu thereof (Effective July 1, 574
	691	+	2022): 575
	692	+	(b) Any moneys held in the Connecticut Manufacturing Innovation 576
	693	+	Fund may, pending the use or application of the proceeds thereof for an 577
	694	+	authorized purpose, be (1) invested and reinvested in such obligations, 578
	695	+	securities and investments as are set forth in subsection (f) of section 3-579
	696	+	20 [,] and in participation certificates in the Short Term Investment Fund 580
	697	+	created under sections 3-27a and 3-27f, [and in participation certificates 581
	698	+	or securities of the Tax-Exempt Proceeds Fund created under section 3-582
	699	+	24a,] (2) deposited or redeposited in any bank or banks, at the direction 583
	700	+	of the Treasurer, or (3) invested in participation units in the combined 584
	701	+	investment funds, as defined in section 3-31b. Proceeds from 585
	702	+	investments authorized by this subsection shall be credited to the 586
	703	+	Connecticut Manufacturing Innovation Fund. 587
	704	+	Sec. 13. Subdivision (1) of subsection (a) of section 32-11f of the 588
	705	+	general statutes is repealed and the following is substituted in lieu 589
	706	+	thereof (Effective July 1, 2022): 590
	707	+	(a) (1) Wherever the term "Connecticut Development Authority" is 591
	708	+	used in the following sections of the general statutes, the term 592
	709	+	"Connecticut Innovations, Incorporated" shall be substituted in lieu 593
	710	+	thereof: [3-24d, 3-24f,] 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-594
	711	+	79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-595
	712	+	4l, 32-6j, 32-9c, 32-9n, 32-9qq, 32-22b, 32-23l, 32-23o, 32-23q, 32-23r, 32-596
	713	+	23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23qq, 32-23ss, 32-23tt, 32-597
	714	+	31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-262, 598
	715	+	32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503, 32-609, 32-599
	716	+	761, 32-763 and 32-768. 600
	717	+	Sec. 14. Subsection (b) of section 32-602 of the general statutes is 601
	718	+	repealed and the following is substituted in lieu thereof (Effective July 1, 602
	719	+	2022): 603
	720	+	(b) For these purposes, the authority shall have the following powers: 604 Raised Bill No. 5502
730	721
731	722
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735	723
736		-	Sec. 14. Subsection (b) of section 32-602 of the general statutes is 603
737		-	repealed and the following is substituted in lieu thereof (Effective July 1, 604
738		-	2022): 605
739		-	(b) For these purposes, the authority shall have the following powers: 606
740		-	(1) To have perpetual succession as a body corporate and to adopt 607
741		-	procedures for the regulation of its affairs and the conduct of its business 608
742		-	as provided in subsection (f) of section 32-601, to adopt a corporate seal 609
743		-	and alter the same at its pleasure, and to maintain an office at such place 610
744		-	or places within the city of Hartford as it may designate; (2) to sue and 611
745		-	be sued, to contract and be contracted with; (3) to employ such 612
746		-	assistants, agents and other employees as may be necessary or desirable 613
747		-	to carry out its purposes, which employees shall be exempt from the 614
748		-	classified service and shall not be employees, as defined in subsection 615
749		-	(b) of section 5-270, to fix their compensation, to establish and modify 616
750		-	personnel procedures as may be necessary from time to time and to 617
751		-	negotiate and enter into collective bargaining agreements with labor 618
752		-	unions; (4) to acquire, lease, hold and dispose of personal property for 619
753		-	the purposes set forth in this section; (5) to procure insurance against 620
754		-	any liability or loss in connection with its property and other assets, in 621
755		-	such amounts and from such insurers as it deems desirable and to 622
756		-	procure insurance for employees; (6) to invest any funds not needed for 623
757		-	immediate use or disbursement in obligations issued or guaranteed by 624
758		-	the United States of America or the state of Connecticut, including the 625
759		-	Short Term Investment Fund, [and the Tax-Exempt Proceeds Fund,] and 626
760		-	in other obligations which are legal investments for savings banks in 627
761		-	this state and in time deposits or certificates of deposit or other similar 628
762		-	banking arrangements secured in such manner as the authority 629
763		-	determines; (7) notwithstanding any other provision of the general 630
764		-	statutes, upon request of the Secretary of the Office of Policy and 631
765		-	Management, to enter into an agreement for funding to facilitate the 632
766		-	relocation of state offices within the capital city economic development 633
767		-	district; (8) to enter into such memoranda of understanding as the 634
768		-	authority deems appropriate to carry out its responsibilities under this 635
769		-	chapter; and (9) to do all acts and things necessary or convenient to carry 636 Substitute Bill No. 5502
	724	+	LCO No. 3500 20 of 21
	725	+
	726	+	(1) To have perpetual succession as a body corporate and to adopt 605
	727	+	procedures for the regulation of its affairs and the conduct of its business 606
	728	+	as provided in subsection (f) of section 32-601, to adopt a corporate seal 607
	729	+	and alter the same at its pleasure, and to maintain an office at such place 608
	730	+	or places within the city of Hartford as it may designate; (2) to sue and 609
	731	+	be sued, to contract and be contracted with; (3) to employ such 610
	732	+	assistants, agents and other employees as may be necessary or desirable 611
	733	+	to carry out its purposes, which employees shall be exempt from the 612
	734	+	classified service and shall not be employees, as defined in subsection 613
	735	+	(b) of section 5-270, to fix their compensation, to establish and modify 614
	736	+	personnel procedures as may be necessary from time to time and to 615
	737	+	negotiate and enter into collective bargaining agreements with labor 616
	738	+	unions; (4) to acquire, lease, hold and dispose of personal property for 617
	739	+	the purposes set forth in this section; (5) to procure insurance against 618
	740	+	any liability or loss in connection with its property and other assets, in 619
	741	+	such amounts and from such insurers as it deems desirable and to 620
	742	+	procure insurance for employees; (6) to invest any funds not needed for 621
	743	+	immediate use or disbursement in obligations issued or guaranteed by 622
	744	+	the United States of America or the state of Connecticut, including the 623
	745	+	Short Term Investment Fund, [and the Tax-Exempt Proceeds Fund,] and 624
	746	+	in other obligations which are legal investments for savings banks in 625
	747	+	this state and in time deposits or certificates of deposit or other similar 626
	748	+	banking arrangements secured in such manner as the authority 627
	749	+	determines; (7) notwithstanding any other provision of the general 628
	750	+	statutes, upon request of the Secretary of the Office of Policy and 629
	751	+	Management, to enter into an agreement for funding to facilitate the 630
	752	+	relocation of state offices within the capital city economic development 631
	753	+	district; (8) to enter into such memoranda of understanding as the 632
	754	+	authority deems appropriate to carry out its responsibilities under this 633
	755	+	chapter; and (9) to do all acts and things necessary or convenient to carry 634
	756	+	out the purposes of and the powers expressly granted by this section. 635
	757	+	Sec. 15. Sections 3-24a to 3-24h, inclusive, of the general statutes are 636
	758	+	repealed. (Effective July 1, 2022) 637 Raised Bill No. 5502
770	759
771	760
772		-	LCO {\\PRDFS1\HCOUSERS\BARRYJN\WS\2022HB-05502-R01-
773		-	HB.docx }
774		-	21 of 21
775	761
776		-	out the purposes of and the powers expressly granted by this section. 637
777		-	Sec. 15. Sections 3-24a to 3-24h, inclusive, of the general statutes are 638
778		-	repealed. (Effective July 1, 2022) 639
	762	+	LCO No. 3500 21 of 21
	763	+
779	764		This act shall take effect as follows and shall amend the following
780	765		sections:
781	766
782	767		Section 1 from passage 8-169oo
783	768		Sec. 2 from passage 8-169qq
784	769		Sec. 3 from passage New section
785	770		Sec. 4 July 1, 2022 3-20(x)
786	771		Sec. 5 July 1, 2022 3-37(a)
787	772		Sec. 6 July 1, 2022 3-62h(q)
788	773		Sec. 7 July 1, 2022 7-406n(d)
789	774		Sec. 8 July 1, 2022 8-169jj(b)(9)
790	775		Sec. 9 July 1, 2022 8-336o(b)
791	776		Sec. 10 July 1, 2022 10-283(a)(3)
792	777		Sec. 11 July 1, 2022 22a-260a(b)
793	778		Sec. 12 July 1, 2022 32-7o(b)
794	779		Sec. 13 July 1, 2022 32-11f(a)(1)
795	780		Sec. 14 July 1, 2022 32-602(b)
796	781		Sec. 15 July 1, 2022 Repealer section
797	782
798		-	FIN Joint Favorable Subst.
	783	+	Statement of Purpose:
	784	+	To (1) amend provisions concerning the bonding authority of the
	785	+	Connecticut Municipal Redevelopment Authority, (2) require state
	786	+	actors to notify the Treasurer of reportable financial obligations and
	787	+	agreements, (3) require the prior approval of the Treasurer for certain
	788	+	transactions, and (4) delete provisions concerning the Tax-Exempt
	789	+	Proceeds Funds.
	790	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	791	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	792	+	underlined.]
799	793