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General Assembly Substitute Bill No. 12
February Session, 2022
AN ACT AUTHORIZING AND ADJUSTING BONDS OF THE STATE
FOR CAPITAL IMPROVEMENTS AND OTHER PURPOSES AND
CONCERNING THE CONNECTICUT BABY BOND TRUST PROGRAM
AND GRANTS FOR CERTAIN LAW ENFORCEMENT EQUIPMENT AND
HOMELESSNESS PREVENTION AND RESPONSE.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (Effective July 1, 2022) The State Bond Commission shall 1
have power, in accordance with the provisions of this section and 2
sections 2 to 7, inclusive, of this act, from time to time to authorize the 3
issuance of bonds of the state in one or more series and in principal 4
amounts in the aggregate not exceeding $175,800,000. 5
Sec. 2. (Effective July 1, 2022) The proceeds of the sale of bonds 6
described in sections 1 to 7, inclusive, of this act, to the extent hereinafter 7
stated, shall be used for the purpose of acquiring, by purchase or 8
condemnation, undertaking, constructing, reconstructing, improving or 9
equipping, or purchasing land or buildings or improving sites for the 10
projects hereinafter described, including payment of architectural, 11
engineering, demolition or related costs in connection therewith, or of 12
payment of the cost of long-range capital programming and space 13
utilization studies as hereinafter stated: 14
(a) For the Office of Policy and Management: State matching funds 15 Substitute Bill No. 12
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for projects and programs allowed under the Infrastructure Investment 16
and Jobs Act, not exceeding $75,000,000. 17
(b) For the Connecticut Agricultural Experiment Station: For 18
renovations and improvements to greenhouses at the Jenkins 19
Laboratory, not exceeding $800,000. 20
(c) For the Department of Transportation: 21
(1) Assisting municipalities to modernize existing traffic signal 22
equipment and operations, not exceeding $75,000,000; 23
(2) Providing matching funds necessary for municipalities, school 24
districts and school bus operators to submit federal grant applications 25
in order to maximize federal funding for the purchase or lease of zero-26
emission electric school buses and electric vehicle charging 27
infrastructure, not exceeding $20,000,000; 28
(3) Construction, alteration, renovation and improvement of noise 29
barriers, not exceeding $5,000,000. 30
Sec. 3. (Effective July 1, 2022) All provisions of section 3-20 of the 31
general statutes or the exercise of any right or power granted thereby 32
which are not inconsistent with the provisions of sections 1 to 7, 33
inclusive, of this act are hereby adopted and shall apply to all bonds 34
authorized by the State Bond Commission pursuant to sections 1 to 7, 35
inclusive, of this act, and temporary notes issued in anticipation of the 36
money to be derived from the sale of any such bonds so authorized may 37
be issued in accordance with said section 3-20 and from time to time 38
renewed. Such bonds shall mature at such time or times not exceeding 39
twenty years from their respective dates as may be provided in or 40
pursuant to the resolution or resolutions of the State Bond Commission 41
authorizing such bonds. 42
Sec. 4. (Effective July 1, 2022) None of the bonds described in sections 43
1 to 7, inclusive, of this act, shall be authorized except upon a finding by 44
the State Bond Commission that there has been filed with it a request for 45 Substitute Bill No. 12
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such authorization, which is signed by the Secretary of the Office of 46
Policy and Management or by or on behalf of such state officer, 47
department or agency and stating such terms and conditions as said 48
commission, in its discretion, may require. 49
Sec. 5. (Effective July 1, 2022) For the purposes of sections 1 to 7, 50
inclusive, of this act, "state moneys" means the proceeds of the sale of 51
bonds authorized pursuant to said sections 1 to 7, inclusive, or of 52
temporary notes issued in anticipation of the moneys to be derived from 53
the sale of such bonds. Each request filed as provided in section 4 of this 54
act for an authorization of bonds shall identify the project for which the 55
proceeds of the sale of such bonds are to be used and expended and, in 56
addition to any terms and conditions required pursuant to said section 57
4, shall include the recommendation of the person signing such request 58
as to the extent to which federal, private or other moneys then available 59
or thereafter to be made available for costs in connection with any such 60
project should be added to the state moneys available or becoming 61
available hereunder for such project. If the request includes a 62
recommendation that some amount of such federal, private or other 63
moneys should be added to such state moneys, then, if and to the extent 64
directed by the State Bond Commission at the time of authorization of 65
such bonds, such amount of such federal, private or other moneys then 66
available, or thereafter to be made available for costs in connection with 67
such project, may be added to any state moneys available or becoming 68
available hereunder for such project and shall be used for such project. 69
Any other federal, private or other moneys then available or thereafter 70
to be made available for costs in connection with such project shall, 71
upon receipt, be used by the State Treasurer, in conformity with 72
applicable federal and state law, to meet the principal of outstanding 73
bonds issued pursuant to sections 1 to 7, inclusive, of this act, or to meet 74
the principal of temporary notes issued in anticipation of the money to 75
be derived from the sale of bonds theretofore authorized pursuant to 76
said sections 1 to 7, inclusive, for the purpose of financing such costs, 77
either by purchase or redemption and cancellation of such bonds or 78
notes or by payment thereof at maturity. Whenever any of the federal, 79 Substitute Bill No. 12
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private or other moneys so received with respect to such project are used 80
to meet the principal of such temporary notes or whenever principal of 81
any such temporary notes is retired by application of revenue receipts 82
of the state, the amount of bonds theretofore authorized in anticipation 83
of which such temporary notes were issued, and the aggregate amount 84
of bonds which may be authorized pursuant to section 1 of this act, shall 85
each be reduced by the amount of the principal so met or retired. 86
Pending use of the federal, private or other moneys so received to meet 87
principal as hereinabove directed, the amount thereof may be invested 88
by the State Treasurer in bonds or obligations of, or guaranteed by, the 89
state or the United States or agencies or instrumentalities of the United 90
States, shall be deemed to be part of the debt retirement funds of the 91
state, and net earnings on such investments shall be used in the same 92
manner as the moneys so invested. 93
Sec. 6. (Effective July 1, 2022) Any balance of proceeds of the sale of 94
said bonds authorized for any project described in section 2 of this act 95
in excess of the cost of such project may be used to complete any other 96
project described in said section 2, if the State Bond Commission shall 97
so determine and direct. Any balance of proceeds of the sale of said 98
bonds in excess of the costs of all the projects described in said section 2 99
shall be deposited to the credit of the General Fund. 100
Sec. 7. (Effective July 1, 2022) The bonds issued pursuant to this section 101
and sections 1 to 6, inclusive, of this act, shall be general obligations of 102
the state and the full faith and credit of the state of Connecticut are 103
pledged for the payment of the principal of and interest on said bonds 104
as the same become due, and accordingly and as part of the contract of 105
the state with the holders of said bonds, appropriation of all amounts 106
necessary for punctual payment of such principal and interest is hereby 107
made, and the State Treasurer shall pay such principal and interest as 108
the same become due. 109
Sec. 8. (Effective July 1, 2022) The State Bond Commission shall have 110
power, in accordance with the provisions of this section and sections 9 111
to 15, inclusive, of this act, from time to time to authorize the issuance 112 Substitute Bill No. 12
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of bonds of the state in one or more series and in principal amounts in 113
the aggregate, not exceeding $132,000,000. 114
Sec. 9. (Effective July 1, 2022) The proceeds of the sale of the bonds 115
described in sections 8 to 15, inclusive, of this act shall be used for the 116
purpose of providing grants-in-aid and other financing for the projects, 117
programs and purposes hereinafter stated: 118
(a) For the Office of Policy and Management: Grants-in-aid to food 119
resource organizations for capital improvements, not exceeding 120
$10,000,000; 121
(b) For the Department of Administrative Services: Grants-in-aid for 122
school air quality improvements including, but not limited to, upgrades 123
to, replacement of or installation of heating, ventilation and air 124
conditioning equipment, not exceeding $100,000,000; 125
(c) For the Department of Agriculture: Grants-in-aid for farmland 126
restoration and climate resiliency, not exceeding $7,000,000; 127
(d) For the Connecticut Higher Education Supplemental Loan 128
Authority: Grants-in-aid to residents of the state who graduate from a 129
state university or college for student loan reimbursement, not 130
exceeding $15,000,000. 131
Sec. 10. (Effective July 1, 2022) All provisions of section 3-20 of the 132
general statutes or the exercise of any right or power granted thereby 133
which are not inconsistent with the provisions of sections 8 to 15, 134
inclusive, of this act are hereby adopted and shall apply to all bonds 135
authorized by the State Bond Commission pursuant to sections 8 to 15, 136
inclusive, of this act, and temporary notes issued in anticipation of the 137
money to be derived from the sale of any such bonds so authorized may 138
be issued in accordance with said sections 8 to 15, inclusive, and from 139
time to time renewed. Such bonds shall mature at such time or times not 140
exceeding twenty years from their respective dates as may be provided 141
in or pursuant to the resolution or resolutions of the State Bond 142
Commission authorizing such bonds. 143 Substitute Bill No. 12
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Sec. 11. (Effective July 1, 2022) None of the bonds described in sections 144
8 to 15, inclusive, of this act shall be authorized except upon a finding 145
by the State Bond Commission that there has been filed with it a request 146
for such authorization, which is signed by the Secretary of the Office of 147
Policy and Management or by or on behalf of such state officer, 148
department or agency and stating such terms and conditions as said 149
commission, in its discretion, may require. 150
Sec. 12. (Effective July 1, 2022) For the purposes of sections 8 to 15, 151
inclusive, of this act, "state moneys" means the proceeds of the sale of 152
bonds authorized pursuant to said sections 8 to 15, inclusive, or of 153
temporary notes issued in anticipation of the moneys to be derived from 154
the sale of such bonds. Each request filed as provided in section 11 of 155
this act for an authorization of bonds shall identify the project for which 156
the proceeds of the sale of such bonds are to be used and expended and, 157
in addition to any terms and conditions required pursuant to said 158
section 11, include the recommendation of the person signing such 159
request as to the extent to which federal, private or other moneys then 160
available or thereafter to be made available for costs in connection with 161
any such project should be added to the state moneys available or 162
becoming available under said sections 8 to 15, inclusive, for such 163
project. If the request includes a recommendation that some amount of 164
such federal, private or other moneys should be added to such state 165
moneys, then, if and to the extent directed by the State Bond 166
Commission at the time of authorization of such bonds, such amount of 167
such federal, private or other moneys then available or thereafter to be 168
made available for costs in connection with such project may be added 169
to any state moneys available or becoming available hereunder for such 170
project and be used for such project. Any other federal, private or other 171
moneys then available or thereafter to be made available for costs in 172
connection with such project upon receipt shall, in conformity with 173
applicable federal and state law, be used by the State Treasurer to meet 174
the principal of outstanding bonds issued pursuant to said sections 8 to 175
15, inclusive, or to meet the principal of temporary notes issued in 176
anticipation of the money to be derived from the sale of bonds 177 Substitute Bill No. 12
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theretofore authorized pursuant to said sections 8 to 15, inclusive, for 178
the purpose of financing such costs, either by purchase or redemption 179
and cancellation of such bonds or notes or by payment thereof at 180
maturity. Whenever any of the federal, private or other moneys so 181
received with respect to such project are used to meet the principal of 182
such temporary notes or whenever the principal of any such temporary 183
notes is retired by application of revenue receipts of the state, the 184
amount of bonds theretofore authorized in anticipation of which such 185
temporary notes were issued, and the aggregate amount of bonds which 186
may be authorized pursuant to section 8 of this act shall each be reduced 187
by the amount of the principal so met or retired. Pending use of the 188
federal, private or other moneys so received to meet the principal as 189
directed in this section, the amount thereof may be invested by the State 190
Treasurer in bonds or obligations of, or guaranteed by, the state or the 191
United States or agencies or instrumentalities of the United States, shall 192
be deemed to be part of the debt retirement funds of the state, and net 193
earnings on such investments shall be used in the same manner as the 194
moneys so invested. 195
Sec. 13. (Effective July 1, 2022) The bonds issued pursuant to sections 196
8 to 15, inclusive, of this act shall be general obligations of the state and 197
the full faith and credit of the state of Connecticut are pledged for the 198
payment of the principal of and interest on said bonds as the same 199
become due, and accordingly and as part of the contract of the state with 200
the holders of said bonds, appropriation of all amounts necessary for 201
punctual payment of such principal and interest is hereby made, and 202
the State Treasurer shall pay such principal and interest as the same 203
become due. 204
Sec. 14. (Effective July 1, 2022) In accordance with section 9 of this act, 205
the state, through the state agencies specified in said section 9, may 206
provide grants-in-aid and other financings to or for the agencies for the 207
purposes and projects as described in said section 9. All financing shall 208
be made in accordance with the terms of a contract at such time or times 209
as shall be determined within authorization of funds by the State Bond 210 Substitute Bill No. 12
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Commission. 211
Sec. 15. (Effective July 1, 2022) In the case of any grant-in-aid made 212
pursuant to subsection (a), (b) or (c) of section 9 of this act that is made 213
to any entity which is not a political subdivision of the state, the contract 214
entered into pursuant to section 9 of this act shall provide that if the 215
premises for which such grant-in-aid was made ceases, within ten years 216
of the date of such grant, to be used as a facility for which such grant 217
was made, an amount equal to the amount of such grant, minus ten per 218
cent per year for each full year which has elapsed since the date of such 219
grant, shall be repaid to the state and that a lien shall be placed on such 220
land in favor of the state to ensure that such amount shall be repaid in 221
the event of such change in use, provided if the premises for which such 222
grant-in-aid was made are owned by the state, a municipality or a 223
housing authority, no lien need be placed. 224
Sec. 16. Section 3-36b of the 2022 supplement to the general statutes 225
is repealed and the following is substituted in lieu thereof (Effective from 226
passage): 227
(a) There is established the Connecticut Baby Bond Trust. The trust 228
shall constitute an instrumentality of the state and shall perform 229
essential governmental functions as provided in sections 3-36a to 3-36h, 230
inclusive, as amended by this act. The trust shall receive and hold all 231
payments and deposits or contributions intended for the trust, as well 232
as gifts, bequests, endowments or federal, state or local grants and any 233
other funds from any public or private source and all earnings until 234
disbursed in accordance with section 3-36c, as amended by this act, 3-235
36d or 3-36g, as amended by this act. 236
(b) The amounts on deposit in the trust shall not constitute property 237
of the state and the trust shall not be construed to be a department, 238
institution or agency of the state. Amounts on deposit in the trust shall 239
not be commingled with state funds and the state shall have no claim to 240
or against, or interest in, such funds. Any contract entered into by or any 241
obligation of the trust shall not constitute a debt or obligation of the state 242 Substitute Bill No. 12
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and the state shall have no obligation to any designated beneficiary or 243
any other person on account of the trust and all amounts obligated to be 244
paid from the trust shall be limited to amounts available for such 245
obligation on deposit in the trust. The amounts on deposit in the trust 246
may only be disbursed in accordance with the provisions of section 3-247
36c, as amended by this act, 3-36d or 3-36g, as amended by this act. The 248
trust shall continue in existence as long as it holds any deposits or has 249
any obligations and until its existence is terminated by law and upon 250
termination any unclaimed assets shall return to the state. Property of 251
the trust shall not be governed by section 3-61a. 252
(c) The Treasurer shall be responsible for the receipt, maintenance, 253
administration, investing and disbursements of amounts from the trust. 254
The trust shall not receive deposits in any form other than cash. 255
Sec. 17. Section 3-36c of the 2022 supplement to the general statutes is 256
repealed and the following is substituted in lieu thereof (Effective from 257
passage): 258
The Treasurer, on behalf of the trust and for purposes of the trust, 259
may: 260
(1) Receive and invest moneys in the trust in any instruments, 261
obligations, securities or property in accordance with section 3-36d; 262
(2) Enter into one or more contractual agreements, including 263
contracts for legal, actuarial, accounting, custodial, advisory, 264
management, administrative, advertising, marketing and consulting 265
services for the trust and pay for such services from the assets of the 266
trust; 267
(3) Procure insurance in connection with the trust's property, assets, 268
activities or deposits to the trust; 269
(4) Apply for, accept and expend gifts, grants or donations from 270
public or private sources to enable the trust to carry out its objectives; 271 Substitute Bill No. 12
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(5) Adopt regulations in accordance with chapter 54 for purposes of 272
[public act 21-111] sections 3-36b to 3-36i, inclusive, as amended by this 273
act; 274
(6) Sue and be sued; 275
(7) Establish one or more funds within the trust; and 276
(8) Take any other action necessary to carry out the purposes of 277
[public act 21-111] sections 3-36b to 3-36i, inclusive, as amended by this 278
act, and incidental to the duties imposed on the Treasurer pursuant to 279
[public act 21-111] said sections. 280
Sec. 18. Section 3-36e of the 2022 supplement to the general statutes 281
is repealed and the following is substituted in lieu thereof (Effective from 282
passage): 283
[The property of the trust and the earnings on] Disbursements from 284
the trust shall be exempt from all taxation by the state and all political 285
subdivisions of the state. 286
Sec. 19. Section 3-36f of the 2022 supplement to the general statutes is 287
repealed and the following is substituted in lieu thereof (Effective from 288
passage): 289
(a) Notwithstanding any provision of the general statutes, to the 290
extent permitted by federal law, no [moneys invested in] disbursements 291
from the Connecticut Baby Bond Trust shall be considered to be an asset 292
or income for purposes of determining an individual's eligibility for 293
assistance under any program administered by the [Department of 294
Social Services] state. 295
(b) Notwithstanding any provision of the general statutes, no 296
[moneys invested in] disbursements from the trust shall be considered 297
to be an asset for purposes of determining an individual's eligibility for 298
need-based, institutional aid grants offered to an individual at the 299
public eligible educational institutions in the state. 300 Substitute Bill No. 12
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Sec. 20. Section 3-36g of the 2022 supplement to the general statutes 301
is repealed and the following is substituted in lieu thereof (Effective from 302
passage): 303
[(a) The Treasurer shall establish in the Connecticut Baby Bond Trust 304
an accounting for each designated beneficiary. Each such accounting 305
shall include the amount transferred to the trust pursuant to section 3-306
36h, plus the designated beneficiary's pro rata share of total net earnings 307
from investments of sums held in the trust.] 308
[(b)] (a) Upon a designated beneficiary's eighteenth birthday and 309
completion of a financial literacy requirement as prescribed by the 310
Treasurer, such beneficiary shall become eligible to [receive] request an 311
amount, to be used for payment of an eligible expenditure, of up to the 312
total sum of the [accounting under subsection (a) of this section to be 313
used for an eligible expenditure. The Treasurer may adopt regulations, 314
in accordance with the provisions of chapter 54, to carry out the 315
purposes of this section] amount transferred on behalf of the designated 316
beneficiary pursuant to section 3-36h, as amended by this act, and 317
adjusted, if applicable, in accordance with said section, plus the 318
designated beneficiary's pro rata share of total net earnings from 319
investments of sums held in the trust at the time of disbursement. 320
[(c)] (b) A designated beneficiary may submit a claim [for such 321
accounting] pursuant to subsection (a) of this section, in such form and 322
manner as prescribed by the Treasurer, until his or her thirtieth 323
birthday, [as prescribed by the Treasurer,] provided such designated 324
beneficiary is a resident of the state at the time of such claim. If a 325
designated beneficiary (1) is deceased before submitting a valid claim, 326
or (2) fails to submit a valid claim, as determined by the Treasurer, 327
before his or her thirtieth birthday, [such accounting] the sum such 328
designated beneficiary was eligible to claim shall be [credited back to 329
the assets of] retained by the trust to credit to designated beneficiaries 330
born in subsequent years. 331
[(d)] (c) Subject to obtaining adequate consent authorizing the 332 Substitute Bill No. 12
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disclosure of confidential information related to designated 333
beneficiaries in accordance with all applicable state or federal laws, the 334
Treasurer and the Department of Social Services shall enter into a 335
memorandum of understanding to establish information sharing 336
practices in order to carry out the purposes of [public act 21-111] sections 337
3-36b to 3-36h, inclusive, as amended by this act. 338
Sec. 21. Section 3-36h of the 2022 supplement to the general statutes 339
is repealed and the following is substituted in lieu thereof (Effective from 340
passage): 341
[Upon] After the birth of a designated beneficiary, the Treasurer may 342
transfer up to three thousand two hundred dollars [from the bond 343
proceeds issued pursuant to section 3-36i] to the trust. [to be credited 344
toward the accounting of such designated beneficiary as described in 345
section 3-36g.] For any year in which the funds [made available] 346
authorized pursuant to section 3-36i, as amended by this act, [is] are 347
insufficient to provide such amount per designated beneficiary, the 348
amount so transferred shall be reduced pro rata and the Treasurer shall 349
adjust the shares of each designated beneficiary accordingly. For any 350
year in which such funds are in excess of the amount sufficient to 351
provide such amount per designated beneficiary, the excess funds shall 352
be retained by the trust to credit to designated beneficiaries born in 353
subsequent years. 354
Sec. 22. Section 3-36i of the 2022 supplement to the general statutes is 355
repealed and the following is substituted in lieu thereof (Effective from 356
passage): 357
(a) The State Bond Commission may authorize the issuance of bonds 358
of the state, in accordance with the provisions of section 3-20, in 359
principal amounts not exceeding in the aggregate six hundred million 360
dollars. The proceeds of the sale of bonds described in this section shall 361
be used for the purpose of funding the transfers provided for under 362
section 3-36h, as amended by this act. The amount authorized for the 363
issuance and sale of such bonds in each of the following fiscal years shall 364 Substitute Bill No. 12
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not exceed the following corresponding amount for each such fiscal 365
year, except that, to the extent the State Bond Commission does not 366
provide for the use of all or a portion of such amount in any such fiscal 367
year, such amount not provided for shall be carried forward and added 368
to the authorized amount for the next two succeeding fiscal years, and 369
provided further, the costs of issuance, including expenses of 370
implementing the provisions of sections 3-36b to 3-36h, inclusive, as 371
amended by this act, and capitalized interest, if any, may be added to 372
the capped amount in each fiscal year, and each of the authorized 373
amounts shall be effective on July first of the fiscal year indicated as 374
follows: 375
T1 Fiscal Year Ending Amount
T2 June Thirtieth
T3
2023
[$50,000,000]
$100,000,000
T4 2024 $50,000,000
T5 2025 $50,000,000
T6 2026
7
$50,000,000
T7 2027 $50,000,000
T8 2028 $50,000,000
T9 2029 $50,000,000
T10 2030 $50,000,000
T11 2031 $50,000,000
T12 2032 $50,000,000
T13 2033 $50,000,000
T14 [2034 $50,000,000]
(b) [On or before the first day of September in each year, commencing 376
September 1, 2022] Commencing with the fiscal year ending June 30, 377
2023, not later than the first day of September of each fiscal year, the 378
Department of Social Services shall inform the Treasurer of the number 379 Substitute Bill No. 12
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of designated beneficiaries born in the prior fiscal year. Promptly 380
thereafter, the Treasurer shall submit to the Governor and the Secretary 381
of the Office of Policy and Management, by certified mail, a report of 382
and a calculation of the total amount required to [deposit] be transferred 383
to the trust [for crediting] to credit three thousand two hundred dollars 384
[for the account of] to each such designated beneficiary born in the prior 385
fiscal year. [as described in section 3-36g.] 386
(c) All provisions of section 3-20, or the exercise of any right or power 387
granted thereby which are not inconsistent with the provisions of this 388
section, are hereby adopted and shall apply to all bonds authorized by 389
the State Bond Commission pursuant to this section, and temporary 390
notes in anticipation of the money to be derived from the sale of any 391
such bonds so authorized may be issued in accordance with section 3-392
20 and from time to time renewed. Such bonds shall mature at such time 393
or times not exceeding twenty years from their respective dates as may 394
be provided in or pursuant to the resolution or resolutions of the State 395
Bond Commission authorizing such bonds. All such bonds, notes or 396
other obligations shall be general obligations of the state and the full 397
faith and credit of the state of Connecticut are pledged for the payment 398
of the principal of and interest on such bonds, notes or other obligations 399
as the same shall become due, and accordingly and as part of the 400
contract of the state with the holders of such bonds, notes or other 401
obligations, appropriation of all amounts necessary for punctual 402
payment of such principal and interest is hereby made, and the 403
Treasurer shall pay such principal and interest as the same become due. 404
[All such bonds, notes or other obligations shall be sold at not less than 405
par and accrued interest in such manner and on such terms as the 406
Treasurer may determine is in the best interest of the state, and shall be 407
signed in the name of the state and on its behalf by the Treasurer. All 408
such bonds, notes or other obligations shall mature at such time or times 409
not later than twenty years after their respective issuance, in such 410
principal amounts and at such times, bear such date or dates, be payable 411
at such place or places, bear interest at such rate or different or varying 412
rates, payable at such time or times, be in such denominations, be in 413 Substitute Bill No. 12
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such form with or without interest coupons attached, carry such 414
registration and transfer privileges, be payable in such medium of 415
payment, be subject to such terms of redemption with or without 416
premium and have such additional security, covenant or contract 417
provisions, as appropriate or necessary to improve their marketability, 418
as the Treasurer shall determine prior to their issuance. In connection 419
with such bonds, notes or other obligations, the Treasurer may enter 420
into such paying agent agreements, indentures of trust, escrow 421
agreements or other agreements, with such parties and with such 422
provisions as the Treasurer determines are appropriate or necessary. 423
(d) The Treasurer may obtain from a commercial bank or insurance 424
company authorized to do business within or without this state a letter 425
of credit, line of credit or other liquidity facility or credit facility for the 426
purpose of providing funds for the payments in respect of bonds, notes 427
or other obligations required by the holder thereof to be redeemed or 428
repurchased prior to maturity or for providing additional security for 429
such bonds, notes or other obligations. In connection with any such 430
liquidity facility or credit facility, the Treasurer may enter into any 431
reimbursement agreements, remarketing agreements, standby purchase 432
agreements or any other necessary or appropriate agreements on behalf 433
of the state in connection with securing, insuring or remarketing such 434
bonds, notes or other obligations, on such terms and conditions as the 435
Treasurer determines to be in the best interest of the state. The Treasurer 436
is authorized to pledge the full faith and credit of the state to the state's 437
payment obligations under any such agreement and the Treasurer is 438
authorized to include such pledge in any such agreement as part of the 439
contract with the provider of such liquidity facility or credit facility. The 440
Treasurer shall apply any appropriation for the payment of such bonds, 441
notes or other obligations to such reimbursement repayment if such 442
liquidity facility or credit facility is drawn upon. As part of the contract 443
of the state with the other parties to any agreement entered into 444
pursuant to this subsection for which the full faith and credit of the state 445
is pledged to the state's payment obligations under such agreement, 446
appropriation of all amounts necessary for the punctual payment of the 447 Substitute Bill No. 12
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obligations of the state under any such agreement is hereby made and 448
the Treasurer shall pay such amounts as the same become due. 449
(e) In connection with or incidental to the carrying of such bonds, 450
notes or other obligations, or in connection with or incidental to the sale 451
and issuance of such bonds, notes or other obligations, the Treasurer 452
may enter into such contracts as the Treasurer may determine to be 453
necessary or appropriate to place the obligation of the state, as 454
represented by the bonds, notes or other obligations, in whole or in part, 455
on such interest rate or cash flow basis as the Treasurer may determine, 456
including without limitation, interest rate swap agreements, insurance 457
agreements, forward payment conversion agree ments, futures 458
contracts, contracts providing for payments based on levels of, or 459
changes in, interest rates or market indices, contracts to manage interest 460
rate risk, including without limitation, interest rate floors or caps, 461
options, puts, calls and similar arrangements. Such contracts shall 462
contain such payment, security, default, remedy and other terms and 463
conditions as the Treasurer may deem appropriate and shall be entered 464
into with such party or parties as the Treasurer may select, after giving 465
due consideration, where applicable, for the creditworthiness of the 466
counter party or counter parties, including any rating by a nationally 467
recognized rating agency, the impact on any rating on outstanding 468
bonds, notes or other obligations or any other criteria as the Treasurer 469
may deem appropriate, provided the unsecured long-term obligations 470
of the counter party or counter parties are rated the same or higher than 471
the underlying rating of the state on the applicable bonds, notes or other 472
obligations by at least one nationally recognized rating agency. The 473
Treasurer is authorized to pledge the full faith and credit of the state to 474
the state's payment obligations under any contract entered into 475
pursuant to this subsection. As part of the contract of the state with the 476
other parties to any agreement entered into pursuant to this subsection 477
for which the full faith and credit of the state is pledged to the state's 478
payment obligations under such agreement, appropriation of all 479
amounts necessary for the punctual payment of the obligations of the 480
state under any such agreement is hereby made and the Treasurer shall 481 Substitute Bill No. 12
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pay such amounts as the same become due. 482
(f) The Superior Court shall have jurisdiction to enter judgment 483
against the state founded (1) upon any express contract between the 484
state and the purchasers and subsequent owners and transferees of any 485
bonds, notes or other obligations issued or contracted to be issued by 486
the state pursuant to this section, and (2) upon any agreement entered 487
into pursuant to subsection (c) or (d) of this section. Any action brought 488
under this subsection shall be brought in the superior court for the 489
judicial district of Hartford. The jurisdiction conferred upon the 490
Superior Court by this subsection includes any set-off, claim or demand 491
on the part of the state against any plaintiff commencing an action under 492
this subsection. Such action shall be tried to the court without a jury. All 493
legal defenses, except governmental immunity, shall be reserved to the 494
state. Any action brought under this subsection shall be privileged in 495
respect to assignment for trial upon motion of either party. 496
(g) Any expense incurred in connection with the issuance or renewal 497
of the bonds, notes or other obligations issued pursuant to this section 498
shall be paid from the accrued interest and premiums on such bonds, 499
notes or other obligations, from the proceeds of the sale of such bonds, 500
notes or other obligations or otherwise from the General Fund. The 501
Treasurer is authorized to issue such bonds, notes or other obligations 502
in such form and manner that the interest on such bonds, notes or other 503
obligations may be includable or excludable under the Internal Revenue 504
Code of 1986, or any subsequent corresponding internal revenue code 505
of the United States, as amended from time to time, in the gross income 506
of the holders or owners of such bonds, notes or other obligations. The 507
Treasurer may make representations and agreements for the benefit of 508
the holders or owners of any such bonds, notes or other obligations 509
which are necessary or appropriate to ensure the inclusion or exclusion 510
of interest on such bonds, notes or other obligations of the state from 511
taxation under the Internal Revenue Code of 1986 or any subsequent 512
corresponding internal revenue code of the United States, as amended 513
from time to time, including agreements to pay rebates to the federal 514 Substitute Bill No. 12
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government of investment earnings derived from the investment of the 515
proceeds of bonds, notes or other obligations. The Treasurer may make 516
representations and agreements for the benefit of the holders or owners 517
of such bonds, notes or other obligations on behalf of the state to provide 518
secondary market disclosure information. Any such agreement may 519
include: (1) Covenants to provide secondary market disclosure 520
information, (2) arrangements for such information to be provided with 521
the assistance of a paying agent, trustee or other agent, and (3) remedies 522
for breach of such agreement, which remedies may be limited to specific 523
performance. The state shall protect and save harmless any official or 524
former official of the state from financial loss and expense, including 525
legal fees and costs, if any, arising out of any claim, demand, suit or 526
judgment by reason of alleged negligence on the part of such official, 527
while acting in the discharge of his or her official duties, in providing 528
secondary market disclosure information or performing any other 529
duties set forth in any agreement to provide secondary market 530
disclosure information. Nothing in this section shall be construed to 531
preclude the defense of governmental immunity to any such claim, 532
demand or suit. For purposes of this subsection "official" means any 533
person elected or appointed to office or any state employee. This 534
indemnity provision shall not apply to cases of wilful and wanton fraud. 535
(h) All such bonds, notes or other obligations, their transfer and the 536
income therefrom, including any profit on the sale or transfer thereof, 537
shall at all times be exempt from all taxation by the state or under its 538
authority, except for estate or succession taxes, but the interest on such 539
bonds, notes or other obligations shall be included in the computation 540
of any excise or franchise tax. Such bonds, notes or other obligations are 541
hereby made and declared to be (1) legal investments for savings banks 542
and trustees unless otherwise provided in the instrument creating the 543
trust, (2) securities in which all public officers and bodies, all insurance 544
companies and associations and persons carrying on an insurance 545
business, all banks, bankers, trust companies, savings banks and savings 546
associations, including savings and loan associations, building and loan 547
associations, investment companies and persons carrying on a banking 548 Substitute Bill No. 12
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or investment business, all administrators, guardians, executors, 549
trustees and other fiduciaries and all persons who are or may be 550
authorized to invest in bonds, notes or other obligations of the state, 551
may properly and legally invest funds, including capital in their control 552
or belonging to them, and (3) securities that may be deposited with and 553
shall be received by all public officers and bodies for any purpose for 554
which the deposit of bonds, notes or other obligations of the state is or 555
may be authorized.] 556
Sec. 23. Section 3-13c of the 2022 supplement to the general statutes is 557
repealed and the following is substituted in lieu thereof (Effective from 558
passage): 559
[Trust funds as] As used in sections 3-13 to 3-13e, inclusive, and 3-560
31b, [shall be construed to include] "trust funds" includes the 561
Connecticut Municipal Employees' Retirement Fund A, the Connecticut 562
Municipal Employees' Retirement Fund B, the Soldiers, Sailors and 563
Marines Fund, the Family and Medical Leave Insurance Trust Fund, the 564
State's Attorneys' Retirement Fund, the Teachers' Annuity Fund, the 565
Teachers' Pension Fund, the Teachers' Survivorship and Dependency 566
Fund, the School Fund, the State Employees Retirement Fund, the 567
Hospital Insurance Fund, the Policemen and Firemen Survivor's Benefit 568
Fund, any trust fund described in subdivision (1) of subsection (b) of 569
section 7-450 that is administered, held or invested by the State 570
Treasurer, the Connecticut Baby Bond Trust and all other trust funds 571
administered, held or invested by the State Treasurer. 572
Sec. 24. Subsection (a) of section 4a-10 of the 2022 supplement to the 573
general statutes is repealed and the following is substituted in lieu 574
thereof (Effective July 1, 2022): 575
(a) For the purposes described in subsection (b) of this section, the 576
State Bond Commission shall have the power, from time to time to 577
authorize the issuance of bonds of the state in one or more series and in 578
principal amounts not exceeding in the aggregate [five hundred forty-579
six million one hundred thousand dollars, provided ten million dollars 580 Substitute Bill No. 12
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of said authorization shall be effective July 1, 2022] five hundred sixty-581
one million one hundred thousand dollars. 582
Sec. 25. Subsection (c) of section 7-277c of the general statutes is 583
repealed and the following is substituted in lieu thereof (Effective July 1, 584
2022): 585
(c) The Office of Policy and Management shall distribute grants-in-586
aid pursuant to this section during the fiscal years ending June 30, 2021, 587
[and] June 30, 2022, and June 30, 2023. Any such grant-in-aid shall be for 588
up to fifty per cent of the cost of such purchase of body-worn recording 589
equipment, digital data storage devices or services or dashboard 590
cameras with a remote recorder if the municipality is a distressed 591
municipality, as defined in section 32-9p, or up to thirty per cent of the 592
cost of such purchase if the municipality is not a distressed municipality, 593
provided the costs of such digital data storage services covered by a 594
grant-in-aid shall not be for a period of service that is longer than one 595
year. 596
Sec. 26. Subsection (b) of section 8-37mm of the general statutes is 597
repealed and the following is substituted in lieu thereof (Effective July 1, 598
2022): 599
(b) The proceeds of the sale of said bonds, to the extent of the amount 600
stated in subsection (a) of this section shall be used by the Department 601
of Housing for the purposes of a homelessness prevention and response 602
fund to provide [forgivable loans or] grants to [(1) landlords to renovate 603
multifamily homes, including performing building code compliance 604
work and other major improvements, in exchange for the landlord's 605
participation in a rapid rehousing program. A landlord's participation 606
in such program would include, but not be limited to, waiving security 607
deposits and abatement of rent for a designated period; and (2) 608
landlords to renovate multifamily homes, including performing 609
building code compliance work and other major improvements, fund 610
ongoing maintenance and repair, or] capitalize operating and 611
replacement reserves in [exchange for the abatement of rent by a 612 Substitute Bill No. 12
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landlord for scattered site] supportive housing units. 613
Sec. 27. Section 10-287d of the 2022 supplement to the general statutes 614
is repealed and the following is substituted in lieu thereof (Effective July 615
1, 2022): 616
For the purposes of funding (1) grants to projects that have received 617
approval of the Department of Administrative Services pursuant to 618
sections 10-287 and 10-287a, subsection (a) of section 10-65 and section 619
10-76e, (2) grants to assist school building projects to remedy safety and 620
health violations and damage from fire and catastrophe, and (3) 621
technical education and career school projects pursuant to section 10-622
283b, the State Treasurer is authorized and directed, subject to and in 623
accordance with the provisions of section 3-20, to issue bonds of the state 624
from time to time in one or more series in an aggregate amount not 625
exceeding thirteen billion [seven] six hundred twelve million one 626
hundred sixty thousand dollars. [, provided five hundred fifty million 627
dollars of said authorization shall be effective July 1, 2022.] Bonds of 628
each series shall bear such date or dates and mature at such time or times 629
not exceeding thirty years from their respective dates and be subject to 630
such redemption privileges, with or without premium, as may be fixed 631
by the State Bond Commission. They shall be sold at not less than par 632
and accrued interest and the full faith and credit of the state is pledged 633
for the payment of the interest thereon and the principal thereof as the 634
same shall become due, and accordingly and as part of the contract of 635
the state with the holders of said bonds, appropriation of all amounts 636
necessary for punctual payment of such principal and interest is hereby 637
made, and the State Treasurer shall pay such principal and interest as 638
the same become due. The State Treasurer is authorized to invest 639
temporarily in direct obligations of the United States, United States 640
agency obligations, certificates of deposit, commercial paper or bank 641
acceptances such portion of the proceeds of such bonds or of any notes 642
issued in anticipation thereof as may be deemed available for such 643
purpose. 644
Sec. 28. Subsection (a) of section 23-103 of the 2022 supplement to the 645 Substitute Bill No. 12
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general statutes is repealed and the following is substituted in lieu 646
thereof (Effective July 1, 2022): 647
(a) For the purposes described in subsection (b) of this section, the 648
State Bond Commission shall have the power, from time to time to 649
authorize the issuance of bonds of the state in one or more series and in 650
principal amounts not exceeding in the aggregate [nineteen] twenty-two 651
million dollars. [, provided three million dollars of said authorization 652
shall be effective July 1, 2022.] 653
Sec. 29. Section 8 of public act 14-98, as amended by section 189 of 654
public act 16-4 of the May special session, section 517 of public act 17-2 655
of the June special session, section 28 of public act 18-178 and section 68 656
of public act 21-111, is amended to read as follows (Effective July 1, 2022): 657
The State Bond Commission shall have power, in accordance with the 658
provisions of this section and sections 9 to 15, inclusive, of public act 14-659
98, from time to time to authorize the issuance of bonds of the state in 660
one or more series and in principal amounts in the aggregate, not 661
exceeding [$172,765,800] $182,765,800. 662
Sec. 30. Subdivision (4) of subsection (e) of section 9 of public act 14-663
98, as amended by section 69 of public act 21-111, is amended to read as 664
follows (Effective July 1, 2022): 665
(4) Grants-in-aid to nonprofit organizations sponsoring children's 666
museums, aquariums and science-related programs, not exceeding 667
[$27,100,000] $37,100,000, provided not more than [$10,500,000] 668
$20,500,000 shall be used as a grant-in-aid to the Connecticut Science 669
Center, not more than $6,600,000 shall be used as a grant-in-aid to the 670
Maritime Aquarium in Norwalk and not more than $10,000,000 shall be 671
used as a grant-in-aid to the Children's Museum in West Hartford; 672
Sec. 31. Section 1 of public act 21-111 is amended to read as follows 673
(Effective July 1, 2022): 674
The State Bond Commission shall have power, in accordance with the 675 Substitute Bill No. 12
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provisions of this section and sections 2 to 7, inclusive, of [this act] public 676
act 21-111, from time to time to authorize the issuance of bonds of the 677
state in one or more series and in principal amounts in the aggregate not 678
exceeding [$334,558,500] $334,058,500. 679
Sec. 32. Subsection (e) of section 2 of public act 21-111 is repealed 680
(Effective July 1, 2022) 681
Sec. 33. Section 20 of public act 21-111, as amended by section 472 of 682
public act 21-2 of the June special session, is amended to read as follows 683
(Effective July 1, 2022): 684
The State Bond Commission shall have power, in accordance with the 685
provisions of this section and sections 21 to 26, inclusive, of public act 686
21-111, from time to time to authorize the issuance of bonds of the state 687
in one or more series and in principal amounts in the aggregate not 688
exceeding [$241,565,000] $286,565,000. 689
Sec. 34. Subdivision (1) of subsection (e) of section 21 of public act 21-690
111 is amended to read as follows (Effective July 1, 2022): 691
(1) Alterations, renovations and new construction at state parks and 692
other recreation facilities, including Americans with Disabilities Act 693
improvements, not exceeding [$15,000,000] $30,000,000; 694
Sec. 35. Subsection (j) of section 21 of public act 21-111 is amended to 695
read as follows (Effective July 1, 2022): 696
(j) For the Department of Correction: Alterations, renovations, and 697
improvements to existing state-owned buildings for inmate housing, 698
programming and staff training space and additional inmate capacity, 699
and for support facilities and off-site improvements, not exceeding 700
[$10,000,000] $40,000,000. 701
Sec. 36. Section 31 of public act 21-111, as amended by section 474 of 702
public act 21-2 of the June special session, is amended to read as follows 703
(Effective July 1, 2022): 704 Substitute Bill No. 12
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The State Bond Commission shall have power, in accordance with the 705
provisions of this section and sections 32 to 38, inclusive, of public act 706
21-111, from time to time to authorize the issuance of bonds of the state 707
in one or more series and in principal amounts in the aggregate, not 708
exceeding [$198,550,000] $203,550,000. 709
Sec. 37. Subdivision (1) of subsection (b) of section 32 of public act 21-710
111 is amended to read as follows (Effective July 1, 2022): 711
(1) Grants-in-aid to municipalities for open space land acquisition 712
and development for conservation or recreational purposes, not 713
exceeding [$10,000,000] $15,000,000; 714
Sec. 38. (Effective July 1, 2022) (a) For the purposes described in 715
subsection (b) of this section, the State Bond Commission shall have the 716
power from time to time to authorize the issuance of bonds of the state 717
in one or more series and in principal amounts not exceeding in the 718
aggregate ten million dollars. 719
(b) The proceeds of the sale of said bonds, to the extent of the amount 720
stated in subsection (a) of this section, shall be used by the Connecticut 721
State Colleges and Universities for the purpose of constructing, 722
improving or equipping child care centers on or near college and 723
university campuses, including, but not limited to, payment of 724
associated costs for architectural, engineering or demolition services. 725
(c) All provisions of section 3-20 of the general statutes, or the exercise 726
of any right or power granted thereby, which are not inconsistent with 727
the provisions of this section are hereby adopted and shall apply to all 728
bonds authorized by the State Bond Commission pursuant to this 729
section, and temporary notes in anticipation of the money to be derived 730
from the sale of any such bonds so authorized may be issued in 731
accordance with said section 3-20 and from time to time renewed. Such 732
bonds shall mature at such time or times not exceeding twenty years 733
from their respective dates as may be provided in or pursuant to the 734
resolution or resolutions of the State Bond Commission authorizing 735 Substitute Bill No. 12
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such bonds. None of said bonds shall be authorized except upon a 736
finding by the State Bond Commission that there has been filed with it 737
a request for such authorization which is signed by or on behalf of the 738
Secretary of the Office of Policy and Management and states such terms 739
and conditions as said commission, in its discretion, may require. Said 740
bonds issued pursuant to this section shall be general obligations of the 741
state and the full faith and credit of the state of Connecticut are pledged 742
for the payment of the principal of and interest on said bonds as the 743
same become due, and accordingly and as part of the contract of the 744
state with the holders of said bonds, appropriation of all amounts 745
necessary for punctual payment of such principal and interest is hereby 746
made, and the State Treasurer shall pay such principal and interest as 747
the same become due. 748
Sec. 39. (Effective July 1, 2022) (a) For the purposes described in 749
subsection (b) of this section, the State Bond Commission shall have the 750
power from time to time to authorize the issuance of bonds of the state 751
in one or more series and in principal amounts not exceeding in the 752
aggregate twenty million dollars. 753
(b) The proceeds of the sale of said bonds, to the extent of the amount 754
stated in subsection (a) of this section, shall be used by the Department 755
of Housing for the purpose of developing housing for health care 756
workers, in collaboration with the Chief Workforce Officer. 757
(c) All provisions of section 3-20 of the general statutes, or the exercise 758
of any right or power granted thereby, which are not inconsistent with 759
the provisions of this section are hereby adopted and shall apply to all 760
bonds authorized by the State Bond Commission pursuant to this 761
section, and temporary notes in anticipation of the money to be derived 762
from the sale of any such bonds so authorized may be issued in 763
accordance with said section 3-20 and from time to time renewed. Such 764
bonds shall mature at such time or times not exceeding twenty years 765
from their respective dates as may be provided in or pursuant to the 766
resolution or resolutions of the State Bond Commission authorizing 767
such bonds. None of said bonds shall be authorized except upon a 768 Substitute Bill No. 12
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finding by the State Bond Commission that there has been filed with it 769
a request for such authorization which is signed by or on behalf of the 770
Secretary of the Office of Policy and Management and states such terms 771
and conditions as said commission, in its discretion, may require. Said 772
bonds issued pursuant to this section shall be general obligations of the 773
state and the full faith and credit of the state of Connecticut are pledged 774
for the payment of the principal of and interest on said bonds as the 775
same become due, and accordingly and as part of the contract of the 776
state with the holders of said bonds, appropriation of all amounts 777
necessary for punctual payment of such principal and interest is hereby 778
made, and the State Treasurer shall pay such principal and interest as 779
the same become due. 780
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2022 New section
Sec. 2 July 1, 2022 New section
Sec. 3 July 1, 2022 New section
Sec. 4 July 1, 2022 New section
Sec. 5 July 1, 2022 New section
Sec. 6 July 1, 2022 New section
Sec. 7 July 1, 2022 New section
Sec. 8 July 1, 2022 New section
Sec. 9 July 1, 2022 New section
Sec. 10 July 1, 2022 New section
Sec. 11 July 1, 2022 New section
Sec. 12 July 1, 2022 New section
Sec. 13 July 1, 2022 New section
Sec. 14 July 1, 2022 New section
Sec. 15 July 1, 2022 New section
Sec. 16 from passage 3-36b
Sec. 17 from passage 3-36c
Sec. 18 from passage 3-36e
Sec. 19 from passage 3-36f
Sec. 20 from passage 3-36g
Sec. 21 from passage 3-36h
Sec. 22 from passage 3-36i Substitute Bill No. 12
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Sec. 23 from passage 3-13c
Sec. 24 July 1, 2022 4a-10(a)
Sec. 25 July 1, 2022 7-277c(c)
Sec. 26 July 1, 2022 8-37mm(b)
Sec. 27 July 1, 2022 10-287d
Sec. 28 July 1, 2022 23-103(a)
Sec. 29 July 1, 2022 PA 14-98, Sec. 8
Sec. 30 July 1, 2022 PA 14-98, Sec. 9(e)(4)
Sec. 31 July 1, 2022 PA 21-111, Sec. 1
Sec. 32 July 1, 2022 PA 21-111, Sec. 2(e)
Sec. 33 July 1, 2022 PA 21-111, Sec. 20
Sec. 34 July 1, 2022 PA 21-111, Sec. 21(e)(1)
Sec. 35 July 1, 2022 PA 21-111, Sec. 21(j)
Sec. 36 July 1, 2022 PA 21-111, Sec. 31
Sec. 37 July 1, 2022 PA 21-111, Sec. 32(b)(1)
Sec. 38 July 1, 2022 New section
Sec. 39 July 1, 2022 New section
FIN Joint Favorable Subst.