| 26 | 27 | | subsection (b) of this section, the State Bond Commission shall have the 2 |
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| 27 | 28 | | power from time to time to authorize the issuance of bonds of the state 3 |
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| 28 | 29 | | in one or more series and in principal amounts not exceeding in the 4 |
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| 29 | 30 | | aggregate one hundred thousand dollars. 5 |
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| 30 | 31 | | (b) The proceeds of the sale of such bonds, to the extent of the amount 6 |
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| 31 | 32 | | stated in subsection (a) of this section, shall be used by the Department 7 |
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| 32 | 33 | | of Economic and Community Development for the purpose of 8 |
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| 33 | 34 | | providing a grant-in-aid to the Naugatuck Railroad for the design and 9 |
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| 42 | 43 | | 2 of 2 |
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| 43 | 44 | | |
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| 44 | 45 | | provisions of this section are hereby adopted and shall apply to all 14 |
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| 45 | 46 | | bonds authorized by the State Bond Commission pursuant to this 15 |
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| 46 | 47 | | section. Temporary notes in anticipation of the money to be derived 16 |
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| 47 | 48 | | from the sale of any such bonds so authorized may be issued in 17 |
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| 48 | 49 | | accordance with section 3-20 of the general statutes and from time to 18 |
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| 49 | 50 | | time renewed. Such bonds shall mature at such time or times not 19 |
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| 50 | 51 | | exceeding twenty years from their respective dates as may be provided 20 |
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| 51 | 52 | | in or pursuant to the resolution or resolutions of the State Bond 21 |
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| 52 | 53 | | Commission authorizing such bonds. None of such bonds shall be 22 |
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| 53 | 54 | | authorized except upon a finding by the State Bond Commission that 23 |
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| 54 | 55 | | there has been filed with it a request for such authorization that is signed 24 |
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| 55 | 56 | | by or on behalf of the Secretary of the Office of Policy and Management 25 |
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| 56 | 57 | | and states such terms and conditions as said commission, in its 26 |
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| 57 | 58 | | discretion, may require. Such bonds issued pursuant to this section shall 27 |
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| 58 | 59 | | be general obligations of the state and the full faith and credit of the state 28 |
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| 59 | 60 | | of Connecticut are pledged for the payment of the principal of and 29 |
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| 60 | 61 | | interest on such bonds as the same become due, and accordingly and as 30 |
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| 61 | 62 | | part of the contract of the state with the holders of such bonds, 31 |
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| 62 | 63 | | appropriation of all amounts necessary for punctual payment of such 32 |
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| 63 | 64 | | principal and interest is hereby made, and the State Treasurer shall pay 33 |
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| 64 | 65 | | such principal and interest as the same become due. 34 |
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| 65 | 66 | | This act shall take effect as follows and shall amend the following |
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| 66 | 67 | | sections: |
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| 67 | 68 | | |
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| 68 | 69 | | Section 1 July 1, 2022 New section |
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| 69 | 70 | | |
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| 70 | 71 | | CE Joint Favorable C/R FIN |
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