Connecticut 2022 Regular Session

Connecticut Senate Bill SB00384 Compare Versions

Version 1 (Old)

Version 2 (New)

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7		-	General Assembly Substitute Bill No. 384
	4	+	LCO No. 2683 1 of 13
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	6	+	General Assembly Raised Bill No. 384
8	7		February Session, 2022
	8	+	LCO No. 2683
	9	+
	10	+
	11	+	Referred to Committee on FINANCE, REVENUE AND
	12	+	BONDING
	13	+
	14	+
	15	+	Introduced by:
	16	+	(FIN)
	17	+
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12	21		AN ACT IMPLEMENTING THE TREASURER'S RECOMMENDATIONS
13	22		CONCERNING THE CONNECTICUT BABY BOND TRUST PROGRAM.
14	23		Be it enacted by the Senate and House of Representatives in General
15	24		Assembly convened:
16	25
17	26		Section 1. Section 3-36b of the 2022 supplement to the general statutes 1
18	27		is repealed and the following is substituted in lieu thereof (Effective from 2
19	28		passage): 3
20	29		(a) There is established the Connecticut Baby Bond Trust. The trust 4
21	30		shall constitute an instrumentality of the state and shall perform 5
22	31		essential governmental functions as provided in sections 3-36a to 3-36h, 6
23	32		inclusive, as amended by this act. The trust shall receive and hold all 7
24	33		payments and deposits or contributions intended for the trust, as well 8
25	34		as gifts, bequests, endowments or federal, state or local grants and any 9
26	35		other funds from any public or private source and all earnings until 10
27	36		disbursed in accordance with section 3-36c, as amended by this act, 3-11
28	37		36d or 3-36g, as amended by this act. 12
29	38		(b) The amounts on deposit in the trust shall not constitute property 13
30		-	of the state and the trust shall not be construed to be a department, 14
	39	+	of the state and the trust shall not be construed to be a department, 14 Raised Bill No. 384
	40	+
	41	+
	42	+
	43	+	LCO No. 2683 2 of 13
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31	45		institution or agency of the state. Amounts on deposit in the trust shall 15
32	46		not be commingled with state funds and the state shall have no claim to 16
33	47		or against, or interest in, such funds. Any contract entered into by or any 17
34	48		obligation of the trust shall not constitute a debt or obligation of the state 18
35		-	and the state shall have no obligation to any designated beneficiary or 19 Substitute Bill No. 384
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	49	+	and the state shall have no obligation to any designated beneficiary or 19
42	50		any other person on account of the trust and all amounts obligated to be 20
43	51		paid from the trust shall be limited to amounts available for such 21
44	52		obligation on deposit in the trust. The amounts on deposit in the trust 22
45	53		may only be disbursed in accordance with the provisions of section 3-23
46	54		36c, as amended by this act, 3-36d or 3-36g, as amended by this act. The 24
47	55		trust shall continue in existence as long as it holds any deposits or has 25
48	56		any obligations and until its existence is terminated by law and upon 26
49	57		termination any unclaimed assets shall return to the state. Property of 27
50	58		the trust shall not be governed by section 3-61a. 28
51	59		(c) The Treasurer shall be responsible for the receipt, maintenance, 29
52	60		administration, investing and disbursements of amounts from the trust. 30
53	61		The trust shall not receive deposits in any form other than cash. 31
54	62		Sec. 2. Section 3-36c of the 2022 supplement to the general statutes is 32
55	63		repealed and the following is substituted in lieu thereof (Effective from 33
56	64		passage): 34
57	65		The Treasurer, on behalf of the trust and for purposes of the trust, 35
58	66		may: 36
59	67		(1) Receive and invest moneys in the trust in any instruments, 37
60	68		obligations, securities or property in accordance with section 3-36d; 38
61	69		(2) Enter into one or more contractual agreements, including 39
62	70		contracts for legal, actuarial, accounting, custodial, advisory, 40
63	71		management, administrative, advertising, marketing and consulting 41
64	72		services for the trust and pay for such services from the assets of the 42
65	73		trust; 43
66	74		(3) Procure insurance in connection with the trust's property, assets, 44
67		-	activities or deposits to the trust; 45
	75	+	activities or deposits to the trust; 45 Raised Bill No. 384
	76	+
	77	+
	78	+
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	80	+
68	81		(4) Apply for, accept and expend gifts, grants or donations from 46
69	82		public or private sources to enable the trust to carry out its objectives; 47
70		-	(5) Adopt regulations in accordance with chapter 54 for purposes of 48 Substitute Bill No. 384
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	83	+	(5) Adopt regulations in accordance with chapter 54 for purposes of 48
77	84		[public act 21-111] sections 3-36b to 3-36i, inclusive, as amended by this 49
78	85		act; 50
79	86		(6) Sue and be sued; 51
80	87		(7) Establish one or more funds within the trust; and 52
81	88		(8) Take any other action necessary to carry out the purposes of 53
82	89		[public act 21-111] sections 3-36b to 3-36i, inclusive, as amended by this 54
83	90		act, and incidental to the duties imposed on the Treasurer pursuant to 55
84	91		[public act 21-111] said sections. 56
85	92		Sec. 3. Section 3-36e of the 2022 supplement to the general statutes is 57
86	93		repealed and the following is substituted in lieu thereof (Effective from 58
87	94		passage): 59
88	95		[The property of the trust and the earnings on] Disbursements from 60
89	96		the trust shall be exempt from all taxation by the state and all political 61
90	97		subdivisions of the state. 62
91	98		Sec. 4. Section 3-36f of the 2022 supplement to the general statutes is 63
92	99		repealed and the following is substituted in lieu thereof (Effective from 64
93	100		passage): 65
94	101		(a) Notwithstanding any provision of the general statutes, to the 66
95	102		extent permitted by federal law, no [moneys invested in] disbursements 67
96	103		from the Connecticut Baby Bond Trust shall be considered to be an asset 68
97	104		or income for purposes of determining an individual's eligibility for 69
98	105		assistance under any program administered by the [Department of 70
99	106		Social Services] state. 71
100	107		(b) Notwithstanding any provision of the general statutes, no 72
101	108		[moneys invested in] disbursements from the trust shall be considered 73
102		-	to be an asset for purposes of determining an individual's eligibility for 74
103		-	need-based, institutional aid grants offered to an individual at the 75
104		-	public eligible educational institutions in the state. 76 Substitute Bill No. 384
	109	+	to be an asset for purposes of determining an individual's eligibility for 74 Raised Bill No. 384
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	115	+	need-based, institutional aid grants offered to an individual at the 75
	116	+	public eligible educational institutions in the state. 76
111	117		Sec. 5. Section 3-36g of the 2022 supplement to the general statutes is 77
112	118		repealed and the following is substituted in lieu thereof (Effective from 78
113	119		passage): 79
114	120		[(a) The Treasurer shall establish in the Connecticut Baby Bond Trust 80
115	121		an accounting for each designated beneficiary. Each such accounting 81
116	122		shall include the amount transferred to the trust pursuant to section 3-82
117	123		36h, plus the designated beneficiary's pro rata share of total net earnings 83
118	124		from investments of sums held in the trust.] 84
119	125		[(b)] (a) Upon a designated beneficiary's eighteenth birthday and 85
120	126		completion of a financial literacy requirement as prescribed by the 86
121	127		Treasurer, such beneficiary shall become eligible to [receive] request an 87
122	128		amount, to be used for payment of an eligible expenditure, of up to the 88
123	129		total sum of the [accounting under subsection (a) of this section to be 89
124	130		used for an eligible expenditure. The Treasurer may adopt regulations, 90
125	131		in accordance with the provisions of chapter 54, to carry out the 91
126	132		purposes of this section] amount transferred on behalf of the designated 92
127	133		beneficiary pursuant to section 3-36h, as amended by this act, and 93
128	134		adjusted, if applicable, in accordance with said section, plus the 94
129	135		designated beneficiary's pro rata share of total net earnings from 95
130	136		investments of sums held in the trust at the time of disbursement. 96
131	137		[(c)] (b) A designated beneficiary may submit a claim [for such 97
132	138		accounting] pursuant to subsection (a) of this section, in such form and 98
133	139		manner as prescribed by the Treasurer, until his or her thirtieth 99
134	140		birthday, [as prescribed by the Treasurer,] provided such designated 100
135	141		beneficiary is a resident of the state at the time of such claim. If a 101
136	142		designated beneficiary (1) is deceased before submitting a valid claim, 102
137	143		or (2) fails to submit a valid claim, as determined by the Treasurer, 103
138	144		before his or her thirtieth birthday, [such accounting] the sum such 104
139	145		designated beneficiary was eligible to claim shall be [credited back to 105
140		-	the assets of] retained by the trust to credit to designated beneficiaries 106
141		-	born in subsequent years. 107
142		-	[(d)] (c) Subject to obtaining adequate consent authorizing the 108 Substitute Bill No. 384
	146	+	the assets of] retained by the trust for use to credit to designated 106 Raised Bill No. 384
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	152	+	beneficiaries born in subsequent years. 107
	153	+	[(d)] (c) Subject to obtaining adequate consent authorizing the 108
149	154		disclosure of confidential information related to designated 109
150	155		beneficiaries in accordance with all applicable state or federal laws, the 110
151	156		Treasurer and the Department of Social Services shall enter into a 111
152	157		memorandum of understanding to establish information sharing 112
153	158		practices in order to carry out the purposes of [public act 21-111] sections 113
154	159		3-36b to 3-36h, inclusive, as amended by this act. 114
155	160		Sec. 6. Section 3-36h of the 2022 supplement to the general statutes is 115
156	161		repealed and the following is substituted in lieu thereof (Effective from 116
157	162		passage): 117
158	163		[Upon] After the birth of a designated beneficiary, the Treasurer may 118
159	164		transfer up to three thousand two hundred dollars [from the bond 119
160	165		proceeds issued pursuant to section 3-36i] to the trust. [to be credited 120
161	166		toward the accounting of such designated beneficiary as described in 121
162	167		section 3-36g.] For any year in which the funds [made available] 122
163	168		authorized pursuant to section 3-36i, as amended by this act, [is] are 123
164	169		insufficient to provide such amount per designated beneficiary, the 124
165	170		amount so transferred shall be reduced pro rata and the Treasurer shall 125
166	171		adjust the shares of each designated beneficiary accordingly. For any 126
167	172		year in which such funds are in excess of the amount sufficient to 127
168	173		provide such amount per designated beneficiary, the excess funds shall 128
169		-	be retained by the trust to credit to designated beneficiaries born in 129
170		-	subsequent years. 130
	174	+	be retained by the trust for use to credit to designated beneficiaries born 129
	175	+	in subsequent years. 130
171	176		Sec. 7. Section 3-36i of the 2022 supplement to the general statutes is 131
172	177		repealed and the following is substituted in lieu thereof (Effective from 132
173	178		passage): 133
174	179		(a) The State Bond Commission may authorize the issuance of bonds 134
175	180		of the state, in accordance with the provisions of section 3-20, in 135
176	181		principal amounts not exceeding in the aggregate six hundred million 136
177	182		dollars. The proceeds of the sale of bonds described in this section shall 137
178		-	be used for the purpose of funding the transfers provided for under 138
179		-	section 3-36h, as amended by this act. The amount authorized for the 139
180		-	issuance and sale of such bonds in each of the following fiscal years shall 140 Substitute Bill No. 384
	183	+	be used for the purpose of funding the transfers provided for under 138 Raised Bill No. 384
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	189	+	section 3-36h, as amended by this act. The amount authorized for the 139
	190	+	issuance and sale of such bonds in each of the following fiscal years shall 140
187	191		not exceed the following corresponding amount for each such fiscal 141
188	192		year, except that, to the extent the State Bond Commission does not 142
189	193		provide for the use of all or a portion of such amount in any such fiscal 143
190	194		year, such amount not provided for shall be carried forward and added 144
191	195		to the authorized amount for the next two succeeding fiscal years, and 145
192	196		provided further, the costs of issuance, including expenses of 146
193	197		implementing the provisions of sections 3-36b to 3-36h, inclusive, as 147
194	198		amended by this act, and capitalized interest, if any, may be added to 148
195	199		the capped amount in each fiscal year, and each of the authorized 149
196	200		amounts shall be effective on July first of the fiscal year indicated as 150
197	201		follows: 151
198	202
199	203		T1 Fiscal Year Ending Amount
200	204		T2 June Thirtieth
201	205		T3
202	206		2023
203	207		[$50,000,000]
204	208		$100,000,000
205	209		T4 2024 $50,000,000
206	210		T5 2025 $50,000,000
207	211		T6 2026
208	212		7
209	213		$50,000,000
210	214		T7 2027 $50,000,000
211	215		T8 2028 $50,000,000
212	216		T9 2029 $50,000,000
213	217		T10 2030 $50,000,000
214	218		T11 2031 $50,000,000
215	219		T12 2032 $50,000,000
216	220		T13 2033 $50,000,000
217	221		T14 [2034 $50,000,000]
218	222
219	223		(b) [On or before the first day of September in each year, commencing 152
220		-	September 1, 2022] Commencing with the fiscal year ending June 30, 153
	224	+	September 1, 2022] Commencing with the fiscal year ending June 30, 153 Raised Bill No. 384
	225	+
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221	230		2023, not later than the first day of September of each fiscal year, the 154
222	231		Department of Social Services shall inform the Treasurer of the number 155
223		-	of designated beneficiaries born in the prior fiscal year. Promptly 156 Substitute Bill No. 384
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	232	+	of designated beneficiaries born in the prior fiscal year. Promptly 156
230	233		thereafter, the Treasurer shall submit to the Governor and the Secretary 157
231	234		of the Office of Policy and Management, by certified mail, a report of 158
232	235		and a calculation of the total amount required to [deposit] be transferred 159
233	236		to the trust [for crediting] to credit three thousand two hundred dollars 160
234	237		[for the account of] to each such designated beneficiary born in the prior 161
235	238		fiscal year. [as described in section 3-36g.] 162
236	239		(c) All provisions of section 3-20, or the exercise of any right or power 163
237	240		granted thereby which are not inconsistent with the provisions of this 164
238	241		section, are hereby adopted and shall apply to all bonds authorized by 165
239	242		the State Bond Commission pursuant to this section, and temporary 166
240	243		notes in anticipation of the money to be derived from the sale of any 167
241	244		such bonds so authorized may be issued in accordance with section 3-168
242	245		20 and from time to time renewed. Such bonds shall mature at such time 169
243	246		or times not exceeding twenty years from their respective dates as may 170
244	247		be provided in or pursuant to the resolution or resolutions of the State 171
245	248		Bond Commission authorizing such bonds. All such bonds, notes or 172
246	249		other obligations shall be general obligations of the state and the full 173
247	250		faith and credit of the state of Connecticut are pledged for the payment 174
248	251		of the principal of and interest on such bonds, notes or other obligations 175
249	252		as the same shall become due, and accordingly and as part of the 176
250	253		contract of the state with the holders of such bonds, notes or other 177
251	254		obligations, appropriation of all amounts necessary for punctual 178
252	255		payment of such principal and interest is hereby made, and the 179
253	256		Treasurer shall pay such principal and interest as the same become due. 180
254	257		[All such bonds, notes or other obligations shall be sold at not less than 181
255	258		par and accrued interest in such manner and on such terms as the 182
256	259		Treasurer may determine is in the best interest of the state, and shall be 183
257	260		signed in the name of the state and on its behalf by the Treasurer. All 184
258	261		such bonds, notes or other obligations shall mature at such time or times 185
259	262		not later than twenty years after their respective issuance, in such 186
260		-	principal amounts and at such times, bear such date or dates, be payable 187
	263	+	principal amounts and at such times, bear such date or dates, be payable 187 Raised Bill No. 384
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261	269		at such place or places, bear interest at such rate or different or varying 188
262	270		rates, payable at such time or times, be in such denominations, be in 189
263		-	such form with or without interest coupons attached, carry such 190 Substitute Bill No. 384
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	271	+	such form with or without interest coupons attached, carry such 190
270	272		registration and transfer privileges, be payable in such medium of 191
271	273		payment, be subject to such terms of redemption with or without 192
272	274		premium and have such additional security, covenant or contract 193
273	275		provisions, as appropriate or necessary to improve their marketability, 194
274	276		as the Treasurer shall determine prior to their issuance. In connection 195
275	277		with such bonds, notes or other obligations, the Treasurer may enter 196
276	278		into such paying agent agreements, indentures of trust, escrow 197
277	279		agreements or other agreements, with such parties and with such 198
278	280		provisions as the Treasurer determines are appropriate or necessary. 199
279	281		(d) The Treasurer may obtain from a commercial bank or insurance 200
280	282		company authorized to do business within or without this state a letter 201
281	283		of credit, line of credit or other liquidity facility or credit facility for the 202
282	284		purpose of providing funds for the payments in respect of bonds, notes 203
283	285		or other obligations required by the holder thereof to be redeemed or 204
284	286		repurchased prior to maturity or for providing additional security for 205
285	287		such bonds, notes or other obligations. In connection with any such 206
286	288		liquidity facility or credit facility, the Treasurer may enter into any 207
287	289		reimbursement agreements, remarketing agreements, standby purchase 208
288	290		agreements or any other necessary or appropriate agreements on behalf 209
289	291		of the state in connection with securing, insuring or remarketing such 210
290	292		bonds, notes or other obligations, on such terms and conditions as the 211
291	293		Treasurer determines to be in the best interest of the state. The Treasurer 212
292	294		is authorized to pledge the full faith and credit of the state to the state's 213
293	295		payment obligations under any such agreement and the Treasurer is 214
294	296		authorized to include such pledge in any such agreement as part of the 215
295	297		contract with the provider of such liquidity facility or credit facility. The 216
296	298		Treasurer shall apply any appropriation for the payment of such bonds, 217
297	299		notes or other obligations to such reimbursement repayment if such 218
298	300		liquidity facility or credit facility is drawn upon. As part of the contract 219
299	301		of the state with the other parties to any agreement entered into 220
300		-	pursuant to this subsection for which the full faith and credit of the state 221
	302	+	pursuant to this subsection for which the full faith and credit of the state 221 Raised Bill No. 384
	303	+
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301	308		is pledged to the state's payment obligations under such agreement, 222
302	309		appropriation of all amounts necessary for the punctual payment of the 223
303		-	obligations of the state under any such agreement is hereby made and 224 Substitute Bill No. 384
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	310	+	obligations of the state under any such agreement is hereby made and 224
310	311		the Treasurer shall pay such amounts as the same become due. 225
311	312		(e) In connection with or incidental to the carrying of such bonds, 226
312	313		notes or other obligations, or in connection with or incidental to the sale 227
313	314		and issuance of such bonds, notes or other obligations, the Treasurer 228
314	315		may enter into such contracts as the Treasurer may determine to be 229
315	316		necessary or appropriate to place the obligation of the state, as 230
316	317		represented by the bonds, notes or other obligations, in whole or in part, 231
317	318		on such interest rate or cash flow basis as the Treasurer may determine, 232
318	319		including without limitation, interest rate swap agreements, insurance 233
319	320		agreements, forward payment conversion agreements, futures 234
320	321		contracts, contracts providing for payments based on levels of, or 235
321	322		changes in, interest rates or market indices, contracts to manage interest 236
322	323		rate risk, including without limitation, interest rate floors or caps, 237
323	324		options, puts, calls and similar arrangements. Such contracts shall 238
324	325		contain such payment, security, default, remedy and other terms and 239
325	326		conditions as the Treasurer may deem appropriate and shall be entered 240
326	327		into with such party or parties as the Treasurer may select, after giving 241
327	328		due consideration, where applicable, for the creditworthiness of the 242
328	329		counter party or counter parties, including any rating by a nationally 243
329	330		recognized rating agency, the impact on any rating on outstanding 244
330	331		bonds, notes or other obligations or any other criteria as the Treasurer 245
331	332		may deem appropriate, provided the unsecured long-term obligations 246
332	333		of the counter party or counter parties are rated the same or higher than 247
333	334		the underlying rating of the state on the applicable bonds, notes or other 248
334	335		obligations by at least one nationally recognized rating agency. The 249
335	336		Treasurer is authorized to pledge the full faith and credit of the state to 250
336	337		the state's payment obligations under any contract entered into 251
337	338		pursuant to this subsection. As part of the contract of the state with the 252
338	339		other parties to any agreement entered into pursuant to this subsection 253
339	340		for which the full faith and credit of the state is pledged to the state's 254
340		-	payment obligations under such agreement, appropriation of all 255
	341	+	payment obligations under such agreement, appropriation of all 255 Raised Bill No. 384
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341	347		amounts necessary for the punctual payment of the obligations of the 256
342	348		state under any such agreement is hereby made and the Treasurer shall 257
343		-	pay such amounts as the same become due. 258 Substitute Bill No. 384
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	349	+	pay such amounts as the same become due. 258
350	350		(f) The Superior Court shall have jurisdiction to enter judgment 259
351	351		against the state founded (1) upon any express contract between the 260
352	352		state and the purchasers and subsequent owners and transferees of any 261
353	353		bonds, notes or other obligations issued or contracted to be issued by 262
354	354		the state pursuant to this section, and (2) upon any agreement entered 263
355	355		into pursuant to subsection (c) or (d) of this section. Any action brought 264
356	356		under this subsection shall be brought in the superior court for the 265
357	357		judicial district of Hartford. The jurisdiction conferred upon the 266
358	358		Superior Court by this subsection includes any set-off, claim or demand 267
359	359		on the part of the state against any plaintiff commencing an action under 268
360	360		this subsection. Such action shall be tried to the court without a jury. All 269
361	361		legal defenses, except governmental immunity, shall be reserved to the 270
362	362		state. Any action brought under this subsection shall be privileged in 271
363	363		respect to assignment for trial upon motion of either party. 272
364	364		(g) Any expense incurred in connection with the issuance or renewal 273
365	365		of the bonds, notes or other obligations issued pursuant to this section 274
366	366		shall be paid from the accrued interest and premiums on such bonds, 275
367	367		notes or other obligations, from the proceeds of the sale of such bonds, 276
368	368		notes or other obligations or otherwise from the General Fund. The 277
369	369		Treasurer is authorized to issue such bonds, notes or other obligations 278
370	370		in such form and manner that the interest on such bonds, notes or other 279
371	371		obligations may be includable or excludable under the Internal Revenue 280
372	372		Code of 1986, or any subsequent corresponding internal revenue code 281
373	373		of the United States, as amended from time to time, in the gross income 282
374	374		of the holders or owners of such bonds, notes or other obligations. The 283
375	375		Treasurer may make representations and agreements for the benefit of 284
376	376		the holders or owners of any such bonds, notes or other obligations 285
377	377		which are necessary or appropriate to ensure the inclusion or exclusion 286
378	378		of interest on such bonds, notes or other obligations of the state from 287
379	379		taxation under the Internal Revenue Code of 1986 or any subsequent 288
380		-	corresponding internal revenue code of the United States, as amended 289
	380	+	corresponding internal revenue code of the United States, as amended 289 Raised Bill No. 384
	381	+
	382	+
	383	+
	384	+	LCO No. 2683 11 of 13
	385	+
381	386		from time to time, including agreements to pay rebates to the federal 290
382	387		government of investment earnings derived from the investment of the 291
383		-	proceeds of bonds, notes or other obligations. The Treasurer may make 292 Substitute Bill No. 384
384		-
385		-
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388		-	11 of 13
389		-
	388	+	proceeds of bonds, notes or other obligations. The Treasurer may make 292
390	389		representations and agreements for the benefit of the holders or owners 293
391	390		of such bonds, notes or other obligations on behalf of the state to provide 294
392	391		secondary market disclosure information. Any such agreement may 295
393	392		include: (1) Covenants to provide secondary market disclosure 296
394	393		information, (2) arrangements for such information to be provided with 297
395	394		the assistance of a paying agent, trustee or other agent, and (3) remedies 298
396	395		for breach of such agreement, which remedies may be limited to specific 299
397	396		performance. The state shall protect and save harmless any official or 300
398	397		former official of the state from financial loss and expense, including 301
399	398		legal fees and costs, if any, arising out of any claim, demand, suit or 302
400	399		judgment by reason of alleged negligence on the part of such official, 303
401	400		while acting in the discharge of his or her official duties, in providing 304
402	401		secondary market disclosure information or performing any other 305
403	402		duties set forth in any agreement to provide secondary market 306
404	403		disclosure information. Nothing in this section shall be construed to 307
405	404		preclude the defense of governmental immunity to any such claim, 308
406	405		demand or suit. For purposes of this subsection "official" means any 309
407	406		person elected or appointed to office or any state employee. This 310
408	407		indemnity provision shall not apply to cases of wilful and wanton fraud. 311
409	408		(h) All such bonds, notes or other obligations, their transfer and the 312
410	409		income therefrom, including any profit on the sale or transfer thereof, 313
411	410		shall at all times be exempt from all taxation by the state or under its 314
412	411		authority, except for estate or succession taxes, but the interest on such 315
413	412		bonds, notes or other obligations shall be included in the computation 316
414	413		of any excise or franchise tax. Such bonds, notes or other obligations are 317
415	414		hereby made and declared to be (1) legal investments for savings banks 318
416	415		and trustees unless otherwise provided in the instrument creating the 319
417	416		trust, (2) securities in which all public officers and bodies, all insurance 320
418	417		companies and associations and persons carrying on an insurance 321
419	418		business, all banks, bankers, trust companies, savings banks and savings 322
420		-	associations, including savings and loan associations, building and loan 323
	419	+	associations, including savings and loan associations, building and loan 323 Raised Bill No. 384
	420	+
	421	+
	422	+
	423	+	LCO No. 2683 12 of 13
	424	+
421	425		associations, investment companies and persons carrying on a banking 324
422	426		or investment business, all administrators, guardians, executors, 325
423		-	trustees and other fiduciaries and all persons who are or may be 326 Substitute Bill No. 384
424		-
425		-
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429		-
	427	+	trustees and other fiduciaries and all persons who are or may be 326
430	428		authorized to invest in bonds, notes or other obligations of the state, 327
431	429		may properly and legally invest funds, including capital in their control 328
432	430		or belonging to them, and (3) securities that may be deposited with and 329
433	431		shall be received by all public officers and bodies for any purpose for 330
434	432		which the deposit of bonds, notes or other obligations of the state is or 331
435	433		may be authorized.] 332
436	434		Sec. 8. Section 3-13c of the 2022 supplement to the general statutes is 333
437	435		repealed and the following is substituted in lieu thereof (Effective from 334
438	436		passage): 335
439	437		[Trust funds as] As used in sections 3-13 to 3-13e, inclusive, and 3-336
440	438		31b, [shall be construed to include] "trust funds" includes the 337
441	439		Connecticut Municipal Employees' Retirement Fund A, the Connecticut 338
442	440		Municipal Employees' Retirement Fund B, the Soldiers, Sailors and 339
443	441		Marines Fund, the Family and Medical Leave Insurance Trust Fund, the 340
444	442		State's Attorneys' Retirement Fund, the Teachers' Annuity Fund, the 341
445	443		Teachers' Pension Fund, the Teachers' Survivorship and Dependency 342
446	444		Fund, the School Fund, the State Employees Retirement Fund, the 343
447	445		Hospital Insurance Fund, the Policemen and Firemen Survivor's Benefit 344
448	446		Fund, any trust fund described in subdivision (1) of subsection (b) of 345
449	447		section 7-450 that is administered, held or invested by the State 346
450	448		Treasurer, the Connecticut Baby Bond Trust and all other trust funds 347
451	449		administered, held or invested by the State Treasurer. 348
452	450		This act shall take effect as follows and shall amend the following
453	451		sections:
454	452
455	453		Section 1 from passage 3-36b
456	454		Sec. 2 from passage 3-36c
457	455		Sec. 3 from passage 3-36e
458	456		Sec. 4 from passage 3-36f
459	457		Sec. 5 from passage 3-36g
460		-	Sec. 6 from passage 3-36h
	458	+	Sec. 6 from passage 3-36h Raised Bill No. 384
	459	+
	460	+
	461	+
	462	+	LCO No. 2683 13 of 13
	463	+
461	464		Sec. 7 from passage 3-36i
462	465		Sec. 8 from passage 3-13c
463		-	Substitute Bill No. 384
464	466
465		-
466		-	LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2022SB-00384-
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468		-	13 of 13
469		-
470		-	Statement of Legislative Commissioners:
471		-	In Sections 5(b) and 6, "for use" before "to credit" was deleted for
472		-	conciseness.
473		-
474		-	FIN Joint Favorable Subst. -LCO
	467	+	Statement of Purpose:
	468	+	To implement the Treasurer's recommendations concerning the
	469	+	Connecticut Baby Bond Trust program.
	470	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	471	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	472	+	underlined.]
475	473