Connecticut 2023 Regular Session

Connecticut Senate Bill SB01227 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	LCO 5539 \\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-~~R02~~-
	3	+	LCO 5539 \\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-R01-
4	4		SB.docx
5	5		1 of 21
6	6
7	7		General Assembly Raised Bill No. 1227
8	8		January Session, 2023
9	9		LCO No. 5539
10	10
11	11
12	12		Referred to Committee on GOVERNMENT
13	13		ADMINISTRATION AND ELECTIONS
14	14
15	15
16	16		Introduced by:
17	17		(GAE)
18	18
19	19
20	20
21	21		AN ACT CONCERNING THE BONDING AUTHORITY OF THE
22	22		CONNECTICUT MUNICIPAL REDEVELOPMENT AUTHORITY, THE
23	23		REPORTING OF MATERIAL FINANCIAL OBLIGATIONS BY STATE
24	24		AGENCIES, TAX-EXEMPT PROCEEDS FUND REFERENCES, AND
25	25		THE NOTIFICATION OF THE SALE OR LEASE OF PROJECTS
26	26		FINANCED WITH BOND PROCEEDS.
27	27		Be it enacted by the Senate and House of Representatives in General
28	28		Assembly convened:
29	29
30	30		Section 1. Section 8-169oo of the general statutes is repealed and the 1
31	31		following is substituted in lieu thereof (Effective from passage): 2
32	32		(a) The board of directors of the Connecticut Municipal 3
33	33		Redevelopment Authority is authorized from time to time to issue its 4
34	34		bonds, notes and other obligations in such principal amounts as in the 5
35	35		opinion of the board shall be necessary to provide sufficient funds for 6
36	36		carrying out the purposes set forth in section 8-169jj, as amended by this 7
37	37		act, including the payment, funding or refunding of the principal of, or 8
38	38		interest or redemption premiums on, any bonds, notes and other 9
39	39		obligations issued by it, whether the bonds, notes or other obligations 10
40	40		or interest to be funded or refunded have or have not become due, the 11 Bill No. 1227
41	41
42	42
43		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
44		-	~~R02~~-SB.docx }
	43	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	44	+	R01-SB.docx }
45	45		2 of 21
46	46
47	47		establishment of reserves to secure such bonds, notes and other 12
48	48		obligations, loans made by the authority and all other expenditures of 13
49	49		the authority incident to and necessary or convenient to carry out the 14
50	50		purposes set forth in section 8-169jj, as amended by this act. 15
51	51		(b) Every issue of bonds, notes or other obligations shall be a general 16
52	52		obligation of the authority payable out of any moneys or revenues of the 17
53	53		authority and subject only to any agreements with the holders of 18
54	54		particular bonds, notes or other obligations pledging any particular 19
55	55		moneys or revenues. Any such bonds, notes or other obligations may be 20
56	56		additionally secured by any grant or contributions from any 21
57	57		department, agency or instrumentality of the United States or person or 22
58	58		a pledge of any moneys, income or revenues of the authority from any 23
59	59		source whatsoever. 24
60	60		(c) Notwithstanding any other provision of any law, any bonds, notes 25
61	61		or other obligations issued by the authority pursuant to this section shall 26
62	62		be fully negotiable within the meaning and for all purposes of title 42a. 27
63	63		Any such bonds, notes or other obligations shall be legal investments 28
64	64		for all trust companies, banks, investment companies, savings banks, 29
65	65		building and loan associations, executors, administrators, guardians, 30
66	66		conservators, trustees and other fiduciaries and pension, profit-sharing 31
67	67		and retirement funds. 32
68	68		(d) Bonds, notes or other obligations of the authority shall be 33
69	69		authorized by resolution of the board of directors of the authority and 34
70	70		may be issued in one or more series and shall bear such date or dates, 35
71	71		mature at such time or times, in the case of any such note, or any renewal 36
72	72		thereof, not exceeding the term of years as the board shall determine 37
73	73		from the date of the original issue of such notes, and, in the case of 38
74	74		bonds, not exceeding thirty years from the date thereof, bear interest at 39
75	75		such rate or rates, be in such denomination or denominations, be in such 40
76	76		form, either coupon or registered, carry such conversion or registration 41
77	77		privileges, have such rank or priority, be executed in such manner, be 42
78	78		payable from such sources in such medium of payment at such place or 43
79	79		places within or without this state, and be subject to such terms of 44 Bill No. 1227
80	80
81	81
82		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
83		-	~~R02~~-SB.docx }
	82	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	83	+	R01-SB.docx }
84	84		3 of 21
85	85
86	86		redemption, with or without premium, as such resolution or resolutions 45
87	87		may provide. 46
88	88		(e) Bonds, notes or other obligations of the authority may be sold at 47
89	89		public or private sale at such price or prices as the board shall determine. 48
90	90		(f) Bonds, notes or other obligations of the authority may be refunded 49
91	91		and renewed from time to time as may be determined by resolution of 50
92	92		the board, provided any such refunding or renewal shall be in 51
93	93		conformity with any rights of the holders of such bonds, notes or other 52
94	94		obligations. 53
95	95		(g) [Except as provided in section 8-169qq, bonds] Bonds, notes or 54
96	96		other obligations of the authority issued under the provisions of this 55
97	97		section shall not be deemed to constitute a debt or liability of the state 56
98	98		or of any political subdivision thereof other than the authority, or a 57
99	99		pledge of the faith and credit of the state or of any such political 58
100	100		subdivision other than the authority, and shall not constitute bonds or 59
101	101		notes issued or guaranteed by the state within the meaning of section 3-60
102	102		21, but shall be payable solely from the funds as provided in this section. 61
103	103		All such bonds, notes or other obligations shall contain on the face 62
104	104		thereof a statement to the effect that, unless otherwise provided by law, 63
105	105		neither the state of Connecticut nor any political subdivision thereof 64
106	106		other than the authority shall be obligated to pay the same or the interest 65
107	107		thereof except from revenues or other funds of the authority and that 66
108	108		neither the faith and credit nor the taxing power of the state of 67
109	109		Connecticut or of any political subdivision thereof other than the 68
110	110		authority is pledged to the payment of the principal of, or the interest 69
111	111		on, such bonds, notes or other obligations. 70
112	112		(h) Any resolution or resolutions authorizing the issuance of bonds, 71
113	113		notes or other obligations may contain provisions, except as limited by 72
114	114		existing agreements with the holders of bonds, notes or other 73
115	115		obligations, which shall be a part of the contract with the holders 74
116	116		thereof, as to the following: (1) The pledging of all or any part of the 75
117	117		moneys received by the authority to secure the payment of the principal 76 Bill No. 1227
118	118
119	119
120		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
121		-	~~R02~~-SB.docx }
	120	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	121	+	R01-SB.docx }
122	122		4 of 21
123	123
124	124		of and interest on any bonds, notes or other obligations or of any issue 77
125	125		thereof; (2) the pledging of all or part of the assets of the authority to 78
126	126		secure the payment of the principal of and interest on any bonds, notes 79
127	127		or other obligations or of any issue thereof; (3) the establishment of 80
128	128		reserves or sinking funds, the making of charges and fees to provide for 81
129	129		the same, and the regulation and disposition thereof; (4) limitations on 82
130	130		the purpose to which the proceeds of sale of bonds, notes or other 83
131	131		obligations may be applied and pledging such proceeds to secure the 84
132	132		payment of the bonds, notes or other obligations, or of any issues 85
133	133		thereof; (5) limitations on the issuance of additional bonds, notes or 86
134	134		other obligations, the terms upon which additional bonds, bond 87
135	135		anticipation notes or other obligations may be issued and secured, the 88
136	136		refunding or purchase of outstanding bonds, notes or other obligations 89
137	137		of the authority; (6) the procedure, if any, by which the terms of any 90
138	138		contract with the holders of any bonds, notes or other obligations of the 91
139	139		authority may be amended or abrogated, the amount of bonds, notes or 92
140	140		other obligations the holders of which must consent thereto and the 93
141	141		manner in which such consent may be given; (7) limitations on the 94
142	142		amount of moneys to be expended by the authority for operating, 95
143	143		administrative or other expenses of the authority; (8) the vesting in a 96
144	144		trustee or trustees of such property, rights, powers and duties in trust as 97
145	145		the authority may determine, which may include any or all of the rights, 98
146	146		powers and duties of any trustee appointed by the holders of any bonds, 99
147	147		notes or other obligations and limiting or abrogating the right of the 100
148	148		holders of any bonds, notes or other obligations of the authority to 101
149	149		appoint a trustee or limiting the rights, powers and duties of such 102
150	150		trustee; (9) provision for a trust agreement by and between the authority 103
151	151		and a corporate trustee which may be any trust company or bank having 104
152	152		the powers of a trust company within or without the state, which 105
153	153		agreement may provide for the pledging or assigning of any assets or 106
154	154		income from assets to which or in which the authority has any rights or 107
155	155		interest, and may further provide for such other rights and remedies 108
156	156		exercisable by the trustee as may be proper for the protection of the 109
157	157		holders of any bonds, notes or other obligations of the authority and not 110
158	158		otherwise in violation of law. Such agreement may provide for the 111 Bill No. 1227
159	159
160	160
161		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
162		-	~~R02~~-SB.docx }
	161	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	162	+	R01-SB.docx }
163	163		5 of 21
164	164
165	165		restriction of the rights of any individual holder of bonds, notes or other 112
166	166		obligations of the authority. All expenses incurred in carrying out the 113
167	167		provisions of such trust agreement may be treated as a part of the cost 114
168	168		of operation of the authority. The trust agreement may contain any 115
169	169		further provisions which are reasonable to delineate further the 116
170	170		respective rights, duties, safeguards, responsibilities and liabilities of 117
171	171		the authority, individual and collective holders of bonds, notes and 118
172	172		other obligations of the authority and the trustees; (10) covenants to do 119
173	173		or refrain from doing such acts and things as may be necessary or 120
174	174		convenient or desirable in order to better secure any bonds, notes or 121
175	175		other obligations of the authority, or which, in the discretion of the 122
176	176		authority, will tend to make any bonds, notes or other obligations to be 123
177	177		issued more marketable, notwithstanding that such covenants, acts or 124
178	178		things may not be enumerated herein; and (11) any other matters of like 125
179	179		or different character, which in any way affect the security or protection 126
180	180		of the bonds, notes or other obligations. 127
181	181		(i) Any pledge made by the authority of income, revenues or other 128
182	182		property shall be valid and binding from the time the pledge is made. 129
183	183		The income, revenue, such state taxes as the authority shall be entitled 130
184	184		to receive or other property so pledged and thereafter received by the 131
185	185		authority shall immediately be subject to the lien of such pledge without 132
186	186		any physical delivery thereof or further act, and the lien of any such 133
187	187		pledge shall be valid and binding as against all parties having claims of 134
188	188		any kind in tort, contract or otherwise against the authority, irrespective 135
189	189		of whether such parties have notice thereof. 136
190	190		(j) The board of directors of the authority is authorized and 137
191	191		empowered to obtain from any department, agency or instrumentality 138
192	192		of the United States any insurance or guarantee as to, or of or for the 139
193	193		payment or repayment of, interest or principal or both, or any part 140
194	194		thereof, on any bonds, notes or other obligations issued by the authority 141
195	195		pursuant to the provisions of this section and, notwithstanding any 142
196	196		other provisions of sections 8-169ii to 8-169ss, inclusive, to enter into any 143
197	197		agreement, contract or any other instrument whatsoever with respect to 144 Bill No. 1227
198	198
199	199
200		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
201		-	~~R02~~-SB.docx }
	200	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	201	+	R01-SB.docx }
202	202		6 of 21
203	203
204	204		any such insurance or guarantee except to the extent that such action 145
205	205		would in any way impair or interfere with the authority's ability to 146
206	206		perform and fulfill the terms of any agreement made with the holders 147
207	207		of the bonds, bond anticipation notes or other obligations of the 148
208	208		authority. 149
209	209		[(k) Neither the members of the board of directors of the authority 150
210	210		nor any person executing bonds, notes or other obligations of the 151
211	211		authority issued pursuant to this section shall be liable personally on 152
212	212		such bonds, notes or other obligations or be subject to any personal 153
213	213		liability or accountability by reason of the issuance thereof, nor shall any 154
214	214		director, officer or employee of the authority be personally liable for 155
215	215		damage or injury caused in the performance of such director, officer or 156
216	216		employee's duties and within the scope of employment or appointment 157
217	217		as such director, officer or employee, provided the conduct of such 158
218	218		director, officer or employee was found not to have been wanton, 159
219	219		reckless, wilful or malicious. The authority shall protect, save harmless 160
220	220		and indemnify its directors, officers or employees from financial loss 161
221	221		and expense, including legal fees and costs, if any, arising out of any 162
222	222		claim, demand, suit or judgment by reason of alleged negligence or 163
223	223		alleged deprivation of any person's civil rights or any other act or 164
224	224		omission resulting in damage or injury, if the director, officer or 165
225	225		employee is found to have been acting in the discharge of his or her 166
226	226		duties or within the scope of his or her employment and such act or 167
227	227		omission is found not to have been wanton, reckless, wilful or 168
228	228		malicious.] 169
229	229		[(l)] (k) The board of directors of the authority [shall have power to] 170
230	230		may purchase bonds, notes or other obligations of the authority out of 171
231	231		any funds available for such purpose. The authority may hold, cancel or 172
232	232		resell such bonds, notes or other obligations subject to and in accordance 173
233	233		with agreements with holders of its bonds, notes and other obligations. 174
234	234		[(m)] (l) All moneys received pursuant to the authority of this section, 175
235	235		whether as proceeds from the sale of bonds or as revenues, shall be 176
236	236		deemed to be trust funds to be held and applied solely as provided in 177 Bill No. 1227
237	237
238	238
239		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
240		-	~~R02~~-SB.docx }
	239	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	240	+	R01-SB.docx }
241	241		7 of 21
242	242
243	243		this section. Any officer with whom, or any bank or trust company with 178
244	244		which, such moneys shall be deposited shall act as trustee of such 179
245	245		moneys and shall hold and apply the same for the purposes of section 180
246	246		8-169jj, as amended by this act, and the resolution authorizing the bonds 181
247	247		of any issue or the trust agreement securing such bonds may provide. 182
248	248		[(n)] (m) Any holder of bonds, notes or other obligations issued under 183
249	249		the provisions of this section, and the trustee or trustees under any trust 184
250	250		agreement, except to the extent the rights herein given may be restricted 185
251	251		by any resolution authorizing the issuance of or any such trust 186
252	252		agreement securing such bonds, may, either at law or in equity, by suit, 187
253	253		action, mandamus or other proceeding, protect and enforce any and all 188
254	254		rights under the laws of the state or granted under this section or under 189
255	255		such resolution or trust agreement and may enforce and compel the 190
256	256		performance of all duties required by this section or by such resolution 191
257	257		or trust agreement to be performed by the authority or by any officer, 192
258	258		employee or agent of the authority, including the fixing, charging and 193
259	259		collecting of the rates, rents, fees and charges herein authorized and 194
260	260		required by the provisions of such resolution or trust agreement to be 195
261	261		fixed, established and collected. 196
262	262		[(o)] (n) The authority may make representations and agreements for 197
263	263		the benefit of the holders of any bonds, notes or other obligations of the 198
264	264		state which are necessary or appropriate to ensure the exclusion from 199
265	265		gross income for federal income tax purposes of interest on bonds, notes 200
266	266		or other obligations of the state from taxation under the Internal 201
267	267		Revenue Code of 1986 or any subsequent corresponding internal 202
268	268		revenue code of the United States, as amended from time to time, 203
269	269		including agreement to pay rebates to the federal government of 204
270	270		investment earnings derived from the investment of the proceeds of the 205
271	271		bonds, notes or other obligations of the authority. Any such agreement 206
272	272		may include: (1) A covenant to pay rebates to the federal government of 207
273	273		investment earnings derived from the investment of the proceeds of the 208
274	274		bonds, notes or other obligations of the authority; (2) a covenant that the 209
275	275		authority will not limit or alter its rebate obligations until its obligations 210 Bill No. 1227
276	276
277	277
278		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
279		-	~~R02~~-SB.docx }
	278	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	279	+	R01-SB.docx }
280	280		8 of 21
281	281
282	282		to the holders or owners of such bonds, notes or other obligations are 211
283	283		finally met and discharged; and (3) provisions to (A) establish trust and 212
284	284		other accounts which may be appropriate to carry out such 213
285	285		representations and agreements, (B) retain fiscal agents as depositories 214
286	286		for such funds and accounts, and (C) provide that such fiscal agents may 215
287	287		act as trustee of such funds and accounts. 216
288	288		Sec. 2. Section 8-169qq of the general statutes is repealed and the 217
289	289		following is substituted in lieu thereof (Effective from passage): 218
290	290		[(a) The state shall protect, save harmless and indemnify the 219
291	291		directors, officers and employees of the Connecticut Municipal 220
292	292		Redevelopment Authority from financial loss and expenses, including 221
293	293		legal fees and costs, if any, arising out of any claim, demand, suit or 222
294	294		judgment based upon any alleged act or omission of any such director, 223
295	295		officer or employee in connection with, or any other legal challenge to, 224
296	296		authority development projects within a Connecticut Municipal 225
297	297		Redevelopment Authority development district, provided any such 226
298	298		director, officer or employee is found to have been acting in the 227
299	299		discharge of such director, officer or employee's duties or within the 228
300	300		scope of such director, officer or employee's employment and any such 229
301	301		act or omission is found not to have been wanton, reckless, wilful or 230
302	302		malicious. 231
303	303		(b) In the event any bond, note or other obligation of the authority 232
304	304		cannot be paid by the authority, the state shall assume the liability of 233
305	305		and make payment on such debt.] 234
306	306		(a) For the purposes of this section, "required minimum capital 235
307	307		reserve" means the maximum amount permitted to be deposited in a 236
308	308		special capital reserve fund by the Internal Revenue Code of 1986, or 237
309	309		any subsequent corresponding internal revenue code of the United 238
310	310		States, as amended from time to time, to permit the interest on the bonds 239
311	311		of the Connecticut Municipal Redevelopment Authority secured by 240
312	312		such special capital reserve fund to be excluded from gross income for 241
313	313		federal tax purposes. 242 Bill No. 1227
314	314
315	315
316		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
317		-	~~R02~~-SB.docx }
	316	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	317	+	R01-SB.docx }
318	318		9 of 21
319	319
320	320		(b) The authority may, in connection with the issuance of bonds, the 243
321	321		refunding of bonds previously issued by the authority or the issuance 244
322	322		of bonds to effect a refinancing or other restructuring with respect to one 245
323	323		or more projects, establish one or more special capital reserve funds. The 246
324	324		authority may pay into such special capital reserve funds (1) any 247
325	325		moneys appropriated and made available by the state for the purposes 248
326	326		of such special capital reserve funds, (2) any proceeds of the sale of 249
327	327		bonds or notes of the authority, to the extent provided in the resolution 250
328	328		of said authority authorizing the issuance of such bonds or notes, and 251
329	329		(3) any moneys made available to the authority from any other source 252
330	330		for the purposes of such special capital reserve funds. The amount of 253
331	331		bonds of the authority secured by special capital reserve funds shall not 254
332	332		exceed fifty million dollars in the aggregate. 255
333	333		(c) (1) Except as otherwise provided in this section, the moneys held 256
334	334		in or credited to any special capital reserve fund established under this 257
335	335		section shall be used for: 258
336	336		(A) The payment of the principal and interest as such payments 259
337	337		become due, whether due at maturity or by mandatory sinking fund 260
338	338		installments, on bonds of the authority secured by such special capital 261
339	339		reserve fund; or 262
340	340		(B) The purchase of such bonds and the payment of any redemption 263
341	341		premium required to be paid when such bonds are redeemed prior to 264
342	342		maturity, including reimbursement of a provider of bond insurance or 265
343	343		of a credit or liquidity facility that has paid such redemption premium. 266
344	344		(2) The authority may prohibit, except for the purpose of paying the 267
345	345		principal of and interest and redemption premium on bonds of the 268
346	346		authority secured by a special capital reserve fund for which other 269
347	347		moneys of the authority are not available, the withdrawal of moneys in 270
348	348		any special capital reserve fund in an amount that would result in the 271
349	349		balance of such special capital reserve fund being less than (A) the 272
350	350		maximum amount of principal and interest becoming due by reason of 273
351	351		maturity or a required sinking fund installment on the bonds of the 274 Bill No. 1227
352	352
353	353
354		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
355		-	~~R02~~-SB.docx }
	354	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	355	+	R01-SB.docx }
356	356		10 of 21
357	357
358	358		authority outstanding in the then current or any succeeding calendar 275
359	359		year, or (B) the required minimum capital reserve. 276
360	360		(3) The authority may provide at any time that it shall not issue bonds 277
361	361		secured by a special capital reserve fund if the required minimum 278
362	362		capital reserve on the bonds outstanding and the bonds to be issued and 279
363	363		secured by the same special capital reserve fund at the time of issuance 280
364	364		exceeds the moneys in the special capital reserve fund, unless the 281
365	365		authority deposits proceeds from the bonds to be issued or moneys from 282
366	366		other sources into such special capital reserve fund, in an amount that, 283
367	367		together with the amount then in such special capital reserve fund, will 284
368	368		be not less than the required minimum capital reserve. 285
369	369		(d) (1) (A) Prior to December first, annually, the authority shall 286
370	370		deposit, for any special capital reserve fund for which the balance is 287
371	371		below the required minimum capital reserve, the full amount required 288
372	372		to meet the required minimum capital reserve for such special capital 289
373	373		reserve fund. Such deposit shall be made from any resources available 290
374	374		to the authority not otherwise pledged or dedicated to another purpose. 291
375	375		(B) On or prior to December first, annually, but after the authority has 292
376	376		made any deposits required under subparagraph (A) of this 293
377	377		subdivision, there shall be deemed appropriated from the General Fund 294
378	378		any sums necessary to restore the balance of each such special capital 295
379	379		reserve fund to the required minimum capital reserve amount. The 296
380	380		amount of any such sum shall be allotted and paid to the authority upon 297
381	381		the certification of such sum by the chairperson or vice-chairperson of 298
382	382		the authority to the Secretary of the Office of Policy and Management, 299
383	383		the Treasurer and the joint standing committees of the General 300
384	384		Assembly having cognizance of matters relating to planning and 301
385	385		development and finance, revenue and bonding. 302
386	386		(C) For the purposes of this subdivision, obligations acquired as an 303
387	387		investment for any special capital reserve fund shall be valued at 304
388	388		amortized cost. 305 Bill No. 1227
389	389
390	390
391		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
392		-	~~R02~~-SB.docx }
	391	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	392	+	R01-SB.docx }
393	393		11 of 21
394	394
395	395		(2) Subject to any agreement or agreements with holders of 306
396	396		outstanding bonds or notes of the authority, any amount allotted and 307
397	397		paid to the authority pursuant to subdivision (1) of this subsection shall 308
398	398		be repaid to the state from moneys of the authority, at such time as such 309
399	399		moneys are not required for any other corporate purposes of the 310
400	400		authority. Such repayment shall occur not later than one year after the 311
401	401		date the following liabilities are met and fully discharged by the 312
402	402		authority: (A) All bonds and notes of the authority that were issued 313
403	403		before, on or after the date such allotted amount was paid to the 314
404	404		authority; (B) all interest on such bonds and notes and on any unpaid 315
405	405		installments of interest; and (C) all costs and expenses incurred in 316
406	406		connection with any action or proceeding by or on behalf of the holders 317
407	407		of such bonds or notes. 318
408	408		(e) (1) The authority shall not issue bonds secured by a special capital 319
409	409		reserve fund until and unless: 320
410	410		(A) The authority has determined, and has provided such 321
411	411		determination to the Secretary of the Office of Policy and Management 322
412	412		or the secretary's deputy and to the Treasurer or the Deputy Treasurer, 323
413	413		that the revenues from the project shall be sufficient to (i) pay the 324
414	414		principal of and interest on the bonds issued to finance the project, (ii) 325
415	415		establish, increase and maintain any reserves deemed advisable by the 326
416	416		authority to secure the payment of the principal of and interest on such 327
417	417		bonds, (iii) pay the cost of maintaining the project in good repair and 328
418	418		properly insured, and (iv) pay such other costs of the project as may be 329
419	419		required; 330
420	420		(B) The issuance has been approved by the Secretary of the Office of 331
421	421		Policy and Management or the secretary's deputy; and 332
422	422		(C) The authority has provided the documentation required under 333
423	423		subsection (a) of section 1-124 to the Treasurer or the Deputy Treasurer 334
424	424		and the issuance has been approved by the Treasurer or the Deputy 335
425	425		Treasurer pursuant to said subsection. 336 Bill No. 1227
426	426
427	427
428		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
429		-	~~R02~~-SB.docx }
	428	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	429	+	R01-SB.docx }
430	430		12 of 21
431	431
432	432		(2) The approval by the Secretary of the Office of Policy and 337
433	433		Management or the secretary's deputy may provide for the waiver or 338
434	434		modification of the requirements of this section as the secretary deems 339
435	435		necessary or appropriate to effectuate such issuance, subject to any 340
436	436		applicable tax covenants of the authority and the state. 341
437	437		(f) Nothing in this section shall preclude the authority from 342
438	438		establishing other debt service reserve funds that are not special capital 343
439	439		reserve funds in connection with the issuance of bonds or notes of the 344
440	440		authority. 345
441	441		Sec. 3. (NEW) (Effective from passage) (a) As used in this section, (1) 346
442	442		"person" means any (A) state officer, (B) state agency, department, board 347
443	443		or commission, or (C) state employee, or any agent thereof. "Person" 348
444	444		includes The University of Connecticut Health Care Finance 349
445	445		Corporation, and (2) "financial obligation" has the same meaning as 350
446	446		provided in 17 CFR 240.15c2-12, as amended from time to time. 351
447	447		(b) (1) Before any person incurs any financial obligation of the state 352
448	448		or enters into any agreement to covenants, events of default, remedies, 353
449	449		priority rights or other similar terms in connection with a financial 354
450	450		obligation of the state, where such financial obligation (A) is in excess of 355
451	451		one million dollars, or (B) encumbers property or rights of the state 356
452	452		material to the operations of the state, such person shall notify the 357
453	453		Treasurer of such proposed financial obligation or agreement and 358
454	454		submit any documents pursuant to which such financial obligation is to 359
455	455		be incurred or such agreement is to be entered into. No such person shall 360
456	456		incur any such financial obligation or enter into any such agreement 361
457	457		until such person has received a written acknowledgment pursuant to 362
458	458		subdivision (2) of this subsection. 363
459	459		(2) Upon receipt of such notification and documents, the Treasurer 364
460	460		shall determine whether the information provided is adequate for the 365
461	461		Treasurer to timely meet required disclosure obligations under federal 366
462	462		securities law. The Treasurer may request additional information the 367
463	463		Treasurer deems necessary to make such determination. Upon the 368 Bill No. 1227
464	464
465	465
466		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
467		-	~~R02~~-SB.docx }
	466	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	467	+	R01-SB.docx }
468	468		13 of 21
469	469
470	470		Treasurer's satisfaction that adequate information has been provided for 369
471	471		the Treasurer to timely meet required disclosure obligations under 370
472	472		federal securities law, the Treasurer or the Treasurer's designee shall 371
473	473		provide written acknowledgment to the person seeking to incur such 372
474	474		financial obligation or enter into such agreement. The Treasurer may 373
475	475		establish, and revise from time to time, exemptions from such 374
476	476		notification and submission requirements as the Treasurer determines 375
477	477		are consistent with the state's disclosure obligations under federal 376
478	478		securities law. 377
479	479		Sec. 4. Subsection (x) of section 3-20 of the general statutes is repealed 378
480	480		and the following is substituted in lieu thereof (Effective July 1, 2023): 379
481	481		(x) Notwithstanding any provision of the general statutes, public acts 380
482	482		or special acts, [upon] any sale, lease or other disposition to or use by a 381
483	483		nongovernmental entity of all or a portion of any project financed with 382
484	484		proceeds of bonds of the state the interest on which is not included in 383
485	485		gross income pursuant to Section 103 of the Internal Revenue Code of 384
486	486		1986, or any subsequent corresponding internal revenue code of the 385
487	487		United States, as amended from time to time, [amended,] that would 386
488	488		otherwise cause such bonds to be treated as private activity bonds 387
489	489		within the meaning of Section 141 of said internal revenue code [, the] 388
490	490		shall be subject to the prior approval of the Treasurer. The Treasurer is 389
491	491		authorized to transfer all or a portion of the proceeds received with 390
492	492		respect to and at the time of such disposition or use, in an amount not 391
493	493		less than the amount required by said internal revenue code to preserve 392
494	494		the exclusion from gross income of interest on such bonds, (1) to the 393
495	495		General Fund to pay debt service on, including redemption, defeasance 394
496	496		or purchase of, outstanding bonds of the state the interest on which is 395
497	497		not included in gross income pursuant to Section 103 of said internal 396
498	498		revenue code, (2) with the approval of the State Bond Commission, in 397
499	499		lieu of the issuance of bonds, to the appropriate account or fund for any 398
500	500		projects or purposes authorized by the State Bond Commission 399
501	501		pursuant to a bond act and with the same force and effect as bond 400
502	502		proceeds, thereby reducing the authority to issue bonds by such dollar 401 Bill No. 1227
503	503
504	504
505		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
506		-	~~R02~~-SB.docx }
	505	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	506	+	R01-SB.docx }
507	507		14 of 21
508	508
509	509		amount, provided in any event that any such transfer does not cause the 402
510	510		interest on the subject bonds to become included in gross income 403
511	511		pursuant to Section 103 of said internal revenue code. 404
512	512		Sec. 5. Subsection (a) of section 3-37 of the general statutes is repealed 405
513	513		and the following is substituted in lieu thereof (Effective July 1, 2023): 406
514	514		(a) The Treasurer shall, annually, on or before December thirty-first, 407
515	515		submit a final audited report to the Governor and a copy of such report 408
516	516		to the Investment Advisory Council, which shall include the following 409
517	517		information concerning the activities of the office of the State Treasurer 410
518	518		for the immediately preceding fiscal year ending June thirtieth: (1) 411
519	519		Complete financial statements and accompanying footnotes for the 412
520	520		combined investment funds prepared in accordance with generally 413
521	521		accepted accounting principles, which financial statements shall be 414
522	522		audited in accordance with generally accepted auditing standards and 415
523	523		supplementary schedules depicting the interests of the component 416
524	524		retirement plans and trust funds; (2) complete financial statements and 417
525	525		accompanying footnotes for the Short Term Investment Fund prepared 418
526	526		in accordance with generally accepted accounting principles and 419
527	527		supplementary schedules listing all assets held by the Short Term 420
528	528		Investment Fund; (3) a discussion and review of the performance of the 421
529	529		combined investment funds and Short Term Investment Fund for such 422
530	530		fiscal year in accordance with recognized and appropriate performance 423
531	531		presentation and disclosure, including an analysis of the return earned 424
532	532		by the portfolio and each combined investment fund as well as the risk 425
533	533		profile of the portfolio and each combined investment fund according 426
534	534		to investment industry standards; (4) the activities and transactions in 427
535	535		such reasonable detail as is appropriate of the cash management 428
536	536		division including information on the state's cash receipts and 429
537	537		disbursements for the fiscal year, and the debt management division; 430
538	538		[including the financial statements of the tax-exempt proceeds fund 431
539	539		prepared in accordance with generally accepted accounting principles;] 432
540	540		(5) financial statements and accompanying footnotes as well as a 433
541	541		summary of operating results for the Second Injury Fund for such fiscal 434 Bill No. 1227
542	542
543	543
544		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
545		-	~~R02~~-SB.docx }
	544	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	545	+	R01-SB.docx }
546	546		15 of 21
547	547
548	548		year; (6) a financial summary and report on the activities of the state's 435
549	549		unclaimed property program for such fiscal year; (7) a listing of the 436
550	550		companies from which state funds were divested based upon such 437
551	551		companies' business in Sudan, pursuant to the provisions of section 3-438
552	552		21e, and any companies identified by the Treasurer as companies from 439
553	553		which investment of state funds has been declared impermissible by the 440
554	554		Treasurer, pursuant to the provisions of section 3-21e; and (8) such other 441
555	555		information as the Treasurer deems of interest to the public. 442
556	556		Sec. 6. Subsection (q) of section 3-62h of the general statutes is 443
557	557		repealed and the following is substituted in lieu thereof (Effective July 1, 444
558	558		2023): 445
559	559		(q) Any moneys held by the Treasurer or by a trustee pursuant to an 446
560	560		indenture of trust with respect to abandoned property fund bonds 447
561	561		including pledged revenues, other pledged receipts, funds or moneys 448
562	562		and proceeds from the sale of such abandoned property fund bonds, 449
563	563		may, pending the use or application of the proceeds thereof for an 450
564	564		authorized purpose, be (1) invested and reinvested in such obligations, 451
565	565		securities and investments as are set forth in subsection (f) of section 3-452
566	566		20 [,] and in participation certificates in the Short Term Investment 453
567	567		Funds created under sections 3-27a and 3-27f, [and in participation 454
568	568		certificates or securities of the Tax-Exempt Proceeds Fund created under 455
569	569		section 3-24a] or (2) deposited or redeposited in such bank or banks as 456
570	570		shall be provided in the proceedings. Unless the proceedings provide 457
571	571		otherwise, proceeds from investments authorized by this subsection, 458
572	572		less amounts required under the proceedings authorizing the issuance 459
573	573		of abandoned property fund bonds for the payment of Special 460
574	574		Abandoned Property Fund financing costs relating to such abandoned 461
575	575		property fund bonds, shall be credited to the Special Abandoned 462
576	576		Property Fund. 463
577	577		Sec. 7. Subsection (d) of section 7-406n of the general statutes is 464
578	578		repealed and the following is substituted in lieu thereof (Effective July 1, 465
579	579		2023): 466 Bill No. 1227
580	580
581	581
582		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
583		-	~~R02~~-SB.docx }
	582	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	583	+	R01-SB.docx }
584	584		16 of 21
585	585
586	586		(d) Any moneys held by the Treasurer or by a trustee pursuant to an 467
587	587		indenture of trust with respect to municipal pension solvency account 468
588	588		bonds including pledged revenues, other pledged receipts, funds or 469
589	589		moneys and proceeds from the sale of such municipal pension solvency 470
590	590		account bonds, may, pending the use or application of such proceeds 471
591	591		for an authorized purpose, be (1) invested and reinvested in such 472
592	592		obligations, securities and investments as are set forth in subsection (f) 473
593	593		of section 3-20 [,] and in participation certificates in the Short Term 474
594	594		Investment Funds created under sections 3-27a and 3-27f, [and in 475
595	595		participation certificates or securities of the Tax-Exempt Proceeds Fund 476
596	596		created under section 3-24a,] or (2) deposited or redeposited in such 477
597	597		bank or banks as shall be provided in the proceedings authorizing the 478
598	598		issuance of municipal pension solvency account bonds. Unless the 479
599	599		proceedings provide otherwise, proceeds from investments authorized 480
600	600		by this subsection, less amounts required under the proceedings for the 481
601	601		payment of municipal pension solvency loan costs relating to such 482
602	602		municipal pension solvency account bonds, shall be credited to the 483
603	603		municipal pension solvency account. 484
604	604		Sec. 8. Subdivision (9) of subsection (b) of section 8-169jj of the general 485
605	605		statutes is repealed and the following is substituted in lieu thereof 486
606	606		(Effective July 1, 2023): 487
607	607		(9) Invest any funds not needed for immediate use or disbursement 488
608	608		in obligations issued or guaranteed by the United States or the state, 489
609	609		including the Short Term Investment Fund, [and the Tax-Exempt 490
610	610		Proceeds Fund,] and in other obligations that are legal investments for 491
611	611		savings banks in this state, and in-time deposits or certificates of deposit 492
612	612		or other similar banking arrangements secured in such manner as the 493
613	613		authority determines; 494
614	614		Sec. 9. Subsection (b) of section 8-336o of the general statutes is 495
615	615		repealed and the following is substituted in lieu thereof (Effective July 1, 496
616	616		2023): 497
617	617		(b) Any moneys held in the Housing Trust Fund may, pending the 498 Bill No. 1227
618	618
619	619
620		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
621		-	~~R02~~-SB.docx }
	620	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	621	+	R01-SB.docx }
622	622		17 of 21
623	623
624	624		use or application of the proceeds thereof for an authorized purpose, be 499
625	625		(1) invested and reinvested in such obligations, securities and 500
626	626		investments as are set forth in subsection (f) of section 3-20 [,] and in 501
627	627		participation certificates in the Short Term Investment Fund created 502
628	628		under sections 3-27a and 3-27f, [and in participation certificates or 503
629	629		securities of the Tax-Exempt Proceeds Fund created under section 3-504
630	630		24a,] (2) deposited or redeposited in such bank or banks at the direction 505
631	631		of the Treasurer, or (3) invested in participation units in the combined 506
632	632		investment funds, as defined in section 3-31b. Unless otherwise 507
633	633		provided pursuant to subsection (c) of this section, proceeds from 508
634	634		investments authorized by this subsection shall be credited to the 509
635	635		Housing Trust Fund. 510
636	636		Sec. 10. Subsection (b) of section 32-7o of the general statutes is 511
637	637		repealed and the following is substituted in lieu thereof (Effective July 1, 512
638	638		2023): 513
639	639		(b) Any moneys held in the Connecticut Manufacturing Innovation 514
640	640		Fund may, pending the use or application of the proceeds thereof for an 515
641	641		authorized purpose, be (1) invested and reinvested in such obligations, 516
642	642		securities and investments as are set forth in subsection (f) of section 3-517
643	643		20 [,] and in participation certificates in the Short Term Investment Fund 518
644	644		created under sections 3-27a and 3-27f, [and in participation certificates 519
645	645		or securities of the Tax-Exempt Proceeds Fund created under section 3-520
646	646		24a,] (2) deposited or redeposited in any bank or banks, at the direction 521
647	647		of the Treasurer, or (3) invested in participation units in the combined 522
648	648		investment funds, as defined in section 3-31b. Proceeds from 523
649	649		investments authorized by this subsection shall be credited to the 524
650	650		Connecticut Manufacturing Innovation Fund. 525
651	651		Sec. 11. Subdivision (6) of subsection (b) of section 32-602 of the 526
652	652		general statutes is repealed and the following is substituted in lieu 527
653	653		thereof (Effective July 1, 2023): 528
654	654		(6) To invest any funds not needed for immediate use or 529
655	655		disbursement in obligations issued or guaranteed by the United States 530 Bill No. 1227
656	656
657	657
658		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
659		-	~~R02~~-SB.docx }
	658	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	659	+	R01-SB.docx }
660	660		18 of 21
661	661
662	662		of America or the state of Connecticut, including the Short Term 531
663	663		Investment Fund, [and the Tax-Exempt Proceeds Fund,] and in other 532
664	664		obligations which are legal investments for savings banks in this state 533
665	665		and in time deposits or certificates of deposit or other similar banking 534
666	666		arrangements secured in such manner as the authority determines; 535
667	667		Sec. 12. Section 10-63b of the general statutes is repealed and the 536
668	668		following is substituted in lieu thereof (Effective from passage): 537
669	669		Within thirty days of receipt of an application pursuant to section 10-538
670	670		63a the regional board of education shall call for the appointment of a 539
671	671		committee to study issues relating to withdrawal or dissolution. The 540
672	672		committee shall consist of the following: One member of the board of 541
673	673		education of each town within the district, to be selected by each such 542
674	674		board, if any, or if none, an elector to be elected by the legislative body 543
675	675		in such town; one member of the board of finance or comparable fiscal 544
676	676		body of each town within the district to be selected by each such board 545
677	677		or body; two members of the regional board of education, to be selected 546
678	678		by such board, no more than one of whom may be a resident of a town 547
679	679		making the application for the appointment of the committee; one 548
680	680		member to be appointed by the Commissioner of Education, who shall 549
681	681		not be a resident of any town within the district; [the State Treasurer or 550
682	682		the Treasurer's designee,] and one member to be appointed by the 551
683	683		regional board of education, who [shall be] is an expert in municipal 552
684	684		bonding and financing and who shall not be a resident of any town 553
685	685		within the district. The members shall receive no compensation for their 554
686	686		services, but their expenses and those incurred by the regional board in 555
687	687		connection with withdrawal or dissolution procedures shall be paid by 556
688	688		the towns applying for withdrawal or dissolution. The appointee of the 557
689	689		Commissioner of Education shall call the first meeting of the committee, 558
690	690		and the committee shall organize and function in accordance with 559
691	691		section 10-41. 560
692	692		Sec. 13. Subdivision (3) of subsection (a) of section 10-283 of the 561
693	693		general statutes is repealed and the following is substituted in lieu 562
694	694		thereof (Effective July 1, 2023): 563 Bill No. 1227
695	695
696	696
697		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
698		-	~~R02~~-SB.docx }
	697	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	698	+	R01-SB.docx }
699	699		19 of 21
700	700
701	701		(3) (A) All final calculations completed by the Department of 564
702	702		Administrative Services for school building projects shall include a 565
703	703		computation of the state grant for the school building project amortized 566
704	704		on a straight line basis over a twenty-year period for school building 567
705	705		projects with costs equal to or greater than two million dollars and over 568
706	706		a ten-year period for school building projects with costs less than two 569
707	707		million dollars. Any town or regional school district which abandons, 570
708	708		sells, leases, demolishes or otherwise redirects the use of such a school 571
709	709		building project to other than a public school use during such 572
710	710		amortization period shall refund to the state the unamortized balance of 573
711	711		the state grant remaining as of the date the abandonment, sale, lease, 574
712	712		demolition or redirection occurs. The amortization period for a project 575
713	713		shall begin on the date the project was accepted as complete by the local 576
714	714		or regional board of education. A town or regional school district 577
715	715		required to make a refund to the state pursuant to this subdivision may 578
716	716		request forgiveness of such refund if the building is redirected for public 579
717	717		use. The Department of Administrative Services shall include as an 580
718	718		addendum to the annual school construction priority list all those towns 581
719	719		requesting forgiveness. General Assembly approval of the priority list 582
720	720		containing such request shall constitute approval of such request. This 583
721	721		subdivision shall not apply to projects to correct safety, health and other 584
722	722		code violations or to remedy certified school indoor air quality 585
723	723		emergencies approved pursuant to subsection (b) of this section or 586
724	724		projects subject to the provisions of section 10-285c. 587
725	725		(B) If the board of governors for an independent institution of higher 588
726	726		education, as defined in subsection (a) of section 10a-173, or the 589
727	727		equivalent of such a board, on behalf of the independent institution of 590
728	728		higher education, that operates an interdistrict magnet school makes 591
729	729		private use of any portion of a school building in which such operator 592
730	730		received a school building project grant pursuant to this chapter, such 593
731	731		operator shall annually submit a report to the Commissioner of 594
732	732		Education that demonstrates that such operator provides an equal to or 595
733	733		greater than in-kind or supplemental benefit of such institution's 596
734	734		facilities to students enrolled in such interdistrict magnet school that 597 Bill No. 1227
735	735
736	736
737		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
738		-	~~R02~~-SB.docx }
	737	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	738	+	R01-SB.docx }
739	739		20 of 21
740	740
741	741		outweighs the private use of such school building. If the commissioner 598
742	742		finds that the private use of such school building exceeds the in-kind or 599
743	743		supplemental benefit to magnet school students, the commissioner may 600
744	744		require such institution to refund to the state the unamortized balance 601
745	745		of the state grant. 602
746	746		[(C) Any moneys refunded to the state pursuant to subparagraphs 603
747	747		(A) and (B) of this subdivision shall be deposited in the state's tax-604
748	748		exempt proceeds fund and used not later than sixty days after 605
749	749		repayment to pay debt service on, including redemption, defeasance or 606
750	750		purchase of, outstanding bonds of the state the interest on which is not 607
751	751		included in gross income pursuant to Section 103 of the Internal 608
752	752		Revenue Code of 1986, or any subsequent corresponding internal 609
753	753		revenue code of the United States, as from time to time amended.] 610
754	754		Sec. 14. Subsection (b) of section 22a-260a of the general statutes is 611
755	755		repealed and the following is substituted in lieu thereof (Effective July 1, 612
756	756		2023): 613
757	757		(b) Wherever the words "Connecticut Resources Recovery Authority" 614
758	758		are used in any public or special act of 2014 or in the following sections 615
759	759		of the general statutes, the words "Materials Innovation and Recycling 616
760	760		Authority" shall be substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, 617
761	761		[3-24d, 3-24f,] 7-329a, 12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-618
762	762		208v, 22a-209h, 22a-219b, 22a-220, 22a-241, 22a-260, 22a-261, 22a-263a, 619
763	763		22a-263b, 22a-268a, 22a-268b, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-620
764	764		284, 32-1e and 32-658. 621
765	765		Sec. 15. Subdivision (1) of subsection (a) of section 32-11f of the 622
766	766		general statutes is repealed and the following is substituted in lieu 623
767	767		thereof (Effective July 1, 2023): 624
768	768		(a) (1) Wherever the term "Connecticut Development Authority" is 625
769	769		used in the following sections of the general statutes, the term 626
770	770		"Connecticut Innovations, Incorporated" shall be substituted in lieu 627
771	771		thereof: [3-24d, 3-24f,] 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-628 Bill No. 1227
772	772
773	773
774		-	LCO 5539 {\\PRDFS1\SCOUSERS\~~FORZANOF~~\WS\2023SB-01227-
775		-	~~R02~~-SB.docx }
	774	+	LCO 5539 {\\PRDFS1\SCOUSERS\KEHOET\WS\2023SB-01227-
	775	+	R01-SB.docx }
776	776		21 of 21
777	777
778	778		79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-629
779	779		4l, 32-6j, 32-9c, 32-9n, 32-9qq, 32-22b, 32-23l, 32-23o, 32-23q, 32-23r, 32-630
780	780		23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23qq, 32-23ss, 32-23tt, 32-631
781	781		31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-262, 632
782	782		32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503, 32-609, 32-633
783	783		761, 32-763 and 32-768. 634
784	784		Sec. 16. Sections 3-24a to 3-24h, inclusive, of the general statutes are 635
785	785		repealed. (Effective July 1, 2023) 636
786	786		This act shall take effect as follows and shall amend the following
787	787		sections:
788	788
789	789		Section 1 from passage 8-169oo
790	790		Sec. 2 from passage 8-169qq
791	791		Sec. 3 from passage New section
792	792		Sec. 4 July 1, 2023 3-20(x)
793	793		Sec. 5 July 1, 2023 3-37(a)
794	794		Sec. 6 July 1, 2023 3-62h(q)
795	795		Sec. 7 July 1, 2023 7-406n(d)
796	796		Sec. 8 July 1, 2023 8-169jj(b)(9)
797	797		Sec. 9 July 1, 2023 8-336o(b)
798	798		Sec. 10 July 1, 2023 32-7o(b)
799	799		Sec. 11 July 1, 2023 32-602(b)(6)
800	800		Sec. 12 from passage 10-63b
801	801		Sec. 13 July 1, 2023 10-283(a)(3)
802	802		Sec. 14 July 1, 2023 22a-260a(b)
803	803		Sec. 15 July 1, 2023 32-11f(a)(1)
804	804		Sec. 16 July 1, 2023 Repealer section
805	805
806	806		GAE Joint Favorable
807		-	FIN Joint Favorable
808	807