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General Assembly Raised Bill No. 264
February Session, 2024
LCO No. 2104
Referred to Committee on GOVERNMENT ADMINISTRATION
AND ELECTIONS
Introduced by:
(GAE)
AN ACT CONCERNING THE BONDING AUTHORITY OF THE
CONNECTICUT MUNICIPAL REDEVELOPMENT AUTHORITY, THE
REPORTING OF MATERIAL FINANCIAL OBLIGATIONS BY STATE
AGENCIES, TAX-EXEMPT PROCEEDS FUND REFERENCES AND
THE NOTIFICATION OF THE SALE OR LEASE OF PROJECTS
FINANCED WITH BOND PROCEEDS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Subsection (g) of section 8-169oo of the general statutes is 1
repealed and the following is substituted in lieu thereof (Effective from 2
passage): 3
(g) [Except as provided in section 8-169qq, bonds] Bonds, notes or 4
other obligations of the authority issued under the provisions of this 5
section shall not be deemed to constitute a debt or liability of the state 6
or of any political subdivision thereof other than the authority, or a 7
pledge of the faith and credit of the state or of any such political 8
subdivision other than the authority, and shall not constitute bonds or 9
notes issued or guaranteed by the state within the meaning of section 3-10
21, but shall be payable solely from the funds as provided in this section. 11 Raised Bill No. 264
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All such bonds, notes or other obligations shall contain on the face 12
thereof a statement to the effect that, unless otherwise provided by law, 13
neither the state of Connecticut nor any political subdivision thereof 14
other than the authority shall be obligated to pay the same or the interest 15
thereof except from revenues or other funds of the authority and that 16
neither the faith and credit nor the taxing power of the state of 17
Connecticut or of any political subdivision thereof other than the 18
authority is pledged to the payment of the principal of, or the interest 19
on, such bonds, notes or other obligations. 20
Sec. 2. Subsections (k) to (o), inclusive, of section 8-169oo of the 21
general statutes are repealed and the following is substituted in lieu 22
thereof (Effective from passage): 23
[(k) Neither the members of the board of directors of the authority 24
nor any person executing bonds, notes or other obligations of the 25
authority issued pursuant to this section shall be liable personally on 26
such bonds, notes or other obligations or be subject to any personal 27
liability or accountability by reason of the issuance thereof, nor shall any 28
director, officer or employee of the authority be personally liable for 29
damage or injury caused in the performance of such director, officer or 30
employee's duties and within the scope of employment or appointment 31
as such director, officer or employee, provided the conduct of such 32
director, officer or employee was found not to have been wanton, 33
reckless, wilful or malicious. The authority shall protect, save harmless 34
and indemnify its directors, officers or employees from financial loss 35
and expense, including legal fees and costs, if any, arising out of any 36
claim, demand, suit or judgment by reason of alleged negligence or 37
alleged deprivation of any person's civil rights or any other act or 38
omission resulting in damage or injury, if the director, officer or 39
employee is found to have been acting in the discharge of his or her 40
duties or within the scope of his or her employment and such act or 41
omission is found not to have been wanton, reckless, wilful or 42
malicious.] 43
[(l)] (k) The board of directors of the authority [shall have power to] 44 Raised Bill No. 264
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may purchase bonds, notes or other obligations of the authority out of 45
any funds available for such purpose. The authority may hold, cancel or 46
resell such bonds, notes or other obligations subject to and in accordance 47
with agreements with holders of its bonds, notes and other obligations. 48
[(m)] (l) All moneys received pursuant to the authority of this section, 49
whether as proceeds from the sale of bonds or as revenues, shall be 50
deemed to be trust funds to be held and applied solely as provided in 51
this section. Any officer with whom, or any bank or trust company with 52
which, such moneys shall be deposited shall act as trustee of such 53
moneys and shall hold and apply the same for the purposes of section 54
8-169jj, as amended by this act, and the resolution authorizing the bonds 55
of any issue or the trust agreement securing such bonds may provide. 56
[(n)] (m) Any holder of bonds, notes or other obligations issued under 57
the provisions of this section, and the trustee or trustees under any trust 58
agreement, except to the extent the rights herein given may be restricted 59
by any resolution authorizing the issuance of or any such trust 60
agreement securing such bonds, may, either at law or in equity, by suit, 61
action, mandamus or other proceeding, protect and enforce any and all 62
rights under the laws of the state or granted under this section or under 63
such resolution or trust agreement and may enforce and compel the 64
performance of all duties required by this section or by such resolution 65
or trust agreement to be performed by the authority or by any officer, 66
employee or agent of the authority, including the fixing, charging and 67
collecting of the rates, rents, fees and charges herein authorized and 68
required by the provisions of such resolution or trust agreement to be 69
fixed, established and collected. 70
[(o)] (n) The authority may make representations and agreements for 71
the benefit of the holders of any bonds, notes or other obligations of the 72
state which are necessary or appropriate to ensure the exclusion from 73
gross income for federal income tax purposes of interest on bonds, notes 74
or other obligations of the state from taxation under the Internal 75
Revenue Code of 1986 or any subsequent corresponding internal 76
revenue code of the United States, as amended from time to time, 77 Raised Bill No. 264
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including agreement to pay rebates to the federal government of 78
investment earnings derived from the investment of the proceeds of the 79
bonds, notes or other obligations of the authority. Any such agreement 80
may include: (1) A covenant to pay rebates to the federal government of 81
investment earnings derived from the investment of the proceeds of the 82
bonds, notes or other obligations of the authority; (2) a covenant that the 83
authority will not limit or alter its rebate obligations until its obligations 84
to the holders or owners of such bonds, notes or other obligations are 85
finally met and discharged; and (3) provisions to (A) establish trust and 86
other accounts which may be appropriate to carry out such 87
representations and agreements, (B) retain fiscal agents as depositories 88
for such funds and accounts, and (C) provide that such fiscal agents may 89
act as trustee of such funds and accounts. 90
Sec. 3. Section 8-169qq of the general statutes is repealed and the 91
following is substituted in lieu thereof (Effective from passage): 92
[(a) The state shall protect, save harmless and indemnify the 93
directors, officers and employees of the Connecticut Municipal 94
Redevelopment Authority from financial loss and expenses, including 95
legal fees and costs, if any, arising out of any claim, demand, suit or 96
judgment based upon any alleged act or omission of any such director, 97
officer or employee in connection with, or any other legal challenge to, 98
authority development projects within a Connecticut Municipal 99
Redevelopment Authority development district, provided any such 100
director, officer or employee is found to have been acting in the 101
discharge of such director, officer or employee's duties or within the 102
scope of such director, officer or employee's employment and any such 103
act or omission is found not to have been wanton, reckless, wilful or 104
malicious. 105
(b) In the event any bond, note or other obligation of the authority 106
cannot be paid by the authority, the state shall assume the liability of 107
and make payment on such debt.] 108
(a) For the purposes of this section, "required minimum capital 109 Raised Bill No. 264
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reserve" means the maximum amount permitted to be deposited in a 110
special capital reserve fund by the Internal Revenue Code of 1986, or 111
any subsequent corresponding internal revenue code of the United 112
States, as amended from time to time, to permit the interest on the bonds 113
of the Connecticut Municipal Redevelopment Authority secured by 114
such special capital reserve fund to be excluded from gross income for 115
federal tax purposes. 116
(b) The authority may, in connection with the issuance of bonds, the 117
refunding of bonds previously issued by the authority or the issuance 118
of bonds to effect a refinancing or other restructuring with respect to one 119
or more projects, establish one or more special capital reserve funds. The 120
authority may pay into such special capital reserve funds (1) any 121
moneys appropriated and made available by the state for the purposes 122
of such special capital reserve funds, (2) any proceeds of the sale of 123
bonds or notes of the authority, to the extent provided in the resolution 124
of said authority authorizing the issuance of such bonds or notes, and 125
(3) any moneys made available to the authority from any other source 126
for the purposes of such special capital reserve funds. The amount of 127
bonds of the authority secured by special capital reserve funds shall not 128
exceed fifty million dollars in the aggregate. 129
(c) (1) Except as otherwise provided in this section, the moneys held 130
in or credited to any special capital reserve fund established under this 131
section shall be used for: 132
(A) The payment of the principal and interest as such payments 133
become due, whether due at maturity or by mandatory sinking fund 134
installments, on bonds of the authority secured by such special capital 135
reserve fund; or 136
(B) The purchase of such bonds and the payment of any redemption 137
premium required to be paid when such bonds are redeemed prior to 138
maturity, including reimbursement of a provider of bond insurance or 139
of a credit or liquidity facility that has paid such redemption premium. 140
(2) The authority may prohibit, except for the purpose of paying the 141 Raised Bill No. 264
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principal of and interest and redemption premium on bonds of the 142
authority secured by a special capital reserve fund for which other 143
moneys of the authority are not available, the withdrawal of moneys in 144
any special capital reserve fund in an amount that would result in the 145
balance of such special capital reserve fund being less than (A) the 146
maximum amount of principal and interest becoming due by reason of 147
maturity or a required sinking fund installment on the bonds of the 148
authority outstanding in the then current or any succeeding calendar 149
year, or (B) the required minimum capital reserve. 150
(3) The authority may provide at any time that it shall not issue bonds 151
secured by a special capital reserve fund if the required minimum 152
capital reserve on the bonds outstanding and the bonds to be issued and 153
secured by the same special capital reserve fund at the time of issuance 154
exceeds the moneys in the special capital reserve fund, unless the 155
authority deposits proceeds from the bonds to be issued or moneys from 156
other sources into such special capital reserve fund, in an amount that, 157
together with the amount then in such special capital reserve fund, will 158
be not less than the required minimum capital reserve. 159
(d) (1) (A) Prior to December first, annually, the authority shall 160
deposit, for any special capital reserve fund for which the balance is 161
below the required minimum capital reserve, the full amount required 162
to meet the required minimum capital reserve for such special capital 163
reserve fund. Such deposit shall be made from any resources available 164
to the authority not otherwise pledged or dedicated to another purpose. 165
(B) On or prior to December first, annually, but after the authority has 166
made any deposits required under sub paragraph (A) of this 167
subdivision, there shall be deemed appropriated from the General Fund 168
any sums necessary to restore the balance of each such special capital 169
reserve fund to the required minimum capital reserve amount. The 170
amount of any such sum shall be allotted and paid to the authority upon 171
the certification of such sum by the chairperson or vice-chairperson of 172
the authority to the Secretary of the Office of Policy and Management, 173
the Treasurer and the joint standing committees of the General 174 Raised Bill No. 264
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Assembly having cognizance of matters relating to planning and 175
development and finance, revenue and bonding. 176
(C) For the purposes of this subdivision, obligations acquired as an 177
investment for any special capital reserve fund shall be valued at 178
amortized cost. 179
(2) Subject to any agreement or agreements with holders of 180
outstanding bonds or notes of the authority, any amount allotted and 181
paid to the authority pursuant to subdivision (1) of this subsection shall 182
be repaid to the state from moneys of the authority, at such time as such 183
moneys are not required for any other corporate purposes of the 184
authority. Such repayment shall occur not later than one year after the 185
date the following liabilities are met and fully discharged by the 186
authority: (A) All bonds and notes of the authority that were issued 187
before, on or after the date such allotted amount was paid to the 188
authority; (B) all interest on such bonds and notes and on any unpaid 189
installments of interest; and (C) all costs and expenses incurred in 190
connection with any action or proceeding by or on behalf of the holders 191
of such bonds or notes. 192
(e) (1) The authority shall not issue bonds secured by a special capital 193
reserve fund until and unless: 194
(A) The authority has determined, and has provided such 195
determination to the Secretary of the Office of Policy and Management 196
or the secretary's deputy and to the Treasurer or the Deputy Treasurer, 197
that the revenues from the project shall be sufficient to (i) pay the 198
principal of and interest on the bonds issued to finance the project, (ii) 199
establish, increase and maintain any reserves deemed advisable by the 200
authority to secure the payment of the principal of and interest on such 201
bonds, (iii) pay the cost of maintaining the project in good repair and 202
properly insured, and (iv) pay such other costs of the project as may be 203
required; 204
(B) The issuance has been approved by the Secretary of the Office of 205
Policy and Management or the secretary's deputy; and 206 Raised Bill No. 264
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(C) The authority has provided the documentation required under 207
subsection (a) of section 1-124 to the Treasurer or the Deputy Treasurer 208
and the issuance has been approved by the Treasurer or the Deputy 209
Treasurer pursuant to said subsection. 210
(2) The approval by the Secretary of the Office of Policy and 211
Management or the secretary's deputy may provide for the waiver or 212
modification of the requirements of this section as the secretary deems 213
necessary or appropriate to effectuate such issuance, subject to any 214
applicable tax covenants of the authority and the state. 215
(f) Nothing in this section shall preclude the authority from 216
establishing other debt service reserve funds that are not special capital 217
reserve funds in connection with the issuance of bonds or notes of the 218
authority. 219
Sec. 4. (NEW) (Effective from passage) (a) As used in this section, (1) 220
"person" means any (A) state officer, (B) state agency, department, board 221
or commission, or (C) state employee, or any agent thereof. "Person" 222
includes The University of Connecticut Health Care Finance 223
Corporation, and (2) "financial obligation" has the same meaning as 224
provided in 17 CFR 240.15c2-12, as amended from time to time. 225
(b) (1) Before any person incurs any financial obligation of the state 226
or enters into any agreement to covenants, events of default, remedies, 227
priority rights or other similar terms in connection with a financial 228
obligation of the state, where such financial obligation (A) is in excess of 229
one million dollars, or (B) encumbers property or rights of the state 230
material to the operations of the state, such person shall notify the 231
Treasurer of such proposed financial obligation or agreement and 232
submit any documents pursuant to which such financial obligation is to 233
be incurred or such agreement is to be entered into. No such person shall 234
incur any such financial obligation or enter into any such agreement 235
until such person has received a written acknowledgment pursuant to 236
subdivision (2) of this subsection. 237
(2) Upon receipt of such notification and documents, the Treasurer 238 Raised Bill No. 264
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shall determine whether the information provided is adequate for the 239
Treasurer to timely meet required disclosure obligations under federal 240
securities law. The Treasurer may request additional information the 241
Treasurer deems necessary to make such determination. Upon the 242
Treasurer's satisfaction that adequate information has been provided for 243
the Treasurer to timely meet required disclosure obligations under 244
federal securities law, the Treasurer or the Treasurer's designee shall 245
provide written acknowledgment to the person seeking to incur such 246
financial obligation or enter into such agreement. The Treasurer may 247
establish, and revise from time to time, exemptions from such 248
notification and submission requirements as the Treasurer determines 249
are consistent with the state's disclosure obligations under federal 250
securities law. 251
Sec. 5. Subsection (x) of section 3-20 of the 2024 supplement to the 252
general statutes is repealed and the following is substituted in lieu 253
thereof (Effective July 1, 2024): 254
(x) Notwithstanding any provision of the general statutes, public acts 255
or special acts, [upon] any sale, lease or other disposition to or use by a 256
nongovernmental entity of all or a portion of any project financed with 257
proceeds of bonds of the state the interest on which is not included in 258
gross income pursuant to Section 103 of the Internal Revenue Code of 259
1986, or any subsequent corresponding internal revenue code of the 260
United States, as amended from time to time, [amended,] that would 261
otherwise cause such bonds to be treated as private activity bonds 262
within the meaning of Section 141 of said internal revenue code [, the] 263
shall be subject to the prior approval of the Treasurer. The Treasurer is 264
authorized to transfer all or a portion of the proceeds received with 265
respect to and at the time of such disposition or use, in an amount not 266
less than the amount required by said internal revenue code to preserve 267
the exclusion from gross income of interest on such bonds, (1) to the 268
General Fund to pay debt service on, including redemption, defeasance 269
or purchase of, outstanding bonds of the state the interest on which is 270
not included in gross income pursuant to Section 103 of said internal 271
revenue code, (2) with the approval of the State Bond Commission, in 272 Raised Bill No. 264
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lieu of the issuance of bonds, to the appropriate account or fund for any 273
projects or purposes authorized by the State Bond Commission 274
pursuant to a bond act and with the same force and effect as bond 275
proceeds, thereby reducing the authority to issue bonds by such dollar 276
amount, provided in any event that any such transfer does not cause the 277
interest on the subject bonds to become included in gross income 278
pursuant to Section 103 of said internal revenue code. 279
Sec. 6. Subsection (a) of section 3-37 of the general statutes is repealed 280
and the following is substituted in lieu thereof (Effective July 1, 2024): 281
(a) The Treasurer shall, annually, on or before December thirty-first, 282
submit a final audited report to the Governor and a copy of such report 283
to the Investment Advisory Council, which shall include the following 284
information concerning the activities of the office of the State Treasurer 285
for the immediately preceding fiscal year ending June thirtieth: (1) 286
Complete financial statements and accompanying footnotes for the 287
combined investment funds prepared in accordance with generally 288
accepted accounting principles, which financial statements shall be 289
audited in accordance with generally accepted auditing standards and 290
supplementary schedules depicting the interests of the component 291
retirement plans and trust funds; (2) complete financial statements and 292
accompanying footnotes for the Short Term Investment Fund prepared 293
in accordance with generally accepted accounting principles and 294
supplementary schedules listing all assets held by the Short Term 295
Investment Fund; (3) a discussion and review of the performance of the 296
combined investment funds and Short Term Investment Fund for such 297
fiscal year in accordance with recognized and appropriate performance 298
presentation and disclosure, including an analysis of the return earned 299
by the portfolio and each combined investment fund as well as the risk 300
profile of the portfolio and each combined investment fund according 301
to investment industry standards; (4) the activities and transactions in 302
such reasonable detail as is appropriate of the cash management 303
division including information on the state's cash receipts and 304
disbursements for the fiscal year, and the debt management division; 305
[including the financial statements of the tax-exempt proceeds fund 306 Raised Bill No. 264
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prepared in accordance with generally accepted accounting principles;] 307
(5) financial statements and accompanying footnotes as well as a 308
summary of operating results for the Second Injury Fund for such fiscal 309
year; (6) a financial summary and report on the activities of the state's 310
unclaimed property program for such fiscal year; (7) a listing of the 311
companies from which state funds were divested based upon such 312
companies' business in Sudan, pursuant to the provisions of section 3-313
21e, and any companies identified by the Treasurer as companies from 314
which investment of state funds has been declared impermissible by the 315
Treasurer, pursuant to the provisions of section 3-21e; and (8) such other 316
information as the Treasurer deems of interest to the public. 317
Sec. 7. Subsection (q) of section 3-62h of the general statutes is 318
repealed and the following is substituted in lieu thereof (Effective July 1, 319
2024): 320
(q) Any moneys held by the Treasurer or by a trustee pursuant to an 321
indenture of trust with respect to abandoned property fund bonds 322
including pledged revenues, other pledged receipts, funds or moneys 323
and proceeds from the sale of such abandoned property fund bonds, 324
may, pending the use or application of the proceeds thereof for an 325
authorized purpose, be (1) invested and reinvested in such obligations, 326
securities and investments as are set forth in subsection (f) of section 3-327
20 [,] and in participation certificates in the Short Term Investment 328
Funds created under sections 3-27a and 3-27f, [and in participation 329
certificates or securities of the Tax-Exempt Proceeds Fund created under 330
section 3-24a] or (2) deposited or redeposited in such bank or banks as 331
shall be provided in the proceedings. Unless the proceedings provide 332
otherwise, proceeds from investments authorized by this subsection, 333
less amounts required under the proceedings authorizing the issuance 334
of abandoned property fund bonds for the payment of Special 335
Abandoned Property Fund financing costs relating to such abandoned 336
property fund bonds, shall be credited to the Special Abandoned 337
Property Fund. 338
Sec. 8. Subsection (d) of section 7-406n of the general statutes is 339 Raised Bill No. 264
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repealed and the following is substituted in lieu thereof (Effective July 1, 340
2024): 341
(d) Any moneys held by the Treasurer or by a trustee pursuant to an 342
indenture of trust with respect to municipal pension solvency account 343
bonds including pledged revenues, other pledged receipts, funds or 344
moneys and proceeds from the sale of such municipal pension solvency 345
account bonds, may, pending the use or application of such proceeds 346
for an authorized purpose, be (1) invested and reinvested in such 347
obligations, securities and investments as are set forth in subsection (f) 348
of section 3-20 [,] and in participation certificates in the Short Term 349
Investment Funds created under sections 3-27a and 3-27f, [and in 350
participation certificates or securities of the Tax-Exempt Proceeds Fund 351
created under section 3-24a,] or (2) deposited or redeposited in such 352
bank or banks as shall be provided in the proceedings authorizing the 353
issuance of municipal pension solvency account bonds. Unless the 354
proceedings provide otherwise, proceeds from investments authorized 355
by this subsection, less amounts required under the proceedings for the 356
payment of municipal pension solvency loan costs relating to such 357
municipal pension solvency account bonds, shall be credited to the 358
municipal pension solvency account. 359
Sec. 9. Subdivision (9) of subsection (b) of section 8-169jj of the 2024 360
supplement to the general statutes is repealed and the following is 361
substituted in lieu thereof (Effective July 1, 2024): 362
(9) Invest any funds not needed for immediate use or disbursement 363
in obligations issued or guaranteed by the United States or the state, 364
including the Short Term Investment Fund, [and the Tax-Exempt 365
Proceeds Fund,] and in other obligations that are legal investments for 366
savings banks in this state, and in-time deposits or certificates of deposit 367
or other similar banking arrangements secured in such manner as the 368
authority determines; 369
Sec. 10. Subsection (b) of section 8-336o of the general statutes is 370
repealed and the following is substituted in lieu thereof (Effective July 1, 371 Raised Bill No. 264
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2024): 372
(b) Any moneys held in the Housing Trust Fund may, pending the 373
use or application of the proceeds thereof for an authorized purpose, be 374
(1) invested and reinvested in such obligations, securities and 375
investments as are set forth in subsection (f) of section 3-20 [,] and in 376
participation certificates in the Short Term Investment Fund created 377
under sections 3-27a and 3-27f, [and in participation certificates or 378
securities of the Tax-Exempt Proceeds Fund created under section 3-379
24a,] (2) deposited or redeposited in such bank or banks at the direction 380
of the Treasurer, or (3) invested in participation units in the combined 381
investment funds, as defined in section 3-31b. Unless otherwise 382
provided pursuant to subsection (c) of this section, proceeds from 383
investments authorized by this subsection shall be credited to the 384
Housing Trust Fund. 385
Sec. 11. Subsection (b) of section 32-7o of the general statutes is 386
repealed and the following is substituted in lieu thereof (Effective July 1, 387
2024): 388
(b) Any moneys held in the Connecticut Manufacturing Innovation 389
Fund may, pending the use or application of the proceeds thereof for an 390
authorized purpose, be (1) invested and reinvested in such obligations, 391
securities and investments as are set forth in subsection (f) of section 3-392
20 [,] and in participation certificates in the Short Term Investment Fund 393
created under sections 3-27a and 3-27f, [and in participation certificates 394
or securities of the Tax-Exempt Proceeds Fund created under section 3-395
24a,] (2) deposited or redeposited in any bank or banks, at the direction 396
of the Treasurer, or (3) invested in participation units in the combined 397
investment funds, as defined in section 3-31b. Proceeds from 398
investments authorized by this subsection shall be credited to the 399
Connecticut Manufacturing Innovation Fund. 400
Sec. 12. Subdivision (6) of subsection (b) of section 32-602 of the 2024 401
supplement to the general statutes is repealed and the following is 402
substituted in lieu thereof (Effective July 1, 2024): 403 Raised Bill No. 264
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(6) To invest any funds not needed for immediate use or 404
disbursement in obligations issued or guaranteed by the United States 405
of America or the state of Connecticut, including the Short Term 406
Investment Fund, [and the Tax-Exempt Proceeds Fund,] and in other 407
obligations which are legal investments for savings banks in this state 408
and in time deposits or certificates of deposit or other similar banking 409
arrangements secured in such manner as the authority determines; 410
Sec. 13. Section 10-63b of the general statutes is repealed and the 411
following is substituted in lieu thereof (Effective from passage): 412
Within thirty days of receipt of an application pursuant to section 10-413
63a the regional board of education shall call for the appointment of a 414
committee to study issues relating to withdrawal or dissolution. The 415
committee shall consist of the following: One member of the board of 416
education of each town within the district, to be selected by each such 417
board, if any, or if none, an elector to be elected by the legislative body 418
in such town; one member of the board of finance or comparable fiscal 419
body of each town within the district to be selected by each such board 420
or body; two members of the regional board of education, to be selected 421
by such board, no more than one of whom may be a resident of a town 422
making the application for the appointment of the committee; one 423
member to be appointed by the Commissioner of Education, who shall 424
not be a resident of any town within the district; [the State Treasurer or 425
the Treasurer's designee,] and one member to be appointed by the 426
regional board of education, who [shall be] is an expert in municipal 427
bonding and financing and who shall not be a resident of any town 428
within the district. The members shall receive no compensation for their 429
services, but their expenses and those incurred by the regional board in 430
connection with withdrawal or dissolution procedures shall be paid by 431
the towns applying for withdrawal or dissolution. The appointee of the 432
Commissioner of Education shall call the first meeting of the committee, 433
and the committee shall organize and function in accordance with 434
section 10-41. 435
Sec. 14. Subdivision (3) of subsection (a) of section 10-283 of the 436 Raised Bill No. 264
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general statutes is repealed and the following is substituted in lieu 437
thereof (Effective July 1, 2024): 438
(3) (A) All final calculations completed by the Department of 439
Administrative Services for school building projects shall include a 440
computation of the state grant for the school building project amortized 441
on a straight line basis over a twenty-year period for school building 442
projects with costs equal to or greater than two million dollars and over 443
a ten-year period for school building projects with costs less than two 444
million dollars. Any town or regional school district which abandons, 445
sells, leases, demolishes or otherwise redirects the use of such a school 446
building project to other than a public school use during such 447
amortization period shall refund to the state the unamortized balance of 448
the state grant remaining as of the date the abandonment, sale, lease, 449
demolition or redirection occurs. The amortization period for a project 450
shall begin on the date the project was accepted as complete by the local 451
or regional board of education. A town or regional school district 452
required to make a refund to the state pursuant to this subdivision may 453
request forgiveness of such refund if the building is redirected for public 454
use. The Department of Administrative Services shall include as an 455
addendum to the annual school construction priority list all those towns 456
requesting forgiveness. General Assembly approval of the priority list 457
containing such request shall constitute approval of such request. This 458
subdivision shall not apply to projects to correct safety, health and other 459
code violations or to remedy certified school indoor air quality 460
emergencies approved pursuant to subsection (b) of this section or 461
projects subject to the provisions of section 10-285c. 462
(B) If the board of governors for an independent institution of higher 463
education, as defined in subsection (a) of section 10a-173, or the 464
equivalent of such a board, on behalf of the independent institution of 465
higher education, that operates an interdistrict magnet school makes 466
private use of any portion of a school building in which such operator 467
received a school building project grant pursuant to this chapter, such 468
operator shall annually submit a report to the Commissioner of 469
Education that demonstrates that such operator provides an equal to or 470 Raised Bill No. 264
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greater than in-kind or supplemental benefit of such institution's 471
facilities to students enrolled in such interdistrict magnet school that 472
outweighs the private use of such school building. If the commissioner 473
finds that the private use of such school building exceeds the in-kind or 474
supplemental benefit to magnet school students, the commissioner may 475
require such institution to refund to the state the unamortized balance 476
of the state grant. 477
[(C) Any moneys refunded to the state pursuant to subparagraphs 478
(A) and (B) of this subdivision shall be deposited in the state's tax-479
exempt proceeds fund and used not later than sixty days after 480
repayment to pay debt service on, including redemption, defeasance or 481
purchase of, outstanding bonds of the state the interest on which is not 482
included in gross income pursuant to Section 103 of the Internal 483
Revenue Code of 1986, or any subsequent corresponding internal 484
revenue code of the United States, as from time to time amended.] 485
Sec. 15. Subsection (b) of section 22a-284a of the 2024 supplement to 486
the general statutes is repealed and the following is substituted in lieu 487
thereof (Effective July 1, 2024): 488
(b) Wherever the words "Materials Innovation and Recycling 489
Authority" are used in any public or special act of 2023 or in the 490
following sections, the words "MIRA Dissolution Authority" shall be 491
substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, [3-24d, 3-24f,] 7-329a, 492
12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-208v, 22a-209h, 22a-493
219b, 22a-220, 22a-241, 22a-260, 22a-263a, 22a-263b, 22a-268a, 22a-268b, 494
22a-268g, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-284, 32-1e and 32-495
658. 496
Sec. 16. Subsection (b) of section 22a-260a of the general statutes is 497
repealed and the following is substituted in lieu thereof (Effective July 1, 498
2024): 499
(b) Wherever the words "Connecticut Resources Recovery Authority" 500
are used in any public or special act of 2014 or in the following sections 501
of the general statutes, the words "Materials Innovation and Recycling 502 Raised Bill No. 264
LCO No. 2104 17 of 18
Authority" shall be substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, 503
[3-24d, 3-24f,] 7-329a, 12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-504
208v, 22a-209h, 22a-219b, 22a-220, 22a-241, 22a-260, 22a-261, 22a-263a, 505
22a-263b, 22a-268a, 22a-268b, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-506
284, 32-1e and 32-658. 507
Sec. 17. Subdivision (1) of subsection (a) of section 32-11f of the 508
general statutes is repealed and the following is substituted in lieu 509
thereof (Effective July 1, 2024): 510
(a) (1) Wherever the term "Connecticut Development Authority" is 511
used in the following sections of the general statutes, the term 512
"Connecticut Innovations, Incorporated" shall be substituted in lieu 513
thereof: [3-24d, 3-24f,] 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-514
79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-515
4l, 32-6j, 32-9c, 32-9n, 32-9qq, 32-22b, 32-23l, 32-23o, 32-23q, 32-23r, 32-516
23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23qq, 32-23ss, 32-23tt, 32-517
31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-262, 518
32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503, 32-609, 32-519
761, 32-763 and 32-768. 520
Sec. 18. Sections 3-24a to 3-24h, inclusive, of the general statutes are 521
repealed. (Effective July 1, 2024) 522
This act shall take effect as follows and shall amend the following
sections:
Section 1 from passage 8-169oo(g)
Sec. 2 from passage 8-169oo(k) to (o)
Sec. 3 from passage 8-169qq
Sec. 4 from passage New section
Sec. 5 July 1, 2024 3-20(x)
Sec. 6 July 1, 2024 3-37(a)
Sec. 7 July 1, 2024 3-62h(q)
Sec. 8 July 1, 2024 7-406n(d)
Sec. 9 July 1, 2024 8-169jj(b)(9)
Sec. 10 July 1, 2024 8-336o(b)
Sec. 11 July 1, 2024 32-7o(b) Raised Bill No. 264
LCO No. 2104 18 of 18
Sec. 12 July 1, 2024 32-602(b)(6)
Sec. 13 from passage 10-63b
Sec. 14 July 1, 2024 10-283(a)(3)
Sec. 15 July 1, 2024 22a-284a(b)
Sec. 16 July 1, 2024 22a-260a(b)
Sec. 17 July 1, 2024 32-11f(a)(1)
Sec. 18 July 1, 2024 Repealer section
Statement of Purpose:
To (1) amend provisions concerning the bonding authority and liability
of the Connecticut Municipal Redevelopment Authority, (2) require
state actors to notify the Treasurer of reportable financial obligations
and agreements, (3) require the prior approval of the Treasurer for
certain transactions, and (4) delete provisions concerning the Tax-
Exempt Proceeds Fund.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
underlined.]