Connecticut 2024 Regular Session

Connecticut Senate Bill SB00264 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
	3	+	LCO 2104 1 of 18
3	4
4		-	Senate Bill No. 264
	5	+	General Assembly Raised Bill No. 264
	6	+	February Session, 2024
	7	+	LCO No. 2104
5	8
6		-	Public Act No. 24-62
	9	+
	10	+	Referred to Committee on GOVERNMENT
	11	+	ADMINISTRATION AND ELECTIONS
	12	+
	13	+
	14	+	Introduced by:
	15	+	(GAE)
	16	+
7	17
8	18
9	19		AN ACT CONCERNING THE BONDING AUTHORITY OF THE
10	20		CONNECTICUT MUNICIPAL REDEVELOPMENT AUTHORITY, THE
11	21		REPORTING OF MATERIAL FINANCIAL OBLIGATIONS BY STATE
12	22		AGENCIES, TAX-EXEMPT PROCEEDS FUND REFERENCES AND
13	23		THE NOTIFICATION OF THE SALE OR LEASE OF PROJECTS
14	24		FINANCED WITH BOND PROCEEDS.
15	25		Be it enacted by the Senate and House of Representatives in General
16	26		Assembly convened:
17	27
18		-	Section 1. Subsection (g) of section 8-169oo of the general statutes is
19		-	repealed and the following is substituted in lieu thereof (Effective from
20		-	passage):
21		-	(g) [Except as provided in section 8-169qq, bonds] Bonds, notes or
22		-	other obligations of the authority issued under the provisions of this
23		-	section shall not be deemed to constitute a debt or liability of the state
24		-	or of any political subdivision thereof other than the authority, or a
25		-	pledge of the faith and credit of the state or of any such political
26		-	subdivision other than the authority, and shall not constitute bonds or
27		-	notes issued or guaranteed by the state within the meaning of section 3-
28		-	21, but shall be payable solely from the funds as provided in this section.
29		-	All such bonds, notes or other obligations shall contain on the face
30		-	thereof a statement to the effect that, unless otherwise provided by law,
31		-	neither the state of Connecticut nor any political subdivision thereof
32		-	other than the authority shall be obligated to pay the same or the interest Senate Bill No. 264
	28	+	Section 1. Subsection (g) of section 8-169oo of the general statutes is 1
	29	+	repealed and the following is substituted in lieu thereof (Effective from 2
	30	+	passage): 3
	31	+	(g) [Except as provided in section 8-169qq, bonds] Bonds, notes or 4
	32	+	other obligations of the authority issued under the provisions of this 5
	33	+	section shall not be deemed to constitute a debt or liability of the state 6
	34	+	or of any political subdivision thereof other than the authority, or a 7
	35	+	pledge of the faith and credit of the state or of any such political 8
	36	+	subdivision other than the authority, and shall not constitute bonds or 9
	37	+	notes issued or guaranteed by the state within the meaning of section 3-10
	38	+	21, but shall be payable solely from the funds as provided in this section. 11 Bill No. 264
33	39
34		-	Public Act No. 24-62 2 of 18
35	40
36		-	thereof except from revenues or other funds of the authority and that
37		-	neither the faith and credit nor the taxing power of the state of
38		-	Connecticut or of any political subdivision thereof other than the
39		-	authority is pledged to the payment of the principal of, or the interest
40		-	on, such bonds, notes or other obligations.
41		-	Sec. 2. Subsections (k) to (o), inclusive, of section 8-169oo of the
42		-	general statutes are repealed and the following is substituted in lieu
43		-	thereof (Effective from passage):
44		-	[(k) Neither the members of the board of directors of the authority
45		-	nor any person executing bonds, notes or other obligations of the
46		-	authority issued pursuant to this section shall be liable personally on
47		-	such bonds, notes or other obligations or be subject to any personal
48		-	liability or accountability by reason of the issuance thereof, nor shall any
49		-	director, officer or employee of the authority be personally liable for
50		-	damage or injury caused in the performance of such director, officer or
51		-	employee's duties and within the scope of employment or appointment
52		-	as such director, officer or employee, provided the conduct of such
53		-	director, officer or employee was found not to have been wanton,
54		-	reckless, wilful or malicious. The authority shall protect, save harmless
55		-	and indemnify its directors, officers or employees from financial loss
56		-	and expense, including legal fees and costs, if any, arising out of any
57		-	claim, demand, suit or judgment by reason of alleged negligence or
58		-	alleged deprivation of any person's civil rights or any other act or
59		-	omission resulting in damage or injury, if the director, officer or
60		-	employee is found to have been acting in the discharge of his or her
61		-	duties or within the scope of his or her employment and such act or
62		-	omission is found not to have been wanton, reckless, wilful or
63		-	malicious.]
64		-	[(l)] (k) The board of directors of the authority [shall have power to]
65		-	may purchase bonds, notes or other obligations of the authority out of
66		-	any funds available for such purpose. The authority may hold, cancel or Senate Bill No. 264
	41	+	LCO 2104 2 of 18
67	42
68		-	Public Act No. 24-62 3 of 18
	43	+	All such bonds, notes or other obligations shall contain on the face 12
	44	+	thereof a statement to the effect that, unless otherwise provided by law, 13
	45	+	neither the state of Connecticut nor any political subdivision thereof 14
	46	+	other than the authority shall be obligated to pay the same or the interest 15
	47	+	thereof except from revenues or other funds of the authority and that 16
	48	+	neither the faith and credit nor the taxing power of the state of 17
	49	+	Connecticut or of any political subdivision thereof other than the 18
	50	+	authority is pledged to the payment of the principal of, or the interest 19
	51	+	on, such bonds, notes or other obligations. 20
	52	+	Sec. 2. Subsections (k) to (o), inclusive, of section 8-169oo of the 21
	53	+	general statutes are repealed and the following is substituted in lieu 22
	54	+	thereof (Effective from passage): 23
	55	+	[(k) Neither the members of the board of directors of the authority 24
	56	+	nor any person executing bonds, notes or other obligations of the 25
	57	+	authority issued pursuant to this section shall be liable personally on 26
	58	+	such bonds, notes or other obligations or be subject to any personal 27
	59	+	liability or accountability by reason of the issuance thereof, nor shall any 28
	60	+	director, officer or employee of the authority be personally liable for 29
	61	+	damage or injury caused in the performance of such director, officer or 30
	62	+	employee's duties and within the scope of employment or appointment 31
	63	+	as such director, officer or employee, provided the conduct of such 32
	64	+	director, officer or employee was found not to have been wanton, 33
	65	+	reckless, wilful or malicious. The authority shall protect, save harmless 34
	66	+	and indemnify its directors, officers or employees from financial loss 35
	67	+	and expense, including legal fees and costs, if any, arising out of any 36
	68	+	claim, demand, suit or judgment by reason of alleged negligence or 37
	69	+	alleged deprivation of any person's civil rights or any other act or 38
	70	+	omission resulting in damage or injury, if the director, officer or 39
	71	+	employee is found to have been acting in the discharge of his or her 40
	72	+	duties or within the scope of his or her employment and such act or 41
	73	+	omission is found not to have been wanton, reckless, wilful or 42
	74	+	malicious.] 43
	75	+	[(l)] (k) The board of directors of the authority [shall have power to] 44 Bill No. 264
69	76
70		-	resell such bonds, notes or other obligations subject to and in accordance
71		-	with agreements with holders of its bonds, notes and other obligations.
72		-	[(m)] (l) All moneys received pursuant to the authority of this section,
73		-	whether as proceeds from the sale of bonds or as revenues, shall be
74		-	deemed to be trust funds to be held and applied solely as provided in
75		-	this section. Any officer with whom, or any bank or trust company with
76		-	which, such moneys shall be deposited shall act as trustee of such
77		-	moneys and shall hold and apply the same for the purposes of section
78		-	8-169jj, as amended by this act, and the resolution authorizing the bonds
79		-	of any issue or the trust agreement securing such bonds may provide.
80		-	[(n)] (m) Any holder of bonds, notes or other obligations issued under
81		-	the provisions of this section, and the trustee or trustees under any trust
82		-	agreement, except to the extent the rights herein given may be restricted
83		-	by any resolution authorizing the issuance of or any such trust
84		-	agreement securing such bonds, may, either at law or in equity, by suit,
85		-	action, mandamus or other proceeding, protect and enforce any and all
86		-	rights under the laws of the state or granted under this section or under
87		-	such resolution or trust agreement and may enforce and compel the
88		-	performance of all duties required by this section or by such resolution
89		-	or trust agreement to be performed by the authority or by any officer,
90		-	employee or agent of the authority, including the fixing, charging and
91		-	collecting of the rates, rents, fees and charges herein authorized and
92		-	required by the provisions of such resolution or trust agreement to be
93		-	fixed, established and collected.
94		-	[(o)] (n) The authority may make representations and agreements for
95		-	the benefit of the holders of any bonds, notes or other obligations of the
96		-	state which are necessary or appropriate to ensure the exclusion from
97		-	gross income for federal income tax purposes of interest on bonds, notes
98		-	or other obligations of the state from taxation under the Internal
99		-	Revenue Code of 1986 or any subsequent corresponding internal
100		-	revenue code of the United States, as amended from time to time, Senate Bill No. 264
101	77
102		-	~~Public Act No. 24-62~~ 4 of 18
	78	+	LCO 2104 3 of 18
103	79
104		-	including agreement to pay rebates to the federal government of
105		-	investment earnings derived from the investment of the proceeds of the
106		-	bonds, notes or other obligations of the authority. Any such agreement
107		-	may include: (1) A covenant to pay rebates to the federal government of
108		-	investment earnings derived from the investment of the proceeds of the
109		-	bonds, notes or other obligations of the authority; (2) a covenant that the
110		-	authority will not limit or alter its rebate obligations until its obligations
111		-	to the holders or owners of such bonds, notes or other obligations are
112		-	finally met and discharged; and (3) provisions to (A) establish trust and
113		-	other accounts which may be appropriate to carry out such
114		-	representations and agreements, (B) retain fiscal agents as depositories
115		-	for such funds and accounts, and (C) provide that such fiscal agents may
116		-	act as trustee of such funds and accounts.
117		-	Sec. 3. Section 8-169qq of the general statutes is repealed and the
118		-	following is substituted in lieu thereof (Effective from passage):
119		-	[(a) The state shall protect, save harmless and indemnify the
120		-	directors, officers and employees of the Connecticut Municipal
121		-	Redevelopment Authority from financial loss and expenses, including
122		-	legal fees and costs, if any, arising out of any claim, demand, suit or
123		-	judgment based upon any alleged act or omission of any such director,
124		-	officer or employee in connection with, or any other legal challenge to,
125		-	authority development projects within a Connecticut Municipal
126		-	Redevelopment Authority development district, provided any such
127		-	director, officer or employee is found to have been acting in the
128		-	discharge of such director, officer or employee's duties or within the
129		-	scope of such director, officer or employee's employment and any such
130		-	act or omission is found not to have been wanton, reckless, wilful or
131		-	malicious.
132		-	(b) In the event any bond, note or other obligation of the authority
133		-	cannot be paid by the authority, the state shall assume the liability of
134		-	and make payment on such debt.] Senate Bill No. 264
	80	+	may purchase bonds, notes or other obligations of the authority out of 45
	81	+	any funds available for such purpose. The authority may hold, cancel or 46
	82	+	resell such bonds, notes or other obligations subject to and in accordance 47
	83	+	with agreements with holders of its bonds, notes and other obligations. 48
	84	+	[(m)] (l) All moneys received pursuant to the authority of this section, 49
	85	+	whether as proceeds from the sale of bonds or as revenues, shall be 50
	86	+	deemed to be trust funds to be held and applied solely as provided in 51
	87	+	this section. Any officer with whom, or any bank or trust company with 52
	88	+	which, such moneys shall be deposited shall act as trustee of such 53
	89	+	moneys and shall hold and apply the same for the purposes of section 54
	90	+	8-169jj, as amended by this act, and the resolution authorizing the bonds 55
	91	+	of any issue or the trust agreement securing such bonds may provide. 56
	92	+	[(n)] (m) Any holder of bonds, notes or other obligations issued under 57
	93	+	the provisions of this section, and the trustee or trustees under any trust 58
	94	+	agreement, except to the extent the rights herein given may be restricted 59
	95	+	by any resolution authorizing the issuance of or any such trust 60
	96	+	agreement securing such bonds, may, either at law or in equity, by suit, 61
	97	+	action, mandamus or other proceeding, protect and enforce any and all 62
	98	+	rights under the laws of the state or granted under this section or under 63
	99	+	such resolution or trust agreement and may enforce and compel the 64
	100	+	performance of all duties required by this section or by such resolution 65
	101	+	or trust agreement to be performed by the authority or by any officer, 66
	102	+	employee or agent of the authority, including the fixing, charging and 67
	103	+	collecting of the rates, rents, fees and charges herein authorized and 68
	104	+	required by the provisions of such resolution or trust agreement to be 69
	105	+	fixed, established and collected. 70
	106	+	[(o)] (n) The authority may make representations and agreements for 71
	107	+	the benefit of the holders of any bonds, notes or other obligations of the 72
	108	+	state which are necessary or appropriate to ensure the exclusion from 73
	109	+	gross income for federal income tax purposes of interest on bonds, notes 74
	110	+	or other obligations of the state from taxation under the Internal 75
	111	+	Revenue Code of 1986 or any subsequent corresponding internal 76
	112	+	revenue code of the United States, as amended from time to time, 77 Bill No. 264
135	113
136		-	Public Act No. 24-62 5 of 18
137	114
138		-	(a) For the purposes of this section, "required minimum capital
139		-	reserve" means the maximum amount permitted to be deposited in a
140		-	special capital reserve fund by the Internal Revenue Code of 1986, or
141		-	any subsequent corresponding internal revenue code of the United
142		-	States, as amended from time to time, to permit the interest on the bonds
143		-	of the Connecticut Municipal Redevelopment Authority secured by
144		-	such special capital reserve fund to be excluded from gross income for
145		-	federal tax purposes.
146		-	(b) The authority may, in connection with the issuance of bonds, the
147		-	refunding of bonds previously issued by the authority or the issuance
148		-	of bonds to effect a refinancing or other restructuring with respect to one
149		-	or more projects, establish one or more special capital reserve funds. The
150		-	authority may pay into such special capital reserve funds (1) any
151		-	moneys appropriated and made available by the state for the purposes
152		-	of such special capital reserve funds, (2) any proceeds of the sale of
153		-	bonds or notes of the authority, to the extent provided in the resolution
154		-	of said authority authorizing the issuance of such bonds or notes, and
155		-	(3) any moneys made available to the authority from any other source
156		-	for the purposes of such special capital reserve funds. The amount of
157		-	bonds of the authority secured by special capital reserve funds shall not
158		-	exceed fifty million dollars in the aggregate.
159		-	(c) (1) Except as otherwise provided in this section, the moneys held
160		-	in or credited to any special capital reserve fund established under this
161		-	section shall be used for:
162		-	(A) The payment of the principal and interest as such payments
163		-	become due, whether due at maturity or by mandatory sinking fund
164		-	installments, on bonds of the authority secured by such special capital
165		-	reserve fund; or
166		-	(B) The purchase of such bonds and the payment of any redemption
167		-	premium required to be paid when such bonds are redeemed prior to Senate Bill No. 264
	115	+	LCO 2104 4 of 18
168	116
169		-	Public Act No. 24-62 6 of 18
	117	+	including agreement to pay rebates to the federal government of 78
	118	+	investment earnings derived from the investment of the proceeds of the 79
	119	+	bonds, notes or other obligations of the authority. Any such agreement 80
	120	+	may include: (1) A covenant to pay rebates to the federal government of 81
	121	+	investment earnings derived from the investment of the proceeds of the 82
	122	+	bonds, notes or other obligations of the authority; (2) a covenant that the 83
	123	+	authority will not limit or alter its rebate obligations until its obligations 84
	124	+	to the holders or owners of such bonds, notes or other obligations are 85
	125	+	finally met and discharged; and (3) provisions to (A) establish trust and 86
	126	+	other accounts which may be appropriate to carry out such 87
	127	+	representations and agreements, (B) retain fiscal agents as depositories 88
	128	+	for such funds and accounts, and (C) provide that such fiscal agents may 89
	129	+	act as trustee of such funds and accounts. 90
	130	+	Sec. 3. Section 8-169qq of the general statutes is repealed and the 91
	131	+	following is substituted in lieu thereof (Effective from passage): 92
	132	+	[(a) The state shall protect, save harmless and indemnify the 93
	133	+	directors, officers and employees of the Connecticut Municipal 94
	134	+	Redevelopment Authority from financial loss and expenses, including 95
	135	+	legal fees and costs, if any, arising out of any claim, demand, suit or 96
	136	+	judgment based upon any alleged act or omission of any such director, 97
	137	+	officer or employee in connection with, or any other legal challenge to, 98
	138	+	authority development projects within a Connecticut Municipal 99
	139	+	Redevelopment Authority development district, provided any such 100
	140	+	director, officer or employee is found to have been acting in the 101
	141	+	discharge of such director, officer or employee's duties or within the 102
	142	+	scope of such director, officer or employee's employment and any such 103
	143	+	act or omission is found not to have been wanton, reckless, wilful or 104
	144	+	malicious. 105
	145	+	(b) In the event any bond, note or other obligation of the authority 106
	146	+	cannot be paid by the authority, the state shall assume the liability of 107
	147	+	and make payment on such debt.] 108
	148	+	(a) For the purposes of this section, "required minimum capital 109 Bill No. 264
170	149
171		-	maturity, including reimbursement of a provider of bond insurance or
172		-	of a credit or liquidity facility that has paid such redemption premium.
173		-	(2) The authority may prohibit, except for the purpose of paying the
174		-	principal of and interest and redemption premium on bonds of the
175		-	authority secured by a special capital reserve fund for which other
176		-	moneys of the authority are not available, the withdrawal of moneys in
177		-	any special capital reserve fund in an amount that would result in the
178		-	balance of such special capital reserve fund being less than (A) the
179		-	maximum amount of principal and interest becoming due by reason of
180		-	maturity or a required sinking fund installment on the bonds of the
181		-	authority outstanding in the then current or any succeeding calendar
182		-	year, or (B) the required minimum capital reserve.
183		-	(3) The authority may provide at any time that it shall not issue bonds
184		-	secured by a special capital reserve fund if the required minimum
185		-	capital reserve on the bonds outstanding and the bonds to be issued and
186		-	secured by the same special capital reserve fund at the time of issuance
187		-	exceeds the moneys in the special capital reserve fund, unless the
188		-	authority deposits proceeds from the bonds to be issued or moneys from
189		-	other sources into such special capital reserve fund, in an amount that,
190		-	together with the amount then in such special capital reserve fund, will
191		-	be not less than the required minimum capital reserve.
192		-	(d) (1) (A) Prior to December first, annually, the authority shall
193		-	deposit, for any special capital reserve fund for which the balance is
194		-	below the required minimum capital reserve, the full amount required
195		-	to meet the required minimum capital reserve for such special capital
196		-	reserve fund. Such deposit shall be made from any resources available
197		-	to the authority not otherwise pledged or dedicated to another purpose.
198		-	(B) On or prior to December first, annually, but after the authority has
199		-	made any deposits required under subparagraph (A) of this
200		-	subdivision, there shall be deemed appropriated from the General Fund Senate Bill No. 264
201	150
202		-	~~Public Act No. 24-62~~ 7 of 18
	151	+	LCO 2104 5 of 18
203	152
204		-	any sums necessary to restore the balance of each such special capital
205		-	reserve fund to the required minimum capital reserve amount. The
206		-	amount of any such sum shall be allotted and paid to the authority upon
207		-	the certification of such sum by the chairperson or vice-chairperson of
208		-	the authority to the Secretary of the Office of Policy and Management,
209		-	the Treasurer and the joint standing committees of the General
210		-	Assembly having cognizance of matters relating to planning and
211		-	development and finance, revenue and bonding.
212		-	(C) For the purposes of this subdivision, obligations acquired as an
213		-	investment for any special capital reserve fund shall be valued at
214		-	amortized cost.
215		-	(2) Subject to any agreement or agreements with holders of
216		-	outstanding bonds or notes of the authority, any amount allotted and
217		-	paid to the authority pursuant to subdivision (1) of this subsection shall
218		-	be repaid to the state from moneys of the authority, at such time as such
219		-	moneys are not required for any other corporate purposes of the
220		-	authority. Such repayment shall occur not later than one year after the
221		-	date the following liabilities are met and fully discharged by the
222		-	authority: (A) All bonds and notes of the authority that were issued
223		-	before, on or after the date such allotted amount was paid to the
224		-	authority; (B) all interest on such bonds and notes and on any unpaid
225		-	installments of interest; and (C) all costs and expenses incurred in
226		-	connection with any action or proceeding by or on behalf of the holders
227		-	of such bonds or notes.
228		-	(e) (1) The authority shall not issue bonds secured by a special capital
229		-	reserve fund until and unless:
230		-	(A) The authority has determined, and has provided such
231		-	determination to the Secretary of the Office of Policy and Management
232		-	or the secretary's deputy and to the Treasurer or the Deputy Treasurer,
233		-	that the revenues from the project shall be sufficient to (i) pay the Senate Bill No. 264
	153	+	reserve" means the maximum amount permitted to be deposited in a 110
	154	+	special capital reserve fund by the Internal Revenue Code of 1986, or 111
	155	+	any subsequent corresponding internal revenue code of the United 112
	156	+	States, as amended from time to time, to permit the interest on the bonds 113
	157	+	of the Connecticut Municipal Redevelopment Authority secured by 114
	158	+	such special capital reserve fund to be excluded from gross income for 115
	159	+	federal tax purposes. 116
	160	+	(b) The authority may, in connection with the issuance of bonds, the 117
	161	+	refunding of bonds previously issued by the authority or the issuance 118
	162	+	of bonds to effect a refinancing or other restructuring with respect to one 119
	163	+	or more projects, establish one or more special capital reserve funds. The 120
	164	+	authority may pay into such special capital reserve funds (1) any 121
	165	+	moneys appropriated and made available by the state for the purposes 122
	166	+	of such special capital reserve funds, (2) any proceeds of the sale of 123
	167	+	bonds or notes of the authority, to the extent provided in the resolution 124
	168	+	of said authority authorizing the issuance of such bonds or notes, and 125
	169	+	(3) any moneys made available to the authority from any other source 126
	170	+	for the purposes of such special capital reserve funds. The amount of 127
	171	+	bonds of the authority secured by special capital reserve funds shall not 128
	172	+	exceed fifty million dollars in the aggregate. 129
	173	+	(c) (1) Except as otherwise provided in this section, the moneys held 130
	174	+	in or credited to any special capital reserve fund established under this 131
	175	+	section shall be used for: 132
	176	+	(A) The payment of the principal and interest as such payments 133
	177	+	become due, whether due at maturity or by mandatory sinking fund 134
	178	+	installments, on bonds of the authority secured by such special capital 135
	179	+	reserve fund; or 136
	180	+	(B) The purchase of such bonds and the payment of any redemption 137
	181	+	premium required to be paid when such bonds are redeemed prior to 138
	182	+	maturity, including reimbursement of a provider of bond insurance or 139
	183	+	of a credit or liquidity facility that has paid such redemption premium. 140
	184	+	(2) The authority may prohibit, except for the purpose of paying the 141 Bill No. 264
234	185
235		-	Public Act No. 24-62 8 of 18
236	186
237		-	principal of and interest on the bonds issued to finance the project, (ii)
238		-	establish, increase and maintain any reserves deemed advisable by the
239		-	authority to secure the payment of the principal of and interest on such
240		-	bonds, (iii) pay the cost of maintaining the project in good repair and
241		-	properly insured, and (iv) pay such other costs of the project as may be
242		-	required;
243		-	(B) The issuance has been approved by the Secretary of the Office of
244		-	Policy and Management or the secretary's deputy; and
245		-	(C) The authority has provided the documentation required under
246		-	subsection (a) of section 1-124 to the Treasurer or the Deputy Treasurer
247		-	and the issuance has been approved by the Treasurer or the Deputy
248		-	Treasurer pursuant to said subsection.
249		-	(2) The approval by the Secretary of the Office of Policy and
250		-	Management or the secretary's deputy may provide for the waiver or
251		-	modification of the requirements of this section as the secretary deems
252		-	necessary or appropriate to effectuate such issuance, subject to any
253		-	applicable tax covenants of the authority and the state.
254		-	(f) Nothing in this section shall preclude the authority from
255		-	establishing other debt service reserve funds that are not special capital
256		-	reserve funds in connection with the issuance of bonds or notes of the
257		-	authority.
258		-	Sec. 4. (NEW) (Effective from passage) (a) As used in this section, (1)
259		-	"person" means any (A) state officer, (B) state agency, department, board
260		-	or commission, or (C) state employee, or any agent thereof. "Person"
261		-	includes The University of Connecticut Health Care Finance
262		-	Corporation, and (2) "financial obligation" has the same meaning as
263		-	provided in 17 CFR 240.15c2-12, as amended from time to time.
264		-	(b) (1) Before any person incurs any financial obligation of the state
265		-	or enters into any agreement to covenants, events of default, remedies, Senate Bill No. 264
	187	+	LCO 2104 6 of 18
266	188
267		-	Public Act No. 24-62 9 of 18
	189	+	principal of and interest and redemption premium on bonds of the 142
	190	+	authority secured by a special capital reserve fund for which other 143
	191	+	moneys of the authority are not available, the withdrawal of moneys in 144
	192	+	any special capital reserve fund in an amount that would result in the 145
	193	+	balance of such special capital reserve fund being less than (A) the 146
	194	+	maximum amount of principal and interest becoming due by reason of 147
	195	+	maturity or a required sinking fund installment on the bonds of the 148
	196	+	authority outstanding in the then current or any succeeding calendar 149
	197	+	year, or (B) the required minimum capital reserve. 150
	198	+	(3) The authority may provide at any time that it shall not issue bonds 151
	199	+	secured by a special capital reserve fund if the required minimum 152
	200	+	capital reserve on the bonds outstanding and the bonds to be issued and 153
	201	+	secured by the same special capital reserve fund at the time of issuance 154
	202	+	exceeds the moneys in the special capital reserve fund, unless the 155
	203	+	authority deposits proceeds from the bonds to be issued or moneys from 156
	204	+	other sources into such special capital reserve fund, in an amount that, 157
	205	+	together with the amount then in such special capital reserve fund, will 158
	206	+	be not less than the required minimum capital reserve. 159
	207	+	(d) (1) (A) Prior to December first, annually, the authority shall 160
	208	+	deposit, for any special capital reserve fund for which the balance is 161
	209	+	below the required minimum capital reserve, the full amount required 162
	210	+	to meet the required minimum capital reserve for such special capital 163
	211	+	reserve fund. Such deposit shall be made from any resources available 164
	212	+	to the authority not otherwise pledged or dedicated to another purpose. 165
	213	+	(B) On or prior to December first, annually, but after the authority has 166
	214	+	made any deposits required under subparagraph (A) of this 167
	215	+	subdivision, there shall be deemed appropriated from the General Fund 168
	216	+	any sums necessary to restore the balance of each such special capital 169
	217	+	reserve fund to the required minimum capital reserve amount. The 170
	218	+	amount of any such sum shall be allotted and paid to the authority upon 171
	219	+	the certification of such sum by the chairperson or vice-chairperson of 172
	220	+	the authority to the Secretary of the Office of Policy and Management, 173
	221	+	the Treasurer and the joint standing committees of the General 174 Bill No. 264
268	222
269		-	priority rights or other similar terms in connection with a financial
270		-	obligation of the state, where such financial obligation (A) is in excess of
271		-	one million dollars, or (B) encumbers property or rights of the state
272		-	material to the operations of the state, such person shall notify the
273		-	Treasurer of such proposed financial obligation or agreement and
274		-	submit any documents pursuant to which such financial obligation is to
275		-	be incurred or such agreement is to be entered into. No such person shall
276		-	incur any such financial obligation or enter into any such agreement
277		-	until such person has received a written acknowledgment pursuant to
278		-	subdivision (2) of this subsection.
279		-	(2) Upon receipt of such notification and documents, the Treasurer
280		-	shall determine whether the information provided is adequate for the
281		-	Treasurer to timely meet required disclosure obligations under federal
282		-	securities law. The Treasurer may request additional information the
283		-	Treasurer deems necessary to make such determination. Upon the
284		-	Treasurer's satisfaction that adequate information has been provided for
285		-	the Treasurer to timely meet required disclosure obligations under
286		-	federal securities law, the Treasurer or the Treasurer's designee shall
287		-	provide written acknowledgment to the person seeking to incur such
288		-	financial obligation or enter into such agreement. The Treasurer may
289		-	establish, and revise from time to time, exemptions from such
290		-	notification and submission requirements as the Treasurer determines
291		-	are consistent with the state's disclosure obligations under federal
292		-	securities law.
293		-	Sec. 5. Subsection (x) of section 3-20 of the 2024 supplement to the
294		-	general statutes is repealed and the following is substituted in lieu
295		-	thereof (Effective July 1, 2024):
296		-	(x) Notwithstanding any provision of the general statutes, public acts
297		-	or special acts, [upon] any sale, lease or other disposition to or use by a
298		-	nongovernmental entity of all or a portion of any project financed with
299		-	proceeds of bonds of the state the interest on which is not included in Senate Bill No. 264
300	223
301		-	~~Public Act No. 24-62~~ 10 of 18
	224	+	LCO 2104 7 of 18
302	225
303		-	gross income pursuant to Section 103 of the Internal Revenue Code of
304		-	1986, or any subsequent corresponding internal revenue code of the
305		-	United States, as amended from time to time, [amended,] that would
306		-	otherwise cause such bonds to be treated as private activity bonds
307		-	within the meaning of Section 141 of said internal revenue code [, the]
308		-	shall be subject to the prior approval of the Treasurer. The Treasurer is
309		-	authorized to transfer all or a portion of the proceeds received with
310		-	respect to and at the time of such disposition or use, in an amount not
311		-	less than the amount required by said internal revenue code to preserve
312		-	the exclusion from gross income of interest on such bonds, (1) to the
313		-	General Fund to pay debt service on, including redemption, defeasance
314		-	or purchase of, outstanding bonds of the state the interest on which is
315		-	not included in gross income pursuant to Section 103 of said internal
316		-	revenue code, (2) with the approval of the State Bond Commission, in
317		-	lieu of the issuance of bonds, to the appropriate account or fund for any
318		-	projects or purposes authorized by the State Bond Commission
319		-	pursuant to a bond act and with the same force and effect as bond
320		-	proceeds, thereby reducing the authority to issue bonds by such dollar
321		-	amount, provided in any event that any such transfer does not cause the
322		-	interest on the subject bonds to become included in gross income
323		-	pursuant to Section 103 of said internal revenue code.
324		-	Sec. 6. Subsection (a) of section 3-37 of the general statutes is repealed
325		-	and the following is substituted in lieu thereof (Effective July 1, 2024):
326		-	(a) The Treasurer shall, annually, on or before December thirty-first,
327		-	submit a final audited report to the Governor and a copy of such report
328		-	to the Investment Advisory Council, which shall include the following
329		-	information concerning the activities of the office of the State Treasurer
330		-	for the immediately preceding fiscal year ending June thirtieth: (1)
331		-	Complete financial statements and accompanying footnotes for the
332		-	combined investment funds prepared in accordance with generally
333		-	accepted accounting principles, which financial statements shall be Senate Bill No. 264
	226	+	Assembly having cognizance of matters relating to planning and 175
	227	+	development and finance, revenue and bonding. 176
	228	+	(C) For the purposes of this subdivision, obligations acquired as an 177
	229	+	investment for any special capital reserve fund shall be valued at 178
	230	+	amortized cost. 179
	231	+	(2) Subject to any agreement or agreements with holders of 180
	232	+	outstanding bonds or notes of the authority, any amount allotted and 181
	233	+	paid to the authority pursuant to subdivision (1) of this subsection shall 182
	234	+	be repaid to the state from moneys of the authority, at such time as such 183
	235	+	moneys are not required for any other corporate purposes of the 184
	236	+	authority. Such repayment shall occur not later than one year after the 185
	237	+	date the following liabilities are met and fully discharged by the 186
	238	+	authority: (A) All bonds and notes of the authority that were issued 187
	239	+	before, on or after the date such allotted amount was paid to the 188
	240	+	authority; (B) all interest on such bonds and notes and on any unpaid 189
	241	+	installments of interest; and (C) all costs and expenses incurred in 190
	242	+	connection with any action or proceeding by or on behalf of the holders 191
	243	+	of such bonds or notes. 192
	244	+	(e) (1) The authority shall not issue bonds secured by a special capital 193
	245	+	reserve fund until and unless: 194
	246	+	(A) The authority has determined, and has provided such 195
	247	+	determination to the Secretary of the Office of Policy and Management 196
	248	+	or the secretary's deputy and to the Treasurer or the Deputy Treasurer, 197
	249	+	that the revenues from the project shall be sufficient to (i) pay the 198
	250	+	principal of and interest on the bonds issued to finance the project, (ii) 199
	251	+	establish, increase and maintain any reserves deemed advisable by the 200
	252	+	authority to secure the payment of the principal of and interest on such 201
	253	+	bonds, (iii) pay the cost of maintaining the project in good repair and 202
	254	+	properly insured, and (iv) pay such other costs of the project as may be 203
	255	+	required; 204
	256	+	(B) The issuance has been approved by the Secretary of the Office of 205
	257	+	Policy and Management or the secretary's deputy; and 206 Bill No. 264
334	258
335		-	Public Act No. 24-62 11 of 18
336	259
337		-	audited in accordance with generally accepted auditing standards and
338		-	supplementary schedules depicting the interests of the component
339		-	retirement plans and trust funds; (2) complete financial statements and
340		-	accompanying footnotes for the Short Term Investment Fund prepared
341		-	in accordance with generally accepted accounting principles and
342		-	supplementary schedules listing all assets held by the Short Term
343		-	Investment Fund; (3) a discussion and review of the performance of the
344		-	combined investment funds and Short Term Investment Fund for such
345		-	fiscal year in accordance with recognized and appropriate performance
346		-	presentation and disclosure, including an analysis of the return earned
347		-	by the portfolio and each combined investment fund as well as the risk
348		-	profile of the portfolio and each combined investment fund according
349		-	to investment industry standards; (4) the activities and transactions in
350		-	such reasonable detail as is appropriate of the cash management
351		-	division including information on the state's cash receipts and
352		-	disbursements for the fiscal year, and the debt management division;
353		-	[including the financial statements of the tax-exempt proceeds fund
354		-	prepared in accordance with generally accepted accounting principles;]
355		-	(5) financial statements and accompanying footnotes as well as a
356		-	summary of operating results for the Second Injury Fund for such fiscal
357		-	year; (6) a financial summary and report on the activities of the state's
358		-	unclaimed property program for such fiscal year; (7) a listing of the
359		-	companies from which state funds were divested based upon such
360		-	companies' business in Sudan, pursuant to the provisions of section 3-
361		-	21e, and any companies identified by the Treasurer as companies from
362		-	which investment of state funds has been declared impermissible by the
363		-	Treasurer, pursuant to the provisions of section 3-21e; and (8) such other
364		-	information as the Treasurer deems of interest to the public.
365		-	Sec. 7. Subsection (q) of section 3-62h of the general statutes is
366		-	repealed and the following is substituted in lieu thereof (Effective July 1,
367		-	2024): Senate Bill No. 264
	260	+	LCO 2104 8 of 18
368	261
369		-	Public Act No. 24-62 12 of 18
	262	+	(C) The authority has provided the documentation required under 207
	263	+	subsection (a) of section 1-124 to the Treasurer or the Deputy Treasurer 208
	264	+	and the issuance has been approved by the Treasurer or the Deputy 209
	265	+	Treasurer pursuant to said subsection. 210
	266	+	(2) The approval by the Secretary of the Office of Policy and 211
	267	+	Management or the secretary's deputy may provide for the waiver or 212
	268	+	modification of the requirements of this section as the secretary deems 213
	269	+	necessary or appropriate to effectuate such issuance, subject to any 214
	270	+	applicable tax covenants of the authority and the state. 215
	271	+	(f) Nothing in this section shall preclude the authority from 216
	272	+	establishing other debt service reserve funds that are not special capital 217
	273	+	reserve funds in connection with the issuance of bonds or notes of the 218
	274	+	authority. 219
	275	+	Sec. 4. (NEW) (Effective from passage) (a) As used in this section, (1) 220
	276	+	"person" means any (A) state officer, (B) state agency, department, board 221
	277	+	or commission, or (C) state employee, or any agent thereof. "Person" 222
	278	+	includes The University of Connecticut Health Care Finance 223
	279	+	Corporation, and (2) "financial obligation" has the same meaning as 224
	280	+	provided in 17 CFR 240.15c2-12, as amended from time to time. 225
	281	+	(b) (1) Before any person incurs any financial obligation of the state 226
	282	+	or enters into any agreement to covenants, events of default, remedies, 227
	283	+	priority rights or other similar terms in connection with a financial 228
	284	+	obligation of the state, where such financial obligation (A) is in excess of 229
	285	+	one million dollars, or (B) encumbers property or rights of the state 230
	286	+	material to the operations of the state, such person shall notify the 231
	287	+	Treasurer of such proposed financial obligation or agreement and 232
	288	+	submit any documents pursuant to which such financial obligation is to 233
	289	+	be incurred or such agreement is to be entered into. No such person shall 234
	290	+	incur any such financial obligation or enter into any such agreement 235
	291	+	until such person has received a written acknowledgment pursuant to 236
	292	+	subdivision (2) of this subsection. 237
	293	+	(2) Upon receipt of such notification and documents, the Treasurer 238 Bill No. 264
370	294
371		-	(q) Any moneys held by the Treasurer or by a trustee pursuant to an
372		-	indenture of trust with respect to abandoned property fund bonds
373		-	including pledged revenues, other pledged receipts, funds or moneys
374		-	and proceeds from the sale of such abandoned property fund bonds,
375		-	may, pending the use or application of the proceeds thereof for an
376		-	authorized purpose, be (1) invested and reinvested in such obligations,
377		-	securities and investments as are set forth in subsection (f) of section 3-
378		-	20 [,] and in participation certificates in the Short Term Investment
379		-	Funds created under sections 3-27a and 3-27f, [and in participation
380		-	certificates or securities of the Tax-Exempt Proceeds Fund created under
381		-	section 3-24a] or (2) deposited or redeposited in such bank or banks as
382		-	shall be provided in the proceedings. Unless the proceedings provide
383		-	otherwise, proceeds from investments authorized by this subsection,
384		-	less amounts required under the proceedings authorizing the issuance
385		-	of abandoned property fund bonds for the payment of Special
386		-	Abandoned Property Fund financing costs relating to such abandoned
387		-	property fund bonds, shall be credited to the Special Abandoned
388		-	Property Fund.
389		-	Sec. 8. Subsection (d) of section 7-406n of the general statutes is
390		-	repealed and the following is substituted in lieu thereof (Effective July 1,
391		-	2024):
392		-	(d) Any moneys held by the Treasurer or by a trustee pursuant to an
393		-	indenture of trust with respect to municipal pension solvency account
394		-	bonds including pledged revenues, other pledged receipts, funds or
395		-	moneys and proceeds from the sale of such municipal pension solvency
396		-	account bonds, may, pending the use or application of such proceeds
397		-	for an authorized purpose, be (1) invested and reinvested in such
398		-	obligations, securities and investments as are set forth in subsection (f)
399		-	of section 3-20 [,] and in participation certificates in the Short Term
400		-	Investment Funds created under sections 3-27a and 3-27f, [and in
401		-	participation certificates or securities of the Tax-Exempt Proceeds Fund Senate Bill No. 264
402	295
403		-	~~Public Act No. 24-62~~ 13 of 18
	296	+	LCO 2104 9 of 18
404	297
405		-	created under section 3-24a,] or (2) deposited or redeposited in such
406		-	bank or banks as shall be provided in the proceedings authorizing the
407		-	issuance of municipal pension solvency account bonds. Unless the
408		-	proceedings provide otherwise, proceeds from investments authorized
409		-	by this subsection, less amounts required under the proceedings for the
410		-	payment of municipal pension solvency loan costs relating to such
411		-	municipal pension solvency account bonds, shall be credited to the
412		-	municipal pension solvency account.
413		-	Sec. 9. Subdivision (9) of subsection (b) of section 8-169jj of the 2024
414		-	supplement to the general statutes is repealed and the following is
415		-	substituted in lieu thereof (Effective July 1, 2024):
416		-	(9) Invest any funds not needed for immediate use or disbursement
417		-	in obligations issued or guaranteed by the United States or the state,
418		-	including the Short Term Investment Fund, [and the Tax-Exempt
419		-	Proceeds Fund,] and in other obligations that are legal investments for
420		-	savings banks in this state, and in-time deposits or certificates of deposit
421		-	or other similar banking arrangements secured in such manner as the
422		-	authority determines;
423		-	Sec. 10. Subsection (b) of section 8-336o of the general statutes is
424		-	repealed and the following is substituted in lieu thereof (Effective July 1,
425		-	2024):
426		-	(b) Any moneys held in the Housing Trust Fund may, pending the
427		-	use or application of the proceeds thereof for an authorized purpose, be
428		-	(1) invested and reinvested in such obligations, securities and
429		-	investments as are set forth in subsection (f) of section 3-20 [,] and in
430		-	participation certificates in the Short Term Investment Fund created
431		-	under sections 3-27a and 3-27f, [and in participation certificates or
432		-	securities of the Tax-Exempt Proceeds Fund created under section 3-
433		-	24a,] (2) deposited or redeposited in such bank or banks at the direction
434		-	of the Treasurer, or (3) invested in participation units in the combined Senate Bill No. 264
	298	+	shall determine whether the information provided is adequate for the 239
	299	+	Treasurer to timely meet required disclosure obligations under federal 240
	300	+	securities law. The Treasurer may request additional information the 241
	301	+	Treasurer deems necessary to make such determination. Upon the 242
	302	+	Treasurer's satisfaction that adequate information has been provided for 243
	303	+	the Treasurer to timely meet required disclosure obligations under 244
	304	+	federal securities law, the Treasurer or the Treasurer's designee shall 245
	305	+	provide written acknowledgment to the person seeking to incur such 246
	306	+	financial obligation or enter into such agreement. The Treasurer may 247
	307	+	establish, and revise from time to time, exemptions from such 248
	308	+	notification and submission requirements as the Treasurer determines 249
	309	+	are consistent with the state's disclosure obligations under federal 250
	310	+	securities law. 251
	311	+	Sec. 5. Subsection (x) of section 3-20 of the 2024 supplement to the 252
	312	+	general statutes is repealed and the following is substituted in lieu 253
	313	+	thereof (Effective July 1, 2024): 254
	314	+	(x) Notwithstanding any provision of the general statutes, public acts 255
	315	+	or special acts, [upon] any sale, lease or other disposition to or use by a 256
	316	+	nongovernmental entity of all or a portion of any project financed with 257
	317	+	proceeds of bonds of the state the interest on which is not included in 258
	318	+	gross income pursuant to Section 103 of the Internal Revenue Code of 259
	319	+	1986, or any subsequent corresponding internal revenue code of the 260
	320	+	United States, as amended from time to time, [amended,] that would 261
	321	+	otherwise cause such bonds to be treated as private activity bonds 262
	322	+	within the meaning of Section 141 of said internal revenue code [, the] 263
	323	+	shall be subject to the prior approval of the Treasurer. The Treasurer is 264
	324	+	authorized to transfer all or a portion of the proceeds received with 265
	325	+	respect to and at the time of such disposition or use, in an amount not 266
	326	+	less than the amount required by said internal revenue code to preserve 267
	327	+	the exclusion from gross income of interest on such bonds, (1) to the 268
	328	+	General Fund to pay debt service on, including redemption, defeasance 269
	329	+	or purchase of, outstanding bonds of the state the interest on which is 270
	330	+	not included in gross income pursuant to Section 103 of said internal 271
	331	+	revenue code, (2) with the approval of the State Bond Commission, in 272 Bill No. 264
435	332
436		-	Public Act No. 24-62 14 of 18
437	333
438		-	investment funds, as defined in section 3-31b. Unless otherwise
439		-	provided pursuant to subsection (c) of this section, proceeds from
440		-	investments authorized by this subsection shall be credited to the
441		-	Housing Trust Fund.
442		-	Sec. 11. Subsection (b) of section 32-7o of the general statutes is
443		-	repealed and the following is substituted in lieu thereof (Effective July 1,
444		-	2024):
445		-	(b) Any moneys held in the Connecticut Manufacturing Innovation
446		-	Fund may, pending the use or application of the proceeds thereof for an
447		-	authorized purpose, be (1) invested and reinvested in such obligations,
448		-	securities and investments as are set forth in subsection (f) of section 3-
449		-	20 [,] and in participation certificates in the Short Term Investment Fund
450		-	created under sections 3-27a and 3-27f, [and in participation certificates
451		-	or securities of the Tax-Exempt Proceeds Fund created under section 3-
452		-	24a,] (2) deposited or redeposited in any bank or banks, at the direction
453		-	of the Treasurer, or (3) invested in participation units in the combined
454		-	investment funds, as defined in section 3-31b. Proceeds from
455		-	investments authorized by this subsection shall be credited to the
456		-	Connecticut Manufacturing Innovation Fund.
457		-	Sec. 12. Subdivision (6) of subsection (b) of section 32-602 of the 2024
458		-	supplement to the general statutes is repealed and the following is
459		-	substituted in lieu thereof (Effective July 1, 2024):
460		-	(6) To invest any funds not needed for immediate use or
461		-	disbursement in obligations issued or guaranteed by the United States
462		-	of America or the state of Connecticut, including the Short Term
463		-	Investment Fund, [and the Tax-Exempt Proceeds Fund,] and in other
464		-	obligations which are legal investments for savings banks in this state
465		-	and in time deposits or certificates of deposit or other similar banking
466		-	arrangements secured in such manner as the authority determines; Senate Bill No. 264
	334	+	LCO 2104 10 of 18
467	335
468		-	Public Act No. 24-62 15 of 18
	336	+	lieu of the issuance of bonds, to the appropriate account or fund for any 273
	337	+	projects or purposes authorized by the State Bond Commission 274
	338	+	pursuant to a bond act and with the same force and effect as bond 275
	339	+	proceeds, thereby reducing the authority to issue bonds by such dollar 276
	340	+	amount, provided in any event that any such transfer does not cause the 277
	341	+	interest on the subject bonds to become included in gross income 278
	342	+	pursuant to Section 103 of said internal revenue code. 279
	343	+	Sec. 6. Subsection (a) of section 3-37 of the general statutes is repealed 280
	344	+	and the following is substituted in lieu thereof (Effective July 1, 2024): 281
	345	+	(a) The Treasurer shall, annually, on or before December thirty-first, 282
	346	+	submit a final audited report to the Governor and a copy of such report 283
	347	+	to the Investment Advisory Council, which shall include the following 284
	348	+	information concerning the activities of the office of the State Treasurer 285
	349	+	for the immediately preceding fiscal year ending June thirtieth: (1) 286
	350	+	Complete financial statements and accompanying footnotes for the 287
	351	+	combined investment funds prepared in accordance with generally 288
	352	+	accepted accounting principles, which financial statements shall be 289
	353	+	audited in accordance with generally accepted auditing standards and 290
	354	+	supplementary schedules depicting the interests of the component 291
	355	+	retirement plans and trust funds; (2) complete financial statements and 292
	356	+	accompanying footnotes for the Short Term Investment Fund prepared 293
	357	+	in accordance with generally accepted accounting principles and 294
	358	+	supplementary schedules listing all assets held by the Short Term 295
	359	+	Investment Fund; (3) a discussion and review of the performance of the 296
	360	+	combined investment funds and Short Term Investment Fund for such 297
	361	+	fiscal year in accordance with recognized and appropriate performance 298
	362	+	presentation and disclosure, including an analysis of the return earned 299
	363	+	by the portfolio and each combined investment fund as well as the risk 300
	364	+	profile of the portfolio and each combined investment fund according 301
	365	+	to investment industry standards; (4) the activities and transactions in 302
	366	+	such reasonable detail as is appropriate of the cash management 303
	367	+	division including information on the state's cash receipts and 304
	368	+	disbursements for the fiscal year, and the debt management division; 305
	369	+	[including the financial statements of the tax-exempt proceeds fund 306 Bill No. 264
469	370
470		-	Sec. 13. Section 10-63b of the general statutes is repealed and the
471		-	following is substituted in lieu thereof (Effective from passage):
472		-	Within thirty days of receipt of an application pursuant to section 10-
473		-	63a the regional board of education shall call for the appointment of a
474		-	committee to study issues relating to withdrawal or dissolution. The
475		-	committee shall consist of the following: One member of the board of
476		-	education of each town within the district, to be selected by each such
477		-	board, if any, or if none, an elector to be elected by the legislative body
478		-	in such town; one member of the board of finance or comparable fiscal
479		-	body of each town within the district to be selected by each such board
480		-	or body; two members of the regional board of education, to be selected
481		-	by such board, no more than one of whom may be a resident of a town
482		-	making the application for the appointment of the committee; one
483		-	member to be appointed by the Commissioner of Education, who shall
484		-	not be a resident of any town within the district; [the State Treasurer or
485		-	the Treasurer's designee,] and one member to be appointed by the
486		-	regional board of education, who [shall be] is an expert in municipal
487		-	bonding and financing and who shall not be a resident of any town
488		-	within the district. The members shall receive no compensation for their
489		-	services, but their expenses and those incurred by the regional board in
490		-	connection with withdrawal or dissolution procedures shall be paid by
491		-	the towns applying for withdrawal or dissolution. The appointee of the
492		-	Commissioner of Education shall call the first meeting of the committee,
493		-	and the committee shall organize and function in accordance with
494		-	section 10-41.
495		-	Sec. 14. Subdivision (3) of subsection (a) of section 10-283 of the
496		-	general statutes is repealed and the following is substituted in lieu
497		-	thereof (Effective July 1, 2024):
498		-	(3) (A) All final calculations completed by the Department of
499		-	Administrative Services for school building projects shall include a
500		-	computation of the state grant for the school building project amortized Senate Bill No. 264
501	371
502		-	~~Public Act No. 24-62~~ 16 of 18
	372	+	LCO 2104 11 of 18
503	373
504		-	on a straight line basis over a twenty-year period for school building
505		-	projects with costs equal to or greater than two million dollars and over
506		-	a ten-year period for school building projects with costs less than two
507		-	million dollars. Any town or regional school district which abandons,
508		-	sells, leases, demolishes or otherwise redirects the use of such a school
509		-	building project to other than a public school use during such
510		-	amortization period shall refund to the state the unamortized balance of
511		-	the state grant remaining as of the date the abandonment, sale, lease,
512		-	demolition or redirection occurs. The amortization period for a project
513		-	shall begin on the date the project was accepted as complete by the local
514		-	or regional board of education. A town or regional school district
515		-	required to make a refund to the state pursuant to this subdivision may
516		-	request forgiveness of such refund if the building is redirected for public
517		-	use. The Department of Administrative Services shall include as an
518		-	addendum to the annual school construction priority list all those towns
519		-	requesting forgiveness. General Assembly approval of the priority list
520		-	containing such request shall constitute approval of such request. This
521		-	subdivision shall not apply to projects to correct safety, health and other
522		-	code violations or to remedy certified school indoor air quality
523		-	emergencies approved pursuant to subsection (b) of this section or
524		-	projects subject to the provisions of section 10-285c.
525		-	(B) If the board of governors for an independent institution of higher
526		-	education, as defined in subsection (a) of section 10a-173, or the
527		-	equivalent of such a board, on behalf of the independent institution of
528		-	higher education, that operates an interdistrict magnet school makes
529		-	private use of any portion of a school building in which such operator
530		-	received a school building project grant pursuant to this chapter, such
531		-	operator shall annually submit a report to the Commissioner of
532		-	Education that demonstrates that such operator provides an equal to or
533		-	greater than in-kind or supplemental benefit of such institution's
534		-	facilities to students enrolled in such interdistrict magnet school that
535		-	outweighs the private use of such school building. If the commissioner Senate Bill No. 264
	374	+	prepared in accordance with generally accepted accounting principles;] 307
	375	+	(5) financial statements and accompanying footnotes as well as a 308
	376	+	summary of operating results for the Second Injury Fund for such fiscal 309
	377	+	year; (6) a financial summary and report on the activities of the state's 310
	378	+	unclaimed property program for such fiscal year; (7) a listing of the 311
	379	+	companies from which state funds were divested based upon such 312
	380	+	companies' business in Sudan, pursuant to the provisions of section 3-313
	381	+	21e, and any companies identified by the Treasurer as companies from 314
	382	+	which investment of state funds has been declared impermissible by the 315
	383	+	Treasurer, pursuant to the provisions of section 3-21e; and (8) such other 316
	384	+	information as the Treasurer deems of interest to the public. 317
	385	+	Sec. 7. Subsection (q) of section 3-62h of the general statutes is 318
	386	+	repealed and the following is substituted in lieu thereof (Effective July 1, 319
	387	+	2024): 320
	388	+	(q) Any moneys held by the Treasurer or by a trustee pursuant to an 321
	389	+	indenture of trust with respect to abandoned property fund bonds 322
	390	+	including pledged revenues, other pledged receipts, funds or moneys 323
	391	+	and proceeds from the sale of such abandoned property fund bonds, 324
	392	+	may, pending the use or application of the proceeds thereof for an 325
	393	+	authorized purpose, be (1) invested and reinvested in such obligations, 326
	394	+	securities and investments as are set forth in subsection (f) of section 3-327
	395	+	20 [,] and in participation certificates in the Short Term Investment 328
	396	+	Funds created under sections 3-27a and 3-27f, [and in participation 329
	397	+	certificates or securities of the Tax-Exempt Proceeds Fund created under 330
	398	+	section 3-24a] or (2) deposited or redeposited in such bank or banks as 331
	399	+	shall be provided in the proceedings. Unless the proceedings provide 332
	400	+	otherwise, proceeds from investments authorized by this subsection, 333
	401	+	less amounts required under the proceedings authorizing the issuance 334
	402	+	of abandoned property fund bonds for the payment of Special 335
	403	+	Abandoned Property Fund financing costs relating to such abandoned 336
	404	+	property fund bonds, shall be credited to the Special Abandoned 337
	405	+	Property Fund. 338
	406	+	Sec. 8. Subsection (d) of section 7-406n of the general statutes is 339 Bill No. 264
536	407
537		-	Public Act No. 24-62 17 of 18
538	408
539		-	finds that the private use of such school building exceeds the in-kind or
540		-	supplemental benefit to magnet school students, the commissioner may
541		-	require such institution to refund to the state the unamortized balance
542		-	of the state grant.
543		-	[(C) Any moneys refunded to the state pursuant to subparagraphs
544		-	(A) and (B) of this subdivision shall be deposited in the state's tax-
545		-	exempt proceeds fund and used not later than sixty days after
546		-	repayment to pay debt service on, including redemption, defeasance or
547		-	purchase of, outstanding bonds of the state the interest on which is not
548		-	included in gross income pursuant to Section 103 of the Internal
549		-	Revenue Code of 1986, or any subsequent corresponding internal
550		-	revenue code of the United States, as from time to time amended.]
551		-	Sec. 15. Subsection (b) of section 22a-284a of the 2024 supplement to
552		-	the general statutes is repealed and the following is substituted in lieu
553		-	thereof (Effective July 1, 2024):
554		-	(b) Wherever the words "Materials Innovation and Recycling
555		-	Authority" are used in any public or special act of 2023 or in the
556		-	following sections, the words "MIRA Dissolution Authority" shall be
557		-	substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, [3-24d, 3-24f,] 7-329a,
558		-	12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-208v, 22a-209h, 22a-
559		-	219b, 22a-220, 22a-241, 22a-260, 22a-263a, 22a-263b, 22a-268a, 22a-268b,
560		-	22a-268g, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-284, 32-1e and 32-
561		-	658.
562		-	Sec. 16. Subsection (b) of section 22a-260a of the general statutes is
563		-	repealed and the following is substituted in lieu thereof (Effective July 1,
564		-	2024):
565		-	(b) Wherever the words "Connecticut Resources Recovery Authority"
566		-	are used in any public or special act of 2014 or in the following sections
567		-	of the general statutes, the words "Materials Innovation and Recycling Senate Bill No. 264
	409	+	LCO 2104 12 of 18
568	410
569		-	Public Act No. 24-62 18 of 18
	411	+	repealed and the following is substituted in lieu thereof (Effective July 1, 340
	412	+	2024): 341
	413	+	(d) Any moneys held by the Treasurer or by a trustee pursuant to an 342
	414	+	indenture of trust with respect to municipal pension solvency account 343
	415	+	bonds including pledged revenues, other pledged receipts, funds or 344
	416	+	moneys and proceeds from the sale of such municipal pension solvency 345
	417	+	account bonds, may, pending the use or application of such proceeds 346
	418	+	for an authorized purpose, be (1) invested and reinvested in such 347
	419	+	obligations, securities and investments as are set forth in subsection (f) 348
	420	+	of section 3-20 [,] and in participation certificates in the Short Term 349
	421	+	Investment Funds created under sections 3-27a and 3-27f, [and in 350
	422	+	participation certificates or securities of the Tax-Exempt Proceeds Fund 351
	423	+	created under section 3-24a,] or (2) deposited or redeposited in such 352
	424	+	bank or banks as shall be provided in the proceedings authorizing the 353
	425	+	issuance of municipal pension solvency account bonds. Unless the 354
	426	+	proceedings provide otherwise, proceeds from investments authorized 355
	427	+	by this subsection, less amounts required under the proceedings for the 356
	428	+	payment of municipal pension solvency loan costs relating to such 357
	429	+	municipal pension solvency account bonds, shall be credited to the 358
	430	+	municipal pension solvency account. 359
	431	+	Sec. 9. Subdivision (9) of subsection (b) of section 8-169jj of the 2024 360
	432	+	supplement to the general statutes is repealed and the following is 361
	433	+	substituted in lieu thereof (Effective July 1, 2024): 362
	434	+	(9) Invest any funds not needed for immediate use or disbursement 363
	435	+	in obligations issued or guaranteed by the United States or the state, 364
	436	+	including the Short Term Investment Fund, [and the Tax-Exempt 365
	437	+	Proceeds Fund,] and in other obligations that are legal investments for 366
	438	+	savings banks in this state, and in-time deposits or certificates of deposit 367
	439	+	or other similar banking arrangements secured in such manner as the 368
	440	+	authority determines; 369
	441	+	Sec. 10. Subsection (b) of section 8-336o of the general statutes is 370
	442	+	repealed and the following is substituted in lieu thereof (Effective July 1, 371 Bill No. 264
570	443
571		-	Authority" shall be substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125,
572		-	[3-24d, 3-24f,] 7-329a, 12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-
573		-	208v, 22a-209h, 22a-219b, 22a-220, 22a-241, 22a-260, 22a-261, 22a-263a,
574		-	22a-263b, 22a-268a, 22a-268b, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-
575		-	284, 32-1e and 32-658.
576		-	Sec. 17. Subdivision (1) of subsection (a) of section 32-11f of the
577		-	general statutes is repealed and the following is substituted in lieu
578		-	thereof (Effective July 1, 2024):
579		-	(a) (1) Wherever the term "Connecticut Development Authority" is
580		-	used in the following sections of the general statutes, the term
581		-	"Connecticut Innovations, Incorporated" shall be substituted in lieu
582		-	thereof: [3-24d, 3-24f,] 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-
583		-	79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-
584		-	4l, 32-6j, 32-9c, 32-9n, 32-9qq, 32-22b, 32-23l, 32-23o, 32-23q, 32-23r, 32-
585		-	23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23qq, 32-23ss, 32-23tt, 32-
586		-	31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-262,
587		-	32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503, 32-609, 32-
588		-	761, 32-763 and 32-768.
589		-	Sec. 18. Sections 3-24a to 3-24h, inclusive, of the general statutes are
590		-	repealed. (Effective July 1, 2024)
	444	+
	445	+	LCO 2104 13 of 18
	446	+
	447	+	2024): 372
	448	+	(b) Any moneys held in the Housing Trust Fund may, pending the 373
	449	+	use or application of the proceeds thereof for an authorized purpose, be 374
	450	+	(1) invested and reinvested in such obligations, securities and 375
	451	+	investments as are set forth in subsection (f) of section 3-20 [,] and in 376
	452	+	participation certificates in the Short Term Investment Fund created 377
	453	+	under sections 3-27a and 3-27f, [and in participation certificates or 378
	454	+	securities of the Tax-Exempt Proceeds Fund created under section 3-379
	455	+	24a,] (2) deposited or redeposited in such bank or banks at the direction 380
	456	+	of the Treasurer, or (3) invested in participation units in the combined 381
	457	+	investment funds, as defined in section 3-31b. Unless otherwise 382
	458	+	provided pursuant to subsection (c) of this section, proceeds from 383
	459	+	investments authorized by this subsection shall be credited to the 384
	460	+	Housing Trust Fund. 385
	461	+	Sec. 11. Subsection (b) of section 32-7o of the general statutes is 386
	462	+	repealed and the following is substituted in lieu thereof (Effective July 1, 387
	463	+	2024): 388
	464	+	(b) Any moneys held in the Connecticut Manufacturing Innovation 389
	465	+	Fund may, pending the use or application of the proceeds thereof for an 390
	466	+	authorized purpose, be (1) invested and reinvested in such obligations, 391
	467	+	securities and investments as are set forth in subsection (f) of section 3-392
	468	+	20 [,] and in participation certificates in the Short Term Investment Fund 393
	469	+	created under sections 3-27a and 3-27f, [and in participation certificates 394
	470	+	or securities of the Tax-Exempt Proceeds Fund created under section 3-395
	471	+	24a,] (2) deposited or redeposited in any bank or banks, at the direction 396
	472	+	of the Treasurer, or (3) invested in participation units in the combined 397
	473	+	investment funds, as defined in section 3-31b. Proceeds from 398
	474	+	investments authorized by this subsection shall be credited to the 399
	475	+	Connecticut Manufacturing Innovation Fund. 400
	476	+	Sec. 12. Subdivision (6) of subsection (b) of section 32-602 of the 2024 401
	477	+	supplement to the general statutes is repealed and the following is 402
	478	+	substituted in lieu thereof (Effective July 1, 2024): 403 Bill No. 264
	479	+
	480	+
	481	+	LCO 2104 14 of 18
	482	+
	483	+	(6) To invest any funds not needed for immediate use or 404
	484	+	disbursement in obligations issued or guaranteed by the United States 405
	485	+	of America or the state of Connecticut, including the Short Term 406
	486	+	Investment Fund, [and the Tax-Exempt Proceeds Fund,] and in other 407
	487	+	obligations which are legal investments for savings banks in this state 408
	488	+	and in time deposits or certificates of deposit or other similar banking 409
	489	+	arrangements secured in such manner as the authority determines; 410
	490	+	Sec. 13. Section 10-63b of the general statutes is repealed and the 411
	491	+	following is substituted in lieu thereof (Effective from passage): 412
	492	+	Within thirty days of receipt of an application pursuant to section 10-413
	493	+	63a the regional board of education shall call for the appointment of a 414
	494	+	committee to study issues relating to withdrawal or dissolution. The 415
	495	+	committee shall consist of the following: One member of the board of 416
	496	+	education of each town within the district, to be selected by each such 417
	497	+	board, if any, or if none, an elector to be elected by the legislative body 418
	498	+	in such town; one member of the board of finance or comparable fiscal 419
	499	+	body of each town within the district to be selected by each such board 420
	500	+	or body; two members of the regional board of education, to be selected 421
	501	+	by such board, no more than one of whom may be a resident of a town 422
	502	+	making the application for the appointment of the committee; one 423
	503	+	member to be appointed by the Commissioner of Education, who shall 424
	504	+	not be a resident of any town within the district; [the State Treasurer or 425
	505	+	the Treasurer's designee,] and one member to be appointed by the 426
	506	+	regional board of education, who [shall be] is an expert in municipal 427
	507	+	bonding and financing and who shall not be a resident of any town 428
	508	+	within the district. The members shall receive no compensation for their 429
	509	+	services, but their expenses and those incurred by the regional board in 430
	510	+	connection with withdrawal or dissolution procedures shall be paid by 431
	511	+	the towns applying for withdrawal or dissolution. The appointee of the 432
	512	+	Commissioner of Education shall call the first meeting of the committee, 433
	513	+	and the committee shall organize and function in accordance with 434
	514	+	section 10-41. 435
	515	+	Sec. 14. Subdivision (3) of subsection (a) of section 10-283 of the 436 Bill No. 264
	516	+
	517	+
	518	+	LCO 2104 15 of 18
	519	+
	520	+	general statutes is repealed and the following is substituted in lieu 437
	521	+	thereof (Effective July 1, 2024): 438
	522	+	(3) (A) All final calculations completed by the Department of 439
	523	+	Administrative Services for school building projects shall include a 440
	524	+	computation of the state grant for the school building project amortized 441
	525	+	on a straight line basis over a twenty-year period for school building 442
	526	+	projects with costs equal to or greater than two million dollars and over 443
	527	+	a ten-year period for school building projects with costs less than two 444
	528	+	million dollars. Any town or regional school district which abandons, 445
	529	+	sells, leases, demolishes or otherwise redirects the use of such a school 446
	530	+	building project to other than a public school use during such 447
	531	+	amortization period shall refund to the state the unamortized balance of 448
	532	+	the state grant remaining as of the date the abandonment, sale, lease, 449
	533	+	demolition or redirection occurs. The amortization period for a project 450
	534	+	shall begin on the date the project was accepted as complete by the local 451
	535	+	or regional board of education. A town or regional school district 452
	536	+	required to make a refund to the state pursuant to this subdivision may 453
	537	+	request forgiveness of such refund if the building is redirected for public 454
	538	+	use. The Department of Administrative Services shall include as an 455
	539	+	addendum to the annual school construction priority list all those towns 456
	540	+	requesting forgiveness. General Assembly approval of the priority list 457
	541	+	containing such request shall constitute approval of such request. This 458
	542	+	subdivision shall not apply to projects to correct safety, health and other 459
	543	+	code violations or to remedy certified school indoor air quality 460
	544	+	emergencies approved pursuant to subsection (b) of this section or 461
	545	+	projects subject to the provisions of section 10-285c. 462
	546	+	(B) If the board of governors for an independent institution of higher 463
	547	+	education, as defined in subsection (a) of section 10a-173, or the 464
	548	+	equivalent of such a board, on behalf of the independent institution of 465
	549	+	higher education, that operates an interdistrict magnet school makes 466
	550	+	private use of any portion of a school building in which such operator 467
	551	+	received a school building project grant pursuant to this chapter, such 468
	552	+	operator shall annually submit a report to the Commissioner of 469
	553	+	Education that demonstrates that such operator provides an equal to or 470 Bill No. 264
	554	+
	555	+
	556	+	LCO 2104 16 of 18
	557	+
	558	+	greater than in-kind or supplemental benefit of such institution's 471
	559	+	facilities to students enrolled in such interdistrict magnet school that 472
	560	+	outweighs the private use of such school building. If the commissioner 473
	561	+	finds that the private use of such school building exceeds the in-kind or 474
	562	+	supplemental benefit to magnet school students, the commissioner may 475
	563	+	require such institution to refund to the state the unamortized balance 476
	564	+	of the state grant. 477
	565	+	[(C) Any moneys refunded to the state pursuant to subparagraphs 478
	566	+	(A) and (B) of this subdivision shall be deposited in the state's tax-479
	567	+	exempt proceeds fund and used not later than sixty days after 480
	568	+	repayment to pay debt service on, including redemption, defeasance or 481
	569	+	purchase of, outstanding bonds of the state the interest on which is not 482
	570	+	included in gross income pursuant to Section 103 of the Internal 483
	571	+	Revenue Code of 1986, or any subsequent corresponding internal 484
	572	+	revenue code of the United States, as from time to time amended.] 485
	573	+	Sec. 15. Subsection (b) of section 22a-284a of the 2024 supplement to 486
	574	+	the general statutes is repealed and the following is substituted in lieu 487
	575	+	thereof (Effective July 1, 2024): 488
	576	+	(b) Wherever the words "Materials Innovation and Recycling 489
	577	+	Authority" are used in any public or special act of 2023 or in the 490
	578	+	following sections, the words "MIRA Dissolution Authority" shall be 491
	579	+	substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, [3-24d, 3-24f,] 7-329a, 492
	580	+	12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-208v, 22a-209h, 22a-493
	581	+	219b, 22a-220, 22a-241, 22a-260, 22a-263a, 22a-263b, 22a-268a, 22a-268b, 494
	582	+	22a-268g, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-284, 32-1e and 32-495
	583	+	658. 496
	584	+	Sec. 16. Subsection (b) of section 22a-260a of the general statutes is 497
	585	+	repealed and the following is substituted in lieu thereof (Effective July 1, 498
	586	+	2024): 499
	587	+	(b) Wherever the words "Connecticut Resources Recovery Authority" 500
	588	+	are used in any public or special act of 2014 or in the following sections 501
	589	+	of the general statutes, the words "Materials Innovation and Recycling 502 Bill No. 264
	590	+
	591	+
	592	+	LCO 2104 17 of 18
	593	+
	594	+	Authority" shall be substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, 503
	595	+	[3-24d, 3-24f,] 7-329a, 12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-504
	596	+	208v, 22a-209h, 22a-219b, 22a-220, 22a-241, 22a-260, 22a-261, 22a-263a, 505
	597	+	22a-263b, 22a-268a, 22a-268b, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-506
	598	+	284, 32-1e and 32-658. 507
	599	+	Sec. 17. Subdivision (1) of subsection (a) of section 32-11f of the 508
	600	+	general statutes is repealed and the following is substituted in lieu 509
	601	+	thereof (Effective July 1, 2024): 510
	602	+	(a) (1) Wherever the term "Connecticut Development Authority" is 511
	603	+	used in the following sections of the general statutes, the term 512
	604	+	"Connecticut Innovations, Incorporated" shall be substituted in lieu 513
	605	+	thereof: [3-24d, 3-24f,] 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-514
	606	+	79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-515
	607	+	4l, 32-6j, 32-9c, 32-9n, 32-9qq, 32-22b, 32-23l, 32-23o, 32-23q, 32-23r, 32-516
	608	+	23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23qq, 32-23ss, 32-23tt, 32-517
	609	+	31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-262, 518
	610	+	32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503, 32-609, 32-519
	611	+	761, 32-763 and 32-768. 520
	612	+	Sec. 18. Sections 3-24a to 3-24h, inclusive, of the general statutes are 521
	613	+	repealed. (Effective July 1, 2024) 522
	614	+	This act shall take effect as follows and shall amend the following
	615	+	sections:
	616	+
	617	+	Section 1 from passage 8-169oo(g)
	618	+	Sec. 2 from passage 8-169oo(k) to (o)
	619	+	Sec. 3 from passage 8-169qq
	620	+	Sec. 4 from passage New section
	621	+	Sec. 5 July 1, 2024 3-20(x)
	622	+	Sec. 6 July 1, 2024 3-37(a)
	623	+	Sec. 7 July 1, 2024 3-62h(q)
	624	+	Sec. 8 July 1, 2024 7-406n(d)
	625	+	Sec. 9 July 1, 2024 8-169jj(b)(9)
	626	+	Sec. 10 July 1, 2024 8-336o(b)
	627	+	Sec. 11 July 1, 2024 32-7o(b) Bill No. 264
	628	+
	629	+
	630	+	LCO 2104 18 of 18
	631	+
	632	+	Sec. 12 July 1, 2024 32-602(b)(6)
	633	+	Sec. 13 from passage 10-63b
	634	+	Sec. 14 July 1, 2024 10-283(a)(3)
	635	+	Sec. 15 July 1, 2024 22a-284a(b)
	636	+	Sec. 16 July 1, 2024 22a-260a(b)
	637	+	Sec. 17 July 1, 2024 32-11f(a)(1)
	638	+	Sec. 18 July 1, 2024 Repealer section
	639	+
	640	+	GAE Joint Favorable
	641	+	FIN Joint Favorable
591	642