Senate Bill No. 264
Public Act No. 24-62
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
repealed and the following is substituted in lieu thereof (Effective from
passage):
(g) [Except as provided in section 8-169qq, bonds] Bonds, notes or
other obligations of the authority issued under the provisions of this
section shall not be deemed to constitute a debt or liability of the state
or of any political subdivision thereof other than the authority, or a
pledge of the faith and credit of the state or of any such political
subdivision other than the authority, and shall not constitute bonds or
notes issued or guaranteed by the state within the meaning of section 3-
21, but shall be payable solely from the funds as provided in this section.
All such bonds, notes or other obligations shall contain on the face
thereof a statement to the effect that, unless otherwise provided by law,
neither the state of Connecticut nor any political subdivision thereof
other than the authority shall be obligated to pay the same or the interest Senate Bill No. 264
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thereof except from revenues or other funds of the authority and that
neither the faith and credit nor the taxing power of the state of
Connecticut or of any political subdivision thereof other than the
authority is pledged to the payment of the principal of, or the interest
on, such bonds, notes or other obligations.
Sec. 2. Subsections (k) to (o), inclusive, of section 8-169oo of the
general statutes are repealed and the following is substituted in lieu
thereof (Effective from passage):
[(k) Neither the members of the board of directors of the authority
nor any person executing bonds, notes or other obligations of the
authority issued pursuant to this section shall be liable personally on
such bonds, notes or other obligations or be subject to any personal
liability or accountability by reason of the issuance thereof, nor shall any
director, officer or employee of the authority be personally liable for
damage or injury caused in the performance of such director, officer or
employee's duties and within the scope of employment or appointment
as such director, officer or employee, provided the conduct of such
director, officer or employee was found not to have been wanton,
reckless, wilful or malicious. The authority shall protect, save harmless
and indemnify its directors, officers or employees from financial loss
and expense, including legal fees and costs, if any, arising out of any
claim, demand, suit or judgment by reason of alleged negligence or
alleged deprivation of any person's civil rights or any other act or
omission resulting in damage or injury, if the director, officer or
employee is found to have been acting in the discharge of his or her
duties or within the scope of his or her employment and such act or
omission is found not to have been wanton, reckless, wilful or
malicious.]
[(l)] (k) The board of directors of the authority [shall have power to]
may purchase bonds, notes or other obligations of the authority out of
any funds available for such purpose. The authority may hold, cancel or Senate Bill No. 264
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resell such bonds, notes or other obligations subject to and in accordance
with agreements with holders of its bonds, notes and other obligations.
[(m)] (l) All moneys received pursuant to the authority of this section,
whether as proceeds from the sale of bonds or as revenues, shall be
deemed to be trust funds to be held and applied solely as provided in
this section. Any officer with whom, or any bank or trust company with
which, such moneys shall be deposited shall act as trustee of such
moneys and shall hold and apply the same for the purposes of section
8-169jj, as amended by this act, and the resolution authorizing the bonds
of any issue or the trust agreement securing such bonds may provide.
[(n)] (m) Any holder of bonds, notes or other obligations issued under
the provisions of this section, and the trustee or trustees under any trust
agreement, except to the extent the rights herein given may be restricted
by any resolution authorizing the issuance of or any such trust
agreement securing such bonds, may, either at law or in equity, by suit,
action, mandamus or other proceeding, protect and enforce any and all
rights under the laws of the state or granted under this section or under
such resolution or trust agreement and may enforce and compel the
performance of all duties required by this section or by such resolution
or trust agreement to be performed by the authority or by any officer,
employee or agent of the authority, including the fixing, charging and
collecting of the rates, rents, fees and charges herein authorized and
required by the provisions of such resolution or trust agreement to be
fixed, established and collected.
[(o)] (n) The authority may make representations and agreements for
the benefit of the holders of any bonds, notes or other obligations of the
state which are necessary or appropriate to ensure the exclusion from
gross income for federal income tax purposes of interest on bonds, notes
or other obligations of the state from taxation under the Internal
Revenue Code of 1986 or any subsequent corresponding internal
revenue code of the United States, as amended from time to time, Senate Bill No. 264
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including agreement to pay rebates to the federal government of
investment earnings derived from the investment of the proceeds of the
bonds, notes or other obligations of the authority. Any such agreement
may include: (1) A covenant to pay rebates to the federal government of
investment earnings derived from the investment of the proceeds of the
bonds, notes or other obligations of the authority; (2) a covenant that the
authority will not limit or alter its rebate obligations until its obligations
to the holders or owners of such bonds, notes or other obligations are
finally met and discharged; and (3) provisions to (A) establish trust and
other accounts which may be appropriate to carry out such
representations and agreements, (B) retain fiscal agents as depositories
for such funds and accounts, and (C) provide that such fiscal agents may
act as trustee of such funds and accounts.
Sec. 3. Section 8-169qq of the general statutes is repealed and the
following is substituted in lieu thereof (Effective from passage):
[(a) The state shall protect, save harmless and indemnify the
directors, officers and employees of the Connecticut Municipal
Redevelopment Authority from financial loss and expenses, including
legal fees and costs, if any, arising out of any claim, demand, suit or
judgment based upon any alleged act or omission of any such director,
officer or employee in connection with, or any other legal challenge to,
authority development projects within a Connecticut Municipal
Redevelopment Authority development district, provided any such
director, officer or employee is found to have been acting in the
discharge of such director, officer or employee's duties or within the
scope of such director, officer or employee's employment and any such
act or omission is found not to have been wanton, reckless, wilful or
malicious.
(b) In the event any bond, note or other obligation of the authority
cannot be paid by the authority, the state shall assume the liability of
and make payment on such debt.] Senate Bill No. 264
Public Act No. 24-62 5 of 18
(a) For the purposes of this section, "required minimum capital
reserve" means the maximum amount permitted to be deposited in a
special capital reserve fund by the Internal Revenue Code of 1986, or
any subsequent corresponding internal revenue code of the United
States, as amended from time to time, to permit the interest on the bonds
of the Connecticut Municipal Redevelopment Authority secured by
such special capital reserve fund to be excluded from gross income for
federal tax purposes.
(b) The authority may, in connection with the issuance of bonds, the
refunding of bonds previously issued by the authority or the issuance
of bonds to effect a refinancing or other restructuring with respect to one
or more projects, establish one or more special capital reserve funds. The
authority may pay into such special capital reserve funds (1) any
moneys appropriated and made available by the state for the purposes
of such special capital reserve funds, (2) any proceeds of the sale of
bonds or notes of the authority, to the extent provided in the resolution
of said authority authorizing the issuance of such bonds or notes, and
(3) any moneys made available to the authority from any other source
for the purposes of such special capital reserve funds. The amount of
bonds of the authority secured by special capital reserve funds shall not
exceed fifty million dollars in the aggregate.
(c) (1) Except as otherwise provided in this section, the moneys held
in or credited to any special capital reserve fund established under this
section shall be used for:
(A) The payment of the principal and interest as such payments
become due, whether due at maturity or by mandatory sinking fund
installments, on bonds of the authority secured by such special capital
reserve fund; or
(B) The purchase of such bonds and the payment of any redemption
premium required to be paid when such bonds are redeemed prior to Senate Bill No. 264
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maturity, including reimbursement of a provider of bond insurance or
of a credit or liquidity facility that has paid such redemption premium.
(2) The authority may prohibit, except for the purpose of paying the
principal of and interest and redemption premium on bonds of the
authority secured by a special capital reserve fund for which other
moneys of the authority are not available, the withdrawal of moneys in
any special capital reserve fund in an amount that would result in the
balance of such special capital reserve fund being less than (A) the
maximum amount of principal and interest becoming due by reason of
maturity or a required sinking fund installment on the bonds of the
authority outstanding in the then current or any succeeding calendar
year, or (B) the required minimum capital reserve.
(3) The authority may provide at any time that it shall not issue bonds
secured by a special capital reserve fund if the required minimum
capital reserve on the bonds outstanding and the bonds to be issued and
secured by the same special capital reserve fund at the time of issuance
exceeds the moneys in the special capital reserve fund, unless the
authority deposits proceeds from the bonds to be issued or moneys from
other sources into such special capital reserve fund, in an amount that,
together with the amount then in such special capital reserve fund, will
be not less than the required minimum capital reserve.
(d) (1) (A) Prior to December first, annually, the authority shall
deposit, for any special capital reserve fund for which the balance is
below the required minimum capital reserve, the full amount required
to meet the required minimum capital reserve for such special capital
reserve fund. Such deposit shall be made from any resources available
to the authority not otherwise pledged or dedicated to another purpose.
(B) On or prior to December first, annually, but after the authority has
made any deposits required under subparagraph (A) of this
subdivision, there shall be deemed appropriated from the General Fund Senate Bill No. 264
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any sums necessary to restore the balance of each such special capital
reserve fund to the required minimum capital reserve amount. The
amount of any such sum shall be allotted and paid to the authority upon
the certification of such sum by the chairperson or vice-chairperson of
the authority to the Secretary of the Office of Policy and Management,
the Treasurer and the joint standing committees of the General
Assembly having cognizance of matters relating to planning and
development and finance, revenue and bonding.
(C) For the purposes of this subdivision, obligations acquired as an
investment for any special capital reserve fund shall be valued at
amortized cost.
(2) Subject to any agreement or agreements with holders of
outstanding bonds or notes of the authority, any amount allotted and
paid to the authority pursuant to subdivision (1) of this subsection shall
be repaid to the state from moneys of the authority, at such time as such
moneys are not required for any other corporate purposes of the
authority. Such repayment shall occur not later than one year after the
date the following liabilities are met and fully discharged by the
authority: (A) All bonds and notes of the authority that were issued
before, on or after the date such allotted amount was paid to the
authority; (B) all interest on such bonds and notes and on any unpaid
installments of interest; and (C) all costs and expenses incurred in
connection with any action or proceeding by or on behalf of the holders
of such bonds or notes.
(e) (1) The authority shall not issue bonds secured by a special capital
reserve fund until and unless:
(A) The authority has determined, and has provided such
determination to the Secretary of the Office of Policy and Management
or the secretary's deputy and to the Treasurer or the Deputy Treasurer,
that the revenues from the project shall be sufficient to (i) pay the Senate Bill No. 264
Public Act No. 24-62 8 of 18
principal of and interest on the bonds issued to finance the project, (ii)
establish, increase and maintain any reserves deemed advisable by the
authority to secure the payment of the principal of and interest on such
bonds, (iii) pay the cost of maintaining the project in good repair and
properly insured, and (iv) pay such other costs of the project as may be
required;
(B) The issuance has been approved by the Secretary of the Office of
Policy and Management or the secretary's deputy; and
(C) The authority has provided the documentation required under
subsection (a) of section 1-124 to the Treasurer or the Deputy Treasurer
and the issuance has been approved by the Treasurer or the Deputy
Treasurer pursuant to said subsection.
(2) The approval by the Secretary of the Office of Policy and
Management or the secretary's deputy may provide for the waiver or
modification of the requirements of this section as the secretary deems
necessary or appropriate to effectuate such issuance, subject to any
applicable tax covenants of the authority and the state.
(f) Nothing in this section shall preclude the authority from
establishing other debt service reserve funds that are not special capital
reserve funds in connection with the issuance of bonds or notes of the
authority.
Sec. 4. (NEW) (Effective from passage) (a) As used in this section, (1)
"person" means any (A) state officer, (B) state agency, department, board
or commission, or (C) state employee, or any agent thereof. "Person"
includes The University of Connecticut Health Care Finance
Corporation, and (2) "financial obligation" has the same meaning as
provided in 17 CFR 240.15c2-12, as amended from time to time.
(b) (1) Before any person incurs any financial obligation of the state
or enters into any agreement to covenants, events of default, remedies, Senate Bill No. 264
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priority rights or other similar terms in connection with a financial
obligation of the state, where such financial obligation (A) is in excess of
one million dollars, or (B) encumbers property or rights of the state
material to the operations of the state, such person shall notify the
Treasurer of such proposed financial obligation or agreement and
submit any documents pursuant to which such financial obligation is to
be incurred or such agreement is to be entered into. No such person shall
incur any such financial obligation or enter into any such agreement
until such person has received a written acknowledgment pursuant to
subdivision (2) of this subsection.
(2) Upon receipt of such notification and documents, the Treasurer
shall determine whether the information provided is adequate for the
Treasurer to timely meet required disclosure obligations under federal
securities law. The Treasurer may request additional information the
Treasurer deems necessary to make such determination. Upon the
Treasurer's satisfaction that adequate information has been provided for
the Treasurer to timely meet required disclosure obligations under
federal securities law, the Treasurer or the Treasurer's designee shall
provide written acknowledgment to the person seeking to incur such
financial obligation or enter into such agreement. The Treasurer may
establish, and revise from time to time, exemptions from such
notification and submission requirements as the Treasurer determines
are consistent with the state's disclosure obligations under federal
securities law.
Sec. 5. Subsection (x) of section 3-20 of the 2024 supplement to the
general statutes is repealed and the following is substituted in lieu
thereof (Effective July 1, 2024):
(x) Notwithstanding any provision of the general statutes, public acts
or special acts, [upon] any sale, lease or other disposition to or use by a
nongovernmental entity of all or a portion of any project financed with
proceeds of bonds of the state the interest on which is not included in Senate Bill No. 264
Public Act No. 24-62 10 of 18
gross income pursuant to Section 103 of the Internal Revenue Code of
1986, or any subsequent corresponding internal revenue code of the
United States, as amended from time to time, [amended,] that would
otherwise cause such bonds to be treated as private activity bonds
within the meaning of Section 141 of said internal revenue code [, the]
shall be subject to the prior approval of the Treasurer. The Treasurer is
authorized to transfer all or a portion of the proceeds received with
respect to and at the time of such disposition or use, in an amount not
less than the amount required by said internal revenue code to preserve
the exclusion from gross income of interest on such bonds, (1) to the
General Fund to pay debt service on, including redemption, defeasance
or purchase of, outstanding bonds of the state the interest on which is
not included in gross income pursuant to Section 103 of said internal
revenue code, (2) with the approval of the State Bond Commission, in
lieu of the issuance of bonds, to the appropriate account or fund for any
projects or purposes authorized by the State Bond Commission
pursuant to a bond act and with the same force and effect as bond
proceeds, thereby reducing the authority to issue bonds by such dollar
amount, provided in any event that any such transfer does not cause the
interest on the subject bonds to become included in gross income
pursuant to Section 103 of said internal revenue code.
Sec. 6. Subsection (a) of section 3-37 of the general statutes is repealed
and the following is substituted in lieu thereof (Effective July 1, 2024):
(a) The Treasurer shall, annually, on or before December thirty-first,
submit a final audited report to the Governor and a copy of such report
to the Investment Advisory Council, which shall include the following
information concerning the activities of the office of the State Treasurer
for the immediately preceding fiscal year ending June thirtieth: (1)
Complete financial statements and accompanying footnotes for the
combined investment funds prepared in accordance with generally
accepted accounting principles, which financial statements shall be Senate Bill No. 264
Public Act No. 24-62 11 of 18
audited in accordance with generally accepted auditing standards and
supplementary schedules depicting the interests of the component
retirement plans and trust funds; (2) complete financial statements and
accompanying footnotes for the Short Term Investment Fund prepared
in accordance with generally accepted accounting principles and
supplementary schedules listing all assets held by the Short Term
Investment Fund; (3) a discussion and review of the performance of the
combined investment funds and Short Term Investment Fund for such
fiscal year in accordance with recognized and appropriate performance
presentation and disclosure, including an analysis of the return earned
by the portfolio and each combined investment fund as well as the risk
profile of the portfolio and each combined investment fund according
to investment industry standards; (4) the activities and transactions in
such reasonable detail as is appropriate of the cash management
division including information on the state's cash receipts and
disbursements for the fiscal year, and the debt management division;
[including the financial statements of the tax-exempt proceeds fund
prepared in accordance with generally accepted accounting principles;]
(5) financial statements and accompanying footnotes as well as a
summary of operating results for the Second Injury Fund for such fiscal
year; (6) a financial summary and report on the activities of the state's
unclaimed property program for such fiscal year; (7) a listing of the
companies from which state funds were divested based upon such
companies' business in Sudan, pursuant to the provisions of section 3-
21e, and any companies identified by the Treasurer as companies from
which investment of state funds has been declared impermissible by the
Treasurer, pursuant to the provisions of section 3-21e; and (8) such other
information as the Treasurer deems of interest to the public.
Sec. 7. Subsection (q) of section 3-62h of the general statutes is
repealed and the following is substituted in lieu thereof (Effective July 1,
2024): Senate Bill No. 264
Public Act No. 24-62 12 of 18
(q) Any moneys held by the Treasurer or by a trustee pursuant to an
indenture of trust with respect to abandoned property fund bonds
including pledged revenues, other pledged receipts, funds or moneys
and proceeds from the sale of such abandoned property fund bonds,
may, pending the use or application of the proceeds thereof for an
authorized purpose, be (1) invested and reinvested in such obligations,
securities and investments as are set forth in subsection (f) of section 3-
20 [,] and in participation certificates in the Short Term Investment
Funds created under sections 3-27a and 3-27f, [and in participation
certificates or securities of the Tax-Exempt Proceeds Fund created under
section 3-24a] or (2) deposited or redeposited in such bank or banks as
shall be provided in the proceedings. Unless the proceedings provide
otherwise, proceeds from investments authorized by this subsection,
less amounts required under the proceedings authorizing the issuance
of abandoned property fund bonds for the payment of Special
Abandoned Property Fund financing costs relating to such abandoned
property fund bonds, shall be credited to the Special Abandoned
Property Fund.
Sec. 8. Subsection (d) of section 7-406n of the general statutes is
repealed and the following is substituted in lieu thereof (Effective July 1,
2024):
(d) Any moneys held by the Treasurer or by a trustee pursuant to an
indenture of trust with respect to municipal pension solvency account
bonds including pledged revenues, other pledged receipts, funds or
moneys and proceeds from the sale of such municipal pension solvency
account bonds, may, pending the use or application of such proceeds
for an authorized purpose, be (1) invested and reinvested in such
obligations, securities and investments as are set forth in subsection (f)
of section 3-20 [,] and in participation certificates in the Short Term
Investment Funds created under sections 3-27a and 3-27f, [and in
participation certificates or securities of the Tax-Exempt Proceeds Fund Senate Bill No. 264
Public Act No. 24-62 13 of 18
created under section 3-24a,] or (2) deposited or redeposited in such
bank or banks as shall be provided in the proceedings authorizing the
issuance of municipal pension solvency account bonds. Unless the
proceedings provide otherwise, proceeds from investments authorized
by this subsection, less amounts required under the proceedings for the
payment of municipal pension solvency loan costs relating to such
municipal pension solvency account bonds, shall be credited to the
municipal pension solvency account.
Sec. 9. Subdivision (9) of subsection (b) of section 8-169jj of the 2024
supplement to the general statutes is repealed and the following is
substituted in lieu thereof (Effective July 1, 2024):
(9) Invest any funds not needed for immediate use or disbursement
in obligations issued or guaranteed by the United States or the state,
including the Short Term Investment Fund, [and the Tax-Exempt
Proceeds Fund,] and in other obligations that are legal investments for
savings banks in this state, and in-time deposits or certificates of deposit
or other similar banking arrangements secured in such manner as the
authority determines;
Sec. 10. Subsection (b) of section 8-336o of the general statutes is
repealed and the following is substituted in lieu thereof (Effective July 1,
2024):
(b) Any moneys held in the Housing Trust Fund may, pending the
use or application of the proceeds thereof for an authorized purpose, be
(1) invested and reinvested in such obligations, securities and
investments as are set forth in subsection (f) of section 3-20 [,] and in
participation certificates in the Short Term Investment Fund created
under sections 3-27a and 3-27f, [and in participation certificates or
securities of the Tax-Exempt Proceeds Fund created under section 3-
24a,] (2) deposited or redeposited in such bank or banks at the direction
of the Treasurer, or (3) invested in participation units in the combined Senate Bill No. 264
Public Act No. 24-62 14 of 18
investment funds, as defined in section 3-31b. Unless otherwise
provided pursuant to subsection (c) of this section, proceeds from
investments authorized by this subsection shall be credited to the
Housing Trust Fund.
Sec. 11. Subsection (b) of section 32-7o of the general statutes is
repealed and the following is substituted in lieu thereof (Effective July 1,
2024):
(b) Any moneys held in the Connecticut Manufacturing Innovation
Fund may, pending the use or application of the proceeds thereof for an
authorized purpose, be (1) invested and reinvested in such obligations,
securities and investments as are set forth in subsection (f) of section 3-
20 [,] and in participation certificates in the Short Term Investment Fund
created under sections 3-27a and 3-27f, [and in participation certificates
or securities of the Tax-Exempt Proceeds Fund created under section 3-
24a,] (2) deposited or redeposited in any bank or banks, at the direction
of the Treasurer, or (3) invested in participation units in the combined
investment funds, as defined in section 3-31b. Proceeds from
investments authorized by this subsection shall be credited to the
Connecticut Manufacturing Innovation Fund.
Sec. 12. Subdivision (6) of subsection (b) of section 32-602 of the 2024
supplement to the general statutes is repealed and the following is
substituted in lieu thereof (Effective July 1, 2024):
(6) To invest any funds not needed for immediate use or
disbursement in obligations issued or guaranteed by the United States
of America or the state of Connecticut, including the Short Term
Investment Fund, [and the Tax-Exempt Proceeds Fund,] and in other
obligations which are legal investments for savings banks in this state
and in time deposits or certificates of deposit or other similar banking
arrangements secured in such manner as the authority determines; Senate Bill No. 264
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Sec. 13. Section 10-63b of the general statutes is repealed and the
following is substituted in lieu thereof (Effective from passage):
Within thirty days of receipt of an application pursuant to section 10-
63a the regional board of education shall call for the appointment of a
committee to study issues relating to withdrawal or dissolution. The
committee shall consist of the following: One member of the board of
education of each town within the district, to be selected by each such
board, if any, or if none, an elector to be elected by the legislative body
in such town; one member of the board of finance or comparable fiscal
body of each town within the district to be selected by each such board
or body; two members of the regional board of education, to be selected
by such board, no more than one of whom may be a resident of a town
making the application for the appointment of the committee; one
member to be appointed by the Commissioner of Education, who shall
not be a resident of any town within the district; [the State Treasurer or
the Treasurer's designee,] and one member to be appointed by the
regional board of education, who [shall be] is an expert in municipal
bonding and financing and who shall not be a resident of any town
within the district. The members shall receive no compensation for their
services, but their expenses and those incurred by the regional board in
connection with withdrawal or dissolution procedures shall be paid by
the towns applying for withdrawal or dissolution. The appointee of the
Commissioner of Education shall call the first meeting of the committee,
and the committee shall organize and function in accordance with
section 10-41.
Sec. 14. Subdivision (3) of subsection (a) of section 10-283 of the
general statutes is repealed and the following is substituted in lieu
thereof (Effective July 1, 2024):
(3) (A) All final calculations completed by the Department of
Administrative Services for school building projects shall include a
computation of the state grant for the school building project amortized Senate Bill No. 264
Public Act No. 24-62 16 of 18
on a straight line basis over a twenty-year period for school building
projects with costs equal to or greater than two million dollars and over
a ten-year period for school building projects with costs less than two
million dollars. Any town or regional school district which abandons,
sells, leases, demolishes or otherwise redirects the use of such a school
building project to other than a public school use during such
amortization period shall refund to the state the unamortized balance of
the state grant remaining as of the date the abandonment, sale, lease,
demolition or redirection occurs. The amortization period for a project
shall begin on the date the project was accepted as complete by the local
or regional board of education. A town or regional school district
required to make a refund to the state pursuant to this subdivision may
request forgiveness of such refund if the building is redirected for public
use. The Department of Administrative Services shall include as an
addendum to the annual school construction priority list all those towns
requesting forgiveness. General Assembly approval of the priority list
containing such request shall constitute approval of such request. This
subdivision shall not apply to projects to correct safety, health and other
code violations or to remedy certified school indoor air quality
emergencies approved pursuant to subsection (b) of this section or
projects subject to the provisions of section 10-285c.
(B) If the board of governors for an independent institution of higher
education, as defined in subsection (a) of section 10a-173, or the
equivalent of such a board, on behalf of the independent institution of
higher education, that operates an interdistrict magnet school makes
private use of any portion of a school building in which such operator
received a school building project grant pursuant to this chapter, such
operator shall annually submit a report to the Commissioner of
Education that demonstrates that such operator provides an equal to or
greater than in-kind or supplemental benefit of such institution's
facilities to students enrolled in such interdistrict magnet school that
outweighs the private use of such school building. If the commissioner Senate Bill No. 264
Public Act No. 24-62 17 of 18
finds that the private use of such school building exceeds the in-kind or
supplemental benefit to magnet school students, the commissioner may
require such institution to refund to the state the unamortized balance
of the state grant.
[(C) Any moneys refunded to the state pursuant to subparagraphs
(A) and (B) of this subdivision shall be deposited in the state's tax-
exempt proceeds fund and used not later than sixty days after
repayment to pay debt service on, including redemption, defeasance or
purchase of, outstanding bonds of the state the interest on which is not
included in gross income pursuant to Section 103 of the Internal
Revenue Code of 1986, or any subsequent corresponding internal
revenue code of the United States, as from time to time amended.]
Sec. 15. Subsection (b) of section 22a-284a of the 2024 supplement to
the general statutes is repealed and the following is substituted in lieu
thereof (Effective July 1, 2024):
(b) Wherever the words "Materials Innovation and Recycling
Authority" are used in any public or special act of 2023 or in the
following sections, the words "MIRA Dissolution Authority" shall be
substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125, [3-24d, 3-24f,] 7-329a,
12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-208v, 22a-209h, 22a-
219b, 22a-220, 22a-241, 22a-260, 22a-263a, 22a-263b, 22a-268a, 22a-268b,
22a-268g, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-284, 32-1e and 32-
658.
Sec. 16. Subsection (b) of section 22a-260a of the general statutes is
repealed and the following is substituted in lieu thereof (Effective July 1,
2024):
(b) Wherever the words "Connecticut Resources Recovery Authority"
are used in any public or special act of 2014 or in the following sections
of the general statutes, the words "Materials Innovation and Recycling Senate Bill No. 264
Public Act No. 24-62 18 of 18
Authority" shall be substituted in lieu thereof: 1-79, 1-120, 1-124, 1-125,
[3-24d, 3-24f,] 7-329a, 12-412, 12-459, 16-1, 16-245, 16-245b, 22a-208a, 22a-
208v, 22a-209h, 22a-219b, 22a-220, 22a-241, 22a-260, 22a-261, 22a-263a,
22a-263b, 22a-268a, 22a-268b, 22a-270a, 22a-272a, 22a-282, 22a-283, 22a-
284, 32-1e and 32-658.
Sec. 17. Subdivision (1) of subsection (a) of section 32-11f of the
general statutes is repealed and the following is substituted in lieu
thereof (Effective July 1, 2024):
(a) (1) Wherever the term "Connecticut Development Authority" is
used in the following sections of the general statutes, the term
"Connecticut Innovations, Incorporated" shall be substituted in lieu
thereof: [3-24d, 3-24f,] 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-
79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-
4l, 32-6j, 32-9c, 32-9n, 32-9qq, 32-22b, 32-23l, 32-23o, 32-23q, 32-23r, 32-
23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23qq, 32-23ss, 32-23tt, 32-
31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-262,
32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503, 32-609, 32-
761, 32-763 and 32-768.
Sec. 18. Sections 3-24a to 3-24h, inclusive, of the general statutes are
repealed. (Effective July 1, 2024)