Connecticut § 32-4o - Bond authorization for grants.

§ 32-4o. Bond authorization for grants.

Sec. 32-4o. Bond authorization for grants. (a) The State Bond Commission shall authorize the issuance of bonds of this state, in accordance with the provisions of section 3-20, in principal amounts not exceeding in the aggregate one hundred forty million dollars for the grants described in subsection (e) of section 32-4n. The amount authorized for the issuance and sale of bonds in accordance with this section shall not exceed the amount authorized in each fiscal year in the following amounts, provided the costs of issuance and capitalized interest, if any, may be added to the capped amount in each fiscal year, and each of the authorized amounts shall be effective on July first of the fiscal year indicated as follows:

Fiscal Year Ending June 30	Amount
2017	$ 8,921,436
2020	9,096,428
2021	9,446,428
2022	9,621,428
2023	9,796,428
2024	9,971,428
2025	10,321,428
2026	10,321,428
2027	10,321,428
2028	10,321,428
2029	10,371,428
2030	10,496,428
2031	10,496,428
2032	10,496,428
Total	$140,000,000

(b) The State Bond Commission shall approve a memorandum of understanding between the Department of Economic and Community Development and this state, acting by and through the Secretary of the Office of Policy and Management and the Treasurer, providing for the issuance of such bonds for the purposes of the grants described in subsection (e) of section 32-4n, including provisions regarding the extent to which federal, private or other moneys then available or thereafter to be made available for costs should be added to the proceeds of the bonds authorized pursuant to this section for such grants. The memorandum of understanding shall be deemed to satisfy the provisions of section 3-20 and the exercise of any right or power granted thereby which is not inconsistent with the provisions of this section.

(c) All provisions of section 3-20, or the exercise of any right or power granted thereby, which are not inconsistent with the provisions of this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to this section. Temporary notes in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with said section 3-20, and from time to time renewed. All bonds issued pursuant to this section shall be general obligations of this state and the full faith and credit of this state of Connecticut are pledged for the payment of the principal of and interest on such bonds as the same become due, and accordingly and as part of the contract of this state with the holders of such bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.

(d) Subject to the amount of limitations of the capping provisions in subsection (a) of this section, the principal amount of the bonds authorized under this section shall be deemed to be an appropriation and allocation of such amount, and such approval of such request shall be deemed the allotment by the Governor of such capital outlays within the meaning of section 4-85.

(Sept. Sp. Sess. P.A. 16-1, S. 2.)

History: Sept. Sp. Sess. P.A. 16-1 effective September 29, 2016.