§ 32-39y — Bond authorization. Proceeds used for purposes of CTNext Fund.

Connecticut § 32-39y

• Jurisdiction: Connecticut
• Title 32: Commerce and Economic and Community Development
• Ch. 581: Innovation Capital Act of 1989. Connecticut Innovations, Incorporated

Text

(a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate twenty million two hundred thousand dollars. (b) The proceeds of the sale of such bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by (1) the Department of Economic and Community Development for an economic feasibility study of certain lands in Trumbull in the fiscal year commencing July 1, 2021, and (2) by CTNext, or the Department of Economic and Community Development as a successor agency to CTNext, for the CTNext Fund established under section 32-39i and for the purposes described in said section. (c) All provisions of section 3-20 , or the exercise of any right or power granted thereby, that 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 section 3-20 and from time to time renewed. Such bonds shall mature at such time or times not exceeding twenty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such bonds. None of such bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization that is signed by or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission, in its discretion, may require. Such bonds issued pursuant to this section shall be general obligations of the state and the full faith and credit of the 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 the 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 State Treasurer shall pay such principal and interest as the same become due.

Legislative History

(P.A. 21-111, S. 92; P.A. 24-151, S. 29.) History: P.A. 21-111 effective July 1, 2021; pursuant to P.A. 24-149, the term “CTNext” was changed editorially by the Revisors to “the Department of Economic and Community Development” in Subsec. (b)(1), effective July 1, 2024; P.A. 24-151 amended Subsec. (a) to decrease aggregate authorization from $64,200,000 to $20,200,000, eliminate provision that $13,500,000 be effective July 1, 2025, and make technical changes and amended Subsec. (b) to delete purpose re innovation place program, revise requirement re use of proceeds for CTNext Fund and add provision re Department of Economic and Community Development as successor agency to CTNext, effective July 1, 2024.