Sec. 10-289a. Short-term financing for school building projects.
Sec. 10-289a. Short-term financing for school building projects. Notwithstanding any other provision of the general statutes, in the case of any school building project
for which the total cost is less than one million dollars, the state shall not require permanent local financing prior to the payment of a grant for a school building project under
this chapter. In any such case, the school district may pay off its debt on any such project
over a period not to exceed four years if the school district promptly applies all project
grant payments toward project costs or toward payment of temporary notes as the same
become due and payable and provides for the payment of such notes in equal annual
installments commencing no later than one year from the date of issue.
(P.A. 85-589, S. 1, 3; June Sp. Sess. P.A. 91-5, S. 36, 49; P.A. 97-265, S. 83, 98.)
History: June Sp. Sess. P.A. 91-5 substituted $1,000,000 for $500,000 as limit on projects which do not require permanent
local financing as condition of grant payment; P.A. 97-265 deleted provision for state payment of interest and made a
technical change, effective July 1, 1997.