Sec. 10a-25d. "State moneys" defined; use of federal, private or other moneys for projects.
Sec. 10a-25d. "State moneys" defined; use of federal, private or other moneys
for projects. For the purposes of sections 10a-25a to 10a-25g, inclusive, "state moneys"
means the proceeds of the sale of bonds authorized pursuant to said sections or of temporary notes issued in anticipation of the moneys to be derived from the sale of such bonds.
Each request filed as provided in subsection (b) of section 10a-25c for an authorization
of bonds shall identify the project for which the proceeds of the sale of such bonds are
to be used and expended and, in addition to any terms and conditions required pursuant
to said subsection (b) of section 10a-25c, shall include the recommendation of the person
signing such request as to the extent to which federal, private or other moneys then
available or thereafter to be made available for costs in connection with any such project
should be added to the state moneys available or becoming available hereunder for such
project. If the request includes a recommendation that some amount of such federal,
private or other moneys should be added to such state moneys, then, if and to the extent
directed by the State Bond Commission at the time of authorization of such bonds, the
amount of such federal, private or other moneys then available or thereafter to be made
available for costs in connection with such project may be added to any state moneys
available or becoming available hereunder for such project and be used for such project.
Any other federal, private or other moneys then available or thereafter to be made available for costs in connection with such project upon receipt shall, in conformity with
applicable federal and state law, be used by the Treasurer to meet principal of outstanding
bonds issued pursuant to sections 10a-25a to 10a-25g, inclusive, or to meet the principal
of temporary notes issued in anticipation of the money to be derived from the sale of
bonds theretofore authorized pursuant to said sections for the purpose of financing such
costs, either by purchase or redemption and cancellation of such bonds or notes or by
payment thereof at maturity. Whenever any of the federal, private or other moneys so
received with respect to such project are used to meet principal of such temporary notes
or whenever principal of any such temporary notes is retired by application of revenue
receipts of the state, the amount of bonds theretofore authorized in anticipation of which
such temporary notes were issued and the aggregate amount of bonds which may be
authorized pursuant to section 10a-25b shall each be reduced by the amount of the
principal so met or retired. Pending use of the federal, private or other moneys so received
to meet principal as hereinabove directed, the amount thereof may be invested by the
Treasurer in bonds or obligations of, or guaranteed by, the state or the United States or
agencies or instrumentalities of the United States, and shall be deemed to be part of the
debt retirement funds of the state, and net earnings on such investments shall be used
in the same manner as the said moneys so invested.
(P.A. 83-492, S. 4, 11; P.A. 84-546, S. 29, 173.)
History: P.A. 84-546 made technical changes to section.