Sec. 10a-91e. Terms of financing for the CSUS 2020 program.
Sec. 10a-91e. Terms of financing for the CSUS 2020 program. (a) The State
Bond Commission shall approve the CSUS 2020 program and authorize the issuance
of bonds of the state in principal amounts not exceeding in the aggregate nine hundred
fifty million dollars. The amount provided for the issuance and sale of bonds in accordance with this section shall be capped in each fiscal year in the following amounts,
provided, to the extent the board of trustees does not provide for the issuance of all or
a portion of such amount in a fiscal year, or the Governor disapproves the request for
issuance of all or a portion of the amount of the bonds as provided in subsection (d) of
this section, any amount not provided for or disapproved, as the case may be, shall be
carried forward and added to the capped amount for the next succeeding fiscal year,
and provided further, 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
2009
95,000,000
2010
95,000,000
2011
95,000,000
2012
95,000,000
2013
95,000,000
2014
95,000,000
2015
95,000,000
2016
95,000,000
2017
95,000,000
2018
95,000,000
Total
$950,000,000
(b) The State Bond Commission shall approve a memorandum of understanding
between the board of trustees and the state, acting by and through the Secretary of
the Office of Policy and Management and the Treasurer, providing for the issuance
of said bonds for the purposes of sections 10a-91a to 10a-91h, inclusive, 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 sections 10a-91a to 10a-91h, inclusive, for such project
or projects. 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 sections 10a-91a to 10a-91h, inclusive.
(c) All bonds issued pursuant to sections 10a-91a to 10a-91h, inclusive, 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 said bonds as the
same become due, and accordingly and as part of the contract of the state with the
holders of said 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) (1) On or before the first day of March in each year, the board of trustees
shall submit to the Governor, the Treasurer and the Secretary of the Office of Policy
and Management, the most recently approved facilities plan and the amount of bonds
required for the CSUS 2020 program for the fiscal year beginning on July first of
that year. The Governor may, not later than thirty days after such submission, approve
or disapprove all or a portion of such amount of bonding submitted by the board of
trustees by notifying the board of trustees, in writing, of such decision and the reasons
for it. If the Governor does not act within such thirty-day period, the issuance of
bonds for the CSUS 2020 program for the fiscal year beginning on July first of that
year is deemed approved.
(2) Subject to the amount of limitations of such capping provisions in subsection
(a) of this section and following the approval or deemed approval of the request to
issue bonds as provided in subdivision (1) of this subsection, 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.
(June Sp. Sess. P.A. 07-7, S. 105.)
History: June Sp. Sess. P.A. 07-7 effective July 1, 2008.