Sec. 13b-236. Bond issue for matching grants for commercial rail freight line rails, rail beds and related facilities. Regulations.
Sec. 13b-236. Bond issue for matching grants for commercial rail freight line
rails, rail beds and related facilities. Regulations. (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 ten million dollars.
(b) The proceeds of the sale of said bonds, to the extent of the amount stated in
subsection (a) of this section, shall be used by the Department of Transportation for a
program of competitive matching grants for commercial rail freight lines operating in
the state for improvements and repairs to, and the modernization of, existing rail, rail
beds and related facilities.
(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, and 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. 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 said 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 which 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. Said 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 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 State
Treasurer shall pay such principal and interest as the same become due.
(d) The Commissioner of Transportation shall adopt regulations, in accordance with
the provisions of chapter 54, implementing the program established under subsection
(b) of this section.
(June Sp. Sess. P.A. 07-7, S. 56.)
History: June Sp. Sess. P.A. 07-7 effective July 1, 2008.