Sec. 16a-38o. Bond authorization.
Sec. 16a-38o. Bond authorization. (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 fifty 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 Public Utility Control
for the purpose of the grant program established in section 16a-38n.
(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.
(P.A. 07-242, S. 109.)
History: P.A. 07-242 effective July 1, 2007.