Sec. 22-70. Issuance of bonds. Borrowing from state funds.
Sec. 22-70. Issuance of bonds. Borrowing from state funds. The provisions of
section 3-20 shall apply to all bonds authorized under this chapter and such bonds and
temporary notes in anticipation of money to be derived from the sale of such bonds shall
be issued and sold in the manner provided in said section. Such bonds shall be in serial
form, maturing in substantially equal annual installments, beginning approximately one
year after the estimated date of the completion of the regional market or markets or
other improvements as determined by the Marketing Authority, and in such amounts
that the whole amount shall be paid within thirty years from the first date of issue. Each
such bond shall bear upon its face the following statement: "The full faith and credit of
the state of Connecticut are pledged to the payment of the principal and the interest
hereof." In any case in which, for the purposes of this chapter, the Marketing Authority
finds it desirable to borrow money in amounts not sufficient to warrant the issuance of
bonds, it may borrow from funds of the state, in an amount or amounts not exceeding
in the aggregate one hundred thousand dollars, with the approval of the State Bond
Commission and the Investment Advisory Council.
(1957, P.A. 566, S. 1; 1959, P.A. 468, S. 1.)
History: 1959 act allowed market authority to borrow state funds up to $100,000 when amount needed does not warrant
issuance of bonds.
See Secs. 3-13a to 3-13d, inclusive, re state investment policy and procedures.