Sec. 22a-267. (Formerly Sec. 19-524z). Powers, fiscal.
Sec. 22a-267. (Formerly Sec. 19-524z). Powers, fiscal. The authority shall have
the power to:
(1) Accept gifts, grants or loans of funds, property or service from any source, public
or private, and comply, subject to the provisions of this chapter, with the terms and
conditions thereof;
(2) Receive funds from the sale of the bonds or other obligations of municipal and
regional authorities and from the sale of obligations of the authority and its real and
personal properties;
(3) Receive funds or revenues from the sale of products, materials, fuels and energy
in any form derived from the processing of solid waste by systems, facilities and equipment under its jurisdiction, and receive revenues in the form of rents, fees and charges
paid by units or agencies of state and local government, and by private persons and
organizations, to compensate the authority for the use of its facilities or the performance
of its services;
(4) Accept from a federal agency loans or grants for use in carrying out its purposes
and enter into agreements with such agency respecting any such loans or grants;
(5) Make loans to any municipal or regional authority or to any person for the planning, design, acquisition, construction, reconstruction, improvement, equipping and furnishing of a waste management project, which loans shall be secured by loan agreements,
contracts or any other instruments or agreements with respect to the use of fees and
charges, upon such terms and conditions as the authority shall determine reasonable in
connection with such loans, including provisions for the establishment and maintenance
of reserve funds, and in the exercise of powers granted in this section in connection with
the project for any such municipal or regional authority or private person, to require the
inclusion in any contract, loan agreement or other instrument, of such provisions for
the construction, use, operation and maintenance and the payment of operating and other
costs of a project as the authority may deem necessary or desirable, and in connection
with the making of such loans, the authority may purchase, acquire and take assignments
and the notes and bonds of municipal or regional authorities and persons and receive
other forms of security and evidences of indebtedness, and in furtherance of the purposes
of this chapter and to assure the payment of the principal and interest of such loans, and
in order to assure the payment of the principal and interest on bonds or notes of the
authority issued to provide funding for such loans, may attach, seize, purchase, acquire,
accept or take title to any project by conveyance, and may sell, lease or rent any such
project for a use specified in this chapter;
(6) The directors of the authority may by resolution, in accordance with the provisions and stipulations of this chapter and the authority's general and other bond resolutions, authorize both the segregation of such authority revenues as may at any time be
adjudged by said directors to be surplus to the needs of the authority to meet its contractual and other obligations and to provide for its operations or other business purposes,
and the equitable redistribution of such segregated surplus revenues to some or all of
the users of the system in accordance with applicable provisions of the state solid waste
management plan;
(7) (A) In connection with, or incidental to, the issuance or carrying of bonds, or
acquisition or carrying of any investment or program of investment, the authority may
enter into any contract which the authority determines to be necessary or appropriate
to place the obligation or investment of the authority, as represented by the bonds,
investment or program of investment and the contract or contracts, in whole or in part,
on the interest rate, currency, cash flow, or other basis desired by the authority, including,
without limitations, contracts commonly known as interest rate swap agreements, currency swap agreements, forward payment conversion agreements, futures, or contracts
providing for payments based on levels of, or changes in, interest rates, currency exchange rates, stock or other indices, or contracts to exchange cash flows or a series of
payments, or contracts, including, without limitation, interest rate floors or caps, options,
puts or calls to hedge payment, currency, rate, spread, or similar exposure or, contracts
for the purchase of option rights with respect to the mandatory or optional tender for
purchase or redemption of bonds, notes or other obligations of the authority, which
are subject to mandatory or optional tender or redemption, including the issuance of
certificates evidencing the right of the owner to exercise such option rights. These contracts or arrangements may also be entered into by the authority in connection with, or
incidental to, entering into or maintaining any agreement which secures its bonds, notes
or other obligations, subject to the terms and conditions thereof respecting outstanding
obligations;
(B) Bonds issued by the authority may be payable in accordance with their terms,
in whole or in part, in currency other than lawful money of the United States of America,
provided the authority enter into a currency swap or similar agreement for payments in
lawful money of the United States of America, which covers the entire amount of the
debt service payment obligation of the authority with respect to the bonds payable in
other currency, and provided further, that if the term of that agreement is less than the
term of the bonds, the authority shall include a best efforts covenant to enter into additional agreements as may be necessary to cover the entire amount of the debt service
payment obligation;
(C) In connection with, or incidental to, the issuance or carrying of bonds, notes
or other obligations or entering into any of the contracts or agreement referred to in
subparagraph (A) of this subdivision, the authority may enter into credit enhancement
or liquidity agreements, with payment, interest rate, currency, security, default, remedy
and other terms and conditions as the authority determines;
(8) Enter into any contractual arrangement with any person to obtain rights from
or in an invention or product, or the proceeds therefrom, or rights to any and all forms of
equity instruments, including, but not limited to, common and preferred stock, warrants,
options, convertible debentures, limited and general partnership interests and similar
types of instruments, in connection with the development or operation of any system,
facility or technology based on or related to resources recovery, recycling, reuse, treatment, processing or disposal of solid waste or in connection with the remediation or
development of property owned by the authority on July 1, 2001, provided any net
revenue to the authority from activities, contracts, products or processes undertaken
pursuant to this subdivision shall be distributed so as to reduce the costs of other authority
services to the users thereof on a pro rata basis proportionate to costs paid by such
users. Notwithstanding the provisions of this subdivision, the authority shall not perform
residential or commercial waste collection services in the state other than services permitted under the provisions of this chapter rendered at any landfill, waste disposal, waste
transfer or waste processing facility provided the authority may otherwise assist in the
exercise of the powers conferred by chapter 103b.
(P.A. 73-459, S. 11, 26; P.A. 93-372, S. 1, 4; P.A. 98-184, S. 3, 4; June Sp. Sess. P.A. 01-9, S. 117, 131.)
History: Sec. 19-524z transferred to Sec. 22a-267 in 1983; P.A. 93-372 added Subdiv. (7) authorizing the authority to
enter into contracts to obtain more favorable interest rates on bonds, effective June 30, 1993; P.A. 98-184 added new
Subdiv. (8) re power to enter into contractual arrangements re inventions or products or development or operation of
systems, facilities or technologies based on or related to resources recovery, recycling, reuse, treatment, processing or
disposal of solid waste, effective June 4, 1998; June Sp. Sess. P.A. 01-9 added power of authority to enter into contracts
in connection with the remediation or development of property owned by the authority on July 1, 2001, effective July 1, 2001.
Cited. 193 C. 506.