Sec. 25-73. State bond issue authorized.
Sec. 25-73. State bond issue authorized. The State Treasurer shall issue bonds
and notes of the state, in accordance with the provisions of section 3-20, in the sum of
five million dollars to be denominated on the face thereof "Beach Erosion and Flood
Control Bonds of the State of Connecticut", or "Beach Erosion and Flood Control Notes
of the State of Connecticut", as the case may be. Four million dollars authorized under
this section shall be allocated and expended exclusively for beach erosion control, and
the remaining one million dollars thus authorized shall be allocated and expended exclusively for flood control. The full faith and credit of the state is pledged for the payment
of the interest on and principal of such bonds. Such bonds shall be sold at not less than
par and shall be issued so as to mature at a time or times set by the State Bond Commission. The proceeds from the sale of such bonds and notes shall be used to make the loans
authorized in section 25-72, and to defray the share of the state in any beach erosion or
flood control system. Payment of the share of such local authority shall be made by the
State Treasurer on certification of the commission in accordance with the contract of
financial assistance between the state and such local authority. All payments by the local
authority shall be paid to the State Treasurer. The principal of, and interest on, such
bonds and notes shall first be paid from sums received from such local authorities and
then from any sums received from the federal government as reimbursement under
section 25-74. If, in any year, said sums are not sufficient, such deficit shall be paid
from the General Fund; and if in any year said sums are more than sufficient to meet
the principal of the bonds and notes maturing in such year, with interest thereon, the
balance shall be applied to the payment of, and principal on, the bonds or notes maturing
in any succeeding year or years. The State Treasurer is authorized to invest in direct
obligations of the United States of America such moneys as he deems available for such
purpose.
(1955, S. 2403d; November, 1955, S. N211; 1957, P.A. 364, S. 31; 645, S. 1; September, 1957, P.A. 16, S. 6.)