Sec. 3-20. Short title: State General Obligation Bond Procedure Act. State Bond Commission.
Sec. 3-20. Short title: State General Obligation Bond Procedure Act. State
Bond Commission. (a) This section shall be known as and may be cited as, and its short
title shall be, the "State General Obligation Bond Procedure Act".
(b) The following terms, when used in this section, shall have the following meanings, unless the context otherwise requires: "Bonds" means general obligations of the
state for the payment of the principal of and interest on which, as the same become due,
the full faith and credit of the state are pledged; "bond act" means a general statute, public
act or special act of the General Assembly empowering the State Bond Commission or
the State Treasurer to authorize bonds heretofore enacted or hereafter enacted; "refunding bonds" means bonds authorized to be issued and sold pursuant to subsection
(i) hereof and hereunder; "resolution" means a resolution adopted by a majority of the
members of the State Bond Commission. The adoption of a resolution is hereby deemed
to satisfy and supersede the requirement of any bond act for a written determination
signed by the majority of the members of the State Bond Commission and filed in the
office of the Secretary of the State; "State Bond Commission" or "commission" means
the State Bond Commission as established herein.
(c) There is established the State Bond Commission, which shall consist of the
Governor, the Treasurer, the Comptroller, the Attorney General, the Secretary of the
Office of Policy and Management and the Commissioner of Public Works, each of
whom may designate a deputy to represent him as a member at meetings of the State
Bond Commission with full powers to act and vote in his behalf, and the cochairpersons
and the ranking minority members of the joint standing committee of the General Assembly having cognizance of matters relating to state finance, revenue and bonding, each
of whom may designate another member of said joint standing committee, who is not
a member of the State Bond Commission, to represent him as a member at meetings of
the State Bond Commission with full powers to act and vote in his behalf. The members
of said commission shall serve without compensation.
(d) All bonds of the state, authorized by the State Bond Commission acting prior
to July 1, 1972, pursuant to any bond act taking effect prior to such date, shall be issued
in accordance with such bond act or this section. All bonds of the state authorized to be
issued by the State Bond Commission acting on or after July 1, 1972, pursuant to any
bond act taking effect before, on or after such date shall be authorized and shall be issued
in accordance with this section.
(e) The principal and interest of bonds, refunding bonds, other obligations or borrowings in anticipation thereof, their transfer and the income therefrom, including any
profit on the sale or transfer thereof, shall at all times be exempt from any taxation by
the state of Connecticut or under its authority, except for estate or succession taxes.
(f) With the exception of refunding bonds, the proceeds of the sale of the bonds and
any moneys held or otherwise set aside for the repayment of the bonds shall be deposited
with the Treasurer or, at the direction of the Treasurer, with a commercial bank or trust
company, in trust for the benefit of the state, pending the use or application thereof, for
the purpose and projects specified in the bond act empowering the State Bond Commission to authorize such bonds. Any expense incurred in connection with the carrying out
of the provisions of this section, including the issuance of refunding bonds, shall be
paid from the accrued interest and premiums or from the proceeds of the sale of such
bonds or refunding bonds and in the same manner as other obligations of the state, except
that expenses incurred in connection with the preparation, issuance and delivery of
general obligation bonds issued in accordance with sections 3-17 and 10-183m, and
delivered to the retirement fund provided for in section 10-183r shall be paid out of the
General Fund if sufficient accrued interest and premiums are not available to pay such
expenses. With the exception of the proceeds of refunding bonds deposited in a defeasance escrow fund, pending the use or application of any such bond proceeds or any
such funds, such proceeds or funds may be deposited with the Treasurer in such fund
or funds of the state as appropriate or at the direction of the Treasurer in a commercial
bank or trust company with or without security to the credit of such fund or funds, or
may be invested by, or at the direction of, the Treasurer in bonds or obligations of, or
guaranteed by, the state or the United States, or agencies or instrumentalities of the
United States, in certificates of deposit, commercial paper, savings accounts and bank
acceptances, in the obligations of any state of the United States or any political subdivision thereof or the obligations of any instrumentality, authority or agency of any state
or political subdivision thereof, provided that at the time of investment such obligations
are rated within one of the top two rating categories of any nationally recognized rating
service or of any rating service recognized by the Banking Commissioner, and applicable
to such obligations, in the obligations of any regional school district in this state, of any
municipality in this state or any metropolitan district in this state, provided that at the
time of investment such obligations of such government entity are rated within one of
the top three rating categories of any nationally recognized rating service or of any rating
service recognized by the Banking Commissioner, and applicable to such obligations,
or in any fund in which a trustee may invest pursuant to section 36a-353, or in investment
agreements with financial institutions whose long-term obligations are rated within the
top two rating categories of any nationally recognized rating service or of any rating
service recognized by the Banking Commissioner or whose short-term obligations are
rated within the top rating category of any nationally recognized rating service or of
any rating service recognized by the Banking Commissioner, or investment agreements
fully secured by obligations of, or guaranteed by, the United States or agencies or instrumentalities of the United States. Except as may be provided herein or in any other public
or special act, net earnings of investments of proceeds of bonds and such funds, and
accrued interest and premiums on the issuance of such bonds shall, after payment of
expenses incurred by the Treasurer or State Bond Commission in connection with their
issuance, if any, be deposited to the credit of the General Fund.
(g) (1) With the exception of refunding bonds, whenever a bond act empowers the
State Bond Commission to authorize bonds for any project or purpose or projects or
purposes, and whenever the State Bond Commission finds that the authorization of such
bonds will be in the best interests of the state, it shall authorize such bonds by resolution
adopted by the approving vote of at least a majority of said commission. No such resolution shall be so adopted by the State Bond Commission unless it finds that there has
been filed with it (A) any human services facility colocation statement to be filed with
the Secretary of the Office of Policy and Management, if so requested by the secretary,
pursuant to section 4b-23; (B) a statement from the Commissioner of Agriculture pursuant to section 22-6, for projects which would convert twenty-five or more acres of prime
farmland to a nonagricultural use; (C) prior to the meeting at which such resolution is
to be considered, any capital development impact statement required to be filed with
the Secretary of the Office of Policy and Management; (D) a statement as to the full
cost of the project or purpose when completed and the estimated operating cost for any
structure, equipment or facility to be constructed or acquired; and (E) such requests and
such other documents as it or said bond act requires, provided no resolution with respect
to any school building project financed pursuant to section 10-287d or any interest
subsidy financed pursuant to section 10-292k shall require the filing of any statements
pursuant to subparagraph (A), (B), (C), (D) or (E) of this subdivision and provided
further any resolution requiring a capital impact statement shall be deemed not properly
before the State Bond Commission until such capital development impact statement is
filed. Any such resolution so adopted by the State Bond Commission shall recite the
bond act under which said commission is empowered to authorize such bonds and the
filing of all requests and other documents, if any, required by it or such bond act, and
shall state the principal amount of the bonds authorized and a description of the purpose
or project for which such bonds are authorized. Such description shall be sufficient if
made merely by reference to a numbered subsection, subdivision or other applicable
section of such bond act.
(2) The agenda of each meeting shall be made available to the members of the
commission not later than five business days prior to the meeting at which such agenda
is to be considered. The day of the meeting shall count as one of the business days. The
agenda of each meeting, or any supporting documents included with such agenda, shall
include a reference to the statute or public or special act which is the source of any funds
to be used for any project on such agenda, including any contingency funds and any
reuse or reallocation of funds previously approved for any other use or project, and a
notation of the outside source from which any funds for any such project were received,
if any.
(3) Upon adoption of a resolution, the principal amount of the bonds authorized
therein for such purpose or project shall be deemed to be an appropriation and allocation
of such amount for such purpose or project, respectively, and subject to approval by the
Governor of allotment thereof and to any authorization for such project or purpose that
may otherwise be required, contracts may be awarded and obligations incurred with
respect to any such project or purpose in amounts not in the aggregate exceeding such
authorized principal amount, notwithstanding that such contracts and obligations may
at a particular time exceed the amount of the proceeds from the sale of such bonds
theretofore received by the state. In any such resolution so adopted, the State Bond
Commission may include provision for the date or dates of such bonds, the maturity of
such bonds and, notwithstanding the provisions of any bond act taking effect prior to
July 1, 1973, provision for either serial or term, sinking fund or other reserve fund
requirements, if any, due dates of the interest thereon, the form of such bonds, the
denominations and designation of such bonds, registration, conversion and transfer privileges and the terms of redemption with or without premium and the date and manner
of sale of such bonds, provisions for the consolidation of such bonds with other bonds
including refunding bonds for the purpose of sale as provided in subsection (h) of this
section, limitations with respect to the interest rate or rates on such bonds, provisions
for receipt and deposit or investment of the good faith deposit pending delivery of such
bonds and such other terms and conditions of such bonds and of the issuance and sale
thereof as the State Bond Commission may determine to be in the best interest of the
state, provided the State Bond Commission may delegate to the Treasurer all or any
part of the foregoing powers in which event the Treasurer shall exercise such powers
until the State Bond Commission, by adoption of a resolution prior to exercise of such
powers by the Treasurer shall elect to reassume the same. Such powers shall be exercised
from time to time in such manner as the Treasurer shall determine to be in the best
interests of the state and the Treasurer shall file a certificate of determination setting
forth the details thereof with the secretary of the State Bond Commission on or before
the date of delivery of such bonds, the details of which were determined by the Treasurer
in accordance with such delegation.
(4) The State Bond Commission may authorize the Commissioner of Economic and
Community Development to defer payments of interest or principal, or a portion thereof,
in the case of a troubled loan, as defined in subdivision (1) of subsection (e) of section
8-37x, made by the commissioner under any provision of the general statutes.
(h) Notwithstanding any general statute, public act or special act of the General
Assembly enacted prior to or after March 20, 1973, bonds or portions thereof, including
refunding bonds authorized by any general statute, public act or special act of the General
Assembly enacted prior to or after said date to be issued by the commission or by the
Treasurer may be consolidated for the purpose of sale and issued, sold, printed and
delivered as a single bond issue, provided, if bonds authorized under two or more bond
acts are issued as a single bond issue or if bonds authorized under one or more bond
acts together with refunding bonds are issued as a single bond issue, a separate maturity
schedule or sinking fund requirements, if any, for such bonds or portions thereof authorized under each bond act and for the refunding bonds shall be established and filed with
the secretary of the State Bond Commission on or before the date of delivery of such
bonds.
(i) Notwithstanding any other provision of this section or of any general statute,
public act or special act of the General Assembly enacted prior to or after March 20,
1973, whenever the Treasurer finds that it is in the best interests of the state to refund
bonds issued pursuant to this section or pursuant to any other general statute, public act
or special act of the General Assembly enacted prior to or after said date the maturity
date of which has not yet occurred, and whether such bonds to be refunded are or are
not subject to redemption prior to maturity, refunding bonds of the state may be issued
for the purpose of purchasing, paying, funding or refunding such bonds and the interest
payable thereon in advance of their maturity, or, if subject to redemption, at such redemption date or dates as provided in such bonds, at maturity or on such date or dates as
determined by the Treasurer. No such refunding bonds shall be issued unless they are
part of an issue described in a bond determination made and signed by the Treasurer in
accordance with and pursuant to this subsection of which a copy has been filed with the
secretary of the Bond Commission prior to delivery of such refunding bonds and such
determination (A) sets forth the maturities of the bonds, including any refunding bonds,
and the interest installments thereof, to be paid from the proceeds of the refunding bonds
and (B) includes a certification of the Treasurer that the state reasonably expects as of
the date of the certification to achieve, as a result of the sale of such refunding bonds
and the investment and application of the proceeds of such sale, net debt service savings.
Upon the issuance of any refunding bonds the proceeds from the sale thereof shall be
deemed to have been appropriated and pledged for and shall be used and applied to the
purchase, redemption or payment of the bonds to be so refunded including the payment
of any redemption premium thereon and any interest accrued or to accrue thereon to the
date of purchase, redemption or payment of such bonds at or prior to the maturity of
such bonds as set forth in the bond determination, the refunding bonds authorized and
issued pursuant to this subsection shall be general obligations of the state and the full
faith and credit of the state are pledged for the payment of the principal of and interest
on said bonds as the same become due, and accordingly 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, including any amount of a mandatory sinking fund requirement as provided in such contract, and interest is hereby made, and the Treasurer shall
pay such amounts as the same become due. Pending such use or application of the
proceeds of refunding bonds issued pursuant to this subsection, such proceeds may be
invested in accordance with and subject to the provisions of such bond determination,
in obligations of, or guaranteed by, the state or the United States or any agency or
instrumentality of the United States or in certificates of deposit or time deposits secured
by such obligations, or without limiting the foregoing in bonds, debentures, notes or
participation certificates or other obligations issued by federal land banks, the Federal
National Mortgage Agency, the federal home loan bank system, the Export Import Bank,
the Government National Mortgage Association, the federal intermediate credit banks,
the Tennessee Valley Authority, public housing authorities and fully secured by payment
of both principal and interest by a pledge of annual contributions under contracts with
the United States of America, the United States Postal Service, banks for cooperatives
and the Farmers Home Administration and shall be held in trust by the Treasurer in trust
for use, application and investment as aforesaid separate and apart from other funds of
the state or may be deposited with a trustee in trust for such use, application and investment, upon the execution of the bond determination the Treasurer is authorized to execute contracts for such holding, deposit, use, application and investment of such proceeds. Except as may be provided in the bond determination authorizing refunding bonds
pursuant to this subsection, net earnings of investments of proceeds of such refunding
bonds not needed for the purpose for which such refunding bonds were authorized shall
be deposited in the General Fund. In any such bond determination of the Treasurer
authorizing refunding bonds pursuant to this subsection, said Treasurer may include
provision for the date or dates of such refunding bonds, the principal amount of such
refunding bonds, the maturity date or dates of such refunding bonds and provision relating to serial or term bonds and sinking or other reserve fund requirements, if any, the
establishment and terms of any trust or trusts held by a trustee or by the Treasurer
pursuant to this subsection, due dates of the interest on such refunding bonds, the form
thereof, including execution and issuance to the purchasers, pending preparation of
definitive refunding bonds, of temporary bonds without coupons exchangeable for the
definitive bonds when prepared, executed and ready for delivery, the denominations
and designation of such refunding bonds, registration, conversion and transfer privileges
and the terms of redemption with or without premium, the date and manner of sale of
such refunding bonds, either public or private, at such price or prices as the Treasurer
may determine, provisions for the consolidation of such refunding bonds with other
bonds for the purpose of sale as provided in subsection (h) hereof, limitations with
respect to the interest rate or rates of such refunding bonds, provisions for receipt and
deposit or investment of the good faith deposit pending delivery of such refunding bonds
and such other terms and conditions of such refunding bonds and of the issuance and
sale thereof and the investment of the proceeds thereof as the Treasurer may determine
to be in the best interests of the state. For the purposes of this subsection, "refunding
bonds" means bonds, notes or other evidences of indebtedness including commercial
paper and shall be deemed to include any of those agreements authorized by section 3-20a, to the extent that the Treasurer determines that the execution thereof is appropriate
or necessary to satisfy the refunding requirements of this subsection.
(j) The Secretary of the Office of Policy and Management shall be the secretary of
the State Bond Commission and shall be responsible for keeping complete records of
the commission, including minutes certified by him of any meeting showing the adoption
of any resolution by the commission and other actions taken by and documents filed
with the commission, and such records shall be the official records of the proceedings
of said commission and shall be maintained in the office of the Secretary of the Office
of Policy and Management and open for public inspection. Meetings of the State Bond
Commission shall be called upon such notice as may be determined by the State Bond
Commission and may be open to the public.
(k) Bonds and refunding bonds shall be signed in the name of the state by the manual
or facsimile signatures of at least two of the following: (1) The Governor, (2) the Treasurer or the Deputy Treasurer appointed pursuant to section 3-12, and (3) the Comptroller. At least one of such signatures or the signature of an authenticating agent, certifying
agent, registrar or transfer agent shall be a manual signature. Such bonds and refunding
bonds may be issued notwithstanding that any of the officials signing them or whose
facsimile signatures appear on the bonds has ceased to hold office at the time of such
issue or at the time of the delivery of such bonds and refunding bonds to the purchaser.
(l) Notwithstanding any other provision of this section or of any bond act, bonds
issued under this section may be sold at public sale on sealed proposals or, subject to
the approval of the State Bond Commission, by negotiation, in such manner, at such
price or prices, at such time or times and on such other terms and conditions as the
Treasurer shall determine to be in the best interests of the state. The provisions of this
subsection shall not apply to general obligation bonds issued in accordance with sections
3-17 and 10-183m and delivered to the retirement fund provided for in section 10-183r
or to refunding bonds sold at private sale pursuant to subsection (i) hereof.
(m) With the exception of refunding bonds, whenever the State Bond Commission
has adopted a resolution authorizing bonds, the Treasurer may, pending the issuing of
such bonds, issue, in the name of the state, temporary notes and any renewals thereof
in anticipation of the proceeds from the sale of such bonds, which notes and any renewals
thereof shall be designated "Anticipation Notes". The proceeds from the sale of such
notes shall be used only for those purposes for which may be used the proceeds of the
sale of bonds in anticipation whereof such anticipation notes were issued. Such portion
of the proceeds from the sale of such bonds as may be required for such purposes shall
be applied to the payment of the principal of and interest on any such anticipation notes
which have been issued.
(n) The provisions of this section shall not apply to any bonds sold under section
13a-208 or, except to the extent provided for in this section, to any bonds issued before
or after July 1, 1953, pursuant to any bond act which took effect prior to said date.
(o) Any bond act may adopt the provisions of this section by reference to this section
or its short title and such reference shall serve to incorporate the provisions of this section
in said bond act as though set out in full therein. Notwithstanding such adoption by
reference, said bond act may contain provisions applicable to the bonds issued thereunder, and, in case of conflict, the provisions in such bond act shall prevail.
(p) Bonds issued in accordance with the provisions of this section pursuant to any
bond act are secured by the full faith and credit of the state, and as part of the contract
of the state with the holders of said bonds, appropriation of all amounts necessary for
punctual payment of principal of and interest on such bonds is hereby made and the
Treasurer shall pay such principal and interest as the same become due.
(q) The State Bond Commission shall have power from time to time to transfer
funds from any project or purpose under any act to the contingency reserve of such act
provided said commission shall have authorized such transfer upon a finding that there
has been filed with it a request for such transfer which is signed by or on behalf of the
Secretary of the Office of Policy and Management stating that such projects or purposes
have been completed and that such funds are excess moneys not needed for such project
or purpose.
(r) The State Bond Commission may make representations and agreements for the
benefit of the holders of any bonds, notes or other obligations of the state which are
necessary or appropriate to ensure the exemption of interest on bonds, notes or other
obligations of the state from taxation under the Internal Revenue Code of 1986 or any
subsequent corresponding internal revenue code of the United States, as from time to
time amended, including agreements to pay rebates to the federal government of investment earnings derived from the investment of the proceeds of bonds, notes or other
obligations issued on or after January 1, 1986, or may delegate to the Treasurer the
authority to make such representations and agreements on behalf of the state. Any such
agreement may include (1) a covenant to pay rebates to the federal government of investment earnings derived from the investment of the proceeds of bonds, notes or other
obligations issued on or after January 1, 1986, (2) a covenant that the state will not limit
or alter its rebate obligations until its obligations to the holders or owners of such bonds,
notes or other obligations are finally met and discharged, and (3) provisions to (A)
establish trust and other accounts which may be appropriate to carry out such representations and agreements, (B) retain fiscal agents as depositories for such funds and accounts
and (C) provide that such fiscal agents may act as trustee of such funds and accounts.
(s) The State Bond Commission may authorize, by vote of a majority of the members
of said commission, bonds, refunding bonds, other obligations or borrowings in anticipation thereof in such form and manner that the interest on such bonds, refunding bonds,
other obligations or borrowings in anticipation thereof may be includable under the
Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code
of the United States, as from time to time amended, in the gross income of the holders or
owners of such bonds, refunding bonds, other obligations or borrowings in anticipation
thereof upon the finding by said commission that the issuance of such taxable bonds,
refunding bonds, other obligations or borrowings in anticipation thereof is in the public
interest.
(t) The State Bond Commission may establish the interest rate or rates payable upon
any loans originated on or after July 1, 1987, under any state loan programs and funded
by bonds issued under this section if no rate of interest is specified or required by the
general statutes or the public or special act authorizing such loans. The State Bond
Commission shall establish such rate or rates in order to achieve the goals and purposes
of such loan programs, to achieve the best interests of the state and, to the extent deemed
necessary or desirable by the State Bond Commission, to comply with the requirements
of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue
code of the United States, as from time to time amended, and regulations promulgated
thereunder.
(u) Notwithstanding any other provision of this section or of any bond act, bonds,
refunding bonds, notes or other obligations in anticipation thereof authorized and issued
under this section may include contract provisions for (1) the payment of interest either
(A) at certain rates in the event such interest is excludable from the gross income of the
holders or owners thereof under the Internal Revenue Code of 1986, or any subsequent
corresponding internal revenue code of the United States, as from time to time amended,
or (B) at certain other rates in the event such interest is includable in the gross income
of the holders or owners thereof under the Internal Revenue Service Code of 1986, or
any subsequent corresponding internal revenue code of the United States, as from time
to time amended, (2) the payment by the state of such costs and expenses as may be
incurred by the holders or owners of such obligations pursuant to the contract with the
state as a result thereof, and (3) other terms as the Treasurer shall determine to be in the
best interests of the state. As part of the contract of the state with the holders or owners
of such obligations, appropriation of all such amounts necessary for the punctual payment of any amounts required to be paid pursuant to any such contract provisions is
hereby made and the Treasurer shall pay such amounts as aforesaid as the same becomes due.
(v) The State Bond Commission may make representations and agreements for the
benefit of the holders of bonds, notes or other obligations of the state, or with respect
to which the state is an obligated person, including bonds sold under section 13a-208,
to provide secondary market disclosure information, or may delegate to the Treasurer
the authority to make such representations and agreements on behalf of the state. Any
such agreement may include: (1) Covenants to provide secondary market disclosure
information, (2) arrangements for such information to be provided with the assistance
of a paying agent, trustee or other agent, and (3) remedies for breach of such agreement,
which remedies may be limited to specific performance. All such agreements entered
into and all such actions taken prior to June 22, 1995, are hereby validated.
(w) The state shall protect and save harmless any official or former official of the
state from financial loss and expense, including legal fees and costs, if any, arising out
of any claim, demand, suit or judgment by reason of alleged negligence on the part of
such official, while acting in the discharge of his official duties, in providing secondary
market disclosure information or performing any other duties set forth in any agreement
to provide secondary market disclosure information. Nothing in this section shall be
construed to preclude the defense of governmental immunity to any such claim, demand
or suit. For purposes of this subsection "official" means any person elected or appointed
to office or any state employee. This subsection shall not apply to cases of wilful and
wanton fraud.
(x) Notwithstanding any provision of the general statutes, public acts or special
acts, upon any sale, lease or other disposition to or use by a nongovernmental entity of
all or a portion of any project financed with proceeds of bonds of the state the interest
on which is not included in gross income pursuant to Section 103 of the Internal Revenue
Code of 1986, or any subsequent corresponding internal revenue code of the United
States, as from time to time amended, that would otherwise cause such bonds to be
treated as private activity bonds within the meaning of Section 141 of said internal
revenue code, the Treasurer is authorized to transfer all or a portion of the proceeds
received with respect to and at the time of such disposition or use, in an amount not less
than the amount required by said internal revenue code to preserve the exclusion from
gross income of interest on such bonds, (1) to the General Fund to pay debt service on,
including redemption, defeasance or purchase of, outstanding bonds of the state the
interest on which is not included in gross income pursuant to Section 103 of said internal
revenue code, (2) with the approval of the State Bond Commission, in lieu of the issuance
of bonds, to the appropriate account or fund for any projects or purposes authorized by
the State Bond Commission pursuant to a bond act and with the same force and effect
as bond proceeds, thereby reducing the authority to issue bonds by such dollar amount,
provided in any event that any such transfer does not cause the interest on the subject
bonds to become included in gross income pursuant to Section 103 of said internal
revenue code.
(1953, 1955, June, 1955, S. 108d; 1959, P.A. 132, S. 13; 660, S. 1; 1961, P.A. 69; 1969, P.A. 629, S. 3; 1972, P.A. 85,
S. 1; 243, S. 1; P.A. 73-4, S. 1, 2; P.A. 75-496, S. 1, 2; P.A. 76-349, S. 1, 3; P.A. 77-383, S. 1, 2; 77-614, S. 19, 73, 610;
P.A. 78-208, S. 24, 25, 35; 78-331, S. 42, 58; 78-366, S. 1, 4; P.A. 79-31, S. 4, 17; 79-239, S. 8; 79-607, S. 4; 79-631, S.
49, 111; S.A. 80-41, S. 59, 68; P.A. 83-102, S. 1; June Sp. Sess. P.A. 83-33, S. 15, 17; P.A. 85-383, S. 1, 2; P.A. 86-92;
86-334, S. 1-4; P.A. 87-9, S. 2, 3; 87-416, S. 1, 24; 87-496, S. 8, 110; P.A. 88-319, S. 1-3, 7; 88-343, S. 1, 32; P.A. 89-211, S. 2; P.A. 90-317, S. 1-3, 8; June Sp. Sess. P.A. 91-4, S. 1, 25; P.A. 93-165, S. 2, 7; May Sp. Sess. P.A. 94-2, S. 1,
203; P.A. 95-250, S. 1; 95-270, S. 8, 11; P.A. 96-181, S. 103, 121; 96-211, S. 1, 5, 6; June 5 Sp. Sess. P.A. 97-1, S. 1, 20;
June 18 Sp. Sess. P.A. 97-11, S. 43, 65; P.A. 98-124, S. 1, 12; P.A. 99-241, S. 1, 66; P.A. 03-84, S. 3; 03-278, S. 6; June
30 Sp. Sess. P.A. 03-6, S. 146(e); P.A. 04-189, S. 1; P.A. 05-262, S. 5; P.A. 06-194, S. 1; P.A. 08-117, S. 1.)
History: 1959 acts revised sale procedure, authorizing commission to determine manner, and amended Subsec. (b) to
add reference to bonds authorized by commission pursuant to statutes or acts taking effect on or after July 1, 1953; 1961
act amended Subsec. (g) to reduce advertising period from ten to five days before sale; 1969 act provided that expenses
incurred with regard to general obligation bonds be paid out of general fund if need be; 1972 P.A. 85 removed reference
to chairman of state building program commission and P.A. 243 substantially rewrote section adding short title, definitions
and clarifying procedures for issuing bonds; P.A. 73-4 included provisions concerning "refunding bonds" and defined the
term; P.A. 75-496 added Subsec. (p) providing for review of bonds by finance committee; P.A. 76-349 replaced text of
Subsec. (p) with provisions securing bonds by full faith and credit of state; P.A. 77-383 redefined "bond act" to include
treasurer's authorization to issue bonds; P.A. 77-614 substituted secretary of the office of policy and management for
commissioner of finance and control and commissioner of administrative services for public works commissioner; P.A.
78-208 and 78-331 updated internal section references; P.A. 78-366 included cochairpersons and ranking minority members
of finance committee as commissioner members; P.A. 79-31 changed formal designation of finance committee; P.A. 79-239 required commission to consider colocation policy with regard to human services facilities; P.A. 79-607 required filing
of capital development impact statement before adoption of resolution in Subsec. (g); P.A. 79-631 made technical changes;
S.A. 80-41 worded provisions concerning colocation more forcefully; P.A. 83-102 amended Subsec. (g) to require the
commissioner of agriculture to file a statement with the bond commission prior to bonding authorization for projects which
would convert twenty-five or more acres from an agricultural to a nonagricultural use; June Sp. Sess. P.A. 83-33 added
Subsec. (q); P.A. 85-383 amended Subsec. (c) to allow alternates for legislative members of state bond commission; P.A.
86-92 amended Subsec. (g) to provide for the identification of the source of funds for projects on the commission agenda;
P.A. 86-334 amended Subsec. (e) to include a reference to obligations other than bonds, amended Subsec. (f) to allow
investment in certain state and municipal bonds and in funds in which a trustee may invest pursuant to Sec. 32-9w, amended
Subsec. (i) to delete the maximum principal amount on refunding bonds and added Subsec. (r) concerning procedures to
ensure exemption of bonds from federal taxation and Subsec. (s) concerning issuance of bonds which are not exempt from
federal taxation; (Revisor's note: Pursuant to P.A. 87-9, "banking commissioner" was changed editorially by the Revisors
to "commissioner of banking"); P.A. 87-416 added Subsec. (t) concerning the setting of the interest rate on certain state
loans by the state bond commission; P.A. 87-496 substituted public works commissioner for administrative services commissioner in Subsec. (c); P.A. 88-319 amended Subsec. (f) to clarify the power of the treasurer to deposit and invest
proceeds, amended Subsec. (l) to allow for negotiated sales and added Subsec. (u) re variable interest payments; P.A. 88-343 amended Subsec. (g) to exclude school construction projects from the capital development impact statement, human
services facility colocation statement and agricultural statement requirements; P.A. 89-211 clarified reference to the Internal
Revenue Code of 1986; P.A. 90-317 amended Subsec. (f) to remove the requirement that all bond funds be invested in
federally tax-exempt instruments, amended Subsec. (h) to provide that maturity schedules or sinking fund requirements
must be set on or before the date of delivery of the bonds rather than prior to sale, and amended Subsec. (k) to provide for
the manual or facsimile signature of two state officials and for at least one manual signature on all bonds which are
transferred; June Sp. Sess. P.A. 91-4 added a provision for the deposit of "any moneys held or otherwise set aside for the
repayment of the bonds" and made appropriate references to such moneys throughout the section and added a provision
to permit such funds to be invested in or guaranteed by investment agreements with financial institutions whose short-term obligations are rated within the top two rating categories of any nationally recognized rating service or of any rating
service recognized by the state commissioner of banking, or investment agreements fully secured by obligations of, or
guaranteed by, the United States or agencies or instrumentalities of the United States; P.A. 93-165 amended Subsec. (g)
to authorize the commissioner of housing to defer payments of interest or principal in the case of troubled loans, effective
June 23, 1993; May Sp. Sess. P.A. 94-2 in Subsec. (i) added definition of "refunding bond", effective July 1, 1994; P.A.
95-250 and P.A. 96-211 replaced Commissioner of Housing with Commissioner of Economic and Community Development; P.A. 95-270 added Subsecs. (v) and (w) re provision of secondary market disclosure information and indemnification,
respectively, effective June 22, 1995; P.A. 96-181 added new Subsec. (x) re sale, release or other disposition to or use by
a nongovernmental entity of a project financed with state bonds which are tax exempt, effective July 1, 1996; June 5 Sp.
Sess. P.A. 97-1 amended Subsec. (f) to allow investment of proceeds in AA or AAA rated obligations of an instrumentality
agency or authority of any municipal government and Subsec. (g) to require filing of capital development statements and
colocation statements only at the discretion of the Secretary of Policy and Management, effective July 31, 1997; June 18
Sp. Sess. P.A. 97-11 amended Subsec. (g) to add reference to any interest subsidy financed pursuant to Sec. 10-292k,
effective July 1, 1997; P.A. 98-124 amended Subsec. (f) to include as an investment option for bond proceeds the bonds of
political subdivisions of any state, effective May 27, 1998; P.A. 99-241 added Subsec. (g)(3) re filing of capital development
impact statement, to add proviso re resolution requiring a capital impact statement, and to make technical changes, effective
July 1, 1999; P.A. 03-84 changed "Commissioner of Banking" to "Banking Commissioner" in Subsec. (f), effective June
3, 2003; P.A. 03-278 made technical changes in Subsec. (f), effective July 9, 2003; June 30 Sp. Sess. P.A. 03-6 replaced
Commissioner of Agriculture with Commissioner of Agriculture and Consumer Protection in Subsec. (g), effective July
1, 2004; P.A. 04-189 repealed Sec. 146 of June 30 Sp. Sess. P.A. 03-6, thereby reversing the merger of the Departments
of Agriculture and Consumer Protection, effective June 1, 2004; P.A. 05-262 amended Subsec. (g) by dividing provisions
into Subdivs. (1) to (4), making technical changes and adding in Subdiv. (2) the requirement that agendas shall be available
to members not later than four business days prior to a meeting; P.A. 06-194 amended Subsec. (g)(1) to add new Subpara.
(D) requiring statement re full cost of project and estimated operating cost and to redesignate existing Subpara. (D) as
Subpara. (E), amended Subsec. (g)(2) to require that agenda be available five, rather than four, business days prior to
meeting, added new Subsec. (g)(4) re report updating cost of project and operating cost, and redesignated existing Subsec.
(g)(4) as Subsec. (g)(5), effective June 9, 2006; P.A. 08-117 deleted former Subsec. (g)(4) re annual report on outstanding
bond allocations, redesignated existing Subsec. (g)(5) as Subsec. (g)(4) and made a technical change in Subsec. (g)(1)(E),
effective July 1, 2008.
Cited. 148 C. 622. Cited. 167 C. 111.