Sec. 3-20d. Requirements for issuance of tax-exempt obligations by agents of state government.
Sec. 3-20d. Requirements for issuance of tax-exempt obligations by agents of
state government. No state officer, employee, agency, board or commission, or any
agent thereof, shall incur, for any purpose, any obligation, by order, contract, lease
purchase, installment purchase or any other means, which anticipates that any gain
therefrom or interest payable thereon by the state or such officer, employee, agency,
board or commission, or agent thereof, shall be excludable from the taxable income of
the recipient of such payments for the purposes of federal or state income taxation unless,
prior to the execution of any such obligation by or on behalf of the state or such officer,
employee, agency, board, commission or agent, (1) such officer, employee, agency,
board or commission, or the agent thereof, has filed with the Treasurer, and the Treasurer
has approved, documents relating to the transaction which support the availability of
such tax exclusion and which set forth such monitoring procedures as may be necessary
to ensure compliance with any requirements of the Internal Revenue Code of 1986, as
from time to time amended, or any subsequent corresponding internal revenue code
of the United States, related to the tax-exempt status of such obligation, and (2) such
obligation contains a certificate from the Treasurer to the effect that the documents
required to be filed with and approved by the Treasurer pursuant to this section have
been so filed and approved and that any monitoring procedures which may be necessary
to ensure compliance with any requirements of the Internal Revenue Code of 1986, as
from time to time amended, or any subsequent corresponding internal revenue code
of the United States, related to the tax-exempt status of such obligation, have been
implemented. Any such obligation which does not contain such a certificate shall not
be considered an obligation of the state of Connecticut or of any officer, employee,
agency, board or commission thereof, or any agent thereof, for any purpose relating to
the exclusion of such obligation, or any gain therefrom or interest thereon, from the
taxable income of the recipient for the purposes of federal or state income taxation. For
the purposes of this section, "state officer, employee, agency, board or commission, or
any agent thereof", shall include the John Dempsey Hospital Finance Corporation or
any similar organization.
(P.A. 92-241, S. 1, 2.)