Sec. 3-24a. Tax-Exempt Proceeds Fund created.
Sec. 3-24a. Tax-Exempt Proceeds Fund created. The Treasurer is hereby authorized to incorporate a fund for the purpose of providing for the investment of the proceeds
of state bonds, notes or other obligations, and to take all measures necessary to qualify
such fund as a regulated investment company under Section 851(a) of the Internal Revenue Code of 1986, as amended. Such fund shall be known as the Tax-Exempt Proceeds
Fund. The Treasurer may enter into such contracts as may be necessary or useful to the
organization, establishment, operation and administration of the Tax-Exempt Proceeds
Fund under all applicable state and federal laws and may contract with any person to
provide such services to the Tax-Exempt Proceeds Fund as, in the discretion of the
Treasurer, are necessary for the proper operation and administration of said fund. The
Treasurer shall publish a notice in a newspaper published and of general circulation in
Hartford when the Tax-Exempt Proceeds Fund has been effectively established as a
regulated investment company under all such state and federal laws and shall mail a
copy of such notice to the chief executive officer of each town, city and borough in
the state. All costs of operating the Tax-Exempt Proceeds Fund, including the cost of
personnel and contractual services, shall be paid by the Treasurer from said fund. All
costs related to the organization and establishment of the Tax-Exempt Proceeds Fund,
to the extent not payable from income of said fund, may be paid from other moneys of
the state to be made available for such purpose.
(P.A. 88-258, S. 1, 9; P.A. 94-8, S. 1.)
History: P.A. 94-8 changed fund name to Tax-Exempt Proceeds Fund from Tax-Exempt Fund.