Sec. 3-24b. Deposit of money in Tax-Exempt Proceeds Fund.
Sec. 3-24b. Deposit of money in Tax-Exempt Proceeds Fund. No later than
thirty days from the date of the publication of notice required under section 3-24a all
recipients of any grant or loan moneys under all nonreimbursement grant or loan programs of the state funded from the proceeds of bonds the interest on which is exempt
from federal income taxation shall invest such moneys in the Tax-Exempt Proceeds
Fund. The Treasurer may waive this investment requirement in any case where the
Treasurer determines that such waiver would not adversely affect the exemption of state
bonds, notes or other evidences of indebtedness from federal income taxation. Moneys
deposited in the Tax-Exempt Proceeds Fund attributable to such loans or grants shall
be held and invested for the sole and exclusive benefit of the recipient of the grants or
loans, shall be evidenced by book entry notations for the account of the recipient and
may be withdrawn from the Tax-Exempt Proceeds Fund only upon the requisition of
such recipient when moneys are needed to meet an expenditure for the project for which
the loans or grants were provided by the state, provided no such withdrawal shall be
permitted by the Treasurer unless each such requisition contains a certification of the
recipient, satisfactory to the Treasurer, specifying the project for which the funds are
requested. All state agencies making grants or loans required to be invested in the Tax-Exempt Proceeds Fund shall provide all such information and records as the Treasurer
shall, from time to time, require to reconcile the accounts of the Tax-Exempt Proceeds
Fund.
(P.A. 88-258, S. 2, 9; P.A. 94-8, S. 2.)
History: P.A. 94-8 changed fund name to Tax-Exempt Proceeds Fund from Tax-Exempt Fund and allowed treasurer
to waive investment requirement.