Sec. 32-23ll. Bond issue.
Sec. 32-23ll. Bond issue. (a) For the purposes described herein the State Bond
Commission shall have the power, from time to time to authorize the issuance of bonds
of the state in one or more series and in principal amounts not exceeding in the aggregate
ninety-five million dollars, provided twenty-one million nine hundred thousand dollars
of said authorization shall be effective on June 21, 1994.
(b) The proceeds of the sale of said bonds shall be used by the Department of Economic and Community Development to make grants to the authority for deposit in the
Connecticut Works Fund to be used for the purpose of sections 32-23gg to 32-23ll,
inclusive, and to the Connecticut job training finance program created pursuant to section
32-23uu. The terms and conditions of said grants shall be governed in accordance with
a grant contract between the department and the authority.
(c) All provisions of section 3-20, or the exercise of any right or power granted
thereby which are not inconsistent with the provisions of this section are hereby adopted
and shall apply to all bonds authorized by the State Bond Commission pursuant to this
section, and temporary notes in anticipation of the money to be derived from the sale
of any such bonds so authorized may be issued in accordance with said section 3-20
and from time to time renewed. Such bonds shall mature at such time or times not
exceeding twenty years from their respective dates as may be provided in or pursuant
to the resolution or resolutions of the State Bond Commission authorizing such bonds.
None of said bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization, which is signed
by or on behalf of the Secretary of the Office of Policy and Management and states such
terms and conditions as said commission, in its discretion, may require. Said bonds
issued pursuant to this section shall be general obligations of the state and the full faith
and credit of the state of Connecticut are pledged for the payment of the principal of
and interest on said bonds as the same become due, and accordingly and 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 and interest is hereby made.
(P.A. 91-319, S. 6, 7; June Sp. Sess. P.A. 91-3, S. 152, 168; May Sp. Sess. P.A. 92-7, S. 25, 36; P.A. 93-433, S. 6, 26;
June Sp. Sess. P.A. 93-1, S. 31, 45; July Sp. Sess. P.A. 93-1, S. 1, 3; May Sp. Sess. P.A. 94-2, S. 201, 203; P.A. 95-250,
S. 1; 95-272, S. 15, 29; P.A. 96-211, S. 1, 5, 6; May 9 Sp. Sess. P.A. 02-5, S. 13.)
History: June Sp. Sess. P.A. 91-3 changed the name of the fund from the Connecticut economic stabilization fund to
the Connecticut Works fund; May Sp. Sess. P.A. 92-7 amended Subsec. (a) to increase the bond authorization from
$50,000,000 to $100,000,000; P.A. 93-433 reduced aggregate total of bonds from $100,000,000 to $95,000,000 and authorized bonds proceeds to be used for the Connecticut job training finance program, effective July 1, 1993; June Sp. Sess.
P.A. 93-1 amended Subsec. (b) re administration of grants and deleted Subsec. (d) re deposit of bond proceeds in Connecticut
Works Fund or in general fund if needed as reimbursement for temporary borrowings, effective July 1, 1993; July Sp.
Sess. P.A. 93-1 amended Subsec. (a) to increase bond authorization from $85,000,000 to $179,100,000, effective July 15,
1993, provided $43,900,000 of said authorization shall be effective July 1, 1994; May Sp. Sess. P.A. 94-2 in Subsec. (a)
decreased total bond authorization from $179,100,000 to $157,100,000 and increased bond authorization from $43,900,000
to $21,900,000, effective June 21, 1994; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic
Development with Commissioner and Department of Economic and Community Development; P.A. 95-272 amended
Subsec. (a) to reduce authorization from $157,100,000 to $128,000,000, effective July 1, 1995; May 9 Sp. Sess. P.A. 02-5 amended Subsec. (a) to decrease authorization to $95,000,000, effective July 1, 2002.