Sec. 32-703. Lien on security. Exception.
Sec. 32-703. Lien on security. Exception. If the terms and conditions of an
agreement for state assistance, except an agreement for grants only, provide for security,
the awarding authority providing such state assistance shall have a lien on such security
in an amount equal to the amount that is due on such state assistance or other appropriate
security for such financial assistance. Any such lien shall have priority over all other
subsequent liens except state tax liens, except if the awarding authority determines it is
not in the best interests of the state to have such priority. The awarding authority shall
notify the State Bond Commission or the appropriate board of directors, if any, of such
determination.
(P.A. 02-86, S. 4.)
History: P.A. 02-86 effective July 1, 2002.