Sec. 32-207. State contract assistance.
Sec. 32-207. State contract assistance. (a) The state, acting by and through the
Secretary of the Office of Policy and Management and the State Treasurer, shall enter
into a contract with the authority providing that the state shall pay contract assistance
to the authority pursuant to the provisions of this section. Such contract assistance is
limited to an amount equal to the annual debt service on the outstanding amount of
bonds to be issued to finance the costs of the Stamford conference or exhibition facility
pursuant to sections 32-200 to 32-212, inclusive. The contract entered into pursuant to
this section shall include such provisions as the Secretary of the Office of Policy and
Management and the State Treasurer deem necessary to assure the efficient construction
and operation of such project and find are in the best interests of the state. No such
contract shall be entered into by the secretary and the State Treasurer unless the board
of directors of the authority files therewith a certificate setting forth its findings and
determinations to the effect that the incremental tax revenues under the authority of law
existing at the time such certificate is filed to be derived as a result of the construction
and operation of the project and visitor spending with respect thereto are reasonably
expected to be at least sufficient to offset, over the term that the bonds are scheduled to
be outstanding, the amount of debt service expected to be paid on authority bonds to be
secured by such state assistance contract. In the event the secretary and the State Treasurer concur with the findings of the board, a certificate evidencing such a concurrence
shall be filed by such secretary and Treasurer with the clerks of the Senate and the House
of Representatives. The General Assembly may approve the finding contained in such
certificate by the adoption of a resolution approving such certificate. The adoption of
such resolution shall be a condition precedent to any approval by the State Bond Commission as provided in sections 32-200 to 32-212, inclusive. In making such findings
and determinations and executing such approval, the board, the secretary, the State
Treasurer and the General Assembly shall each be entitled to rely upon such reports and
estimates of experts, as appropriate, for the proper evaluation of feasibility of the project,
including, without limitation, estimates relating to the incremental tax revenues resulting
from a reasonable number of conventions and trade shows annually, annual event attendance, reasonable expectation as to the additional development in the area of the conference or exhibition facility expenditures of attendees at conventions and such additional
expenditures as a result of construction, tourism and other travel, entertainment and
retail sales as may result from the location of a major and modern conference or exhibition facility in the city of Stamford.
(b) As part of the aforesaid contract with the authority, or as a supplemental contract
thereto, the state, acting by and through the Secretary of the Office of Policy and Management and the State Treasurer, may provide for contract assistance for the funding of the
completion, improvement or expansion of the project approved under subsection (a) of
this section on the same terms and subject to the same conditions and findings set forth
in said subsection (a).
(c) Whenever the board of directors of the authority has adopted a resolution authorizing the issuance of notes in anticipation of the issuance of bonds to pay preliminary
planning and design costs necessary or incident to the construction, completion, improvement or expansion of the project, including, but not limited to, the costs of completing site acquisition, feasibility studies, financial reports, architectural, engineering and
legal fees and economic analyses, the state, acting by and through the Secretary of the
Office of Policy and Management, the State Treasurer and the State Bond Commission
may enter into a contract with the authority providing that the state shall pay contract
assistance to the authority pursuant to this subsection. Such contract assistance is limited
to an amount equal to the annual debt service on the outstanding amount of notes to be
issued to finance such preliminary costs not to exceed, at any one time outstanding,
twenty-five million dollars. The contract entered into pursuant to this subsection may
include such provisions as the Secretary of the Office of Policy and Management, the
State Treasurer and the State Bond Commission deem necessary to assure the proper
development and planning of the project.
(d) Any bonds issued under the provisions of subsections (a) and (b) of this section
and at any time outstanding may at any time or from time to time be refunded by the
board of directors of the authority by the issuance of its refunding bonds in such amounts
as the authority may deem necessary or appropriate and with the consent of the Secretary
of the Office of Policy and Management and the State Treasurer upon a finding that it
is in the best interest of the state, but not exceeding an amount sufficient to refund the
principal amount of the bonds to be so refunded, any unpaid interest thereon and any
premiums, commissions and costs of issuance necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have
matured or shall thereafter mature. The state, acting by and through the Secretary of the
Office of Policy and Management, the State Treasurer and the State Bond Commission,
may execute a contract for contract assistance for the payment of annual debt service
on such refunding bonds.
(e) Any such contract may also provide that such contract assistance shall be paid by
the state directly to the trustee or paying agent for any bonds, notes or other obligations, as
applicable, with respect to which the contract assistance is provided. Any provision of
such a contract entered into providing for payments equal to annual debt service shall
constitute a full faith and credit obligation of the state and as part of the contract of the
state with the holders of any bonds or notes, as applicable, appropriation of all amounts
necessary to meet punctually the terms of such provision is hereby made and the State
Treasurer shall pay such amount as the same become due. The board of directors of the
authority may pledge such contract assistance of the state as security for the payment
of such bonds, notes or other obligations issued by the authority.
(P.A. 90-320, S. 8, 14.)