Sec. 32-614. Bond authorization for the convention center project.
Sec. 32-614. Bond authorization for the convention center project. (a) For the
purposes described in subsection (b) of this section the State Bond Commission shall
have power, from time to time but in no case later than June 30, 2005, to authorize the
issuance of bonds of the state, in one or more series and in principal amounts and in the
aggregate not exceeding one hundred ninety million dollars and such additional amounts
as may be required in connection with the costs of issuance of the bonds including bond
anticipation, temporary and interim notes, the proceeds of which shall be used by the
Treasurer to pay the costs of issuance, provided in computing the total amount of bonds
which may at any one time be outstanding, the principal amount of any refunding bonds
issued to refund bonds shall be excluded. After authorization by the State Bond Commission, all securities of the state authorized pursuant to this section shall be conclusively
presumed to be fully and duly authorized pursuant to the laws of the state. Any person or
government entity shall be estopped from questioning their authorization, sale issuance,
execution or delivery by the state.
(b) The proceeds of the sale of said bonds, to the extent of the amount stated in
subsection (a) of this section, shall be used as follows: Three million dollars by the
Department of Economic and Community Development for a grant-in-aid to the Capital
City Economic Development Authority and the balance by the Office of Policy and
Management for a grant-in-aid to the Capital City Economic Development Authority
for the project costs of the convention center project, as defined in section 32-651, and
such portion of preliminary costs and the project costs of site acquisition, site preparation
and infrastructure improvements related to other aspects of the overall project, all as
defined in section 32-651, as is determined jointly by the secretary and the authority to
be appropriately allocated to the convention center facilities, subject to satisfaction of
the conditions set forth in subsection (a) of section 32-654.
(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 said
section 3-20, and temporary or interim 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 provided no filings required by subparagraphs (A) and (B) of subdivision (1) of subsection (g) of said section 3-20 shall be
required. Such bonds shall mature at such time or times not exceeding twenty years
from either their respective dates. 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 the Secretary of the Office of Policy and
Management stating such terms and conditions as said commission, in its discretion,
may require. Such 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 such bonds, including temporary or interim
notes, as the same become due, and accordingly and as part of the contract of the state
with the holders of such bonds, appropriation of all amounts necessary for punctual
payment of such principal and interest is hereby made including with respect to interest
on temporary or interim notes and principal thereof to the extent not funded with renewals thereof or bonds, and the State Treasurer shall pay such principal and interest as the
same become due.
(d) For the purposes of this section "state moneys" means the proceeds of the sale
of bonds authorized pursuant to section 3-20 or of temporary or interim notes issued in
anticipation of the moneys to be derived from the sale of such bonds. Request filed for
an authorization of bonds shall identify the project for which the proceeds of the sale
of such bonds are to be used and expended and, if applicable, shall include the recommendation of the secretary as to the extent to which federal, private or other moneys then
available or thereafter to be made available for costs in connection with such project
should be added to the state moneys available or becoming available hereunder for such
project. If the request includes a recommendation that some amount of such federal,
private or other moneys should be added to such state moneys, then, if and to the extent
directed by the State Bond Commission at the time of authorization of such bonds, said
amount of such federal, private or other moneys then available or thereafter to be made
available for costs in connection with such project may be added to any state moneys
available or becoming available hereunder for such project and be used for such project
as if constituting such state moneys, and any other federal, private or other moneys then
available or thereafter to be made available for costs in connection with such project,
if and to the extent from time to time directed by the State Bond Commission, upon
receipt shall, in conformity with applicable federal and state law, be used for the purposes
for which such other moneys are received in accordance with the proceedings of the
State Bond Commission, and otherwise by the State Treasurer to meet the principal of
outstanding bonds issued pursuant to this section or to meet the principal of temporary
or interim notes issued in anticipation of the money to be derived from the sale of bonds
theretofore authorized pursuant to said section 3-20 for the purpose of financing such
costs, either by purchase or redemption and cancellation of such bonds or notes or by
payment thereof at maturity. Whenever any of the federal, private or other moneys so
received with respect to such project are used to meet principal of such temporary or
interim notes or whenever principal on any such temporary or interim notes is retired by
application of revenue receipts of the state, the amount of bonds theretofore authorized in
anticipation of which such temporary or interim notes were issued, and the aggregate
amount of bonds which may be authorized pursuant to this section, shall each be reduced
by the amount of the principal so met or retired. Pending use of the federal, private or
other moneys so received to meet principal as hereinabove directed, the amount thereof
may be invested by, or at the direction of, the State Treasurer in bonds or obligations
of, or guaranteed by, the state or the United States or agencies or instrumentalities of
the United States, or in accordance with the provisions of said section 3-20, and shall
be deemed to be part of the debt retirement funds of the state, and net earnings on such
investments shall be used in the same manner as the said moneys so invested.
(e) Any balance of proceeds of the sale of said bonds authorized by this section in
excess of the aggregate costs of the project so authorized shall be used to meet interest
and principal amounts as the same become due on said bonds authorized.
(f) Net earnings on investment of proceeds, accrued interest and premiums on the
issuance of any of such bonds authorized by this section after payment of expenses
incurred by the State Treasurer or State Bond Commission in connection with their
issuance, if any, shall be used to meet interest and principal amounts as the same become
due on said bonds authorized.
(P.A. 98-179, S. 20, 30; P.A. 99-241, S. 24, 66; P.A. 00-140, S. 3, 40; June Sp. Sess. P.A. 01-7, S. 16, 28; P.A. 06-194,
S. 3.)
History: P.A. 98-179 effective July 1, 1998; P.A. 99-241 amended Subsec. (a) to increase authorization from
$155,000,000 to $190,000,000 and Subsec. (b) to replace proviso with satisfaction of conditions of Sec. 32-654, effective
July 1, 1999; P.A. 00-140 amended Subsec. (a) to make a technical change and add provisions re presumption of authorization and estoppel, and amended Subsec. (b) to add specifications re amounts and purposes for which bond funds may be
used, effective May 2, 2000; June Sp. Sess. P.A. 01-7 amended Subsec. (b) to delete provision re project costs of the related
parking facilities and change reference to "convention center" to "convention center facilities", effective July 1, 2001;
P.A. 06-194 amended Subsec. (c) to change citation re filings required under Sec. 3-20(g) but not required by section from
"subdivisions (1) and (2)" to "subparagraphs (A) and (B) of subdivision (1)", effective June 9, 2006.