Sec. 32-653. Bond authorization for costs of overall project other than costs of stadium facility project.
Sec. 32-653. Bond authorization for costs of overall project other than costs
of stadium facility project. (a) The State Bond Commission shall have the power, in
accordance with the provisions of this section from time to time to authorize the issuance
of bonds of the state, pursuant to and in accordance with this section, in one or more
series and in principal amounts not exceeding in the aggregate seventy-three million
eight hundred thousand dollars plus additional amounts for costs of issuance to the extent
that premium and accrued interest on such bonds are not available to pay such costs of
issuance as determined by the Treasurer at the time of issuance, provided, in computing
the total amount of such bonds which may at any one time be outstanding, the principal
amount of any refunding bonds issued to refund such bonds shall be excluded. The
proceeds of such bonds and each series thereof shall be used by or at the direction of
the Secretary of the Office of Policy and Management for the purposes of financing
project costs of the overall project, other than the stadium facility project, or a grant-in-aid or other financial assistance with respect to any aspect of the overall project, other
than the stadium facility project, pursuant to subsection (c) of this section, as set forth
in a certificate of determination filed by the secretary with the Treasurer and the secretary
of the State Bond Commission in respect of such project costs as detailed in said certificate. Each such bond shall bear such title or other designation as may be fixed by the
Treasurer prior to issuance. This section shall constitute a bond act within the meaning
of section 3-20.
(b) The bonds authorized pursuant to this section shall mature at such time or times
not exceeding thirty years from 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 stating
such terms and conditions as said commission, in its discretion may require. Such bonds
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, 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 Treasurer shall pay such principal and
interest as the same become due.
(c) The secretary is authorized to use amounts available pursuant to the bond authorization in this section to provide grants-in-aid or financial assistance in such other forms
as the secretary deems to be in the public interest to the authority or any other public
instrumentality of the state or any private party developing or operating any aspect of
the overall project, other than the stadium facility project, as defined in section 32-651,
upon a finding by the secretary that such grant-in-aid or financial assistance is necessary,
in connection with any otherwise authorized revenue bond financing or private investment, to induce the development of such aspects of the overall project. Such grant-in-aid or financial assistance shall be on such terms as may be established by the secretary,
and the secretary is authorized to enter into such commitments and agreements with
respect thereto as may be necessary to carry out the purposes of this subsection.
(d) No bonds, notes or other obligations provided for in this section shall be authorized by the State Bond Commission except upon (1) a filing by the secretary with the
State Bond Commission of a copy of the master development plan, and (2) a finding
by the State Bond Commission that such issuance is in the public interest.
(e) All provisions of section 3-20 and the exercise of any right or power granted
thereby which is not inconsistent with the provisions of this section are hereby adopted
and shall apply to all bonds authorized pursuant to this section 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.
(f) Any balance of proceeds of the sale of such bonds authorized by this section in
excess of aggregate project costs shall be used to meet interest and principal amounts
as the same become due on such authorized bonds or to defease or redeem such bonds
as may be outstanding, or shall be deposited to the General Fund as the Treasurer shall
determine.
(g) 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 Treasurer in connection with their issuance, if any, and after compliance
with applicable federal tax requirements, shall be used to meet interest and principal
amounts as the same become due on said authorized bonds.
(h) After authorization by the State Bond Commission, all securities of the state
issued pursuant to this section shall be conclusively presumed to be fully and duly
authorized and issued under the laws of the state. Any person or governmental entity shall
be estopped from questioning their authorization, sale, issuance, execution or delivery by
the state.
(i) For the purposes of this section "state moneys" means the proceeds of the sale
of the bonds authorized pursuant to this section or of temporary or interim notes issued
in anticipation of the moneys to be derived from the sale of such bonds. Any federal,
private or other moneys then available or thereafter to be made available for project
costs of the overall project, other than the stadium facility project, as identified by the
secretary may be added to any state moneys available or becoming available hereunder
for such project costs and be used for the overall project, other than the stadium facility
project, as if constituting such state moneys, and any other federal, private or other
moneys then available or thereafter to be made available for such project costs, if and
to the extent from time to time directed by the Treasurer, upon receipt shall, in conformity
with applicable federal and state law, be used for the purposes for which such other
moneys are received, and otherwise by the 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 such bonds
authorized pursuant to public act 99-241*, as amended by public act 00-140*, for the
purpose of financing such project 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 the overall project, other
than the stadium facility 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 such bonds authorized in anticipation
of which such temporary or interim notes were issued, and the aggregate amount of
such 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 the principal as directed in this subsection, the amount
thereof may be invested by, or at the direction of, the 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 said moneys so invested.
(P.A. 99-241, S. 29, 66; P.A. 00-140, S. 8, 40; P.A. 06-194, S. 6.)
*Public act 99-241 is entitled "An Act Increasing Certain Bond Authorizations for Capital Improvements, the Capital
City Economic Development Authority, and the Convention Center and Sportsplex in Hartford and Associated Development Activities" and public act 00-140 is entitled "An Act Implementing the Master Development Plan for the Adriaen's
Landing Project and the Stadium at Rentschler Field Project". (See Reference Tables captioned "Public Acts of 1999" and
"Public Acts of 2000", respectively, in Volume 16 which list the sections amended, created or repealed by the acts.)
History: P.A. 99-241 effective July 1, 1999; P.A. 00-140 increased the bond authorization from $50,000,000 to
$73,800,000, deleted references to former Hartford Sportsplex project and made section applicable to the Adriaen's Landing
and Rentschler Field projects, effective May 2, 2000; P.A. 06-194 amended Subsec. (e) 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.