Table of Contents Sec. 32-140. Definitions. As used in sections 32-140 to 32-142, inclusive: Sec. 32-141. Allocation of ability to issue bonds. Approval by Secretary of Office of Policy and Management. (a) The total amount of private activity bonds which
may be issued by state issuers in any calendar year, under the state ceiling in effect for
such year, shall be allocated as follows: (1) Forty per cent to the Connecticut Housing
Finance Authority; (2) thirty-two per cent to the Connecticut Development Authority;
(3) eighteen per cent to municipalities and political subdivisions, departments, agencies,
authorities and other bodies of municipalities; and (4) ten per cent for contingencies.
Notwithstanding the provisions of this section to the contrary, for the calendar year
commencing January 1, 1991, such bonds shall be allocated as follows: (A) Forty per cent
to the Connecticut Housing Finance Authority; (B) seventeen per cent to the Connecticut
Development Authority; (C) eighteen per cent to municipalities and political subdivisions, departments, agencies, authorities and other bodies of municipalities; (D) fifteen
per cent to the Connecticut Higher Educational Supplemental Loan Authority; and (E)
ten per cent for contingencies. Sec. 32-142. State Private Activity Bond Commission. (a) There is established
a State Private Activity Bond Commission, which shall consist of the Governor, the
Treasurer and the Secretary of the Office of Policy and Management, each of whom
may designate a deputy to represent him as a member at meetings of said commission,
with full powers to act and vote in his behalf, and the chairpersons and ranking members
of the joint standing committees of the General Assembly having cognizance of matters
relating to state finance, revenue and bonding, planning and development and commerce
and exportation, each of whom may designate another member of the respective joint
standing committees, who is not a member of the State Private Activity Bond Commission, to represent him as a member at meetings of said commission, with full powers
to act and vote in his behalf. The members of said commission shall serve without
compensation.
Sec. 32-140. Definitions.
Sec. 32-141. Allocation of ability to issue bonds. Approval by Secretary of Office of
Policy and Management.
Sec. 32-142. State Private Activity Bond Commission.
Secs. 32-143 to 32-149.
(1) "Private activity bonds" means any bonds or notes which meet the criteria set
forth in Section 141 of the Internal Revenue Code of 1986, as amended, the interest on
which is exempt from tax under Section 103 of the Internal Revenue Code of 1986, as
amended, except for those bonds which are specifically excluded from the state ceiling
under the terms of Section 146 of the Internal Revenue Code of 1986, as amended.
(2) "State ceiling" means the limit which is prescribed by Section 146 of the Internal
Revenue Code of 1986, as amended, on the amount of private activity bonds which may
be issued collectively by all state issuers in any calendar year.
(3) "State issuer" means the state or any political subdivision thereof, any municipality or any political subdivision thereof or any department, agency, authority or other
body of the state or any municipality, which is authorized to issue private activity bonds.
(P.A. 85-526, S. 1, 5; P.A. 87-539, S. 1, 5.)
History: P.A. 87-539 amended references to reflect adoption of the Internal Revenue Code of 1986.
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(b) No municipality or political subdivision, department, agency, authority or other
body of a municipality shall issue any private activity bonds, and no state issuer shall
issue private activity bonds which are allocated under subsection (a) of this section for
contingencies unless (1) the project or program to be financed is consistent with the state
plan of conservation and development, the consolidated plan for housing and community
development and the action plan for housing and community development and (2) the
Secretary of the Office of Policy and Management approves the issuance. The secretary
shall adopt regulations in accordance with chapter 54, establishing procedures and standards for the submission and review of applications for such approvals.
(c) The secretary shall monitor the needs of all state issuers for private activity
bonds and shall be responsible for ensuring that no private activity bonds are issued
which exceed any allocation under subsection (a) of this section, except as provided
under section 32-142.
(P.A. 85-526, S. 2, 5; P.A. 87-539, S. 2, 5; P.A. 91-210, S. 3, 5; P.A. 98-237, S. 14, 15.)
History: P.A. 87-539 amended allocation in Subsec. (a) to eliminate the Connecticut Student Loan Foundation, to
allocate forty per cent to the Connecticut Housing Finance Authority, to decrease the allocated percentage for the Connecticut Development Authority from sixty-five per cent to thirty-two per cent, to increase the allocated percentage for municipal
entities from fifteen per cent to eighteen per cent and to reduce the contingency amount from fifteen per cent to ten per
cent; P.A. 91-210 amended Subsec. (a) to set forth the allocation for calendar year 1991; P.A. 98-237 amended Subsec.
(b) to make consistency with state plan of conservation and development, consolidated plan for housing and community
development and action plan for housing and community development a requirement for projects or programs to receive
bond allocations, effective July 1, 1998.
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(b) The Governor shall serve as chairman of the commission and the Secretary of
the Office of Policy and Management shall serve as secretary and be responsible for
keeping complete records of the commission, including minutes certified by him of any
meeting showing the adoption of any resolution by the commission and other actions
taken by and documents filed with the commission, and such records shall be the official
records of the proceedings of said commission and shall be maintained in the office of
the Secretary of the Office of Policy and Management and open for public inspection.
The commission shall meet at such times as the Governor designates but not less often
than once each year. The Secretary of the Office of Policy and Management shall furnish
an agenda for each meeting to the members of the commission and to the Office of
Fiscal Analysis seven days or more prior to the meeting.
(c) When the General Assembly is not in regular or special session, the State Private
Activity Bond Commission may, for the then existing calendar year only, in response
to a recommendation from the Governor or on its own initiative, modify any private
activity bond allocation established under section 32-141 upon determining that such
action would be in the best interests of the state. The commission may conduct a public
hearing before making any such modification.
(d) Not later than February tenth, annually, the State Private Activity Bond Commission shall submit to the General Assembly a report on any action taken since the end of
the preceding regular session of the General Assembly. On and after October 1, 1996,
the report shall be submitted to the joint standing committees of the General Assembly
having cognizance of matters relating to state finance, revenue and bonding, planning
and development and commerce and, upon request, to any member of the General Assembly. A summary of the report shall be submitted to each member of the General
Assembly if the summary is two pages or less and a notification of the report shall be
submitted to each member if the summary is more than two pages. Submission shall be
by mailing the report, summary or notification to the legislative address of each member
of the committees or the General Assembly, as applicable.
(P.A. 85-526, S. 3, 5; P.A. 87-539, S. 3, 5; P.A. 91-210, S. 4, 5; 91-280, S. 2, 4; P.A. 96-251, S. 13; P.A. 00-167, S.
65, 69.)
History: P.A. 87-539 removed prohibition against commission meeting during periods when the general assembly is
in session; P.A. 91-210 amended Subsec. (c) to correct reference to Sec. 32-141 from the previous incorrect reference to
31-241; P.A. 91-280 amended Subsec. (a) by adding the chairpersons and ranking members of the joint standing committee
on commerce and exportation to the commission; P.A. 96-251 amended Subsec. (d) by requiring that on and after October
1, 1996, reports be submitted to finance, planning and development and commerce committees and upon request to legislators and by adding provisions re submission of report summaries to legislators; P.A. 00-167 amended Subsec. (b) to change
the minimum meeting requirement for the commission from twice annually to once annually, effective July 1, 2000.
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