Substitute House Bill No. 5434
          Substitute House Bill No. 5434

              PUBLIC ACT NO. 98-179


AN ACT CONCERNING  CERTAIN  REDEVELOPMENT PROJECTS
IN HARTFORD, BRIDGEPORT AND NEW HAVEN.


    Be it enacted  by  the  Senate  and  House  of
Representatives in General Assembly convened:
    Section 1. (NEW)  As used in sections 1 to 12,
inclusive, 17, 18 and 20 to 22, inclusive, of this
act, the following  terms shall have the following
meanings:
    (1)  "Authority"  means   the   Capital   City
Economic Development Authority created pursuant to
section 2 of this act.
    (2) "Capital city project" means any or all of
the following: (A)  A convention center project as
defined in subdivision  (3) of this section; (B) a
downtown   higher  education   center;   (C)   the
renovation and rejuvenation  of  the  civic center
and coliseum complex;  (D)  the development of the
infrastructure and improvements to the riverfront;
(E)  (i)  the  creation  of  up  to  one  thousand
downtown housing units  through rehabilitation and
new  construction  and   (ii)  the  demolition  or
redevelopment of vacant  buildings;  and  (F)  the
addition to downtown parking capacity. All capital
city projects shall  be located or constructed and
operated in the  capital city economic development
district, as defined  in  subdivision  (4) of this
section, provided any  project undertaken pursuant
to subparagraph (E)  (ii)  of this subdivision may
be  located anywhere  in  the  town  and  city  of
Hartford.
    (3)  "Convention  center   project"   means  a
facility constructed and  operated  in the capital
city  economic  development   district,  including
parking for such  facility,  in conjunction with a
privately developed hotel  and may include, either
as part of  the  same  facility  or  as a separate
facility operated and  constructed  in the capital
city  economic  development   district,  a  sports
megaplex.
    (4)   "Capital   city   economic   development
district" means the  area bounded and described as
follows: The northerly side of Masseek Street from
the intersection of  Van  Dyke  Avenue  proceeding
westerly to the  intersection of Van Block Avenue,
proceeding  northerly  along   Van  Block  to  the
intersection  of  Nepaquash   Street,   proceeding
easterly to the  intersection  of Huyshope Avenue,
proceeding northerly along  Huyshope Avenue to the
intersection  of Charter  Oak  Avenue,  proceeding
westerly  along  Charter   Oak  Avenue  to  Wyllys
Street,   proceeding  along   Wyllys   Street   to
Popieluszko Court, north  on  Popieluszko Court to
Charter Oak Avenue  proceeding  westerly  to  Main
Street, proceeding south along Main Street to Park
Street,  thence  west   along   Park   Street   to
Washington Street, thence  north  along Washington
Street  to the  entryway  to  the  State  Capitol,
thence northwesterly along  the Exit 48 on ramp to
Interstate  84  northward  to  the  railroad,  now
proceeding northeasterly along the railroad to its
intersection  with the  southerly  railroad  spur,
thence proceeding southeasterly along the railroad
R.O.W. to the  Bulkeley Bridge. Thence easterly to
the  city  line.   Proceeding   south  along  city
boundary to the  point  perpendicular with Masseek
Street. Thence westerly to the point of beginning.
    (5)  "Sports megaplex"  means  a  multipurpose
facility that is not used exclusively for sporting
events  and  is   used   in   conjunction  with  a
convention center.
    Sec. 2. (NEW)  (a)  There  is  created  a body
politic and corporate  to be known as the "Capital
City   Economic   Development   Authority".   Said
authority shall be  a  public  instrumentality and
political  subdivision  of   this  state  and  the
exercise by the  authority of the powers conferred
by section 3  of this act shall be deemed and held
to be the  performance  of an essential public and
governmental function. The  Capital  City Economic
Development Authority shall not be construed to be
a department, institution or agency of the state.
    (b) The authority shall be governed by a board
of directors consisting of seven members appointed
jointly by the  Governor, the speaker of the House
of Representatives, the  majority  leader  of  the
House of Representatives,  the  minority leader of
the House of  Representatives,  the  president pro
tempore of the  Senate, the majority leader of the
Senate and the  minority leader of the Senate, and
include, but not  be  limited to, members who have
expertise  in  the   fields   of   commercial  and
residential    real   estate    construction    or
development and financial matters. The chairperson
shall  be  designated   by   the   Governor.   All
appointments shall be  made  not later than thirty
days after the  effective  date  of  this act. The
terms of the initial board members appointed shall
be as follows:  Four  of  the  members shall serve
four-year terms from  said  appointment  date  and
three members shall serve two-year terms from said
appointment date. Thereafter  all members shall be
appointed  for four-year  terms.  A  member of the
board shall be  eligible  for  reappointment.  Any
member  of  the   board  may  be  removed  by  the
appointing authority for  misfeasance, malfeasance
or wilful neglect  of  duty.  Each  member  of the
board, before entering upon his duties, shall take
and subscribe the  oath or affirmation required by
article XI, section  1, of the State Constitution.
A record of  each  such oath shall be filed in the
office of the Secretary of the State. The board of
directors  shall  maintain   a   record   of   its
proceedings  in  such   form   as  it  determines,
provided such record  indicates attendance and all
votes cast by each member. Any member who fails to
attend three consecutive  meetings or who fails to
attend fifty per  cent of all meetings held during
any calendar year shall be deemed to have resigned
from the board.  A majority vote of the members of
the  board  shall  constitute  a  quorum  and  the
affirmative vote of  a  majority  of  the  members
present  at  a  meeting  of  the  board  shall  be
sufficient for any  action  taken by the board. No
vacancy  in the  membership  of  the  board  shall
impair the right  of  a quorum to exercise all the
rights and perform  all  the  duties of the board.
Any action taken by the board may be authorized by
resolution at any  regular  or special meeting and
shall  take effect  immediately  unless  otherwise
provided in the resolution. The board may delegate
to three or  more of its members, or its officers,
agents and employees, such board powers and duties
as it may deem proper.
    (c)  The board  of  directors  shall  annually
elect one of  its  members as vice-chairperson and
shall elect other  of  its  members  as  officers,
appoint an executive  director, who shall not be a
member of the  board,  and  other  staff,  adopt a
budget   and  bylaws,   designate   an   executive
committee, report semiannually  to  the appointing
authorities with respect  to  operations, finances
and  achievement  of   its   economic  development
objectives, be accountable  to  and cooperate with
the state whenever,  pursuant to the provisions of
sections 1 to  12,  inclusive,  of  this  act, the
state may audit  the  authority  or any project of
the authority, as  defined  in  section  1 of this
act, or at any other time as the state may inquire
as  to  either,   including   allowing  the  state
reasonable access to  any  such project and to the
records of the  authority  and exercise the powers
set forth in section 3 of this act. Members of the
board of directors  shall  receive no compensation
for the performance  of their duties hereunder but
shall be reimbursed  for  all  expenses reasonably
incurred in the performance thereof.
    (d) Each member  of  the board of directors of
the authority and  the  executive  director  shall
execute a surety bond in the penal sum of at least
one hundred thousand dollars, or, in lieu thereof,
the  chairperson of  the  board  shall  execute  a
blanket position bond  covering  each  member, the
executive  director  and   the  employees  of  the
authority, each surety bond to be conditioned upon
the faithful performance  of  the  duties  of  the
office or offices  covered,  to  be  executed by a
surety company authorized  to transact business in
this state as  a  surety and to be approved by the
Attorney General and  filed  in  the Office of the
Secretary of the  State.  The  cost  of  each bond
shall be paid by the authority.
    (e) No board  member shall have or acquire any
interest, direct or  indirect, in any capital city
project, as defined  in  section 1 of this act, or
in any property included or planned to be included
in any such project or in any contract or proposed
contract for materials  or  services to be used in
such project.
    (f)  The  authority   shall   have   perpetual
succession  and shall  adopt  procedures  for  the
conduct of its  affairs in accordance with section
4 of this  act.  Such succession shall continue as
long as the  authority  shall have bonds, notes or
other  obligations  outstanding   and   until  the
existence of the authority is terminated by law at
which  time  the  rights  and  properties  of  the
authority shall pass  to  and  be  vested  in  the
state.
    Sec. 3. (NEW)  (a)  The purpose of the Capital
City Economic Development  Authority  shall  be to
stimulate  new  investment   in   Connecticut,  to
attract and service large conventions, tradeshows,
exhibitions, conferences and local consumer shows,
exhibitions   and   events,   to   encourage   the
diversification   of   the   state   economy,   to
strengthen Hartford's role  as  the region's major
business and industry  employment  center and seat
of government, to  encourage  residential  housing
development in downtown Hartford and, with respect
to the convention  center  project,  to construct,
operate, maintain and market said project in order
to enable Hartford  and  its immediate environment
to become a  major  regional family-oriented arts,
culture,  education,  sports   and   entertainment
center that will  create  new  jobs,  add  to  the
benefits of the  hospitality industry, broaden the
base  of  the   tourism   effort   and   stimulate
substantial surrounding economic  development  and
corresponding increased tax revenues to the state.
    (b) For these  purposes,  the  authority shall
have the following  powers:  (1) To have perpetual
succession  as  a  body  corporate  and  to  adopt
procedures for the  regulation  of its affairs and
the  conduct  of   its  business  as  provided  in
subsection (f) of  section 2 of this act, to adopt
a  corporate  seal  and  alter  the  same  at  its
pleasure, and to  maintain an office at such place
or places within  the  city  of Hartford as it may
designate; (2) to sue and be sued, to contract and
be contracted with; (3) to employ such assistants,
agents and other  employees as may be necessary or
desirable to carry  out  its  purposes  and to fix
their  compensation,  to   establish   and  modify
personnel procedures as may be necessary from time
to time and to negotiate and enter into collective
bargaining agreements with  labor  unions;  (4) to
acquire,  lease,  hold  and  dispose  of  personal
property for the  purposes  set forth in section 3
of this act;  (5) to procure insurance against any
liability or loss  in connection with its property
and other assets,  in  such  amounts and from such
insurers as it  deems  desirable  and  to  procure
insurance for employees;  (6)  to invest any funds
not needed for  immediate  use  or disbursement in
obligations issued or  guaranteed  by  the  United
States of America  or  the  state  of Connecticut,
including the Short Term  Investment Fund, and the
Tax-Exempt Proceeds Fund, and in other obligations
which are legal  investments  for savings banks in
this state and in time deposits or certificates of
deposit  or  other  similar  banking  arrangements
secured   in  such   manner   as   the   authority
determines; and (7)  to  do  all  acts  and things
necessary or convenient  to carry out the purposes
of  and  the  powers  expressly  granted  by  this
section.
    (c) In addition  to  the  powers enumerated in
subsection (b) of  this  section,  with respect to
the convention center  project the authority shall
have the following  powers:  (1)  To  acquire,  by
gift, purchase, condemnation or transfer, lands or
rights-in-land  in  connection  therewith  and  to
sell, lease as  lessee or as lessor, provided that
such activity is  consistent  with  all applicable
federal tax covenants  of  the authority, transfer
or dispose of  any  property  or  interest therein
acquired by it,  at  any  time  and to receive and
accept aid or  contributions,  from any source, of
money, labor, property  or  other things of value,
to be held,  used  and  applied  to  carry out the
purposes  of  this   section,   subject   to   the
conditions   upon   which    such    grants    and
contributions are made, including, but not limited
to, gifts or grants from any department, agency or
instrumentality of the United States or this state
for any purpose  consistent with this section; (2)
to condemn properties  which  may  be necessary or
desirable  to  effectuate   the  purposes  of  the
authority with respect  to  the  convention center
project to be  exercised  in  accordance  with the
provisions of chapter 835 of the general statutes;
(3) to formulate  plans  for, acquire, finance and
develop, lease, purchase,  construct, reconstruct,
repair, improve, expand, extend, operate, maintain
and market the convention center project, provided
such activities are consistent with all applicable
federal tax covenants  of  the  authority;  (4) to
contract  and  be  contracted  with  provided,  if
management, operating or  promotional contracts or
agreements or other  contracts  or  agreements are
entered  into with  nongovernmental  parties  with
respect to property  financed with the proceeds of
obligations the interest on which is excluded from
gross  income for  federal  income  taxation,  the
board  of  directors   shall   ensure   that  such
contracts or agreements are in compliance with the
covenants of the  authority  upon  which  such tax
exclusion  is  conditioned;   (5)  to  enter  into
arrangements or contracts  to  either  purchase or
lease, on a  fully  completed  turn key basis, the
convention center project  and  to  enter  into  a
contract or contracts with an entity, or entities,
for  operating and  managing  of  such  convention
center project; (6)  to  fix and revise, from time
to time, and to charge and collect fees, rents and
other charges for  the use, occupancy or operation
of such projects, and to establish and revise from
time to time,  regulations  in respect of the use,
operation  and  occupancy  of  any  such  project,
provided such regulations  are consistent with all
applicable federal tax covenants of the authority;
(7) to engage  architects,  engineers,  attorneys,
accountants,    consultants   and    such    other
independent professionals as  may  be necessary or
desirable to carry  out  its purposes; to contract
for construction, development, concessions and the
procurement of goods and services and to establish
and modify procurement  procedures  from  time  to
time to implement the foregoing in accordance with
the  provisions  of   subdivision   (2)   of  this
subsection; (8) to  adopt  procedures with respect
to contractors and  subcontractors  engaged in the
construction of such  projects  which require such
contractors   or  subcontractors   (A)   to   take
affirmative action to  provide  equal  opportunity
for employment without  discrimination as to race,
creed,  color,  national  origin  or  ancestry  or
gender, and (B)  to  ensure that the wages paid on
an  hourly  basis  to  any  mechanic,  laborer  or
workman   employed   by    such    contractor   or
subcontractor with respect to the project shall be
at  a  rate   equal   to  the  rate  customary  or
prevailing for the  same work in the same trade or
occupation in the  town  and city of Hartford; (9)
to borrow money  and  to  issue  bonds,  notes and
other obligations of  the  authority to the extent
permitted under section 8 of this act, to fund and
refund the same  and  to provide for the rights of
the holders thereof  and  to  secure  the  same by
pledge  of  assets,   revenues,  notes  and  state
contract assistance as  provided  in  section 9 of
this  act;  (10)  to  do  anything  necessary  and
desirable,   including   executing   reimbursement
agreements  or similar  agreements  in  connection
with credit facilities, including, but not limited
to,  letters  of   credit   or  policies  of  bond
insurance, remarketing agreements  and  agreements
for  the  purpose   of  moderating  interest  rate
fluctuations, to render  any  bonds  to  be issued
pursuant to section 8 of this act more marketable;
and (11) to  engage  in and contract for marketing
and promotional activities  to  attract  national,
regional  and local  conventions,  sports  events,
trade  shows,  exhibitions,   banquets  and  other
events  to maximize  the  use  of  the  convention
center project.
    Sec. 4. (NEW)  The  board  of directors of the
Capital City Economic  Development Authority shall
adopt written procedures,  in  accordance with the
provisions  of  section   1-121   of  the  general
statutes, for: (1)  Adopting  an annual budget and
plan  of  operations,   which   shall   include  a
requirement of board approval before the budget or
plan  may take  effect;  (2)  hiring,  dismissing,
promoting  and  compensating   employees   of  the
authority,  which  shall  include  an  affirmative
action policy and  a requirement of board approval
before a position  may  be  created  or  a vacancy
filled; (3) acquiring  real  and personal property
and  personal  services,  which  shall  include  a
requirement of board  approval for any nonbudgeted
expenditure in excess  of  five  thousand dollars;
(4)  contracting  for   financial,   legal,   bond
underwriting and other professional services which
shall include a  requirement  that  the  authority
solicit proposals at  least once every three years
for each such  service  which it uses; (5) issuing
and retiring bonds, notes and other obligations of
the authority; (6) providing financial assistance,
which  shall  include  eligibility  criteria,  the
application process and  the  role  played  by the
authority's staff and  board of directors; and (7)
the use of surplus funds.
    Sec. 5. (NEW)  (a)  The  Capital City Economic
Development Authority shall  conduct a feasibility
and   implementation  study   to   determine   the
financial  feasibility of  the  convention  center
project, as defined  in subdivision (3) of section
1 of this  act,  which  shall  include, but not be
limited  to,  consideration  of  proper  planning,
engineering, siting, cost of construction, revenue
and  expense  projections   and   operation  as  a
multipurpose facility or facilities.
    (b)  The  authority  shall  determine  if  the
feasibility  and  implementation   study   clearly
establishes the financial  viability  of  (1)  the
convention center, (2) the sports megaplex, or (3)
both, along with ancillary facilities.
    (c) If the authority determines the project is
economically viable, the  authority shall submit a
report   to  the   speaker   of   the   House   of
Representatives, the president  pro tempore of the
Senate and the  majority  and  minority leaders of
both houses. Four  of  the six leaders may, within
sixty days, reject  such  report  and  notify  the
authority and the  State  Bond  Commission of such
rejection.
    (d) The authority  shall  monitor the progress
of all capital  city  projects  and  shall,  on  a
regular basis, determine  the extent to which each
such  project has,  up  to  that  point,  met  the
purposes set forth  in  section 3 of this act. The
authority  shall  report   semiannually   to   the
Governor and the  General  Assembly  in accordance
with  the  provisions  of  section  11-4a  of  the
general statutes with  respect  to the operations,
finances   and   achievement   of   its   economic
development objectives.
    (e) The authority  shall  review  and evaluate
the progress of  each  capital  city  project, for
which financing is  provided  and shall devise and
employ techniques for  forecasting  and  measuring
relevant indicies of  accomplishment  of its goals
of  economic  development,   including,   but  not
limited to, (1)  the number of jobs created, or to
be created, by  or as a result of the project, (2)
the cost or  estimated  cost,  to  the  authority,
involved in the  creation  of  those jobs, (3) the
amount  of  private   capital  investment  in,  or
stimulated by, a  project,  in  proportion  to the
public funds invested  in  such  project,  (4) the
number  of  additional   businesses   created  and
associated jobs, and (5) the impact on tourism.
    Sec.  6. (NEW)  (a)  In  lieu  of  the  report
required  under  section   1-123  of  the  general
statutes, within the  first  ninety  days  of each
fiscal  year  of   the   Capital   City   Economic
Development Authority, the  board  of directors of
the  authority  shall   submit  a  report  to  the
Governor, the Auditors  of Public Accounts and the
joint standing committee  of  the General Assembly
having cognizance of  matters relating to finance,
revenue and bonding.  Such  report  shall include,
but not be  limited  to, the following: (1) A list
of all bonds  issued  during  the preceding fiscal
year,  including,  for   each   such   issue,  the
financial advisor and  underwriters,  whether  the
issue  was competitive,  negotiated  or  privately
placed,  and  the   issue's  face  value  and  net
proceeds; (2) a  description  of  the capital city
project, its location  and the amount of funds, if
any, provided by the authority with respect to the
construction of such  project;  (3)  a list of all
outside individuals and firms, including principal
and other major  stockholders, receiving in excess
of five thousand dollars as payments for services;
(4)  a  comprehensive   annual   financial  report
prepared  in accordance  with  generally  accepted
accounting     principles     for     governmental
enterprises; (5) the cumulative value of all bonds
issued, the value  of  outstanding  bonds  and the
amount of the  state's  contingent  liability; (6)
the  affirmative  action   policy   statement,   a
description of the  composition  of the work force
of the authority by race, sex and occupation and a
description of the  affirmative  action efforts of
the  authority;  (7)   a  description  of  planned
activities for the current fiscal year; and (8) an
analysis of the  authority's  success in achieving
the purposes stated in section 3 of this act.
    (b)  In  lieu  of  the  audit  required  under
section 1-222 of  the  general statutes, the board
of  directors  of  the  authority  shall  annually
contract with a  person, firm or corporation for a
compliance  audit of  the  authority's  activities
during the preceding  authority  fiscal  year. The
audit shall determine  whether  the  authority has
complied   with   its    regulations    concerning
affirmative  action,  personnel   practices,   the
purchase of goods  and  services  and  the  use of
surplus funds. The  board  shall  submit the audit
report to the  Governor,  the  Auditors  of Public
Accounts and the  joint  standing committee of the
General  Assembly  having  cognizance  of  matters
relating to finance, revenue and bonding.
    (c) The board  of  directors  of the authority
shall annually contract  with  a firm of certified
public  accountants to  undertake  an  independent
financial audit of  the  authority  in  accordance
with generally accepted  auditing  standards.  The
board  shall  submit   the  audit  report  to  the
Governor, the Auditors  of Public Accounts and the
joint standing committee  of  the General Assembly
having cognizance of  matters relating to finance,
revenue and bonding. The books and accounts of the
authority shall be subject to annual audits by the
state Auditors of Public Accounts.
    (d) On January  15,  2001, the authority shall
submit to the  Governor  and to the joint standing
committee   of   the   General   Assembly   having
cognizance of matters relating to finance, revenue
and bonding, a  two-year performance review report
detailing for each capital city project undertaken
to date under  the  program, the progress made and
the  actual  expenditures   compared  to  original
estimated costs. Not  later  than  sixty  calendar
days after receipt  of  said  report,  such  joint
committee shall consider  the report and determine
whether there has  been  insufficient  progress or
whether there has  been significant cost increases
over original estimates.  If so, the committee may
make recommendations for appropriate action to the
authority and to the General Assembly.
    Sec. 7. (NEW)  (a)  Any person, including, but
not  limited to,  a  state  or  municipal  agency,
requesting funds from  the  state,  including, but
not  limited to,  any  authority  created  by  the
general statutes or  any  public  or  special act,
with respect to  any  capital city project, shall,
at the time  it  makes such request for funds from
the state, present a full and complete copy of its
application or request,  along with any supporting
documents  or  exhibits,   to   the  Capital  City
Economic    Development    Authority    for    its
recommendation and to  the Secretary of the Office
of Policy and Management. The authority shall, not
later  than ninety  days  after  receipt  of  such
application  or  request,   prepare  and  adopt  a
capital  city  economic   development   statement,
summarizing its recommendations  with  respect  to
such  application or  request,  and  deliver  such
statement to the state officer, official, employee
or agent of  the  state  or authority to whom such
application    or   request    was    made.    The
recommendations in such  statement  shall  include
contract    provisions    regarding    performance
standards, including, but  not limited to, project
timelines.
    (b) Notwithstanding any other provision of the
general  statutes, public  or  special  acts,  any
regulation  or procedure  or  any  other  law,  no
officer, official, employee  or agent of the state
or any authority  created  by the general statutes
or any public  or  special  act,  shall expend any
funds on any  capital  city  project,  unless such
officer, official, employee  or agent has received
a  capital  city  economic  development  statement
adopted by the  authority  pursuant  to subsection
(a)  of  this   section,   provided,  if  no  such
statement is received by the time ninety days have
elapsed from the  date  of the initial application
or request for  such  funds,  such  funds  may  be
expended. If funds  are  expended pursuant to this
subsection in a  manner  not  consistent  with the
recommendations  contained  in   a   capital  city
economic    development   statement    for    such
expenditure, the officer,  official,  employee  or
agent of the  state  expending  such  funds  shall
respond in writing  to the authority, providing an
explanation of the  decision  with respect to such
expenditure.
    (c)  The  authority   shall   not   adopt  any
statement  recommending funding  for  any  capital
city project, unless  and  until the town and city
of  Hartford  has   created  a  municipal  parking
authority in accordance  with  chapter  100 of the
general statutes and has transferred, or scheduled
the transfer of,  in  a  legally  binding way, the
rights and responsibilities  of  the  municipality
for  all  municipally-owned  or  operated  parking
facilities, as defined  in  section  7-202  of the
general statutes.
    (d) The authority  shall coordinate the use of
all state and  municipal  planning  and  financial
resources that are  or  can  be made available for
any capital city  project, including any resources
available from any quasi-public agency.
    (e)   All  state   and   municipal   agencies,
departments,  boards,  commissions   and  councils
shall cooperate with  the  Capital  City  Economic
Development Authority in carrying out the purposes
enumerated in section 3 of this act.
    (f)  The powers  and  duties  granted  to  the
authority pursuant to this section shall terminate
July 1, 2008.
    Sec. 8. (NEW)  (a)  The  board of directors of
the Capital City Economic Development Authority is
authorized from time  to  time to issue its bonds,
notes  and other  obligations  in  such  principal
amounts as in  the  opinion  of the board shall be
necessary to provide sufficient funds for carrying
out the purposes  set  forth  in section 3 of this
act with respect  to the convention center project
as defined in subdivision (3) of section 1 of this
act, including the  payment,  funding or refunding
of the principal  of,  or  interest  or redemption
premiums   on,  any   bonds,   notes   and   other
obligations issued by  it whether the bonds, notes
or other obligations  or  interest to be funded or
refunded  have  or   have   not  become  due,  the
establishment of reserves  to  secure  such bonds,
notes  and  other   obligations   and   all  other
expenditures  of the  authority  incident  to  and
necessary or convenient  to carry out the purposes
set forth in section 3 of this act.
    (b)  Except  as  may  be  otherwise  expressly
provided in this  section  or  by the board, every
issue of bonds,  notes or other obligations, shall
be a general  obligation  of the authority payable
out of any  moneys  or  revenues  of the authority
subject only to any agreements with the holders of
particular  bonds,  notes   or  other  obligations
pledging any particular  moneys  or  revenues. Any
such bonds, notes  or  other  obligations  may  be
additionally secured by  a  pledge  of  any  state
contract assistance as  provided  in  section 9 of
this act, any  grant  or  contributions  from  any
department,  agency  or   instrumentality  of  the
United States or person or a pledge of any moneys,
income  or revenues  of  the  authority  from  any
source whatsoever.
    (c) Notwithstanding any other provision of any
law, any bonds,  notes or other obligations issued
by the authority pursuant to this section shall be
fully negotiable within  the  meaning  and for all
purposes of title 42a of the general statutes. Any
such bonds, notes  or  other  obligations shall be
legal investments for  all trust companies, banks,
investment companies, savings  banks, building and
loan   associations,  executors,   administrators,
guardians,   conservators,  trustees   and   other
fiduciaries   and  pension,   profit-sharing   and
retirement funds.
    (d) Bonds, notes  or  other obligations of the
authority shall be authorized by resolution of the
board of directors  of  the  authority  and may be
issued in one  or  more series and shall bear such
date or dates,  mature  at  such time or times, in
the case of any such note, or any renewal thereof,
not exceeding the term of years as the board shall
determine from the  date  of the original issue of
such  notes,  and,  in  the  case  of  bonds,  not
exceeding thirty years from the date thereof, bear
interest  at  such  rate  or  rates,  be  in  such
denomination or denominations,  be  in  such form,
either coupon or registered, carry such conversion
or  registration privileges,  have  such  rank  or
priority, be executed  in  such manner, be payable
from such sources  in  such  medium  of payment at
such place or places within or without this state,
and be subject  to  such terms of redemption, with
or  without  premium,   as   such   resolution  or
resolutions may provide.
    (e) Bonds, notes  or  other obligations of the
authority may be sold at public or private sale at
such price or prices as the board shall determine.
    (f) Bonds, notes  or  other obligations of the
authority may be refunded and renewed from time to
time as may  be  determined  by  resolution of the
board,  provided any  such  refunding  or  renewal
shall be in  conformity  with  any  rights  of the
holders thereof.
    (g) Bonds, notes  or  other obligations of the
authority  issued under  the  provisions  of  this
section shall not  be  deemed to constitute a debt
or liability of  the  state  or  of  any political
subdivision thereof other  than the authority or a
pledge of the  faith and credit of the state or of
any  such political  subdivision  other  than  the
authority, and shall not constitute bonds or notes
issued  or guaranteed  by  the  state  within  the
meaning of section  3-21  of the general statutes,
but shall be  payable  solely  from  the  funds as
provided in this section. All such bonds, notes or
other  obligations  shall   contain  on  the  face
thereof a statement to the effect that neither the
state of Connecticut nor any political subdivision
thereof  other  than   the   authority   shall  be
obligated to pay  the same or the interest thereof
except  from  revenues   or  other  funds  of  the
authority and that  neither  the  faith and credit
nor the taxing  power  of the state of Connecticut
or of any political subdivision thereof other than
the authority is  pledged  to  the  payment of the
principal of or  the interest on such bonds, notes
or other obligations.
    (h) Any resolution  or resolutions authorizing
the issuance of  bonds, notes or other obligations
may  contain  provisions,  except  as  limited  by
existing agreements with  the  holders  of  bonds,
notes or other  obligations, which shall be a part
of the contract  with  the  holders thereof, as to
the following: (1) The pledging of all or any part
of the moneys  received by the authority to secure
the payment of  the  principal  of and interest on
any bonds, notes  or  other  obligations or of any
issue thereof; (2)  the pledging of all or part of
the assets of  the authority to secure the payment
of the principal  and interest on any bonds, notes
or other obligations  or of any issue thereof; (3)
the establishment of  reserves  or  sinking funds,
the making of  charges and fees to provide for the
same, and the  regulation and disposition thereof;
(4)  limitations  on  the  purpose  to  which  the
proceeds  of  sale   of   bonds,  notes  or  other
obligations  may  be  applied  and  pledging  such
proceeds to secure the payment of the bonds, notes
or other obligations,  or  of  any issues thereof;
(5)  limitations on  the  issuance  of  additional
bonds, notes or  other obligations, the terms upon
which additional bonds, bond anticipation notes or
other obligations may  be  issued and secured, the
refunding or purchase  of outstanding bonds, notes
or other obligations  of  the  authority;  (6) the
procedure, if any,  by  which  the  terms  of  any
contract with the  holders  of any bonds, notes or
other obligations of  the authority may be amended
or abrogated, the  amount of bonds, notes or other
obligations  the holders  of  which  must  consent
thereto and the  manner  in which such consent may
be given; (7)  limitations on the amount of moneys
to be expended  by  the  authority  for operating,
administrative or other expenses of the authority;
(8) the vesting  in  a trustee or trustees of such
property, rights, powers  and  duties  in trust as
the authority may determine, which may include any
or all of  the  rights,  powers  and duties of any
trustee appointed by  the  holders  of  any bonds,
notes  or  other   obligations   and  limiting  or
abrogating the right  of the holders of any bonds,
notes or other  obligations  of  the  authority to
appoint a trustee  or  limiting the rights, powers
and duties of  such  trustee;  (9) provision for a
trust agreement by and between the authority and a
corporate trustee which  may  be any trust company
or bank having  the  powers  of  a  trust  company
within or without  the  state, which agreement may
provide  for the  pledging  or  assigning  of  any
assets or income  from assets to which or in which
the authority has  any rights or interest, and may
further provide for such other rights and remedies
exercisable by the  trustee  as  may be proper for
the protection of  the holders of any bonds, notes
or other obligations  of  the  authority  and  not
otherwise in violation  of law. Such agreement may
provide for the  restriction  of the rights of any
individual  holder  of   bonds,   notes  or  other
obligations  of  the   authority.   All   expenses
incurred in carrying  out  the  provisions of such
trust agreement may  be  treated  as a part of the
cost of operation  of  the  authority.  The  trust
agreement may contain any further provisions which
are reasonable to delineate further the respective
rights, duties, safeguards,  responsibilities  and
liabilities  of  the   authority,  individual  and
collective  holders  of  bonds,  notes  and  other
obligations of the  authority  and  the  trustees;
(10) covenants to  do  or  refrain from doing such
acts and things  as may be necessary or convenient
or desirable in  order to better secure any bonds,
notes or other  obligations  of  the authority, or
which, in the  discretion  of  the authority, will
tend to make any bonds, notes or other obligations
to be issued  more marketable notwithstanding that
such  covenants,  acts   or   things  may  not  be
enumerated herein; and  (11)  any other matters of
like or different  character,  which  in  any  way
affect the security  or  protection  of the bonds,
notes or other obligations.
    (i)  Any  pledge  made  by  the  authority  of
income,   revenues,  state   contract   assistance
provided under section  9  of  this  act, or other
property shall be  valid and binding from the time
the pledge is  made, and shall constitute a pledge
within the meaning  and  for all purposes of title
42a of the  general statutes. The income, revenue,
state contract assistance, such state taxes as the
authority shall be  entitled  to  receive or other
property so pledged and thereafter received by the
authority shall immediately be subject to the lien
of  such  pledge  without  any  physical  delivery
thereof or further  act,  and the lien of any such
pledge shall be  valid  and binding as against all
parties  having  claims   of  any  kind  in  tort,
contract  or  otherwise   against  the  authority,
irrespective of whether  such  parties have notice
thereof.
    (j) The board of directors of the authority is
authorized  and  empowered   to  obtain  from  any
department,  agency  or   instrumentality  of  the
United States any insurance or guarantee as to, or
of or for the payment or repayment of, interest or
principal, or both,  or  any  part thereof, on any
bonds, notes or  other  obligations  issued by the
authority  pursuant  to  the  provisions  of  this
section and, notwithstanding  any other provisions
of sections 1  to  12,  inclusive, of this act, to
enter into any  agreement,  contract  or any other
instrument whatsoever with  respect  to  any  such
insurance or guarantee  except  to the extent that
such action would  in  any way impair or interfere
with  the  authority's   ability  to  perform  and
fulfill the terms  of  any agreement made with the
holders of the  bonds,  bond anticipation notes or
other obligations of the authority.
    (k)  Neither  the  members  of  the  board  of
directors  of  the   authority   nor   any  person
executing bonds, notes or other obligations of the
authority issued pursuant to this section shall be
liable personally on  such  bonds,  notes or other
obligations  or  be   subject   to   any  personal
liability  or  accountability  by  reason  of  the
issuance  thereof,  nor   shall  any  director  or
employee of the authority be personally liable for
damage or injury,  not wanton, reckless, wilful or
malicious, caused in the performance of his duties
and  within  the   scope   of  his  employment  or
appointment as such director, officer or employee.
The authority shall  protect,  save  harmless  and
indemnify  its directors,  officers  or  employees
from financial loss  and  expense, including legal
fees and costs,  if any, arising out of any claim,
demand, suit or  judgment  by  reason  of  alleged
negligence or alleged  deprivation of any person's
civil  rights  or   any   other  act  or  omission
resulting in damage  or  injury,  if the director,
officer or employee  is  found to have been acting
in the discharge of his duties or within the scope
of his employment  and  such  act  or  omission is
found not to have been wanton, reckless, wilful or
malicious.
    (l) The board  of  directors  of the authority
shall have power to purchase bonds, notes or other
obligations of the  authority  out  of  any  funds
available  for such  purpose.  The  authority  may
hold, cancel or  resell such bonds, notes or other
obligations  subject to  and  in  accordance  with
agreements with holders  of  its  bonds, notes and
other obligations.
    (m)  All  moneys   received  pursuant  to  the
authority of this  section,  whether  as  proceeds
from the sale  of  bonds  or as revenues, shall be
deemed to be  trust  funds  to be held and applied
solely as provided  in  this  section. Any officer
with whom, or  any  bank  or  trust  company  with
which, such moneys shall be deposited shall act as
trustee of such  moneys  and  shall hold and apply
the same for  the  purposes  of  section 3 of this
act, and the  resolution  authorizing the bonds of
any issue or  the  trust  agreement  securing such
bonds may provide.
    (n)  Any  holder  of  bonds,  notes  or  other
obligations issued under  the  provisions  of this
section, and the  trustee  or  trustees  under any
trust agreement, except  to  the extent the rights
herein given may  be  restricted by any resolution
authorizing the issuance  of,  or  any  such trust
agreement securing, such  bonds may, either at law
or in equity,  by  suit, action, mandamus or other
proceedings,  protect  and  enforce  any  and  all
rights under the  laws  of  the  state  or granted
under this section  or  under  such  resolution or
trust agreement, and  may  enforce  and compel the
performance of all duties required by this section
or by such  resolution  or  trust  agreement to be
performed by the  authority  or  by  any  officer,
employee or agent  thereof,  including the fixing,
charging and collecting  of the rates, rents, fees
and charges herein  authorized and required by the
provisions of such  resolution  or trust agreement
to be fixed, established and collected.
    (o) The authority may make representations and
agreements for the  benefit  of the holders of any
bonds, notes or  other  obligations  of  the state
which are necessary  or  appropriate to ensure the
exclusion from gross income for federal income tax
purposes of interest  on  bonds,  notes  or  other
obligations of the  state  from taxation under the
Internal Revenue Code  of  1986  or any subsequent
corresponding internal revenue  code of the United
States, as from  time  to  time amended, including
agreement to pay rebates to the federal government
of investment earnings derived from the investment
of the proceeds  of  the  bonds,  notes  or  other
obligations of the  authority.  Any such agreement
may include: (1)  A covenant to pay rebates to the
federal government of  investment earnings derived
from the investment  of the proceeds of the bonds,
notes or other obligations of the authority; (2) a
covenant that the  authority  will  not  limit  or
alter its rebate obligations until its obligations
to the holders  or  owners of such bonds, notes or
other obligations are  finally met and discharged;
and (3) provisions  to  (A)  establish  trust  and
other accounts which  may  be appropriate to carry
out  such  representations   and  agreements,  (B)
retain  fiscal agents  as  depositories  for  such
funds and accounts,  and  (C)  provide  that  such
fiscal agents may act as trustee of such funds and
accounts.
    (p) No bonds, notes or other obligations shall
be issued by  the  authority  unless  such  bonds,
notes or other  obligations have been approved for
issuance by the  State  Bond  Commission following
(1) a finding  that such issuance is in the public
interest, and (2)  a filing with the clerks of the
General Assembly of a certificate of the Secretary
of the Office  of  Policy  and  Management and the
State  Treasurer pursuant  to  subsection  (a)  of
section 9 of this act and until bonds of the state
authorized pursuant to  section  20  of  this act,
have been approved  for issuance by the State Bond
Commission for such project.
    Sec. 9. (NEW)  (a)  The  state,  acting by and
through the Secretary  of the Office of Policy and
Management and the State Treasurer, may enter into
a  contract  with   the   Capital   City  Economic
Development  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 pursuant to section 8
of this act to finance the costs of the convention
center project, as  defined  in subdivision (3) of
section 1 of  this  act. 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  of  the
extent to which 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  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 substantially concur with
the  findings  of   the   board,   a   certificate
evidencing such substantial  concurrence  shall be
filed by such  secretary  and State Treasurer with
the  clerks  of   the  Senate  and  the  House  of
Representatives.  In  making   such  findings  and
determinations and executing  such  approval,  the
board, the secretary and the State Treasurer 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 the
convention center project,  reasonable expectation
as to the  additional  development  in the area of
the convention center  project and such additional
expenditures as a  result of construction, tourism
and other travel,  entertainment  and retail sales
as may result from the location of such project in
the capital city of the state.
    (b)  As  part   of   such  contract  with  the
authority, or as  a  supplemental contract to such
contract, 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) 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.
    (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. If the State Treasurer and the Secretary of
the Office of  Policy  and  Management  request  a
refunding, the authority  shall  not  unreasonably
withhold approval.
    Sec. 10. (NEW)  With  the  concurrence  of the
Secretary of the  Office  of Policy and Management
and the State Treasurer, the Capital City Economic
Development Authority may submit an application to
the Connecticut Development Authority on behalf of
the  convention  center   project  as  defined  in
subdivision (3) of  section  1  of this act, for a
loan or loans  consistent with the requirements of
chapter  579  of  the  general  statutes  and  the
Connecticut   Development  Authority   is   hereby
authorized to review such application as a package
for the purposes  of  its  requirements, including
eligibility  for  federal   or  state  funding  in
addition to the financing applied for. Any loan by
the  Connecticut  Development   Authority  to  the
Capital City Economic  Development Authority shall
be evidenced by  the  general  obligation  bond of
such authority, in  fully  marketable  form,  duly
executed and accompanied  by  an  approving  legal
opinion with respect to validity, security and tax
matters as would otherwise be required in a public
offering. Any loan  with  respect  to the hotel or
other portions of private investment pertaining to
the convention center  project  shall  be  on such
terms   and   conditions    as   the   Connecticut
Development  Authority  requires  to  satisfy  its
eligibility  for financing  of  a  loan  from  the
proceeds of its general obligation program bonds.
    Sec. 11. (NEW)  The  exercise  of  the  powers
granted by section  3  of  this act constitute the
performance of an  essential governmental function
and   the  Capital   City   Economic   Development
Authority shall not  be  required to pay any taxes
or  assessments  upon   or   in   respect  of  the
convention center project, as defined in section 1
of  this  act,   levied  by  any  municipality  or
political subdivision or  special  district having
taxing powers of  the  state  and such project and
the principal and  interest of any bonds and notes
issued under the  provisions  of section 8 of this
act,  their transfer  and  the  income  therefrom,
including revenues derived  from the sale thereof,
shall at all  times be free from taxation of every
kind by the  state  of  Connecticut  or  under its
authority, except for  estate  or succession taxes
but the interest  on such bonds and notes shall be
included  in the  computation  of  any  excise  or
franchise tax.
    Sec. 12. (NEW)  The  state of Connecticut does
hereby pledge to and agree with the holders of any
bonds, notes and  other  obligations  issued under
section 8 of  this  act and with those parties who
may enter into  contracts  with  the  Capital City
Economic Development Authority  or  its  successor
agency, that the state will not limit or alter the
rights hereby vested  in  the  authority or in the
holders of any  bonds,  notes or other obligations
of the authority  to  which contract assistance is
pledged pursuant to  section  9  of this act until
such  obligations,  together   with  the  interest
thereon, are fully  met  and  discharged  and such
contracts are fully  performed  on the part of the
authority, provided nothing contained herein shall
preclude such limitation or alteration if and when
adequate provision shall  be  made  by law for the
protection of the holders of such bonds, notes and
other  obligations  of   the  authority  or  those
entering into contracts  with  the  authority. The
authority is authorized to include this pledge and
undertaking for the state in such bonds, notes and
other obligations or contracts.
    Sec. 13. Subsection (l) of section 1-79 of the
general statutes, as  amended  by  section  17  of
public act 97-5 of the June 18 special session and
section 1 of  public  act  97-6  of  the  June  18
special session, is  repealed and the following is
substituted in lieu thereof:
    (l)    "Quasi-public   agency"    means    the
Connecticut  Development  Authority,   Connecticut
Innovations, Incorporated, Connecticut  Health and
Education Facilities Authority, Connecticut Higher
Education Supplemental Loan Authority, Connecticut
Housing  Finance  Authority,  Connecticut  Housing
Authority,    Connecticut    Resources    Recovery
Authority, Connecticut Hazardous  Waste Management
Service, Lower Fairfield  County Convention Center
Authority,    [Connecticut    Convention    Center
Authority]  CAPITAL  CITY   ECONOMIC   DEVELOPMENT
AUTHORITY   and   Connecticut    Coastline    Port
Authority.
    Sec. 14. Subdivision  (1)  of section 1-120 of
the general statutes is repealed and the following
is substituted in lieu thereof:
    (1)    "Quasi-public   agency"    means    the
Connecticut  Development  Authority,   Connecticut
Innovations, Incorporated, Connecticut  Health and
Educational   Facilities  Authority,   Connecticut
Higher  Education  Supplemental   Loan  Authority,
Connecticut Housing Finance Authority, Connecticut
Housing Authority, Connecticut  Resources Recovery
Authority, Connecticut Hazardous  Waste Management
Service,  Connecticut  Coastline  Port  Authority,
CAPITAL CITY ECONOMIC  DEVELOPMENT  AUTHORITY  and
Connecticut Lottery Corporation.
    Sec. 15. Section 1-125 of the general statutes
is repealed and  the  following  is substituted in
lieu thereof:
    The directors, officers  and  employees of the
Connecticut  Development  Authority,   Connecticut
Innovations,   Incorporated,  Connecticut   Higher
Education Supplemental Loan Authority, Connecticut
Housing  Finance  Authority,  Connecticut  Housing
Authority,    Connecticut    Resources    Recovery
Authority,   Connecticut  Health,   CAPITAL   CITY
ECONOMIC  DEVELOPMENT  AUTHORITY  and  Educational
Facilities    Authority,    Connecticut    Lottery
Corporation   and   Connecticut   Coastline   Port
Authority and any  person  executing  the bonds or
notes of the agency shall not be liable personally
on such bonds  or  notes  or  be  subject  to  any
personal liability or  accountability by reason of
the issuance thereof,  nor  shall  any director or
employee of the  agency  be  personally liable for
damage or injury,  not wanton, reckless, wilful or
malicious, caused in the performance of his or her
duties  and  within   the  scope  of  his  or  her
employment  or  appointment   as   such  director,
officer or employee.  The  agency  shall  protect,
save  harmless  and   indemnify   its   directors,
officers  or employees  from  financial  loss  and
expense, including legal  fees  and costs, if any,
arising out of any claim, demand, suit or judgment
by  reason  of   alleged   negligence  or  alleged
deprivation of any  person's  civil  rights or any
other  act or  omission  resulting  in  damage  or
injury, if the  director,  officer  or employee is
found to have  been acting in the discharge of his
or her duties  or  within  the scope of his or her
employment and such  act  or omission is found not
to  have  been   wanton,   reckless,   wilful   or
malicious.
    Sec. 16. Subsection  (d)  of section 32-23d of
the general statutes is repealed and the following
is substituted in lieu thereof:
    (d)  "Project"  means   any  facility,  plant,
works,  system,  building,   structure,   utility,
fixture or other real property improvement located
in the state, any machinery, equipment, furniture,
fixture or other  personal  property to be located
in the state  and  the land on which it is located
or which is  reasonably  necessary  in  connection
therewith, which is  of a nature or which is to be
used or occupied  by any person for purposes which
would constitute it  as  an  economic  development
project, public service  project,  urban  project,
recreation  project, commercial  fishing  project,
health  care  project,   THE   CONVENTION   CENTER
PROJECT, AS DEFINED  IN SUBDIVISION (3) OF SECTION
1 OF THIS  ACT, or nonprofit project, and any real
property improvement reasonably related thereto. A
project  may  be  acquired  (1)  directly  or  (2)
indirectly  through  the   purchase   of   all  or
substantially all of the stock of a corporation. A
project shall not  include  new materials, work in
process, stock in trade or stock of a corporation.
    Sec. 17. (NEW) (a) A downtown higher education
center project, as  described in section 1 of this
act,  shall be  developed  by  the  Department  of
Public Works in  consultation  with  the  Board of
Trustees of the  Community-Technical  Colleges, in
accordance  with  the   procedure  for  designated
projects as provided in subdivision (4) of section
4b-24 of the  general  statutes  except  that said
project shall not  require  approval  by the State
Properties Review Board.
    (b) (1) No  payments  shall  be  made  by  the
department  on  account  of  any  downtown  higher
education center project  contract  awarded  by or
for the department  until  the  bills or estimates
presented for such  payment  shall  have been duly
certified to be  correct  by  the  department.  No
payments shall be  made  from  any  other  fund on
account of any  contract  for  a  downtown  higher
education center project  awarded  until the bills
or estimates presented for such payment shall have
been  duly  certified   to   be   correct  by  the
department.
    (2) Provision shall  be  made in each contract
to the effect  that  payment  is  limited  to  the
amount provided therein  and  that no liability of
the state shall  and  may  be incurred beyond such
amount.
    (3)  The department  shall  require,  for  the
protection of the  state, such deposits, bonds and
security  in connection  with  the  submission  of
bids,  the award  of  project  contracts  and  the
performance  of  work   as  the  department  shall
determine to be  appropriate  and  in  the  public
interest of the state.
    (c) For the  purposes  of  part III of chapter
557 of the  general  statutes,  authority projects
shall be deemed to be a state public works project
and consist of public buildings.
    Sec. 18. (NEW) (a) Any environmental permit or
approval required or  permitted  to  be issued and
any administrative action required or permitted to
be  taken pursuant  to  the  general  statutes  in
connection with on-site  work  supervised  by  the
Department  of  Public   Works  or  off-site  work
supervised by the Department of Transportation for
a  convention  center   project,  downtown  higher
education   center   project   or   a   riverfront
infrastructure    development   and    improvement
project, as defined  in subparagraphs (A), (B) and
(D), respectively, of subdivision (2) of section 1
of this act,  shall  be  in  accordance  with  the
procedure set forth in this section.
    (b)  Notwithstanding  any   provision  of  the
general statutes, any license, permit and approval
required  or  permitted   to  be  issued  and  any
administrative action required  or permitted to be
taken  pursuant  to   the   general   statutes  in
connection  with  a   convention  center  project,
downtown  higher education  center  project  or  a
riverfront    infrastructure    development    and
improvement project, as defined  in  subparagraphs
(A), (B) and (D), respectively, of subdivision (2)
of section 1 of this act, shall be issued or taken
upon application to the particular commissioner or
commissioners   having  jurisdiction   over   such
license, permit, approval  or other administrative
action  or  such  other  state  official  as  such
commissioner  shall designate.  As  used  in  this
section,   the  term   commissioner   shall   mean
commissioners if more  than  one  commissioner has
jurisdiction over the  subject  matter  and  their
designee, if any.  No agency, commission, council,
committee, panel or  other  body  whatsoever other
than  such commissioner  shall  have  jurisdiction
over  or  cognizance  of  any  licenses,  permits,
approvals or administrative actions concerning any
project   and   no   notice   of   any   tentative
determination or any final determination regarding
any   such   license,    permit,    approval    or
administrative action and  no  notice  of any such
license, permit, approval or administrative action
shall be required  except  as  expressly  provided
pursuant to this  subsection. For purposes of this
section  a  downtown   higher   education   center
project, riverfront infrastructure development and
improvement  project  and   a   convention  center
project, shall be  treated  as  if each is a state
facility and accordingly,  no  ordinance,  law  or
regulation promulgated by or any authority granted
to  any  municipality   or   any  other  political
subdivision  of  the   state  shall  apply  to  an
authority project.
    (c) All applications, supporting documentation
and other records  submitted  to  the commissioner
and pertaining to any application for any license,
permit, approval or  other  administrative action,
together with all  records  of  the proceedings of
the commissioner relating  to any license, permit,
approval  or  administrative  action  shall  be  a
public record and  shall  be  made, maintained and
disclosed  in  accordance   with  the  Freedom  of
Information Act, as  defined  in  section 1-18a of
the general statutes, as amended.
    (d) All applications  for  licenses,  permits,
approvals and other administrative action required
by  any  applicable   provision   of  the  general
statutes shall be submitted to the commissioner as
provided in subsection (b) of this subsection. The
commissioner  shall  adopt  a  master  process  to
consider multiple licenses, permits, approvals and
administrative actions to  the extent practicable.
Each license or  permit  shall be issued, approval
shall be granted  and  administrative action shall
be taken not  later  than  ten business days after
the date of submission of any application for such
license, permit, approval or administrative action
to  the  commissioner.   Each  application  for  a
license or permit  shall  be  deemed  to have been
issued, approval shall  be  deemed  to  have  been
granted and administrative  action shall be deemed
to  have  been  taken  as  requested  unless  such
application  has  been  denied,  or  conditionally
issued prior to the close of business on the tenth
business day after  either  the date of submission
of such application,  or a hearing is held on such
application pursuant to this section.
    (e) (1) Any  hearing regarding all or any part
of any project,  provided  for  by  this  section,
shall be conducted  by the particular commissioner
having jurisdiction over  the  applicable license,
permit, approval or  other  administrative action.
Legal notice of such hearing shall be published in
a newspaper having  general circulation in an area
which  includes  the  municipality  in  which  the
particular part of  such project is proposed to be
built or is being built not more than ten nor less
than five days in advance of such hearing.
    (2) In rendering  any  decision  in connection
with any project, the commissioner shall weigh all
competent   material  and   substantial   evidence
presented  by the  applicant  and  the  public  in
accordance  with  the   applicable   statute.  The
commissioner  shall  issue  written  findings  and
determinations upon which  its  decision is based.
Such findings and  determinations shall consist of
evidence presented including  such  matters as the
commissioner  deems  appropriate,   provided  such
matters,  to  the   extent   applicable   to   the
particular permit, shall include the nature of any
major adverse health  and  environmental impact of
any  project.  The  commissioner  may  reverse  or
modify any order  or  action  at  any  time on the
commissioner's own motion.  The procedure for such
reversal or modification  shall be the same as the
procedure for the original proceeding.
    (3) Any administrative  action  taken  by  any
commissioner in connection with any project may be
appealed by an  aggrieved  party  to  the superior
court for the  judicial  district  of Hartford-New
Britain  in  accordance  with  the  provisions  of
section 4-183 of the general statutes. Such appeal
shall be brought  within  ten  days of the date of
mailing to the  parties  to  the  proceeding  of a
notice  of  such  order,  decision  or  action  by
certified mail, return  receipt requested, and the
appellant shall serve a copy of the appeal on each
party listed in  the final decision at the address
shown  in such  decision.  Failure  to  make  such
service within such ten days on parties other then
the commissioner who  rendered  the final decision
may not, in  the  discretion of the court, deprive
the court of jurisdiction over such appeal. Within
ten days after  the  service  of  such  appeal, or
within such further  time as may be allowed by the
court,  the  commissioner   which   rendered  such
decision shall cause  any  portion  of  the record
that had not  been  transcribed  to be transcribed
and shall cause either the original or a certified
copy  of  the  entire  record  of  the  proceeding
appealed from to  be  transmitted to the reviewing
court.    Such   record    shall    include    the
commissioner's findings of fact and conclusions of
law,  separately  stated.   If   more   than   one
commissioner  has jurisdiction  over  the  matter,
such commissioners shall  issue  joint findings of
fact and conclusions  of  law.  Such  appeal shall
state the reasons upon which it is predicated and,
notwithstanding  any  provisions  of  the  general
statutes, shall not  stay  the  development of any
project.  The  commissioner  which  rendered  such
decision  shall appear  as  the  respondent.  Such
appeals  to  the  superior  court  shall  each  be
privileged matters and  shall  be  heard  as  soon
after the return  date  as  practicable.  A  court
shall  render  its   decision   not   later   than
twenty-one days after  the  date  that  the entire
record, with the  transcript,  is  filed  with the
court  by  the   commissioner   who  rendered  the
decision.
    (4)  The  court   shall   not  substitute  its
judgment for that  of  the  commissioner as to the
weight of the  evidence presented on a question of
fact. The court  shall  affirm the decision of the
commissioner   unless   the   court   finds   that
substantial rights of  the  party  appealing  such
decision have been  materially  prejudiced because
the findings, inferences, conclusions or decisions
of   the  commissioner   are   in   violation   of
constitutional or statutory  provisions, in excess
of the statutory  authority  of  the commissioner,
made upon unlawful procedure, affected by an error
of law, clearly erroneous in view of the reliable,
probative and substantial  evidence  on  the whole
record, or arbitrary,  capricious or characterized
by  abuse of  discretion  or  clearly  unwarranted
exercise of discretion.
    (5) If the  court finds material prejudice, it
may sustain the appeal. Upon sustaining an appeal,
the court may render a judgment which modifies the
decision of the  commissioner,  orders  particular
action  of  the   commissioner   or   orders   the
commissioner  to  take   such  action  as  may  be
necessary to effect  a  particular  action and the
commissioner may issue  a  permit  consistent with
such judgment.
    (6)  An  applicant   may   file   an   amended
application and the  commissioner  may consider an
amended application for  an order, permit or other
administrative action following court action.
    Sec. 19. Subsections  (a)  and  (b) of section
32-305 of the  general  statutes,  as  amended  by
section 4 of  public  act 97-238 and section 37 of
public act 97-11  of  the June 18 special session,
are repealed and  the  following is substituted in
lieu thereof:
    (a) The Commissioner of Revenue Services shall
segregate (1) one  and  one-half  per  cent of the
gross receipts from  sales  within  the meaning of
subdivision  (h)  of  subsection  (2)  of  section
12-407 by any  hotel  or  lodging house located in
any municipality having  a population of less than
sixty-five thousand, (2)  three  and  one-half per
cent of the  gross receipts from such sales in any
municipality  having a  population  of  sixty-five
thousand  or  more   but  less  than  seventy-five
thousand, and (3)  four  and  one-half per cent of
the  gross  receipts   from   such  sales  in  any
municipality having a  population  of seventy-five
thousand or more,  provided the commissioner shall
segregate three and one-half per cent of the gross
receipts  from  such  sales  in  the  municipality
having the most  popular tourist attraction in the
state, as determined  by the Office of Tourism, if
such municipality has  a  population  of less than
sixty-five thousand. Such  segregated  funds shall
be  allocated  to  tourism  districts  established
under section 32-302  as  follows:  The portion of
the funds attributable  to  such tax receipts in a
municipality shall be  allocated  to  the  tourism
district in which  the  municipality  is  located,
provided (A) [one  hundred] NINETY per cent of the
amount attributable to  such  gross  receipts from
sales  in  Hartford  shall  be  allocated  to  the
[Connecticut Convention Center  Authority] CAPITAL
CITY ECONOMIC DEVELOPMENT  AUTHORITY  AND  TEN PER
CENT OF THE  AMOUNT  ATTRIBUTABLE  TO  SUCH  GROSS
RECEIPTS FROM SALES IN HARTFORD SHALL BE ALLOCATED
TO  THE  GREATER   HARTFORD   ARTS   COUNCIL,  (B)
seventy-five per cent  of  the amount attributable
to such gross  receipts  from  sales  in New Haven
shall  be allocated  to  the  New  Haven  Coliseum
Authority, (C) seventy-five per cent of the amount
attributable to such  gross receipts from sales in
Stamford shall be allocated to the Stamford Center
for the Arts,  (D)  seventy-five  per  cent of the
amount attributable to  such  gross  receipts from
sales  in  Norwalk   shall  be  allocated  to  the
Maritime Center Authority,  and  (E)  seventy-five
per cent of  the amount attributable to such gross
receipts  from  sales   in   Bridgeport  shall  be
allocated  to  the   Greater   Fairfield  district
established  in  section   32-302,  for  the  sole
purpose of marketing  tourist  attractions located
in Bridgeport. If  for  any  state fiscal year the
amount of the allocation under subparagraph (E) is
less than the amount of funds allocated during the
fiscal year ending  June  30,  1991,  to  the then
existing   Bridgeport  Convention   and   Visitors
Bureau, pursuant to  sections 7-136b and 7-136c of
the general statutes,  revised to January 1, 1991,
the Connecticut Tourism  Council  shall  provide a
grant  under  section  32-300,  from  the  tourism
account, in the amount of such difference, to said
Greater Fairfield district  for  the  purpose  set
forth  in subparagraph  (E).  Notwithstanding  the
provisions of this section, during the fiscal year
ending June 30,  1998, the Commissioner of Revenue
Services  shall  segregate   one   hundred   fifty
thousand dollars from  any increase in receipts of
such amount segregated  under  this section during
the fiscal year  ending  June  30, 1997, and shall
allocate such segregated amount to the Connecticut
Film, Video and  Media  Office  established  under
section 32-86a, provided the amount segregated and
allocated to any  entity under this section is not
less  than the  amount  segregated  and  allocated
during the fiscal  year  ending June 30, 1997. Not
later  than  January   1,   1999,   and   annually
thereafter,  each  tourism   district   and   each
authority receiving funds under this section shall
submit to the  Connecticut  Tourism Council a full
audit of the books and accounts of the district or
authority for the  preceding  fiscal  year  at the
same time that an audit is submitted to the Office
of Policy and  Management  under subsection (f) of
section 32-302. Each such audit shall be conducted
by an independent certified public accountant. The
Commissioner  of  Revenue   Services   shall  also
segregate an additional one million dollars of the
sales tax receipts  from  such  sales in the state
during each state  fiscal  year  and allocate such
funds to the cultural heritage development account
established    under   section    10-373bb.    The
Commissioner  of  Revenue   Services   may   adopt
regulations, in accordance  with the provisions of
chapter  54,  concerning   accounting   procedures
necessary  to  carry  out  the  purposes  of  this
section.
    (b)  Except as  provided  by  law,  a  tourism
district,   convention   center   authority   [or]
coliseum authority OR  THE  CAPITAL  CITY ECONOMIC
DEVELOPMENT AUTHORITY, as  the  case  may  be, may
borrow money to pay its obligations that cannot be
paid at maturity  out of current revenue from such
allocations, but shall  not  borrow  a sum greater
than  can  be   repaid   out  of  the  allocations
anticipated during the  year in which the money is
borrowed. The tourism  district, convention center
authority or coliseum  authority,  as the case may
be,  may  pledge  its  securities  to  secure  the
repayment of any sum so borrowed.
    Sec. 20. (NEW)  (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  fifty-five
million dollars provided  one  hundred fifty-three
million dollars of  said  authorization  shall  be
effective  July  1,   1999,  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  State
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.
    (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 by the Department
of  Economic  and   Community  Development  for  a
grant-in-aid   to  the   Capital   City   Economic
Development Authority for  the  convention  center
project, as defined  in subdivision (3) of section
1  of  this   act,  provided  no  amount  of  said
authorization  that is  effective  July  1,  1999,
shall  be issued  under  this  section  until  the
Capital   City  Economic   Development   Authority
certifies to the State Bond Commission that it has
received a commitment  by  agreement,  contract or
other legally enforceable  instrument with private
investors or developers:  (1) For the construction
of a hotel  in  conjunction  with  the  convention
center project with  a  minimum private investment
of forty million  dollars;  and  (2) an additional
minimum private, investment of one hundred seventy
million dollars in  either  the  convention center
project  or  in   related  commercial  development
within  the  capital   city  economic  development
district, as defined  in  section  1  of  this act
which the authority  has determined would not have
been developed but  for  the  development  of  the
convention center project.  For  purposes  of this
subsection,     private    investment     includes
investments by state or municipal pension funds.
    (c) All provisions  of  section  3-20  of  the
general statutes, 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
subdivisions (1) and (2) 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 of the general
statutes, 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.
    Sec. 21. (a)  For  the  purposes  described in
subsection (b) of  this  section,  the  State Bond
Commission shall have  the  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 not
exceeding in the aggregate thirty million dollars.
    (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  by the Regional
Community-Technical College System for the purpose
of development of  the  downtown  higher education
center project, as  defined  in  section 1 of this
act.
    (c) All provisions  of  section  3-20  of  the
general statutes, 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  this
section, and temporary  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. Such bonds  shall  mature at such time or
times  not  exceeding   twenty  years  from  their
respective dates as may be provided in or pursuant
to the resolution or resolutions of the State Bond
Commission authorizing such  bonds.  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  or on behalf of the Secretary
of the Office  of Policy and Management and states
such terms and  conditions  as said commission, in
its discretion, may  require.  Said  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
said bonds as the same become due, and accordingly
and as part  of the contract of the state with the
holders  of  said   bonds,  appropriation  of  all
amounts necessary for  punctual  payment  of  such
principal and interest  is  hereby  made,  and the
State  Treasurer  shall  pay  such  principal  and
interest as the same become due.
    Sec. 22. (NEW)  (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  fifteen
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  State 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.
    (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 by the Department
of   Economic  and   Community   Development   for
grants-in-aid  for  capital   city   projects   as
follows:
    (1) For the  Civic Center and coliseum complex
renovation and rejuvenation project, not exceeding
fifteen million dollars;
    (2)   For   the    riverfront   infrastructure
development and improvement project, not exceeding
twenty-five  million dollars  provided  no  amount
shall be issued  under  this subdivision until the
Commissioner of Economic and Community Development
certifies to the State Bond Commission that it has
received a commitment  by  agreement,  contract or
other legally enforceable  instrument with private
investors  or developers  for  a  minimum  private
investment equal to  the  amount  of  bonds at the
time  such  bonds  are  issued  pursuant  to  this
subdivision  taken  together   with  any  previous
commitments; and provided  further, twelve million
dollars of said  authorization  shall be effective
July 1, 1999,  and  seven  million dollars of said
authorization shall be effective July 1, 2001;
    (3)  For  housing   projects,  as  defined  in
subparagraph (E) of  subdivision  (2) of section 1
of this act,  not  exceeding  thirty-five  million
dollars, provided seven  million  dollars  of said
authorization shall be  effective  July  1,  1999,
fourteen  million dollars  of  said  authorization
shall be effective  July  1,  2000,  and  fourteen
million dollars of  said  authorization  shall  be
effective July 1, 2001;
    (4) For demolition  projects,  as  defined  in
subparagraph (E) of  subdivision  (2) of section 1
of this act,  not  exceeding  twenty-five  million
dollars, provided seven  million  dollars  of said
authorization shall be  effective  July  1,  1999,
eight million dollars  of said authorization shall
be  effective  July  1,  2000,  and  five  million
dollars of said  authorization  shall be effective
July 1, 2001;
    (5)  For  parking   projects,  as  defined  in
subparagraph (F) of  subdivision  (2) of section 1
of this act, not exceeding fifteen million dollars
provided   five   million    dollars    of    said
authorization shall be effective July 1, 1999, and
five million dollars  of  said authorization shall
be effective July 1, 2000.
    (c) All provisions  of  section  3-20  of  the
general statutes, 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
subdivisions (1) and (2) 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 section  20  of  this  act  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 of the general
statutes, 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.
    Sec. 23. (a)  As  used  in  this  section  and
section 24 of this act:
    (1) "Application" means  the  application with
respect to the  Steel  Point  Project submitted to
the  authority  for   participation   in  the  tax
incremental  financing program  pursuant  to  this
act;
    (2)   "Authority"   means    the   Connecticut
Development Authority;
    (3)  "City"  means   the   town  and  city  of
Bridgeport;
    (4) "Developer" means  a developer selected by
the city through a request for proposal process to
develop the Steel Point Project;
    (5) "Steel Point  Project  area"  means all or
any portion of  the  area  in  the vicinity of the
city's harbor known  as  the  Steel  Point site as
delineated in the  Steel  Point  Project area plan
approved by the  city's  redevelopment  agency and
submitted as part  of  the  application,  as  such
project area plan may be amended from time to time
by the city's  redevelopment  agency, provided any
amendment to such  plan  made after the submission
of the application  shall  require approval of the
authority;
    (6) "Project area  taxes"  means the following
taxes generated within  the  Steel  Point  Project
area: (A) All  sales and use taxes collected under
chapter 219 of  the  general  statutes except that
(i) the percentage  of  such  sales tax segregated
and allocated to  a  tourism  district pursuant to
section 32-305 of  the  general  statutes shall be
excluded in calculating  project  area  taxes  and
(ii) retail sales  taxes  shall be excluded to the
extent they exceed thirty per cent of total retail
sales  taxes  generated  within  the  Steel  Point
Project area; and  (B) all admissions, cabaret and
dues taxes collected  under  chapter  225  of  the
general statutes;
    (7)  "Project businesses"  means  all  persons
operating any business, on and after the effective
date of this  act,  located within the Steel Point
Project area including, but not limited to, retail
stores, restaurants, theaters,  hotels, convention
centers, docks and  marine  facilities  and  other
recreation and entertainment facilities;
    (8) "Retail sales taxes" means the sales taxes
generated by the  sale  of  personal  property  to
consumers by Steel Point Project businesses in the
ordinary course of their business;
    (9)   "Steel   Point    Project"   means   the
undertaking  of  one  or  more  of  the  following
activities within the  Steel  Point  Project area:
(A)  The  acquisition  of  land  and  improvements
thereon by gift,  purchase,  or eminent domain and
the demolition, removal or rehabilitation of those
improvements; (B) the  development, redevelopment,
revitalization or conservation  of the Steel Point
Project    area    through    the    construction,
reconstruction or rehabilitation  of buildings and
infrastructure  improvements  including,  but  not
limited to, the  rail system, roadways, bulkheads,
docks, environmental pollution control facilities,
parking facilities or  other improvements therein.
Such development also  may  include,  but  not  be
limited to, the  construction  of  commercial  and
office space, hotels,  restaurants,  a  conference
center, a movie  theatre  complex, educational and
cultural  facilities, a  retail  shopping  center,
docks and marina  facilities  and other recreation
and   entertainment  facilities;   and   (C)   the
provision  of grants,  loans,  security  or  other
assistance  to  the   city  or  the  developer  in
connection with any  of  the foregoing activities;
and shall further  mean the provision of financial
and other assistance  in the relocation of persons
displaced by the  Steel  Point  Project  including
assistance for relocation  outside  of  the  Steel
Point  Project  area   in   accordance   with  the
provisions of chapter 135 of the general statutes.
    (b)  There  is   hereby   established   a  tax
incremental  financing  program  under  which  the
project area taxes  which  are  generated  by  the
Steel Point Project  may  be  used to pay the debt
service on bonds  issued  under  this  act  by the
authority to help  finance the Steel Point Project
subject to the  limitations  of  subsection (i) of
this section.
    (c) In order  to  implement  the provisions of
this   section,  the   city   shall   submit   the
application to the  authority  in  accordance with
the provisions of this subsection. The application
shall contain such  information  as  the authority
may require, including,  but  not  limited to: (1)
Information  concerning  the  type  of  businesses
proposed  to be  established  and  their  location
within  the Steel  Point  Project  area;  (2)  the
number of jobs to be created or retained and their
average wage rates;  (3)  feasibility  studies  or
business plans for  the  Steel  Point  Project and
other  information necessary  to  demonstrate  its
financial viability; (4)  the amounts and types of
bonds proposed to  be  issued  for the Steel Point
Project and the  proposed use of the proceeds; (5)
a geographic description  of  the area surrounding
the proposed site  of  the Steel Point Project and
the existing firms  doing  business  in that area;
(6) an economic  impact  assessment of the effects
of the Steel  Point  Project  on  the city and the
surrounding  region;  (7)  an  assessment  of  the
project area taxes  to  be  generated by the Steel
Point  Project;  (8)   an  analysis  of  necessary
infrastructure development to  support  the  Steel
Point  Project  and   any   available  sources  of
financing for such  infrastructure;  and (9) other
information  which  demonstrates  that  the  bonds
shall be self-sustaining  from  the  project  area
taxes  to  be   derived   as   a   result  of  the
construction and operation  of  the various phases
of the Steel  Point  Project.  The authority shall
impose a fee  for the application in the amount of
twenty-five thousand dollars.  Any  costs incurred
by the authority  which  are  associated  with the
application and are  not covered by such fee shall
be paid from  funds of the authority which are not
otherwise committed or pledged.
    (d)  (1) In  reviewing  the  application,  the
authority shall obtain such additional information
as may be necessary to make a final determination.
The  authority  may   require  the  city  and  the
developer to submit such additional information as
may be necessary to evaluate the application.
    (2)  The  authority   shall  retain  financial
consultants nationally recognized  in financing or
development  of  major   commercial   real  estate
projects and other experts as it deems appropriate
to conduct an  independent financial assessment of
the   application  and   supporting   information,
including: (A) The  amount  of  the  project  area
taxes  and  incremental   property   taxes  to  be
generated by the various phases of the Steel Point
Project; (B) whether  the  Steel  Point Project is
reasonably expected to be economically viable; (C)
whether  project  area   taxes   and   incremental
property taxes to  be  derived  as a result of the
construction and operation  of  the various phases
of the Steel  Point  Project,  together with other
dedicated sources of  financing  available  to pay
debt service on  the  bonds, will be sufficient to
pay principal and  interest  on  the  bonds issued
under this section  and  section 24 of this act as
they  come  due;   (D)   whether  the  developer's
estimates  or determinations  of  costs,  time  of
construction,   availability  of   financing   and
projected cash flows  and  income  streams  of the
various phases of the Steel Point Project are each
commercially reasonable; and  (E)  a determination
of the overall  economic impact of the Steel Point
Project on the  city and the state. Such financial
consultants' findings shall  be addressed to, with
authorization that they may be relied upon by, the
authority, the Office of Policy and Management and
the State Bond Commission.
    (e) (1) Upon consideration of the application,
the   results   of   the   independent   financial
assessment and any additional information that the
board  of  directors  of  the  authority  requires
concerning the Steel  Point Project, such board of
directors shall determine  whether  to approve the
Steel Point Project  for  participation in the tax
incremental  financing program  and,  if  so,  the
amount and type of bonds the authority shall issue
to support the  Steel  Point Project, the purposes
for which the funds generated by sale of the bonds
may be applied  and the amount of the project area
taxes that shall be allocated to pay principal and
interest  over  the   term   that  the  bonds  are
scheduled to be outstanding. The amount of project
area  taxes so  allocated  shall  not  exceed  the
estimated aggregate amount  of  project area taxes
to be collected  over  the term that the bonds are
scheduled to be  outstanding.  The amount required
for payment of principal and interest on the bonds
issued in accordance  with  subsection (f) of this
section  shall be  deemed  appropriated  from  the
General Fund.
    (2) The authority  may  approve  financing for
the Steel Point Project only if it concludes that:
(A) The project  area  taxes  to  be  derived as a
result of the  construction  and  operation of the
Steel Point Project, together with other dedicated
sources of financing available to pay debt service
on the bonds,  will be sufficient to pay principal
and interest on  the  bonds  as they come due; (B)
the  Steel  Point  Project  will  be  economically
viable  and  will   contribute   significantly  to
economic development and employment opportunity in
the state; (C)  the  direct  and indirect economic
benefits of the  Steel  Point Project to the state
and the city will be greater than the costs to the
state and the  city;  and (D) (i) the developer is
obligated to complete construction of any phase of
the Steel Point Project then to be constructed the
construction of which  is  necessary  to  generate
project area taxes  needed  to fund the bonds then
to be issued and (ii) the developer has sufficient
resources to complete such construction.
    (3) The approval of the Steel Point Project by
the authority may be combined with the exercise of
any  of  its  other  powers,  including,  but  not
limited  to,  the  provision  of  other  forms  of
financial assistance. The  proceeds  of  the bonds
may be combined  with  any  other  funds available
from state, city  or  federal  programs,  or  from
investments by the  private sector, to support the
Steel Point Project.
    (4) Upon approving  the  Steel  Point Project,
the  authority  may   require   the  developer  to
reimburse the authority for all or any part of the
costs  of  the  independent  financial  assessment
conducted in reviewing  the  application  and  any
other related costs incurred by the authority.
    (5) As a  condition  to  approving  the  Steel
Point Project, the  authority  shall  consider all
issues relevant to  the  sale  and  payment of any
bonds to be  issued  under  this  section  and may
require any appropriate  measures  to  secure  the
public interest in  the  payment  of  interest and
principal on such bonds.
    (f) (1) The  authority may issue, from time to
time, but in  no  case later than January 1, 2003,
one or more series of bonds in accordance with the
provisions of chapter 579 of the general statutes,
to the extent not inconsistent with the provisions
of this subsection,  payable  in  whole or in part
from the project  area  taxes allocated and deemed
appropriated   from   the   General   Fund   under
subsection (e) of  this  section  to  finance  the
various  phases of  the  Steel  Point  Project  as
approved under this  section  or,  at any time, to
refund bonds previously issued under this section.
The authority may  make  a grant of all or part of
the  proceeds of  such  bonds  to  any  person  in
connection with the Steel Point Project, including
the state or  the  city, or any instrumentality or
agency of the  state  or the city, to defray their
expenses  in  connection   with  the  Steel  Point
Project. Subject to  applicable  federal  tax law,
the authority may  issue  such bonds, the interest
on  which is  excludable  from  gross  income  for
federal income tax  purposes,  or  such bonds, the
interest  on  which  is  not  so  excludable.  The
authority, when authorizing  the  issuance  of any
series of such  bonds,  shall, in conjunction with
the  State  Treasurer,   determine   the  rate  of
interest of such bonds, the date or dates of their
maturity, the medium  of  payment,  the redemption
terms and privileges,  whether such bonds shall be
sold by negotiated or competitive sale and any and
all  other terms,  covenants  and  conditions  not
inconsistent with this section, in connection with
the issuance thereof,  including,  but not limited
to,  the  creation   of  capitalized  interest  or
operating reserves and  the  pledging  of  special
capital reserve funds  authorized under subsection
(b) of section 32-23j of the general statutes.
    (2) The issuance of any bonds by the authority
pursuant to this  section  shall be subject to the
approval of the  State  Bond  Commission.  If  the
authority approves bonding  for  the  Steel  Point
Project, the authority  shall submit the matter to
the State Bond  Commission  for final approval. In
reaching its decision,  the  State Bond Commission
may consider the  information  considered  by  the
authority,  the independent  financial  assessment
and such other  financial  information as it deems
appropriate. After such approval by the State Bond
Commission, no other  approval  shall  be required
for the issuance of bonds pursuant to this section
to support the Steel Point Project.
    (3) Prior to  the issuance of any bonds by the
authority pursuant to  this section, the developer
shall deliver to  the  authority  security for its
performance  of that  phase  of  the  Steel  Point
Project then to be constructed.
    (4) The issuance of any bonds by the authority
pursuant to this  section  shall  be deemed issued
under section 32-285  of  the general statutes for
purposes of calculating  the state debt limitation
pursuant to section 3-21 of the general statutes.
    (g) For such period of time as bonds issued to
support the Steel  Point  Project are outstanding,
the State Treasurer shall make payment of interest
and principal on  the  bonds  to  the trustee when
due, but not  exceeding  in  any  fiscal  year the
amount deemed appropriated  pursuant to subsection
(f) of this section.
    (h) The authority is authorized to issue bonds
pursuant to this section, from time to time in one
or  more  series,  in  the  aggregate  outstanding
principal amount not  to exceed the lesser of: (1)
One hundred twenty  million dollars; or (2) twenty
per cent of the projected costs including, but not
limited to, loan  proceeds, investments and tenant
improvements  expended by  both  the  private  and
public  sector to  complete  the  development  and
construction  of  the   Steel   Point  Project  as
certified by the  developer.  Such  limits  on the
maximum  amount  of   bonds  that  may  be  issued
pursuant to this section shall be exclusive of all
issuance  costs, discounts,  reserves  and  credit
enhancement costs.
    (i) (1) Not later than July first in each year
that  bonds issued  to  support  the  Steel  Point
Project  are  outstanding,   the  authority  shall
submit a report to the joint standing committee of
the General Assembly  having cognizance of matters
relating  to finance,  revenue  and  bonding  with
respect   to   the    operations,   finances   and
achievement of the economic development objectives
of the Steel  Point  Project.  The authority shall
review and evaluate  the  progress  of  the  Steel
Point  Project  and   shall   devise   and  employ
techniques for forecasting  and measuring relevant
indices of accomplishment of its goals of economic
development, including, but  not  limited  to, (A)
for   the   construction    period,   the   actual
expenditures compared to  original estimated costs
and  whether  there   has  been  significant  cost
increases over original  estimates, (B) the number
of jobs created,  or  to  be  created,  by or as a
result of the Steel Point Project, (C) the cost or
estimated cost, to  the authority, involved in the
creation of those  jobs, (D) the amount of private
capital investment in, or stimulated by, the Steel
Point Project, in  proportion  to the public funds
invested  in  such  project,  (E)  the  number  of
additional businesses created and associated jobs,
and (F) the impact on tourism.
    (2) Not later  than  July  first  in each year
that  bonds issued  to  support  the  Steel  Point
Project are outstanding,  the Office of Policy and
Management  shall  retain   nationally  recognized
independent  financial  experts   to   conduct  an
analysis of the  financial  status  of  the  Steel
Point Project. The  independent financial analysis
shall   include,   but    not   be   limited   to,
determinations  as to  whether  the  project  area
taxes  actually  generated   by  the  Steel  Point
Project are equal  to  the  estimates  made at the
time the Steel Point Project was approved, whether
the Steel Point Project is economically viable and
whether project area  taxes  to  be  derived  as a
result of the  construction  and  operation of the
various  phases  of   the   Steel  Point  Project,
together with other dedicated sources of financing
available to pay  debt  service on the bonds, will
be sufficient to pay principal and interest on the
bonds  as  they  come  due.  The  authority  shall
require the developer  to  reimburse the Office of
Policy and Management for the costs of such annual
analyses. The results  of  such  analyses shall be
made available to  the  chairpersons  and  ranking
members of the  joint  standing  committee  of the
General  Assembly  having  cognizance  of  matters
relating to finance, revenue and bonding.
    (j) Each of the Steel Point Project businesses
shall be required  to calculate and deliver to the
authority a report  as  to  the  amount of project
area taxes generated  by  such person on an annual
basis or on  such  other  basis as required by the
authority.
    (k)  In  accordance  with  the  provisions  of
section  32-462  of   the  general  statutes,  the
authority,   the  Department   of   Economic   and
Community Development or  Connecticut  Innovation,
Incorporated  are  hereby  authorized  to  provide
financial assistance to  the  Steel Point Project,
in any two-year  period,  in  an  aggregate amount
exceeding ten million  dollars. The authority, the
Department of Economic  and  Community Development
or  Connecticut  Innovations,   Incorporated   are
hereby authorized to  provide financial assistance
to the Steel  Point Project in an aggregate amount
not to exceed  two  hundred  million  dollars when
combined with any  funds  from  the  city  for the
Steel Point Project,  exclusive  of  all  issuance
costs,  discounts,  reserves,  credit  enhancement
costs  and financial  assistance  from  any  other
state  agency  or  the  federal  government.  Such
financial assistance may  be  provided in the form
of grants, loans,  loan  guarantees,  contracts of
insurance, investments, or  combinations  thereof,
which are provided  from  the  proceeds  of bonds,
notes or other  obligations  of  the  state  or an
agency which constitute a debt or liability of the
state or which  are  secured  by a special capital
reserve fund payable  from amounts appropriated or
deemed   appropriated  from   the   General   Fund
including, without limitation,  from bond proceeds
issued pursuant to  section  4-66c  of the general
statutes.
    Sec. 24. (a) As used in this section:
    (1)   "Bonds"  means   any   bonds   including
refunding  bonds,  notes,   debentures   or  other
obligations issued pursuant to this section;
    (2)  "Incremental property  taxes"  means  the
amount by which  all  real  and  personal property
taxes levied and  collected within the Steel Point
Project  area or  portion  thereof  together  with
payments in lieu  of such taxes and reimbursements
from state tax reimbursement programs with respect
to such taxes  exceed  for  each  fiscal year that
amount of such  real  and personal property taxes,
payments in lieu  of  such  taxes or reimbursement
from state tax reimbursement programs with respect
to such taxes,  or  all  of  them,  which would be
produced by applying  the then current tax rate to
the total sum of the assessed value of the taxable
real and personal  property  in  the  Steel  Point
Project area on the effective date of the approval
of the financing  of such phase of the Steel Point
Project by the city council;
    (3) "City council"  means  the city council of
the town and city of Bridgeport; and
    (4) "Committee" means  a  committee consisting
of the director  of finance, the treasurer and the
mayor of the city.
    (b)  For  the  purpose  of  assisting  in  the
financing of the Steel Point Project, the city may
issue,  subject  only   to   the  limitations  and
procedures set forth in this section, from time to
time, one or  more  issues  of  bonds  of the city
which are payable  solely from and secured by: (1)
A pledge of,  and  lien  upon,  any  or all of the
income, proceeds and  revenues and property of the
Steel Point Project  or portion thereof, including
the proceeds of  grants,  state  tax reimbursement
programs,  loans,  advances  or  contributions  or
financial assistance from  the federal government,
the state or  other  sources;  (2) the incremental
property taxes; or  (3)  any  combination  of  the
methods  in  subdivisions  (1)  and  (2)  of  this
subsection.
    (c) Any bonds  payable and secured as provided
in  this  section   shall   be   authorized  by  a
resolution adopted by  the  city  council. No such
resolution shall be  adopted  until after a public
hearing has been  held  upon  such  authorization.
Notice of such hearing shall be published not less
than  five  days   prior  to  such  hearing  in  a
newspaper  having a  general  circulation  in  the
city. Such bonds  shall be issued and sold in such
manner;  bear interest  at  such  rate  or  rates,
including variable rates;  provide for the payment
of interest on  such dates; be issued at, above or
below  par; mature  at  such  time  or  times  not
exceeding  thirty  years   from   their   date  of
issuance; have such  rank  or priority; be payable
in such medium of payment; be issued in registered
or book-entry form,  carry  such  registration and
transfer  privileges  and   be   made  subject  to
purchase or redemption  before  maturity  at  such
price  or  prices   and   under   such  terms  and
conditions,  including  the  condition  that  such
bonds be subject  to purchase or redemption on the
demand of the owner thereof and contain such other
terms and particulars  as  the city council or the
committee may determine.  The  city council or the
committee may approve any or all of the following:
(1) Provisions respecting  custody of the proceeds
from  the  sale   of   the   bonds  and  any  bond
anticipation  notes,  including  any  requirements
that such proceeds be held separate from or not be
commingled  with other  funds  of  the  city;  (2)
provisions for the  investment and reinvestment of
bond proceeds until  such proceeds are used to pay
costs of the  Steel  Point  Project  and  for  the
disposition  of  any   excess   bond  proceeds  or
investment earnings thereon;  (3)  provisions  for
the  execution  of   reimbursement  agreements  or
similar agreements including,  but not limited to,
letters of credit  or  policies of bond insurance,
remarketing  agreements  and  agreements  for  the
purpose of moderating  interest rate fluctuations;
(4)  provisions  for   the   collection,  custody,
investment,  reinvestment  and   use   of  pledged
revenues  or  other   receipts,  funds  or  moneys
pledged for payment  of  bonds as provided in this
section;    (5)    provisions     regarding    the
establishment and maintenance of reserves, sinking
funds and any  other  funds  and  accounts and the
regulation  and  disposition   thereof,  including
requirements that any  such  funds and accounts be
held separate from or not be commingled with other
funds  of  the   city;   (6)   covenants  for  the
establishment  of  maintenance  requirements  with
respect   to  facilities   and   properties;   (7)
provisions for the issuance of additional bonds on
a parity with  bonds  issued prior to the issuance
of such additional  bonds, including establishment
of  coverage requirements  with  respect  to  such
bonds as provided  in this section; (8) provisions
regarding the rights and remedies available to the
bond owners, note  owners or any trustee under any
contract, loan agreement,  document, instrument or
trust indenture in  case  of  a default, including
the right to  appoint a trustee to represent their
interests upon occurrence of any event of default,
as  defined  in   any  such  default  proceedings,
provided if any  bonds  or bond anticipation notes
are secured by  a  trust indenture, the respective
owners  of such  bonds  or  notes  shall  have  no
authority  except  as  set  forth  in  such  trust
indenture  to  appoint   a   separate  trustee  to
represent  them;  and   (9)  other  provisions  or
covenants of like  or different character from the
foregoing which are  consistent  with this section
and  which  the   committee   determines  in  such
proceedings are necessary, convenient or desirable
in  order to  better  secure  the  bonds  or  bond
anticipation notes or  will tend to make the bonds
or bond anticipation  notes  more  marketable  and
which are in the best interests of the city.
    (d) Any pledge made by the city shall be valid
and binding from  the time when the pledge is made
and  any revenues  or  other  receipts,  funds  or
moneys so pledged  and  thereafter received by the
city shall be  subject  immediately to the lien of
such pledge without  any physical delivery thereof
or further act.  The lien of any such pledge shall
be valid and binding as against all parties having
claims of any  kind in tort, contract or otherwise
against the city,  irrespective  of  whether  such
parties have notice of such lien. Such pledge will
be  perfected  without  any  need  to  record  any
instrument or document.  The city may enter into a
trust indenture which  may be any trust company or
bank having the  powers  of a trust company within
or without the  city.  Such  trust  indenture  may
contain  such  provisions   for   protecting   and
enforcing the rights  and  remedies  of  the  bond
owners and note  owners  as  may be reasonable and
proper and not  in  violation  of  law,  including
covenants setting forth  the duties of the city in
relation to the  exercise of its power pursuant to
this section and  the  custody,  safeguarding  and
application of all moneys. The city may provide by
such  trust  indenture  for  the  payment  of  the
pledged  revenues  or  other  receipts,  funds  or
moneys to the  trustee  under such trust indenture
or to any  other depository, and for the method of
disbursement  thereof, with  such  safeguards  and
restrictions as it  may  determine.  All  expenses
incurred in carrying  out such trust indenture may
be treated as  project costs. Such bonds shall not
be   included   in    computing    the   aggregate
indebtedness of the  city  provided, if such bonds
are made payable,  in whole or in part, from funds
contracted  to  be   advanced  by  the  city,  the
aggregate   amount   of   such   funds   not   yet
appropriated to such  purpose shall be included in
computing the aggregate indebtedness of the city.
    Sec. 25. Subsection  (j)  of section 32-285 of
the general statutes is repealed and the following
is substituted in lieu thereof:
    (j) (1) Not later than July first in each year
that bonds issued  to  support an approved project
are  outstanding, the  authority  shall  submit  a
report [on the implementation of the provisions of
this section] to  the joint standing committees of
the General Assembly  having cognizance of matters
relating  to  the   Department   of  Economic  and
Community  Development and  finance,  revenue  and
bonding WITH RESPECT  TO  THE OPERATIONS, FINANCES
AND  ACHIEVEMENT  OF   THE   ECONOMIC  DEVELOPMENT
OBJECTIVES OF THE  PROJECTS  APPROVED  UNDER  THIS
SECTION. THE AUTHORITY  SHALL  REVIEW AND EVALUATE
THE PROGRESS OF  EACH PROJECT AND SHALL DEVISE AND
EMPLOY TECHNIQUES FOR  FORECASTING  AND  MEASURING
RELEVANT INDICES OF ACCOMPLISHMENT OF ITS GOALS OF
ECONOMIC DEVELOPMENT, INCLUDING,  BUT  NOT LIMITED
TO,  (A)  THE   ACTUAL  EXPENDITURES  COMPARED  TO
ORIGINAL ESTIMATED COSTS,  (B)  WHETHER THERE HAVE
BEEN  SIGNIFICANT  COST  INCREASES  OVER  ORIGINAL
ESTIMATES, (C) THE  NUMBER  OF JOBS CREATED, OR TO
BE CREATED, BY  OR AS A RESULT OF THE PROJECT, (D)
THE COST OR  ESTIMATED  COST,  TO  THE  AUTHORITY,
INVOLVED IN THE  CREATION  OF  THOSE JOBS, (E) THE
AMOUNT  OF  PRIVATE   CAPITAL  INVESTMENT  IN,  OR
STIMULATED BY, THE  PROJECT,  IN PROPORTION TO THE
PUBLIC FUNDS INVESTED  IN  SUCH  PROJECT,  (F) THE
NUMBER  OF  ADDITIONAL   BUSINESSES   CREATED  AND
ASSOCIATED JOBS, AND (G) ANY IMPACT ON TOURISM.
    (2) Not later  than  July  first  in each year
that bonds issued  to  support an approved project
are  outstanding,  the   Office   of   Policy  and
Management  shall  retain   independent  financial
experts to conduct  an  analysis  of the financial
status  of  each   project   approved  under  this
section. The independent  financial analysis shall
include, but not  be limited to, determinations as
to whether the  incremental  sales and admissions,
cabaret and dues  taxes  actually generated by the
project are equal  to  the  estimates  made at the
time the project was approved, whether the project
is  economically  viable  and  whether  the  bonds
issued are self-sustaining  with  the  incremental
taxes  actually  collected   and  other  financing
sources dedicated to  repayment  of the bonds. The
authority shall require  the  project  sponsor  to
reimburse the Office  of Policy and Management for
the costs of  such annual analyses. The results of
such  analyses shall  be  made  available  to  THE
PRESIDENT PRO TEMPORE  OF  THE SENATE, THE SPEAKER
OF THE HOUSE  OF REPRESENTATIVES, THE MAJORITY AND
MINORITY  LEADERS  OF  BOTH  HOUSES,  AND  TO  the
chairpersons   and   ranking   members   of   said
committees.
    Sec. 26. Subsection  (k)  of section 32-285 of
the general statutes is repealed and the following
is substituted in lieu thereof:
    (k) No commitments  for  new projects shall be
approved by the authority under this section on or
after [July 1, 1998] JULY 1, 2001.
    Sec. 27. (a) In accordance with the provisions
of section 32-462  of  the  general  statutes, the
Department of Economic  and Community Development,
the   Connecticut   Development    Authority    or
Connecticut  Innovations, Incorporated  is  hereby
authorized to provide  financial assistance to the
town and city  of  New  Haven  for  the purpose of
improvements in the  Long  Wharf area of said town
and city, in  any two-year period, in an aggregate
amount exceeding ten million dollars.
    (b)  The  town   and  city  of  New  Haven  is
authorized to apply for tax increment financing in
accordance with the  provisions  of section 32-285
of the general  statutes,  as amended by this act,
to provide financial  assistance  to said town and
city for the  purpose  of improvements in the Long
Wharf  area  of   said   town  and  city  and  the
Connecticut Development Authority is authorized to
issue up to  twenty-eight  million  dollars of tax
increment financing under  the program established
under said section.
    Sec. 28. Subsection  (g)  of section 32-285 of
the general statutes is repealed and the following
is substituted in lieu thereof:
    (g) (1) The  authority  may  issue one or more
series of bonds  in accordance with the provisions
of chapter 579,  to  the  extent  not inconsistent
with the provisions of this subsection, payable in
whole  or  in  part  from  the  incremental  taxes
allocated and deemed  appropriated  from the state
General Fund under  subsection (f) of this section
and  any amounts  contributed  by  a  municipality
under subsection (i) of this section, to finance a
project approved under  this  section or to refund
bonds previously issued  under  this  section. The
authority is authorized  to make a grant of all or
part of the  proceeds  of such bonds to any person
in connection with  the  acquisition, construction
and equipping of  an  eligible  project, including
the expense of  the  state or any municipality, or
any instrumentality or  agency of the state or any
municipality, in connection  therewith. Subject to
applicable  federal tax  law,  the  authority  may
issue  such  bonds,   the  interest  on  which  is
excludable from gross  income  for  federal income
tax purposes, or such bonds, the interest on which
is  not  so   excludable.   The   authority,  when
authorizing the issuance  of  any  series  of such
bonds,  shall,  in   conjunction  with  the  State
Treasurer, determine the  rate of interest of such
bonds, the date  or  dates  of their maturity, the
medium  of  payment,   the  redemption  terms  and
privileges, whether such  bonds  shall  be sold by
negotiated or competitive  sale  and  any  and all
other   terms,  covenants   and   conditions   not
inconsistent with this section, in connection with
the issuance thereof,  including  but  not limited
to, the pledging  of special capital reserve funds
authorized under subsection (b) of section 32-23j.
    (2) The issuance of any bonds by the authority
under  this  section   shall  be  subject  to  the
approval  of  the   State  Bond  Commission.  Upon
approving a project,  the  authority  shall submit
the matter to  the State Bond Commission for final
approval.  THE STATE  BOND  COMMISSION  SHALL  NOT
APPROVE ANY PROJECT  UNLESS  IT  HAS  RECEIVED THE
SUBMISSION FROM THE  AUTHORITY  AT  LEAST TEN DAYS
PRIOR TO THE  MEETING  AT WHICH SUCH PROJECT IS TO
BE CONSIDERED. SUCH  SUBMISSION  SHALL INCLUDE THE
INFORMATION  CONSIDERED  BY   THE   AUTHORITY   IN
APPROVING THE PROJECT,  THE  INDEPENDENT FINANCIAL
ASSESSMENT  AND  SUCH  OTHER  INFORMATION  AS  THE
COMMISSION  DEEMS  APPROPRIATE.  In  reaching  its
decision, the State  Bond  Commission may consider
[the information considered  by the authority, the
independent financial assessment  and  such  other
financial  information as  it  deems  appropriate]
SUCH INFORMATION AS SUBMITTED. After such approval
by the Bond Commission, no other approval shall be
required for the project.
    Sec. 29. Sections 32-185 to 32-198, inclusive,
of the general statutes are repealed.
    Sec. 30. This  act  shall take effect from its
passage, except that  sections 1 to 18, inclusive,
shall take effect  June  1,  1998, sections 19, 20
and 22 shall take effect July 1, 1998, and section
21 shall take effect July 1, 1999.

Approved June 5, 1998