Substitute House Bill No. 5038
Substitute House Bill No. 5038
PUBLIC ACT NO. 98-259
AN ACT INCREASING CERTAIN BOND AUTHORIZATIONS FOR
CAPITAL IMPROVEMENTS.
Be it enacted by the Senate and House of
Representatives in General Assembly convened:
Section 1. Subsections (a) and (b) of section
4-66c of the general statutes, as amended by
section 2 of public act 97-1 of the June 5 special
session, are repealed and the following is
substituted in lieu thereof:
(a) For the purposes of subsection (b) of
this section, the State Bond Commission shall have
power, from time to time, to authorize the
issuance of bonds of the state in one or more
series and in principal amounts not exceeding in
the aggregate [three] FOUR hundred [eighty-four]
NINE million six hundred ninety-five thousand nine
hundred two dollars, provided [fifty-four]
SEVENTY-NINE million four hundred thousand dollars
of said authorization shall be effective July 1,
1998. All provisions of section 3-20, or the
exercise of any right or power granted thereby,
which are not inconsistent with the provisions of
this section, are hereby adopted and shall apply
to all bonds authorized by the State Bond
Commission pursuant to 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 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
Treasurer shall pay such principal and interest as
the same become due.
(b) The proceeds of the sale of said bonds,
to the extent hereinafter stated, shall be used,
subject to the provisions of subsections (c) and
(d) of this section, for the purpose of
redirecting, improving and expanding state
activities which promote community conservation
and development and improve the quality of life
for urban residents of the state as hereinafter
stated: (1) For the Department of Economic and
Community Development: Economic and community
development projects, including administrative
costs incurred by the Department of Economic and
Community Development, not exceeding sixty-seven
million three hundred thousand dollars, provided
four million four hundred thousand dollars of said
authorization shall be effective July 1, 1998; (2)
for the Department of Transportation: Urban mass
transit, not exceeding [one] TWO million [nine
hundred ninety-five thousand nine hundred two]
dollars; (3) for the Department of Environmental
Protection: Recreation development and solid waste
disposal projects, not exceeding [two] ONE million
NINE HUNDRED NINETY-FIVE THOUSAND NINE HUNDRED TWO
dollars; (4) for the Department of Social
Services: Child day care projects, elderly
centers, shelter facilities for victims of
domestic violence, emergency shelters and related
facilities for the homeless, multipurpose human
resource centers and food distribution facilities,
not exceeding thirty-nine million one hundred
thousand dollars, provided four million dollars of
said authorization shall be effective July 1,
1994; (5) for the Department of Economic and
Community Development: Housing projects, not
exceeding three million dollars; (6) for the
Office of Policy and Management: (A) Grants-in-aid
to municipalities for a pilot demonstration
program to leverage private contributions for
redevelopment of designated historic preservation
areas, not exceeding one million dollars; (B)
grants-in-aid for urban development projects
including economic and community development,
transportation, environmental protection, public
safety, children and families and social services
projects and programs, including, in the case of
economic and community development projects
administered on behalf of the Office of Policy and
Management by the Department of Economic and
Community Development, administrative costs
incurred by the Department of Economic and
Community Development, not exceeding two hundred
[seventy] NINETY-FIVE million three hundred
thousand dollars, provided [fifty] SEVENTY-FIVE
million dollars of said authorization shall be
effective July 1, 1998.
Sec. 2. Subsection (b) of section 10-264h of
the general statutes, as amended by section 15 of
public act 97-290, is repealed and the following
is substituted in lieu thereof:
(b) Subject to the provisions of subsection
(a) of this section, the applicant shall receive
current payments of scheduled estimated eligible
project costs for the facility, provided (1) the
applicant files an application for a school
building project, in accordance with section
10-283 by the date prescribed by the commissioner,
(2) final plans and specifications for the project
are approved pursuant to sections 10-291 and
10-292, and (3) such district submits to the
commissioner, in such form as the commissioner
prescribes, and the commissioner approves a plan
for the operation of the facility which includes,
but need not be limited to: A description of the
educational programs to be offered, the completion
date for the project, an estimated budget for the
operation of the facility, written commitments for
participation from the districts that will
participate in the school and an analysis of the
effect of the program on the reduction of racial,
ethnic and economic isolation. The commissioner
shall notify the secretary of the State Bond
Commission when the provisions of subdivisions (1)
and (3) of this subsection have been met. Upon
application to the Commissioner of Education,
compliance with the provisions of subdivisions (1)
and (3) of this subsection and after authorization
by the General Assembly pursuant to section
10-283, the applicant shall be eligible to receive
[a grant in an amount equal to five per cent of
the amount authorized for the project for the
development of final plans and specifications
pursuant to subdivision (2) of this subsection]
PROGRESS PAYMENTS IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 45 OF PUBLIC ACT 97-11 OF
THE JUNE 18 SPECIAL SESSION.
Sec. 3. Section 10-264i of the general
statutes is repealed and the following is
substituted in lieu thereof:
(a) A local or regional board of education,
[or] regional educational service center OR
COOPERATIVE ARRANGEMENT PURSUANT TO SECTION
10-158a which transports a child to an
interdistrict magnet school program as defined in
section 10-264l, in a town other than the town in
which the child resides shall be eligible pursuant
to section 10-264e to receive a grant up to one
hundred per cent of the reasonable cost of
transporting such child. The Department of
Education shall, within the total amount
appropriated for interdistrict cooperative grants
pursuant to section 10-74d, use an amount, not to
exceed five per cent of such appropriation for
interdistrict magnet school program
transportation. Nothing in this subsection shall
be construed to prevent a local or regional board
of education OR COOPERATIVE ARRANGEMENT from
receiving reimbursement under section 10-266m, AS
AMENDED BY SECTION 18 OF PUBLIC ACT 97-247, for
reasonable transportation expenses for which such
board, [or] service center OR COOPERATIVE
ARRANGEMENT is not reimbursed pursuant to this
section.
(b) Grants under this section shall be
contingent on documented costs of providing such
transportation. Eligible local and regional boards
of education, REGIONAL EDUCATIONAL SERVICE CENTERS
AND COOPERATIVE ARRANGEMENTS shall submit
applications for grants under this section to the
Commissioner of Education in such form and at such
times as he prescribes. Grants pursuant to this
section shall be paid as follows: In October
one-half of the estimated eligible transportation
costs and the balance of such costs in May.
(c) Each local and regional board of
education, REGIONAL EDUCATIONAL SERVICE CENTER AND
COOPERATIVE ARRANGEMENT participating in the grant
program shall prepare a financial statement of
expenditures which shall be submitted to the
Department of Education on or before September
first of the fiscal year immediately following
each fiscal year in which the school district,
REGIONAL EDUCATIONAL SERVICE CENTER OR COOPERATIVE
ARRANGEMENT participates in the grant program.
Based on such statement, any underpayment or
overpayment may be calculated and adjusted by the
state Department of Education in the grant for any
subsequent year.
Sec. 4. Subsection (a) of section 10-264l of
the general statutes, as amended by section 16 of
public act 97-290, is repealed and the following
is substituted in lieu thereof:
(a) The Department of Education shall, within
the amount appropriated for interdistrict
cooperative grants pursuant to section 10-74d, AS
AMENDED, use up to fifty per cent of such
appropriation to establish a competitive grant
program to assist local and regional boards of
education, [and] regional educational service
centers AND COOPERATIVE ARRANGEMENTS PURSUANT TO
SECTION 10-158a with the operation of
interdistrict magnet school programs. For the
purposes of this section "an interdistrict magnet
school program" means a program which (1) supports
racial, ethnic and economic diversity, (2) offers
a special and high quality curriculum, and (3)
requires students who are enrolled to attend at
least half-time. An interdistrict magnet school
program does not include a regional vocational
agriculture school, a regional
vocational-technical school or a regional special
education center. On and after July 1, 2000, the
governing authority for each interdistrict magnet
school program shall restrict the number of
students that may enroll in the program from a
participating district to eighty per cent of the
total enrolment of the program.
Sec. 5. Subsection (a) of section 10-265d of
the general statutes, as amended by section 9 of
public act 97-1 of the June 5 special session, is
repealed and the following is substituted in lieu
thereof:
(a) For purposes of making grants pursuant to
section 10-265c, the State Treasurer is authorized
and directed, subject to and in accordance with
the provisions of section 3-20, to issue bonds of
the state from time to time in one or more series
in an aggregate amount not exceeding fourteen
million [nine] EIGHT hundred TWENTY thousand
dollars, provided one million dollars of said
authorization shall be effective July 1, 1994.
Bonds of each series shall bear such date or dates
and mature at such time or times not exceeding
twenty years from their respective dates and be
subject to such redemption privileges, with or
without premium, as may be fixed by the State Bond
Commission. They shall be sold at not less than
par and accrued interest and the full faith and
credit of the state is pledged for the payment of
the interest thereon and the principal thereof as
the same shall 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 Treasurer
shall pay such principal and interest as the same
become due. The State Treasurer is authorized to
invest temporarily in direct obligations of the
United States, United States agency obligations,
certificates of deposit, commercial paper or bank
acceptances such portion of the proceeds of such
bonds or of any notes issued in anticipation
thereof as may be deemed available for such
purpose.
Sec. 6. (NEW) Notwithstanding the purposes
set forth in section 10-287d of the general
statutes, as amended by this act, the State
Treasurer is hereby authorized and directed,
subject to and in accordance with the provisions
of section 3-20 of the general statutes, to issue
bonds of the state, which have been previously
authorized by the State Bond Commission pursuant
to the provisions of said section 10-287d, in an
aggregate principal amount of eighteen million
nine hundred eighty-five thousand dollars for the
purpose of funding interest subsidy grants, as
such term is defined in section 85 of public act
97-265. Such bonds shall be issued on or before
July 1, 1999, and may be issued in one or more
series. Bonds of each series shall bear such date
or dates and mature at such time or times not
exceeding thirty years from their respective dates
and be subject to such redemption privileges, with
or without premium, as may be fixed by the State
Bond Commission. They shall be sold at not less
than par and accrued interest and the full faith
and credit of the state is pledged for the payment
of the interest thereon and the principal thereof
as the same shall 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. The State
Treasurer is authorized to invest temporarily in
direct obligations of the United States, United
States agency obligations, certificates of
deposit, commercial paper or bank acceptances,
such portion of the proceeds of such bonds or of
any notes issued in anticipation thereof as may be
deemed available for such purpose.
Sec. 7. Section 10-287d of the general
statutes, as amended by section 81 of public act
97-265, is repealed and the following is
substituted in lieu thereof:
For the purposes of funding grants to
projects that have received approval of the State
Board of Education pursuant to sections 10-287, AS
AMENDED, and 10-287a, subsection (a) of section
10-65 and section 10-76e, and to assist school
building projects to remedy safety and health
violations and damage from fire and catastrophe,
the State Treasurer is authorized and directed,
subject to and in accordance with the provisions
of section 3-20, to issue bonds of the state from
time to time in one or more series in an aggregate
amount not exceeding one billion [six] SEVEN
hundred [ninety-nine] FORTY-NINE million five
hundred sixty thousand dollars, provided one
hundred [thirty-four] EIGHTY-FOUR million eight
hundred ten thousand dollars of said authorization
shall be effective July 1, 1998. Bonds of each
series shall bear such date or dates and mature at
such time or times not exceeding thirty years from
their respective dates and be subject to such
redemption privileges, with or without premium, as
may be fixed by the State Bond Commission. They
shall be sold at not less than par and accrued
interest and the full faith and credit of the
state is pledged for the payment of the interest
thereon and the principal thereof as the same
shall 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. The State Treasurer is authorized to invest
temporarily in direct obligations of the United
States, United States agency obligations,
certificates of deposit, commercial paper or bank
acceptances such portion of the proceeds of such
bonds or of any notes issued in anticipation
thereof as may be deemed available for such
purpose.
Sec. 8. Subsection (b) of section 10a-109i of
the general statutes, as amended by section 8 of
public act 97-293, is repealed and the following
is substituted in lieu thereof:
(b) (1) A permanent Endowment Fund shall be
confirmed, established or created to encourage
donations from the private sector, with an
incentive in the form of an Endowment Fund state
grant, the net earnings on the principal of which
are to be dedicated and made available to the
university for endowed professorships,
scholarships and programmatic enhancements. The
fund shall be administered by the board of
trustees, or by a nonprofit entity entrusted for
such purpose and created or to be created and
qualified as a Section 501(c)(3) organization
under the Internal Revenue Code of 1986, or any
subsequent corresponding internal revenue code of
the United States, as from time to time amended,
and preferably constituted and controlled
independent of the state and university so as to
qualify the interest on state bonds the proceeds
of which have been granted for deposit in the
Endowment Fund as excludable from federal taxation
under such code and shall, in any event, be held
in a trust fund with a bank or trust company
separate and apart from all other funds and
accounts of the state and university. There shall
be deposited into the fund: (A) Endowment Fund
eligible gifts, (B) Endowment Fund state grants
and (C) interest or other income earned on the
investment of moneys in the Endowment Fund pending
application or transfer or use of earnings on the
principal thereof for the purposes identified in
this subdivision (1) of subsection (b) of this
section.
(2) [(A)] For each of the fiscal years ending
June 30, 1999, to June 30, 2007, inclusive, as
part of the state contract with donors of
Endowment Fund eligible gifts, the Department of
Higher Education, in accordance with section 1 of
[this act] PUBLIC ACT 97-293, shall deposit in the
Endowment Fund for the university a grant in an
amount equal to half of the total amount of
Endowment Fund eligible gifts, except as provided
in this subparagraph, received by the university
or for the benefit of the university for the
calendar year ending the December thirty-first
preceding the commencement of such fiscal year, as
certified by the chairperson of the board of
trustees by February fifteenth to (i) the
Secretary of the Office of Policy and Management,
(ii) the joint standing committee of the General
Assembly having cognizance of matters relating to
appropriations and the budgets of state agencies,
and (iii) the Commissioner of Higher Education,
provided such sums do not exceed the Endowment
Fund state grant maximum commitment for the fiscal
year in which the grant is made. For the fiscal
years ending June 30, 1999, and June 30, 2000, the
Department of Higher Education shall deposit in
the Endowment Fund for the university grants in
total amounts which shall not exceed the Endowment
Fund state grant, as defined in subdivision (7) of
section 10a-109c of the general statutes, revision
of 1958, revised to January 1, 1997, and which
shall be equal to the amounts certified by the
chairperson of the board of trustees for each such
fiscal year of Endowment Fund eligible gifts
received by the university or for the benefit of
the university and for which written commitments
were made prior to July 1, 1997. For the fiscal
year ending June 30, 1999, the funds required to
be deposited in the Endowment Fund pursuant to
this subparagraph shall be appropriated to the
university for such purpose and not appropriated
to the fund established pursuant to section 1 of
[this act] PUBLIC ACT 97-293. In any such fiscal
year in which the eligible gifts received by the
university exceed the Endowment Fund state grant
maximum commitment for such fiscal year the amount
in excess of such Endowment Fund state grant
maximum commitment for such fiscal year, shall be
carried forward and be eligible for a matching
state grant in any succeeding fiscal year from the
fiscal year ending June 30, 1999, to the fiscal
year ending June 30, 2007, inclusive, subject to
the Endowment Fund state grant maximum commitment
for such fiscal year.
[(B) All provisions of section 3-20 or the
exercise of any right or power granted thereby
which are not inconsistent with the provisions of
this subdivision are hereby adopted and shall
apply to all state bonds authorized by the State
Bond Commission pursuant to this subdivision, and
temporary notes in anticipation of the money to be
derived from the sale of any such state bonds so
authorized may be issued in accordance with said
subsection and from time to time renewed. Such
state 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 state bonds. Such
state bonds issued pursuant to this subdivision
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 as the same becomes
due, and accordingly and as part of the contract
of the state with the holders of such state bonds,
appropriation of all amounts necessary for
punctual payment of such principal and interest is
hereby made, and the Treasurer shall pay such
principal and interest as the same become due.
(C) None of said state 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 and stating such terms and conditions
as said commission, in its discretion, may
require.
(D) Each such request for an authorization of
state bonds shall state the aggregate amount of
the Endowment Fund eligible gifts received for
which Endowment Fund state grants are requested by
the university and shall state, other than as made
in subparagraph (A) of subdivision (2) of this
subsection, that no current appropriation has been
provided therefor.]
(3) Moneys in the Endowment Fund shall be
invested pursuant to subdivision (1) of subsection
(b) of section 10a-109i in such obligations as are
eligible for investment of pension funds by the
Treasurer provided any deposit in a bank or money
market or other banking or money market
arrangement, such as repurchase agreement, shall
be fully secured unless otherwise insured by a
federal corporation and the net earnings of the
Endowment Fund shall be used solely for the
purposes for which the fund has been established.
There shall be no commingling of the investments
of the Endowment Fund with any other fund or
account of the state or the university.
(4) The board of trustees shall adopt
guidelines with respect to the solicitation of
Endowment Fund eligible gifts from private donors.
Private donations shall not be construed to
include proceeds of federal grants but may include
proceeds of municipal grants.
Sec. 9. Subsection (a) of section 15-101l of
the general statutes is repealed and the following
is substituted in lieu thereof:
(a) The State Bond Commission may authorize
the issuance of bonds of the state in one or more
series and in principal amounts necessary to carry
out the purposes of sections 15-101k to 15-101p,
inclusive, but not in excess of the aggregate
amount of [one] TWO hundred [four] THIRTY-FOUR
million dollars, provided any special obligation
bonds issued to finance self-sustaining special
facilities payable solely from revenues derived
from such special facilities and not payable from
gross operating revenues pledged to secure bonds
issued pursuant to an indenture of trust dated as
of October 1, 1982, as amended from time to time,
shall not be included in calculating said maximum
aggregate amount of bonds.
Sec. 10. Section 22-26hh of the general
statutes, as amended by section 7 of public act
97-234 and section 14 of public act 97-1 of the
June 5 special session, is repealed and the
following is substituted in lieu thereof:
The State Bond Commission shall have power,
from time to time, to authorize the issuance of
bonds of the state in one or more series and in
principal amounts not exceeding in the aggregate
[eighty] EIGHTY-TWO million [two] SEVEN hundred
fifty thousand dollars, PROVIDED THREE MILLION
FIVE HUNDRED THOUSAND DOLLARS OF SAID
AUTHORIZATION SHALL BE EFFECTIVE JULY 1, 1998, the
proceeds of which shall be used by the
Commissioner of Agriculture for the purposes of
this chapter provided [not more than fifty
thousand dollars, provided one million dollars of
said authorization shall be effective July 1,
1998, shall be used for the purposes of section
22-26dd and] not more than two million dollars
shall be used for the purposes of section 22-26jj.
All provisions of section 3-20, or the exercise of
any right or power granted thereby which are not
inconsistent with the provisions of this section
are hereby adopted and shall apply to all bonds
authorized by the State Bond Commission pursuant
to 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 Treasurer shall pay such
principal and interest as the same become due.
Sec. 11. Subsection (a) of section 22a-483 of
the general statutes, as amended by section 15 of
public act 97-1 of the June 5 special session, is
repealed and the following is substituted in lieu
thereof:
(a) For the purposes of sections 22a-475 to
22a-483, inclusive, AS AMENDED, the State Bond
Commission shall have the power, from time to
time, to authorize the issuance of bonds of the
state in one or more series and in principal
amounts, not exceeding in the aggregate six
hundred [thirty-five] TWENTY-ONE million three
hundred thirty thousand dollars. [, provided
fourteen million dollars of said authorization
shall be effective July 1, 1998.]
Sec. 12. Subsection (a) of section 25-33a of
the general statutes is repealed and the following
is substituted in lieu thereof:
(a) The State Bond Commission shall have
power, from time to time to authorize the issuance
of bonds of the state in one or more series and in
principal amounts not exceeding in the aggregate
four million one hundred [ninety] FIFTY-ONE
thousand five hundred [eighty-four] NINETY-NINE
dollars, for the purposes of providing funds for
(1) grants to municipally-owned water companies
for the planning, design, modification or
construction of drinking water facilities of such
companies made necessary by the requirements of
the Safe Water Act of 1974, or by an order of the
Department of Public Health deeming the water
supplied by such companies to be inadequate, which
facilities shall include, but need not be limited
to, collection facilities, treatment facilities,
wells, tanks, mains, pumps, transmission
facilities and any other machinery and equipment
necessary to meet the requirements of said act,
(2) grants in accordance with the provisions of
section 22a-471 to water companies, as defined in
section 25-32a, which have less than ten thousand
customers, as defined in said section 25-32a, for
the treatment of a contaminated water supply well
which is owned, maintained, operated, managed,
controlled or employed by the water company, and
(3) water supply emergency assistance grants to
investor-owned water companies which supply water
to at least twenty-five but less than one thousand
customers for repair, rehabilitation,
interconnection or replacement, in the event that
such company has ceased to provide water as a
result of equipment or facility failure and the
Commissioner of Economic and Community
Development, upon recommendation of the Department
of Public Health and in consultation with the
Department of Public Utility Control, makes a
determination that the company is financially
unable to immediately restore service and there is
no alternative water company reasonably able to
immediately supply water. The grants shall be made
in accordance with terms and conditions as
provided in regulations to be promulgated by the
Commissioner of Economic and Community
Development, subject to approval by the
Commissioner of Public Health, provided the amount
of any such grant under subdivision (1) of this
subsection shall not exceed one hundred thousand
dollars or thirty per cent of the cost of the
project being funded by the grant, whichever is
greater. For the purposes of this section,
planning costs shall include, but need not be
limited to, fees and expenses of architects,
engineers, attorneys, accountants and other
professional consultants, and costs of preparing
surveys, studies, site plans and plans and
specifications for eligible drinking water
facilities. Not more than four million dollars of
the proceeds of such bonds shall be allocated to
the municipally-owned water companies grant
program under subdivision (1) of this subsection,
not more than two million dollars of the proceeds
of such bonds shall be allocated for the treatment
of contaminated water supply wells which are
owned, maintained, operated, managed, controlled
or employed by a water company under subdivision
(2) of this subsection, and not more than seven
hundred thousand dollars of the proceeds of such
bonds shall be allocated to the investor-owned
emergency assistance grant program under
subdivision (3) of this subsection.
Sec. 13. Section 27-140m of the general
statutes is repealed and the following is
substituted in lieu thereof:
For the purposes of this part the State
Treasurer is authorized and directed, subject to
and in accordance with the provisions of section
3-20, to issue bonds of the state from time to
time to an amount not exceeding twenty-six million
[eight] SEVEN hundred [thirty] EIGHTY thousand
dollars. Such bonds shall bear such date or dates
and mature at such time or times not exceeding ten
years from their respective dates and be subject
to such redemption privileges with or without
premium as may be fixed by the State Bond
Commission. They shall be sold at not less than
par and accrued interest and the full faith and
credit of the state is pledged for the payment of
the interest thereon as the same becomes due and
the payment of the principal thereof at maturity.
The State Treasurer is authorized to invest
temporarily in direct obligations of the United
States such portion of the proceeds of such bonds
or of any notes issued in anticipation thereof as
may be deemed available for such purpose.
Sec. 14. Subsection (a) of section 27-140y of
the general statutes is repealed and the following
is substituted in lieu thereof:
(a) For the purposes of this part the State
Bond Commission shall have power, in accordance
with the provisions of this part, from time to
time to authorize the issuance of bonds of the
state in one or more series and in principal
amounts not exceeding in the aggregate [seven and
one-half] FIVE million FIVE HUNDRED TWENTY
THOUSAND dollars.
Sec. 15. Subsection (a) of section 31-387 of
the general statutes is repealed and the following
is substituted in lieu thereof:
(a) The State Bond Commission shall have the
power, in accordance with the provisions of this
chapter, from time to time, to authorize the
issuance of bonds of the state in one or more
series and in principal amounts not exceeding in
the aggregate four million two hundred
[eighty-six] FIFTY-THREE thousand [six] THREE
hundred [forty-two] FORTY-EIGHT dollars.
Sec. 16. Subsection (a) of section 32-235 of
the general statutes, as amended by section 18 of
public act 97-1 of the June 5 special session, is
repealed and the following is substituted in lieu
thereof:
(a) For the purposes described in subsection
(b) of this section the State Bond Commission
shall have the power, from time to time, to
authorize the issuance of bonds of the state in
one or more series and in principal amounts not
exceeding in the aggregate three hundred
[twenty-five] TWENTY-NINE million three hundred
thousand dollars, provided [five] NINE million
dollars of said authorization shall be effective
on July 1, 1998.
Sec. 17. This act shall take effect July 1,
1998.
Approved June 8, 1998