Substitute Senate Bill No. 383
AN ACT CONCERNING THE CONNECTICUT RESOURCES RECOVERY AUTHORITY AND PROHIBITING QUASI-PUBLIC AND STATE AGENCIES FROM RETAINING LOBBYISTS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 22a-261 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(a) There is hereby established and created a body politic and corporate, constituting a public instrumentality and political subdivision of the state of Connecticut established and created for the performance of an essential public and governmental function, to be known as the Connecticut Resources Recovery Authority. The authority shall not be construed to be a department, institution or agency of the state.
(b) [The] On and before May 31, 2002, the powers of the authority shall be vested in and exercised by a board of directors, which shall consist of thirteen directors: Four appointed by the Governor and three ex-officio members, who shall have a vote including the Secretary of the Office of Policy and Management, the Commissioner of Transportation, and the Commissioner of Economic and Community Development; two appointed by the president pro tempore of the Senate, two by the speaker of the House, one by the minority leader of the Senate and one by the minority leader of the House of Representatives. Any such legislative appointee may be a member of the General Assembly. The directors appointed by the Governor under this subsection shall serve for terms of four years each, from January first next succeeding their appointment, provided, of the directors first appointed, two shall serve for terms of two years, and two for terms of four years, from January first next succeeding their appointment. Any vacancy occurring under this subsection other than by expiration of term shall be filled in the same manner as the original appointment for the balance of the unexpired term. [(c)] Of the four members appointed by the Governor under this subsection, two shall be first selectmen, mayors or managers of Connecticut municipalities; one from a municipality with a population of less than fifty thousand, one from a municipality of over fifty thousand population; two shall be public members without official governmental office or status with extensive high-level experience in municipal or corporate finance or business or industry, provided not more than two of such appointees shall be members of the same political party. The chairman of the board under this subsection shall be appointed by the Governor, with the advice and consent of both houses of the General Assembly [. The chairman] and shall serve at the pleasure of the Governor. Notwithstanding the provisions of this subsection, the terms of all members of the board of directors who are serving on May 31, 2002, shall expire on said date.
(c) On and after June 1, 2002, the powers of the authority shall be vested in and exercised by a board of directors, which shall consist of thirteen directors as follows: Three appointed by the Governor, one of whom shall be a municipal official of a municipality having a population of fifty thousand or less and one of whom shall have extensive, high-level experience in the energy field; two appointed by the president pro tempore of the Senate, one of whom shall be a municipal official of a municipality having a population of more than fifty thousand and one of whom shall have extensive high-level experience in public or corporate finance or business or industry; two appointed by the speaker of the House of Representatives, one of whom shall be a municipal official of a municipality having a population of more than fifty thousand and one of whom shall have extensive high-level experience in public or corporate finance or business or industry; two appointed by the minority leader of the Senate, one of whom shall be a municipal official of a municipality having a population of fifty thousand or less and one of whom shall have extensive high-level experience in public or corporate finance or business or industry; two appointed by the minority leader of the House of Representatives, one of whom shall be a municipal official of a municipality having a population of fifty thousand or less and one of whom shall have extensive, high-level experience in the environmental field; and two voting ex-officio members, who shall be the Secretary of the Office of Policy and Management and the State Treasurer, or their designees. No director may be a member of the General Assembly. Not more than two of the directors appointed by the Governor shall be members of the same political party. The appointed directors shall serve for terms of four years each, provided, of the directors first appointed for terms beginning on June 1, 2002, (1) two of the directors appointed by the Governor, one of the directors appointed by the president pro tempore of the Senate, one of the directors appointed by the speaker of the House of Representatives, one of the directors appointed by the minority leader of the Senate and one of the directors appointed by the minority leader of the House of Representatives shall serve an initial term of two years and one month, and (2) the other appointed directors shall serve an initial term of four years and one month. The appointment of each director for a term beginning on or after June 1, 2004, shall be made with the advice and consent of both houses of the General Assembly. The Governor shall designate one of the directors to serve as chairperson of the board, with the advice and consent of both houses of the General Assembly. The chairperson of the board shall serve at the pleasure of the Governor. Any appointed director who fails to attend three consecutive meetings of the board or who fails to attend fifty per cent of all meetings of the board held during any calendar year shall be deemed to have resigned from the board. Any vacancy occurring other than by expiration of term shall be filled in the same manner as the original appointment for the balance of the unexpired term. As used in this subsection, "municipal official" means the first selectman, mayor, city or town manager or chief financial officer of a municipality that has entered into a solid waste disposal services contract with the authority and pledged the municipality's full faith and credit for the payment of obligations under such contract.
(d) The [chairman] chairperson shall, with the approval of the directors, appoint a president of the authority who shall be an employee of the authority [,] and paid a salary prescribed by the [chairman, subject to the approval of the] directors. The president shall supervise the administrative affairs and technical activities of the authority in accordance with the directives of the board.
(e) Each director shall be entitled to reimbursement for [his] said director's actual and necessary expenses incurred during the performance of [his] said director's official duties.
(f) Directors may engage in private employment, or in a profession or business, subject to any applicable laws, rules and regulations of the state or federal government regarding official ethics or conflict of interest.
(g) [Six] Seven directors of the authority shall constitute a quorum for the transaction of any business or the exercise of any power of the authority, provided, at least [two ex-officio directors and one director] one ex-officio director, or the designee of an ex-officio director, and two directors from municipal government [must] shall be present in order for a quorum to be in attendance. For the transaction of any business or the exercise of any power of the authority, and except as otherwise provided in this chapter, the authority shall have power to act by a majority of the directors present at any meeting at which a quorum is in attendance. If the legislative body of a municipality that is the site of a facility passes a resolution requesting the Governor to appoint a resident of such municipality to be an ad hoc member, the Governor shall make such appointment upon the next vacancy for the ad hoc members representing such facility. The Governor shall appoint with the advice and consent of the General Assembly ad hoc members to represent each facility operated by the authority provided at least one-half of such members shall be chief elected officials of municipalities, or their designees. Each such facility shall be represented by two such members. The ad hoc members shall be electors from a municipality or municipalities in the area to be served by the facility and shall vote only on matters concerning such facility. The terms of the ad hoc members shall be four years.
(h) There is established, effective June 1, 2002, a steering committee of the board of directors, consisting of at least three but not more than five directors, who shall be jointly appointed by the Governor, the president pro tempore of the Senate and the speaker of the House of Representatives. Said committee shall consist of at least one director who is a municipal official, as defined in subsection (c) of this section. The steering committee shall forthwith establish a financial restructuring plan for the authority, subject to the approval of the board of directors, and shall implement said plan. The financial restructuring plan shall determine the financial condition of the authority and provide for mitigation of the impact of the Connecticut Resources Recovery Authority-Enron-Connecticut Light and Power Company transaction on municipalities which have entered into solid waste disposal services contracts with the authority. The steering committee shall also review all aspects of the authority's finances and administration, including but not limited to, tipping fees and adjustments to such fees, the annual budget of the authority, any budget transfers, any use of the authority's reserves, all contracts entered into by or on behalf of the authority, including but not limited to, an assessment of the alignment of interests between the authority and the authority's contractors, all financings or restructuring of debts, any sale or other disposition or valuation of assets of the authority, including sales of electricity and steam, any joint ventures and strategic partnerships, and the initiation and resolution of litigation, arbitration and other disputes. The steering committee (1) shall have access to all information, files and records maintained by the authority, (2) may retain consultants and utilize other resources necessary to carry out its responsibilities under this subsection, which have a total cost of not more than five hundred thousand dollars, without the approval of the board of directors, and may draw on accounts of the authority for such costs, and (3) shall submit a report to the board of directors and the General Assembly, in accordance with section 11-4a of the general statutes, on its findings, progress and recommendations for future action by the board of directors in carrying out the purposes of this subsection, not later than December 31, 2002. Said report shall also include a report on any loans made to the authority under section 3 of this act. The steering committee shall terminate on December 31, 2002, unless extended by the board.
[(h)] (i) The board may delegate to three or more directors such board powers and duties as it may deem necessary and proper in conformity with the provisions of this chapter and its bylaws. At least one of such directors shall be a municipal official, as defined in subsection (c) of this section, and at least one of such directors shall not be a state employee.
[(i) Members of the board] (j) Appointed directors may not designate a representative to perform in their absence their respective duties under this chapter.
[(j)] (k) The term "director", as used in this section, shall include such persons so designated as provided [herein] in this section and this designation shall be deemed temporary only and shall not affect any applicable civil service or retirement rights of any person so designated.
[(k)] (l) The [Governor] appointing authority for any director may remove [any] such director for inefficiency, neglect of duty or misconduct in office after giving [him] the director a copy of the charges against [him] the director and an opportunity to be heard, in person or by counsel, in [his] the director's defense, upon not less than ten days' notice. If any director shall be so removed, the [Governor] appointing authority for such director shall file in the office of the Secretary of the State a complete statement of charges made against such director and [his] the appointing authority's findings [thereon] on such statement of charges, together with a complete record of the proceedings.
[(l)] (m) The authority shall continue as long as it shall have bonds or other obligations outstanding and until its existence shall be terminated by law. Upon the termination of the existence of the authority, all its rights and properties shall pass to and be vested in the state of Connecticut.
[(m)] (n) The directors, members and officers of the authority and any person executing the bonds or notes of the authority 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, member or officer of the authority be personally liable for damage or injury, not wanton or wilful, caused in the performance of [his] such person's duties and within the scope of [his] such person's employment or appointment as such director, member or officer.
[(n)] (o) Notwithstanding the provisions of any other law to the contrary, it shall not constitute a conflict of interest for a trustee, director, partner or officer of any person, firm or corporation, or any individual having a financial interest in a person, firm or corporation, to serve as a director of the authority, provided such trustee, director, partner, officer or individual shall abstain from deliberation, action or vote by the authority in specific respect to such person, firm or corporation.
Sec. 2. (NEW) (Effective from passage) Notwithstanding any provision of the general statutes, the Attorney General shall have supervision over all legal matters and claims of the Connecticut Resources Recovery Authority arising from the Connecticut Resources Recovery Authority-Enron-Connecticut Light and Power Company transaction. The Attorney General may appear for the Connecticut Resources Recovery Authority in all civil suits and other civil proceedings arising from said transaction, and all such suits and proceedings shall be conducted by the Attorney General or under the direction of the Attorney General.
Sec. 3. (NEW) (Effective from passage) The Connecticut Resources Recovery Authority may, with the approval of two-thirds of the appointed directors of the authority at a duly called meeting of said authority, and with the subsequent approval of the State Treasurer and the Secretary of the Office of Policy and Management, borrow temporarily from the state for the purposes of supporting the repayment of debt issued by the authority on behalf of the Mid-Connecticut Project, an amount in the aggregate not to exceed one hundred fifteen million dollars in accordance with the provisions of this section. Prior to any such borrowing, or the draw-down of an amount pursuant to a master loan agreement entered into between the authority and the state, the authority shall submit for approval by the State Treasurer and the Secretary of the Office of Policy and Management a financial mitigation plan which shall include, but not be limited to, a plan to minimize tipping fees for municipalities that have entered into solid waste disposal services contracts with the authority and any additional information the State Treasurer and the Secretary may require. Such financial mitigation plan shall include information detailing the efforts that the authority has made to reduce the amount necessary to borrow from the state, including, but not limited to, the reduction of general administration and costs, renegotiation of vendor contracts, efforts to increase the price paid for the sale of steam or electricity, and efforts to assess the viability of the sale of hard assets of the project. In addition, the authority shall provide the State Treasurer and the Secretary with its proposed budget for the ensuing fiscal year, a three year financial plan, a cash flow analysis showing the need for the current and projected future borrowings, and the most recent certified audit of the authority. Such loans shall be repaid as provided in a repayment schedule established by the State Treasurer and the Secretary and shall bear and pay interest as shall be determined by the State Treasurer in the best interest of the State. The State Treasurer is authorized to establish fixed or variable interest rates for such loans based upon the interest rate of the Short Term Investment Fund or the interest rate of any borrowing by the state that may be required to fund the loans to the authority. The repayments of principal and the interest applicable to any such loans made shall be paid to the State Treasurer in accordance with a repayment plan established by the State Treasurer and the Secretary. Such loans shall be subordinate to all bonded indebtedness of the authority.
Sec. 4. (NEW) (Effective from passage) The board of directors of the Connecticut Resources Recovery Authority shall include in the annual report required under section 1-123 of the general statutes a description of the efforts of the authority to mitigate the effects of any loss of revenue from the Connecticut Resources Recovery Authority-Enron-Connecticut Light and Power Company transaction. The board shall also submit said annual report to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding.
Sec. 5. Subdivision (19) of subsection (a) of section 22a-266 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(19) Act as an electric supplier or an electric aggregator pursuant to public act 98-28* provided any net revenue to the authority from activities, contracts, products or processes undertaken pursuant to this subdivision, after payment of principal and interest on bonds and repayment of any loans or notes of the authority, shall be distributed so as to reduce the costs of other authority services to the users thereof on a pro rata basis proportionate to costs paid by such users. In acting as an electric supplier or an electric aggregator pursuant to any license granted by the Department of Public Utility Control, the authority may enter into contracts for the purchase and sale of electricity and electric generation services, provided such contracts are solely for the purposes of ensuring the provision of safe and reliable electric service and protecting the position of the authority with respect to capacity and price.
Sec. 6. Subsection (b) of section 16-245 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(b) On and after January 1, 2000, no person, no municipality and no regional water authority shall sell or attempt to sell electric generation services to end use customers located in the state using the transmission or distribution facilities of an electric distribution company, as defined in section 16-1, as amended, and no municipality [,] and no regional water authority [and the Connecticut Resources Recovery Authority] except as provided in section 16-245b and no person shall aggregate, broker or market the sale of electric generation services to end use customers using the transmission or distribution facilities of an electric distribution company unless the person has been issued a license by the Department of Public Utility Control in accordance with the provisions of this section, provided an electric distribution company is not required to be licensed pursuant to this section to provide electric generation services pursuant to subsection (a) or, prior to January 1, 2004, subsection (c) of section 16-244c. On and after the effective date of this section, the Connecticut Resources Recovery Authority shall not (1) sell or attempt to sell electric generation services to end use customers located in the state using the transmission or distribution facilities of an electric distribution company, as defined in section 16-1, as amended, unless the authority has been issued a license by the Department of Public Utility Control in accordance with the provisions of this section, or (2) aggregate, broker or market the sale of electric generation services to end use customers using the transmission or distribution facilities of an electric distribution company except as provided in section 16-245b. Not later than January 1, 1999, the department shall, by regulations adopted pursuant to chapter 54, develop licensing procedures. The licensing process shall begin not later than April 1, 1999.
Sec. 7. (NEW) (Effective January 1, 2003) Any performance incentive plan for officers and employees of the Connecticut Resources Recovery Authority that authorizes payments in addition to established salaries shall be in writing, apply to all officers and employees of the authority, provide for any such payment to be made on the basis of both the job performance of the officer or employee and the overall financial performance of the authority, and be subject to the approval of the board of directors of the authority pursuant to section 22a-261 of the general statutes, as amended by this act. No payments under such plan shall be made during any year that annual salary increases have been suspended. The provisions of this section shall not (1) limit the rights of any officer or employee under an existing collective bargaining agreement or (2) prohibit the payment of extra or overtime pay for extra or overtime work in accordance with written procedures adopted pursuant to section 22a-268a of the general statutes, as amended by this act.
Sec. 8. (NEW) (Effective January 1, 2003) No quasi-public agency, as defined in section 1-120 of the general statutes, as amended, or state agency may retain a lobbyist, as defined in section 1-91 of the general statutes. The provisions of this section and chapter 10 of the general statutes shall not be construed to prohibit a director, officer or employee of a quasi-public agency or state agency from lobbying, as defined in section 1-91 of the general statutes, on behalf of the quasi-public agency or state agency.
Sec. 9. Section 22a-268a of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2003):
The board of directors of the Connecticut Resources Recovery Authority shall adopt written procedures, in accordance with the provisions of section 1-121, for: (1) Adopting an annual budget and plan of operations, including a requirement of board approval before the budget or plan may take effect; (2) hiring, dismissing, promoting and compensating employees of the authority, including 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, including a requirement of board approval for any such nonbudgeted expenditure in excess of five thousand dollars; (4) contracting for (A) the business, design, operating, management, construction, transportation, marketing, planning and research and development functions of the authority, (B) financial, legal, bond underwriting and other professional services and (C) supplies, materials and equipment, including (i) notwithstanding any provision of this chapter, standards for determining when contracts described in this subdivision (4) shall be awarded on the basis of competitive bidding or competitive negotiation, an exemption for small purchases, and criteria for waiving competitive bidding or competitive negotiation, and (ii) a requirement that the authority solicit proposals at least once every three years for each such professional service which it uses; (5) issuing and retiring bonds, bond anticipation notes and other obligations of the authority; (6) awarding loans, grants and other financial assistance, including 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 to the extent authorized under this chapter or other provisions of the general statutes.
Sec. 10. Subdivisions (16) and (17) of subsection (a) of section 22a-266 of the general statutes are repealed and the following is substituted in lieu thereof (Effective January 1, 2003):
(16) Contract for services in the performance of architectural and engineering design, the supervision of design and construction, system management and facility management; for such professional or technical services as are specified in subdivision (3) of section 22a-265; and for such other professional or technical services as may require either prequalification of a contractor or the submission by any individual, firm or consortium or association of individuals or firms of a proposal in response to an official request for proposal or similar written communication of the authority that is issued or made pursuant to the contracting procedures adopted under section 22a-268a, as amended by this act, whenever such services are, in the discretion of the authority, deemed necessary, desirable or convenient in carrying out the purposes of the authority;
(17) Contract for the construction of solid waste facilities with private persons or firms, or consortia of such persons or firms, pursuant to applicable provisions of this chapter, the requirements of applicable regulations, the contracting procedures adopted under section 22a-268a, as amended by this act, and the state plan and in accordance with such specifications, terms and conditions as the authority may deem necessary or advisable.
Sec. 11. Subsections (b) and (c) of section 22a-266 of the general statutes are repealed and the following is substituted in lieu thereof (Effective January 1, 2003):
(b) Any contracts authorized by this chapter shall be entered into by the authority (1) on the same basis and subject to the same limitations and considerations applicable to municipal and regional resources recovery authorities pursuant to subsection (c) of section 7-273bb, and (2) pursuant to the contracting procedures adopted under section 22a-268a, as amended by this act, except that in entering into a contract for a resources recovery facility, solid waste facility, volume reduction plant or solid waste management system, the authority shall consider the best interests of the municipality or region to be served by such facility, plant or system.
(c) The authority shall have power, in its discretion, either to purchase on a centralized basis, heavy solid waste processing equipment to be installed in waste management projects, or to require such purchase and installation as part of a construction contract. The authority shall conduct its contracting and purchasing operations in accordance with its regularly adopted and promulgated procurement policies, including the contracting procedures adopted under section 22a-268a, as amended by this act, and specific rules and procedures on purchasing and contracting approved by a two-thirds vote of its full board of directors. In procuring services with respect to the establishment, management and operation of transfer stations, and the transportation of solid wastes therefrom to a solid waste facility, the authority and its subcontractors shall insofar as is practicable give preference to firms based in Connecticut. Whenever the authority determines that a contract for facility management shall be awarded on other than [an open-bid] a competitive bidding basis, in accordance with applicable provisions of subdivision (16) of subsection (a) of this section, subsection (b) of this section, [and] section 22a-268 and the contracting procedures adopted under section 22a-268a, the directors shall, at least sixty days prior to the award date, pass a resolution expressing their intent to award and shall within ten days cause a copy of such resolution to be printed in one daily and one weekly newspaper published within the state. Thereupon, interested parties who so desire may, within thirty days, petition the directors with respect to such contract and offer evidence in extenuation before a referee appointed by the [chairman] chairperson. Such referee shall not be an employee of the authority and shall report [his] the referee's findings with respect to such petition and evidence to the directors at least ten days prior to the projected award date. The directors shall give due consideration to such findings in determining the final award of the contract.
Sec. 12. Section 22a-268 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2003):
The authority shall utilize private industry, by contract, to carry out the business, design, operating, management, marketing, planning and research and development functions of the authority, unless the authority determines that it is in the public interest to adopt another course of action. The authority is hereby empowered to enter into long-term contracts with private persons for the performance of any such functions of the authority which, in the opinion of the authority, can desirably and conveniently be carried out by a private person under contract provided any such contract shall contain such terms and conditions as will enable the authority to retain overall supervision and control of the business, design, operating, management, transportation, marketing, planning and research and development functions to be carried out or to be performed by such private persons pursuant to such contract. Such contracts [may] shall be entered into either on a [negotiated or an open-bid] competitive negotiation or competitive bidding basis, and the authority in its discretion may select the type of contract it deems most prudent to utilize, pursuant to the contracting procedures adopted under section 22a-268a, as amended by this act and considering the scope of work, the management complexities associated therewith, the extent of current and future technological development requirements and the best interests of the state. Whenever a long-term contract is entered into on other than [an open-bid] a competitive bidding basis, the criteria and procedures therefor shall conform to applicable provisions of subdivision (16) of subsection (a) and subsections (b) and (c) of section 22a-266, as amended by this act, provided however, that any contract for a period of over five years in duration, or any contract for which the annual consideration is greater than fifty thousand dollars shall be approved by a two-thirds vote of the authority's full board of directors. The terms and conditions of such contracts shall be determined by the authority, as shall the fees or other similar compensation to be paid to such persons for such contracts. The contracts entered into by the authority shall not be subject to the approval of any other state department, office or agency. However, copies of all contracts of the authority shall be maintained by the authority as public records, subject to the proprietary rights of any party to the contract. Nothing of the aforesaid shall be deemed to restrict the discretion of the authority to utilize its own staff and work force for the performance of any of its assigned responsibilities and functions whenever, in the discretion of the authority, it becomes necessary, convenient or desirable to do so. Any litigation with respect to any terms, conditions or provisions of any contract of the authority, or the performance or nonperformance of same by either party, shall be tried before a judge of the Superior Court of Connecticut.
Sec. 13. (NEW) (Effective January 1, 2003) The Connecticut Resources Recovery Authority shall make the following information available to the public through the Internet, except for any such information which is not required to be disclosed to the public pursuant to the Freedom of Information Act, as defined in section 1-200 of the general statutes, as amended:
(1) The schedule of meetings of the board of directors of the authority and each committee established by said board, not later than seven days after such schedule is established;
(2) Draft minutes of each meeting of the board of directors of the authority and each committee established by said board, not later than seven days after each such meeting is held;
(3) Each report required under section 4a-60g of the general statutes, as amended, setting forth small and minority-business set-aside program goals and addressing the authority's progress in meeting said goals, not later than seven days after each such report is required to be submitted to the Commission on Human Rights and Opportunities under said section 4a-60g;
(4) The annual plan of operations which the authority is required to prepare pursuant to section 22a-264 of the general statutes, not later than seven days after the plan is promulgated;
(5) Each report that the authority is required to submit to the General Assembly pursuant to the general statutes, not later than seven days after the report is submitted;
(6) Each audit of the authority conducted by the Auditors of Public Accounts, each compliance audit of the authority's activities conducted pursuant to section 1-122 of the general statutes, and each audit conducted by an independent auditing firm, not later than seven days after each such audit is received by the board of directors of the authority; and
(7) A report on any contract between the authority and a person, other than a director, officer or employee of the authority, for the purpose of influencing any legislative or administrative action on behalf of the authority or providing legal advice to the authority. The report shall indicate for each such contract (A) the names of the parties to the contract, (B) the cost of the contract, (C) the term of the contract, (D) a summary of the services to be provided under the contract, (E) the method used by the authority to award the contract, and (F) a summary of the authority's need for the services provided under the contract. Such report shall be made available through the Internet not later than fifteen days after the contract is entered into between the authority and the person.
Sec. 14. (NEW) (Effective from passage) The board of directors of the Connecticut Resources Recovery Authority shall submit to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding a copy of each audit of the authority conducted by an independent auditing firm, not later than seven days after the audit is received by said board of directors.
Sec. 15. (Effective from passage) The Legislative Program Review and Investigations Committee shall study the advantages and disadvantages of the powers and duties of the Connecticut Resources Recovery Authority being exercised by a state agency instead of by a body politic and corporate which is a political subdivision of the state, provided such study shall recognize that, if such a structural change is made, provision is required to be made to ensure the payment of the authority's outstanding obligations and the performance of the authority's contracts and agreements consistent with section 22a-274 of the general statutes. Said committee shall submit a report on its findings and recommendations to the General Assembly not later than January 1, 2003.
Sec. 16. Subsection (a) of section 1-124 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):
(a) The Connecticut Development Authority, the Connecticut Health and Educational Facilities Authority, the Connecticut Higher Education Supplemental Loan Authority, the Connecticut Housing Finance Authority, [and] the Connecticut Housing Authority and the Connecticut Resources Recovery Authority shall not borrow any money or issue any bonds or notes which are guaranteed by the state of Connecticut or for which there is a capital reserve fund of any kind which is in any way contributed to or guaranteed by the state of Connecticut until and unless such borrowing or issuance is approved by the State Treasurer [of the state or his deputy] or the deputy State Treasurer appointed pursuant to section 3-12. The approval of the State Treasurer or [his] said deputy shall be based on documentation provided by the authority that it has sufficient revenues to (1) pay the principal of and interest on the bonds and notes issued, (2) establish, increase and maintain any reserves deemed by the authority to be advisable to secure the payment of the principal of and interest on such bonds and notes, (3) pay the cost of maintaining, servicing and properly insuring the purpose for which the proceeds of the bonds and notes have been issued, if applicable, and (4) pay such other costs as may be required.
Approved April 30, 2002