OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www. cga. ct. gov/ofa

sHB-6660

AN ACT AUTHORIZING BONDS OF THE STATE FOR VARIOUS STATE GRANT PROGRAMS AND CONCERNING THE FACE OF CONNECTICUT STEERING COMMITTEE.

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 10 $

FY 11 $

Treasurer, Debt Serv.

GF - Cost

See Below

See Below

Note: GF=General Fund

Municipal Impact: None

Explanation

Section 1 authorizes $12. 5 million in General Obligation (GO) bonds for the Farmland Preservation Program, which is administered by the Department of Agriculture. The total General Fund debt service cost for principal and interest payments on this amount over 20 years assuming a 5. 0% interest rate, is $19. 1 million. The first year that the state will experience costs associated with the bonds depends on when they are allocated through the State Bond Commission and when the funds are expended.

Section 3 authorizes $42. 5 million in General Obligation (GO) bonds for a variety of purposes. The total General Fund debt service cost for principal and interest payments on this amount over 20 years assuming a 5. 0% interest rate, is $64. 8 million. The first year that the state will experience costs associated with the bonds depends on when they are allocated through the State Bond Commission and when the funds are expended.

The Out Years

The General Fund debt service costs noted above would continue for 20 years after the GO bonds are issued.