Connecticut Seal

General Assembly

 

Proposed Bill No. 570

 

January Session, 2013

 

LCO No. 1452

   

Referred to Committee on FINANCE, REVENUE AND BONDING

 

Introduced by:

 

SEN. FRANTZ, 36th Dist.

 

AN ACT CONCERNING THE USE OF BOND PROCEEDS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That section 3-17 of the general statutes be amended to provide that the Treasurer shall hold all proceeds from the issuance of bonds separate from any other monies belonging to the state and shall not use such issuances for any purpose except the financing of a specific program or project, as approved by the State Bond Commission and as issued by the Treasurer.

Statement of Purpose:

To require that bond proceeds be used only for their intended purpose and prohibit the use of bond proceeds to pay for ongoing general government expenditures.