OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-29

AN ACT AUTHORIZING AND ADJUSTING BONDS OF THE STATE FOR CAPITAL IMPROVEMENTS, TRANSPORTATION AND OTHER PURPOSES.

AMENDMENT

LCO No.: 5607

File Copy No.: 653

Senate Calendar No.: 441


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 15 $

FY 16 $

Treasurer, Debt Serv.

GF - Cost

None

1.67 million

Municipal Impact: None

Explanation

The amendment authorizes $16.6 million in General Obligation (GO) bonds to the Department of Economic and Community Development ($6.6 million) and the Department of Transportation ($10 million). The fiscal impact is summarized in the table below. Assuming that $16.6 million is allocated through the State Bond Commission during FY 15 and the Office of the State Treasurer issues the bonds before the end of FY 15, the debt service cost in FY 16 will be $1.0 million.

New GO Bond Authorization and Estimated Debt Service Cost

$ millions

Fiscal Year

Authorization Amount

Total Debt Service Cost*

Interest

Principal

FY 15

16.60

25.32

8.72

16.60

*Figures assume that bonds are issued at 5.0% over 20 year term

The amendment also cancels $3 million from a GO authorization to the University of Connecticut for planning, design and development of a technology park and authorizes $3 million for a grant-in-aid to Mansfield for the wastewater component of the Four Corners project.

The amendment also makes a variety of technical and clarifying changes that have no fiscal impact.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.