OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-503

AN ACT AUTHORIZING AND ADJUSTING BONDS OF THE STATE FOR CAPITAL IMPROVEMENTS, TRANSPORTATION AND OTHER PURPOSES AND AUTHORIZING STATE GRANT COMMITMENTS FOR SCHOOL BUILDING PROJECTS.

AMENDMENT

LCO No.: 6452

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 17 $

FY 18 $

Treasurer, Debt Serv.

GF - Cost

See Below

See Below

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment authorizes $50 million to establish a program, administered by the Department of Consumer Protection (DCP), to provide grants to homeowners affected by crumbling concrete foundations.

An issuance of 20-year bonds, at current market conditions, for the authorized amount would result in a cumulative debt service cost of approximately $73.6 million, including $23.6 in interest costs. The actual timing of this cost would be dependent upon the timing of the issuance.

There is not anticipated to be a cost to DCP to administer the program.

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.