Sec. 32-207. State contract assistance. - Connecticut Statutes

      Sec. 32-207. State contract assistance. (a) The state, acting by and through the Secretary of the Office of Policy and Management and the State Treasurer, shall enter into a contract with the authority providing that the state shall pay contract assistance to the authority pursuant to the provisions of this section. Such contract assistance is limited to an amount equal to the annual debt service on the outstanding amount of bonds to be issued to finance the costs of the Stamford conference or exhibition facility pursuant to sections 32-200 to 32-212, inclusive. The contract entered into pursuant to this section shall include such provisions as the Secretary of the Office of Policy and Management and the State Treasurer deem necessary to assure the efficient construction and operation of such project and find are in the best interests of the state. No such contract shall be entered into by the secretary and the State Treasurer unless the board of directors of the authority files therewith a certificate setting forth its findings and determinations to the effect that the incremental tax revenues under the authority of law existing at the time such certificate is filed to be derived as a result of the construction and operation of the project and visitor spending with respect thereto are reasonably expected to be at least sufficient to offset, over the term that the bonds are scheduled to be outstanding, the amount of debt service expected to be paid on authority bonds to be secured by such state assistance contract. In the event the secretary and the State Treasurer concur with the findings of the board, a certificate evidencing such a concurrence shall be filed by such secretary and Treasurer with the clerks of the Senate and the House of Representatives. The General Assembly may approve the finding contained in such certificate by the adoption of a resolution approving such certificate. The adoption of such resolution shall be a condition precedent to any approval by the State Bond Commission as provided in sections 32-200 to 32-212, inclusive. In making such findings and determinations and executing such approval, the board, the secretary, the State Treasurer and the General Assembly shall each be entitled to rely upon such reports and estimates of experts, as appropriate, for the proper evaluation of feasibility of the project, including, without limitation, estimates relating to the incremental tax revenues resulting from a reasonable number of conventions and trade shows annually, annual event attendance, reasonable expectation as to the additional development in the area of the conference or exhibition facility expenditures of attendees at conventions and such additional expenditures as a result of construction, tourism and other travel, entertainment and retail sales as may result from the location of a major and modern conference or exhibition facility in the city of Stamford.

      (b) As part of the aforesaid contract with the authority, or as a supplemental contract thereto, the state, acting by and through the Secretary of the Office of Policy and Management and the State Treasurer, may provide for contract assistance for the funding of the completion, improvement or expansion of the project approved under subsection (a) of this section on the same terms and subject to the same conditions and findings set forth in said subsection (a).

      (c) Whenever the board of directors of the authority has adopted a resolution authorizing the issuance of notes in anticipation of the issuance of bonds to pay preliminary planning and design costs necessary or incident to the construction, completion, improvement or expansion of the project, including, but not limited to, the costs of completing site acquisition, feasibility studies, financial reports, architectural, engineering and legal fees and economic analyses, the state, acting by and through the Secretary of the Office of Policy and Management, the State Treasurer and the State Bond Commission may enter into a contract with the authority providing that the state shall pay contract assistance to the authority pursuant to this subsection. Such contract assistance is limited to an amount equal to the annual debt service on the outstanding amount of notes to be issued to finance such preliminary costs not to exceed, at any one time outstanding, twenty-five million dollars. The contract entered into pursuant to this subsection may include such provisions as the Secretary of the Office of Policy and Management, the State Treasurer and the State Bond Commission deem necessary to assure the proper development and planning of the project.

      (d) Any bonds issued under the provisions of subsections (a) and (b) of this section and at any time outstanding may at any time or from time to time be refunded by the board of directors of the authority by the issuance of its refunding bonds in such amounts as the authority may deem necessary or appropriate and with the consent of the Secretary of the Office of Policy and Management and the State Treasurer upon a finding that it is in the best interest of the state, but not exceeding an amount sufficient to refund the principal amount of the bonds to be so refunded, any unpaid interest thereon and any premiums, commissions and costs of issuance necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have matured or shall thereafter mature. The state, acting by and through the Secretary of the Office of Policy and Management, the State Treasurer and the State Bond Commission, may execute a contract for contract assistance for the payment of annual debt service on such refunding bonds.

      (e) Any such contract may also provide that such contract assistance shall be paid by the state directly to the trustee or paying agent for any bonds, notes or other obligations, as applicable, with respect to which the contract assistance is provided. Any provision of such a contract entered into providing for payments equal to annual debt service shall constitute a full faith and credit obligation of the state and as part of the contract of the state with the holders of any bonds or notes, as applicable, appropriation of all amounts necessary to meet punctually the terms of such provision is hereby made and the State Treasurer shall pay such amount as the same become due. The board of directors of the authority may pledge such contract assistance of the state as security for the payment of such bonds, notes or other obligations issued by the authority.

      (P.A. 90-320, S. 8, 14.)