Sec. 32-262. Bond authorization. - Connecticut Statutes

      Sec. 32-262. Bond authorization. (a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time, to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate thirty million dollars.

      (b) The proceeds of the sale of said bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by the Department of Economic and Community Development to make grants to the Connecticut Development Authority for deposit in the Investment and Loan Guaranty Fund to be used for the purpose of section 32-261. The terms and conditions of said grants shall be governed in accordance with a grant contract between the department and the authority.

      (c) All provisions of section 3-20, or the exercise of any right or power granted thereby which are not inconsistent with the provisions of this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to this section, and temporary notes in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with said section 3-20 and from time to time renewed. Such bonds shall mature at such time or times not exceeding twenty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such bonds. None of said bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization, which is signed by or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission, in its discretion, may require. Said bonds issued pursuant to this section shall be general obligations of the state and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.

      (P.A. 92-236, S. 3, 48; June Sp. Sess. P.A. 93-1, S. 27, 33, 45; May Sp. Sess. P.A. 94-2, S. 190, 203; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; May Sp. Sess. P.A. 04-1, S. 14.)

      History: June Sp. Sess. P.A. 93-1 amended Subsec. (a) to reduce bond authorization from $84,000,000 to $49,000,000 and amended Subsec. (b) re administration of grants, effective July 1, 1993; May Sp. Sess. P.A. 94-2 in Subsec. (a) decreased bond authorization to $39,000,000, effective June 21, 1994; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; May Sp. Sess. P.A. 04-1 amended Subsec. (a) to decrease the aggregate authorization to $30,000,000, effective July 1, 2004.