Sec. 32-609. Loans from the Connecticut Development Authority. - Connecticut Statutes

      Sec. 32-609. Loans from the Connecticut Development Authority. With the concurrence of the Secretary of the Office of Policy and Management and the State Treasurer, the Capital City Economic Development Authority may submit an application to the Connecticut Development Authority on behalf of the convention center project as defined in subdivision (3) of section 32-600, for a loan or loans consistent with the requirements of chapter 579 and the Connecticut Development Authority is hereby authorized to review such application as a package for the purposes of its requirements, including eligibility for federal or state funding in addition to the financing applied for. Any loan by the Connecticut Development Authority to the Capital City Economic Development Authority shall be evidenced by the general obligation bond of such authority, in fully marketable form, duly executed and accompanied by an approving legal opinion with respect to validity, security and tax matters as would otherwise be required in a public offering. Any loan with respect to the hotel or other portions of private investment pertaining to the convention center project shall be on such terms and conditions as the Connecticut Development Authority requires to satisfy its eligibility for financing of a loan from the proceeds of its general obligation program bonds.

      (P.A. 98-179, S. 10, 30.)

      History: P.A. 98-179 effective June 1, 1998.