Sec. 32-653. Bond authorization for costs of overall project other than costs of stadium facility project. - Connecticut Statutes

      Sec. 32-653. Bond authorization for costs of overall project other than costs of stadium facility project. (a) The State Bond Commission shall have the power, in accordance with the provisions of this section from time to time to authorize the issuance of bonds of the state, pursuant to and in accordance with this section, in one or more series and in principal amounts not exceeding in the aggregate seventy-three million eight hundred thousand dollars plus additional amounts for costs of issuance to the extent that premium and accrued interest on such bonds are not available to pay such costs of issuance as determined by the Treasurer at the time of issuance, provided, in computing the total amount of such bonds which may at any one time be outstanding, the principal amount of any refunding bonds issued to refund such bonds shall be excluded. The proceeds of such bonds and each series thereof shall be used by or at the direction of the Secretary of the Office of Policy and Management for the purposes of financing project costs of the overall project, other than the stadium facility project, or a grant-in-aid or other financial assistance with respect to any aspect of the overall project, other than the stadium facility project, pursuant to subsection (c) of this section, as set forth in a certificate of determination filed by the secretary with the Treasurer and the secretary of the State Bond Commission in respect of such project costs as detailed in said certificate. Each such bond shall bear such title or other designation as may be fixed by the Treasurer prior to issuance. This section shall constitute a bond act within the meaning of section 3-20.

      (b) The bonds authorized pursuant to this section shall mature at such time or times not exceeding thirty years from their respective dates. 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 the secretary stating such terms and conditions as said commission, in its discretion may require. Such bonds 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 such bonds, including temporary or interim notes, as the same become due, and, accordingly, as part of the contract of the state with the holders of such bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made including with respect to interest on temporary or interim notes and principal thereof to the extent not funded with renewals thereof or bonds, and the Treasurer shall pay such principal and interest as the same become due.

      (c) The secretary is authorized to use amounts available pursuant to the bond authorization in this section to provide grants-in-aid or financial assistance in such other forms as the secretary deems to be in the public interest to the authority or any other public instrumentality of the state or any private party developing or operating any aspect of the overall project, other than the stadium facility project, as defined in section 32-651, upon a finding by the secretary that such grant-in-aid or financial assistance is necessary, in connection with any otherwise authorized revenue bond financing or private investment, to induce the development of such aspects of the overall project. Such grant-in-aid or financial assistance shall be on such terms as may be established by the secretary, and the secretary is authorized to enter into such commitments and agreements with respect thereto as may be necessary to carry out the purposes of this subsection.

      (d) No bonds, notes or other obligations provided for in this section shall be authorized by the State Bond Commission except upon (1) a filing by the secretary with the State Bond Commission of a copy of the master development plan, and (2) a finding by the State Bond Commission that such issuance is in the public interest.

      (e) All provisions of section 3-20 and the exercise of any right or power granted thereby which is not inconsistent with the provisions of this section are hereby adopted and shall apply to all bonds authorized pursuant to this section and temporary or interim 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 provided no filings required by subparagraphs (A) and (B) of subdivision (1) of subsection (g) of said section 3-20 shall be required.

      (f) Any balance of proceeds of the sale of such bonds authorized by this section in excess of aggregate project costs shall be used to meet interest and principal amounts as the same become due on such authorized bonds or to defease or redeem such bonds as may be outstanding, or shall be deposited to the General Fund as the Treasurer shall determine.

      (g) Net earnings on investment of proceeds, accrued interest and premiums on the issuance of any of such bonds authorized by this section after payment of expenses incurred by the Treasurer in connection with their issuance, if any, and after compliance with applicable federal tax requirements, shall be used to meet interest and principal amounts as the same become due on said authorized bonds.

      (h) After authorization by the State Bond Commission, all securities of the state issued pursuant to this section shall be conclusively presumed to be fully and duly authorized and issued under the laws of the state. Any person or governmental entity shall be estopped from questioning their authorization, sale, issuance, execution or delivery by the state.

      (i) For the purposes of this section "state moneys" means the proceeds of the sale of the bonds authorized pursuant to this section or of temporary or interim notes issued in anticipation of the moneys to be derived from the sale of such bonds. Any federal, private or other moneys then available or thereafter to be made available for project costs of the overall project, other than the stadium facility project, as identified by the secretary may be added to any state moneys available or becoming available hereunder for such project costs and be used for the overall project, other than the stadium facility project, as if constituting such state moneys, and any other federal, private or other moneys then available or thereafter to be made available for such project costs, if and to the extent from time to time directed by the Treasurer, upon receipt shall, in conformity with applicable federal and state law, be used for the purposes for which such other moneys are received, and otherwise by the Treasurer to meet the principal of outstanding bonds issued pursuant to this section or to meet the principal of temporary or interim notes issued in anticipation of the money to be derived from the sale of such bonds authorized pursuant to public act 99-241*, as amended by public act 00-140*, for the purpose of financing such project costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal, private or other moneys so received with respect to the overall project, other than the stadium facility project, are used to meet principal of such temporary or interim notes or whenever principal on any such temporary or interim notes is retired by application of revenue receipts of the state, the amount of such bonds authorized in anticipation of which such temporary or interim notes were issued, and the aggregate amount of such bonds which may be authorized pursuant to this section, shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet the principal as directed in this subsection, the amount thereof may be invested by, or at the direction of, the Treasurer in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, or in accordance with the provisions of said section 3-20, and shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as said moneys so invested.

      (P.A. 99-241, S. 29, 66; P.A. 00-140, S. 8, 40; P.A. 06-194, S. 6.)

      *Public act 99-241 is entitled "An Act Increasing Certain Bond Authorizations for Capital Improvements, the Capital City Economic Development Authority, and the Convention Center and Sportsplex in Hartford and Associated Development Activities" and public act 00-140 is entitled "An Act Implementing the Master Development Plan for the Adriaen's Landing Project and the Stadium at Rentschler Field Project". (See Reference Tables captioned "Public Acts of 1999" and "Public Acts of 2000", respectively, in Volume 16 which list the sections amended, created or repealed by the acts.)

      History: P.A. 99-241 effective July 1, 1999; P.A. 00-140 increased the bond authorization from $50,000,000 to $73,800,000, deleted references to former Hartford Sportsplex project and made section applicable to the Adriaen's Landing and Rentschler Field projects, effective May 2, 2000; P.A. 06-194 amended Subsec. (e) to change citation re filings required under Sec. 3-20(g) but not required by section from "subdivisions (1) and (2)" to "subparagraphs (A) and (B) of subdivision (1)", effective June 9, 2006.