Sec. 47a-56k. Authorization of state bonds for purposes of the Housing Receivership Revolving Fund. - Connecticut Statutes

      Sec. 47a-56k. Authorization of state bonds for purposes of the Housing Receivership Revolving Fund. (a) The State Bond Commission shall have power, in accordance with the provisions of this section, 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 three hundred thousand dollars, the proceeds of the sale of which shall be used by the Department of Economic and Community Development to provide funds for the Housing Receivership Revolving Fund established in accordance with section 47a-56i, provided not more than two hundred thousand dollars may be expended from said fund in any single municipality.

      (b) 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 such 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 Commissioner of Economic and Community Development and states such terms and conditions as said commission in its discretion may require. Such 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 such bonds as the same become due, and accordingly and 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 and the Treasurer shall pay such principal and interest as the same become due.

      (P.A. 81-370, S. 12, 13; P.A. 86-396, S. 23, 25; P.A. 88-343, S. 17, 32; P.A. 90-297, S. 20, 24; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.)

      History: P.A. 86-396 increased bond authorization from $300,000 to $550,000; P.A. 88-343 decreased the bond authorization to $425,000; P.A. 90-297 decreased the bond authorization to $300,000; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Housing with Commissioner and Department of Economic and Community Development.