Connecticut General Statutes
Chapter 32 - Treasurer
Section 3-14b. - Option of municipality to purchase state-owned land prior to sale. Waiver of rights. Exceptions.

Prior to the sale of any parcel of land, or a portion thereof owned by the state, except a transfer or conveyance to the party against whom foreclosure was taken or who conveyed to the state in lieu of foreclosure under the provisions of section 17b-138, or as provided in subsection (g) of this section, the state agency, department or institution responsible for the sale of such land shall first notify, in writing, the chief executive officer or officers of the municipality in which such land is situated and the affected state representative and state senator for such municipality of the state's intention to sell such land, and no agreement to sell such land may be entered into or sale may be made by the state except as follows:

(a) Not later than forty-five days after such notice has been so given, such chief executive officer or officers may give written notice to the state of the municipality's desire to purchase such land and shall have the right to purchase the interest in the land which the state has declared its intent to sell, subject to conditions of sale acceptable to the state.
(b) If the chief executive officer or officers of the municipality fail to give notice, as provided in subsection (a) of this section, or give notice to the state of the municipality's desire not to purchase such land, such municipality shall have waived its right to purchase the land in accordance with the terms of this section.
(c) Not later than sixty days after notice has been given by the municipality of its desire to purchase such land, as provided in subsection (a) of this section, the state acting through the state agency, department or institution shall sell such land to the municipality, provided the state and the municipality agree upon the conditions of sale and the amount to be paid therefor.
(d) If the municipality fails to purchase such land not later than sixty days after notice has been given by the municipality of its desire to purchase the land, as provided in subsection (a) of this section, such municipality shall have waived rights to purchase the land in accordance with the terms of this section, subject to the provisions of subsection (e) of this section.
(e) Notwithstanding the provisions of subsections (b) and (d) of this section, if the state thereafter proposes to sell such land to any person upon terms different from those offered to the municipality, the state shall first notify the municipality of such proposal, in the manner provided in subsection (a) of this section, and of the terms of such proposed sale, and such municipality shall have the option to purchase such land upon such terms and may thereupon, in the same manner and within the same time limitations as are provided in subsections (a) and (c) of this section, proceed to purchase such land.
(f) Notwithstanding the provisions of subsection (d) of this section, the towns of Preston and Norwich shall retain any right provided for by this section with regard to the property known as the Norwich State Hospital property, provided the Commissioner of Administrative Services determines that such towns continue to make good faith efforts to purchase such property and have otherwise complied with the provisions of this section.
(g) The provisions of this section shall not apply to the sale or transfer of land, an interest in land or an improvement to land under the provisions of section 4b-21.
(P.A. 74-203, S. 1, 2; P.A. 75-332; P.A. 96-222, S. 1, 41; P.A. 05-287, S. 28; P.A. 06-196, S. 23; P.A. 11-51, S. 44; P.A. 13-263, S. 2.)
History: P.A. 75-332 excepted transfers and conveyances of land where foreclosure was involved from provisions of section; P.A. 96-222 substituted “state agency, department or institution responsible for the sale of such land” for “State Treasurer”, effective July 1, 1996; P.A. 05-287 made technical changes throughout the section, added requirement that notice of sale be provided to the affected state representative and state senator for the municipality and added Subsec. (f) re the sale of the Norwich State Hospital property to the towns of Preston and Norwich, effective July 13, 2005; P.A. 06-196 made a technical change in Subsec. (e), effective June 7, 2006; pursuant to P.A. 11-51, “Commissioner of Public Works” was changed editorially by the Revisors to “Commissioner of Administrative Services” in Subsec. (f), effective July 1, 2011; P.A. 13-263 amended Subsec. (a) to add reference to Subsec. (g) and added Subsec. (g) re sale or transfer under Sec. 4b-21, effective July 1, 2013.
Cited. 13 CA 325.

Structure Connecticut General Statutes

Connecticut General Statutes

Title 3 - State Elective Officers

Chapter 32 - Treasurer

Section 3-11. - Salary and bond of Treasurer. Office of Treasurer full time.

Section 3-11a. - Authority to enter into contractual agreements.

Section 3-12. - Deputy Treasurer.

Section 3-12a. - Appointment of officers and investment-related personnel.

Section 3-13. - Assistant treasurer for debt management. Additional assistant treasurer.

Section 3-13a. - Investment department. Chief investment officer, deputy chief investment officer, principal investment officers and other personnel. Investment counsel. Costs of department.

Section 3-13b. - Investment Advisory Council established. Duties and powers. State Treasurer's investment policy statement.

Section 3-13c. - Trust funds defined.

Section 3-13d. - Trust funds: Investment, restrictions, sale of call options. Consideration of political implications of particular investments in relation to U.S. foreign policy and national interests. Connecticut mortgage pass-through certificates....

Section 3-13e. - Investment of trust funds in loans to mortgage lenders.

Section 3-13f. - State investment policy in relation to corporations doing business in South Africa.

Section 3-13g. - Divestment of state funds invested in companies doing business in Iran.

Section 3-13h. - Investments in companies doing business in Northern Ireland which have not implemented the MacBride principles.

Section 3-13i. - Contracts for services related to investment of trust funds.

Section 3-13j. - Third party fees in investments by Treasurer or quasi-public agencies.

Section 3-13k. - Direction of third party fees by Treasurer prohibited. Personal use by Treasurer of broker's credits prohibited.

Section 3-13l. - Finder's fees in connection with state investments prohibited. Definitions. Penalties.

Section 3-14. - Management and sales of state property.

Section 3-14a. - Treasurer to administer trusts for counties.

Section 3-14b. - Option of municipality to purchase state-owned land prior to sale. Waiver of rights. Exceptions.

Section 3-15. - Sites for beacon lights and other buildings.

Section 3-16. - Temporary borrowing. Approval by Governor. Notice to committees of General Assembly.

Section 3-17. - Collection of state revenue. Issuance of bonds.

Section 3-17a. - Payments to the state from certain financing litigation settlements.

Section 3-18. - Use of facsimile of state seal on bonds.

Section 3-19. - Place of payment of state bonds.

Section 3-20. - Short title: State General Obligation Bond Procedure Act. State Bond Commission.

Section 3-20a. - Redemption or repurchase of bonds. Additional security.

Section 3-20b. - Trusteeships.

Section 3-20c. - Certain appropriations not to lapse.

Section 3-20d. - Requirements for issuance of tax-exempt obligations by agents of state government.

Section 3-20e. - Provision of secondary market disclosure information by political subdivisions of the state, municipalities and quasi-public agencies. Indemnification.

Section 3-20f. - State Bond Commission vote to authorize issuance of agricultural land preservation program bonds and bonds for general maintenance and trade and capital equipment for technical education and career schools.

Section 3-20g. - Economic recovery notes to finance deficit in fiscal year 2009.

Section 3-20h. - Bond authorization for accumulated deficit as determined using generally accepted accounting principles.

Section 3-20i. - Disposition of bond proceeds.

Section 3-20j. - Credit revenue bonds.

Section 3-21. - Bond limitation. Debt certification. Bond issuance limitation. Allotment limitation.

Section 3-21a. - Jurisdiction of Superior Court in actions re bonds and notes. Defenses reserved to the state.

Section 3-21aa. - General obligation bonds for transportation projects. Authorization of special tax obligation bonds or general obligation bonds deemed to authorize issuance as either special tax obligation bonds or general obligation bonds.

Section 3-21b. - Transfer to General Fund of bond proceeds from general obligation bonds of the state which are no longer required for designated purposes or projects. Report by Office of Policy and Management.

Section 3-21c. - Transfer of unexpended proceeds from transportation related general obligation bonds that are no longer required for designated purposes or projects.

Section 3-21d. - Report re public works construction projects receiving funding from bond proceeds. Unexpended amount.

Section 3-21e. - Divestment of state funds invested in companies doing business in Sudan.

Section 3-22. - Bond Retirement Fund.

Section 3-22a. - Definitions: College savings bonds.

Section 3-22b. - Designation of bonds as college savings bonds.

Section 3-22c. - Negotiated sales of college savings bonds.

Section 3-22d. - Terms of issuance of college savings bonds.

Section 3-22e. - Connecticut Higher Education Trust Advisory Committee.

Section 3-22f. - Connecticut Higher Education Trust: Definitions.

Section 3-22g. - Connecticut Higher Education Trust: Established.

Section 3-22h. - Trust authority of the Treasurer.

Section 3-22i. - Investment of funds in the trust.

Section 3-22j. - Participation in and the offering and solicitation of the trust exempt from sections 36b-16 and 36b-22. Evidence of exemption from federal securities laws.

Section 3-22k. - Trust financial report.

Section 3-22l. - Exemption from taxation.

Section 3-22m. - State pledge for purposes of the trust.

Section 3-22n. - Nothing in trust or in any participation agreement deemed to guarantee admission to or continued enrollment in educational institution.

Section 3-22o. - Compliance with provisions necessary for trust to constitute state tuition program and be tax exempt.

Section 3-22p. - Investments in trust not considered an asset for certain programs and purposes.

Section 3-22u. - CHET Baby Scholars fund and program.

Section 3-23. - Destruction of matured bonds.

Section 3-23a. - Replacement of mutilated, destroyed, stolen or lost state obligations.

Section 3-24. - Deposit of funds.

Section 3-24a. - Tax-Exempt Proceeds Fund created.

Section 3-24b. - Deposit of money in Tax-Exempt Proceeds Fund.

Section 3-24c. - Investment in Tax-Exempt Proceeds Fund by other state funds.

Section 3-24d. - Sale of investments in Tax-Exempt Proceeds Fund to other state instrumentalities.

Section 3-24e. - Investment of Tax-Exempt Proceeds Fund by the Treasurer.

Section 3-24f. - Purchase of investments in Tax-Exempt Proceeds Fund by other state instrumentalities.

Section 3-24g. - Borrowing for purposes of the Tax-Exempt Proceeds Fund. Issuance of notes.

Section 3-24h. - Borrowing from the Tax-Exempt Proceeds Fund for state capital projects.

Section 3-24i. - Notice to joint standing committee on finance, revenue and bonding of opening of bank accounts in certain other states.

Section 3-24j. - Definitions.

Section 3-24k. - Investments with community banks and community credit unions.

Section 3-24l. - Regulations.

Section 3-25. - Payment of public moneys. Designation of authority for certain payments to constituent units of the state system of higher education. Authorization for certain payments to be made by the assistant treasurer for investments.

Section 3-26. - Civil list funds; limitation.

Section 3-27. - Investment committee.

Section 3-27a. - Short Term Investment Fund. Payment of certain interest to board or boards of trustees. Participation certificates.

Section 3-27b. - Sale of certificates to state agencies.

Section 3-27c. - Use of fund for student loans.

Section 3-27d. - Investment of funds of the Short Term Investment Fund.

Section 3-27e. - Report of grants, interest, etc. Payment of expenses and state banking service fees.

Section 3-27f. - Investment by Treasurer in participation certificates. Legal investments.

Section 3-27g. - Bond issue.

Section 3-27h. - Notes.

Section 3-27i. - Bonds and notes as legal investments.

Section 3-27j. - Modification or suspension of contributions to the Short Term Investment Fund surplus reserve.

Section 3-28. - Investment of sinking fund.

Section 3-28a. - Medium-Term Investment Fund.

Section 3-29 to 3-31. - Investment of surplus of General Fund. Investment of cash balance of Transportation Fund. Investment of excess cash in General Fund.

Section 3-31a. - Authorized investments.

Section 3-31b. - Combined investment funds. Sale of participation units. Costs charged to income.

Section 3-32. - Acceptance of gifts and bequests by Treasurer.

Section 3-33. - Acceptance of land for military purposes.

Section 3-34. - Vote on stock of state bank owned by state or School Fund.

Section 3-35. - No execution against Treasurer.

Section 3-36. - Repayment of Town Deposit Fund.

Section 3-36a. - Connecticut Baby Bond Trust: Definitions.

Section 3-36b. - Connecticut Baby Bond Trust: Established.

Section 3-36c. - Treasurer's trust authority.

Section 3-36d. - Investment of funds in the trust.

Section 3-36e. - Exemption from taxation.

Section 3-36f. - Moneys invested in trust not considered assets or income.

Section 3-36g. - Accounting for designated beneficiary. Claim for accounting.

Section 3-36h. - Transfer to trust upon birth of designated beneficiary.

Section 3-36i. - Bond issue.

Section 3-37. - Annual report of Treasurer. Monthly report of Treasurer.

Section 3-38. - Posthumous fund of Fitch's Home for the Soldiers. Fitch Fund. Use of income, and payment of claims from principal.

Section 3-39. - Flood Fund.

Section 3-39a. - Funds to be paid state recorded as receivables.

Section 3-39b. - Interest earnings on funds.

Section 3-39c. - Interest earnings credited to certain funds and accounts.

Section 3-39j. - Achieving a better life experience program: Definitions.

Section 3-39k. - Achieving a better life experience program: Establishment. Trust. Report.

Section 3-39l. - Trust authority of the State Treasurer.

Section 3-39m. - Investment of funds in the trust.

Section 3-39n. - Exemption from certain securities laws.

Section 3-39o. - Exemption from taxation.

Section 3-39p. - State pledge for purposes of the trust.

Section 3-39q. - Compliance with requirements for trust to constitute a qualified ABLE program.

Section 3-39r. - ABLE account investments, contributions and distributions disregarded for certain programs and purposes.

Section 3-40. - Treasurer to have care and management.

Section 3-41. - School Fund interest.

Section 3-42. - Rate of interest on loans from the School Fund and Agricultural College Fund.

Section 3-43. - Loan expenses. Foreclosure costs.

Section 3-44. - Interest on overdue loans.

Section 3-45. - Loans and appraisals.

Section 3-46. - Reappraisal of securities.

Section 3-47. - Sale of real estate.

Section 3-48. - National bank stock; Treasurer attorney for state.

Section 3-49. - Debtor accounts.

Section 3-50. - Agents to give certified copies of bonds.

Section 3-51. - Annual schedule of assets.

Section 3-52. - Moneys paid on account.

Section 3-53. - Exhibition of claims against estates.

Section 3-54. - Mortgagor's affidavit of title.

Section 3-55. - Waste on mortgaged premises.

Section 3-55i. - Mashantucket Pequot and Mohegan Fund.

Section 3-55j. - Payments from fund.

Section 3-55k. - Municipality defined.

Section 3-55l. - Additional payments from fund to Ledyard, Montville, Norwich, North Stonington and Preston.

Section 3-56. - Definitions.

Section 3-56a. - Definitions.

Section 3-57. - Escheat of property unclaimed or unused for seven years.

Section 3-57a. - Property held by banking or financial organization presumed abandoned, when.

Section 3-58. - Sale of escheated property.

Section 3-58a. - Funds held by insurance company presumed abandoned, when.

Section 3-59. - Petition in case of interest in escheated property. Appeal.

Section 3-59a. - Property held by a business association or payable in the course of demutualization of an insurance company presumed abandoned, when.

Section 3-59b. - Ownership interest in business association presumed abandoned, when.

Section 3-59c. - Duties of holder of abandoned interests in business associations.

Section 3-59d. - Delivery of duplicate certificate to Treasurer. Holder relieved of liability to others upon such delivery.

Section 3-60. - Examination of witnesses.

Section 3-60a. - Property distributable on dissolution of business presumed abandoned, when. Notice to shareholder of corporate dissolution or liquidation.

Section 3-60b. - Wages, salary or other compensation for personal services presumed abandoned, when.

Section 3-60c. - Deposit, refund or other sum owed by utility presumed abandoned, when.

Section 3-60d. - Value of gift certificate presumed abandoned, when.

Section 3-61. - Action against custodian of property.

Section 3-61a. - Property held by fiduciary presumed abandoned, when.

Section 3-62. - Application of provisions.

Section 3-62a. - Property held by public body or officer presumed abandoned, when.

Section 3-62b. - Property held by federal court or agency presumed abandoned, when.

Section 3-62c. - Proceedings to recover property.

Section 3-62d. - Action to obtain decree of escheat.

Section 3-62e. - Treasurer to pay costs and deposit funds into General Fund.

Section 3-62f. - Claim for return of escheated property.

Section 3-62g. - Liability of state.

Section 3-62h. - Special Abandoned Property Fund. Deposit of abandoned property receipts. Special obligation bond authorization. Disbursement of resources of fund.

Section 3-63. - Notice of inactive bank accounts. Index. Interest. Escheat.

Section 3-63a. - Property in decedent's estate presumed abandoned, when.

Section 3-64. - Escheating of trust funds held by the Treasurer.

Section 3-64a. - Property presumed abandoned generally.

Section 3-65. - Conversion of escheated property into cash.

Section 3-65a. - Duties of holder of abandoned property.

Section 3-65b. - Assessment of interest penalty for failure to report or deliver abandoned property as required. Exceptions.

Section 3-65c. - Charge, fee or penalty for inactivity prohibited.

Section 3-66. - Escheat of unclaimed life insurance company funds. Definitions.

Section 3-66a. - Maintenance of searchable list and provision of notice by Treasurer.

Section 3-66b. - Unclaimed intangible property. Conditions raising presumption of abandonment.

Section 3-66c. - Recovery of funds or property.

Section 3-67. - When funds escheat.

Section 3-67a. - State responsibility for property. Reimbursement of prior holder for payment to holder. Reimbursement of holder compelled to register transfer of original certificate.

Section 3-68. - Report of unclaimed funds.

Section 3-68a. - Sale of property by Treasurer.

Section 3-69. - Notice.

Section 3-69a. - Deposit of funds in General Fund and Citizens' Election Fund.

Section 3-70. - Payment to Treasurer.

Section 3-70a. - Claims for abandoned property.

Section 3-71. - State to assume custody and liability.

Section 3-71a. - Appeals.

Section 3-72, 3-72a and 3-73. - Funds to be paid to General Fund and special trust fund. Escheat proceedings. Claim; appeal; bond.

Section 3-73a. - Excepted property.

Section 3-73b. - Effect of expiration of limitation period or period specified in contract.

Section 3-74. - Payment of claim.

Section 3-74a. - Regulations. Agreements and enforcement with other states.

Section 3-76a. - Short title: Municipal Bond Refunding Trust Act.

Section 3-76b. - Statement of purpose and policy.

Section 3-76c. - Definitions.

Section 3-76d. - Issuance of state special obligation bonds authorized to finance purchase of municipal refunding bonds; bond determination requisites.

Section 3-76e. - Effect of filing of bond determination. Limits on Treasurer's contracts.

Section 3-76f. - Terms of special obligation bonds determined by State Treasurer.

Section 3-76g. - Optional provisions to secure payment of special obligation bonds.

Section 3-76h. - Additional powers of State Treasurer.

Section 3-76i. - Form of special obligation bonds.

Section 3-76j. - Special obligation bonds not general obligations of the state.

Section 3-76k. - Special obligation bonds as legal investments: Tax exemptions.

Section 3-76l. - Municipal Refunded Bond Escrow Fund. State Treasurer's contracts re municipal accounts in fund.

Section 3-76m. - Municipal Refunding Trust Fund. Required reserve. General Fund appropriations.

Section 3-76n. - Validity of pledges.

Section 3-76o. - State pledges to holders of special obligation bonds.

Section 3-76p. - Principal amounts of special obligation bonds not part of state indebtedness.

Section 3-76q. - Default by state, remedies of municipalities, holders.

Section 3-76r. - Municipal refunding bonds. Requisites. Proceeds. Excluded from aggregate municipal indebtedness. Presumption re authorization.

Section 3-76s. - Defaults in principal or interest payments on municipal refunding bonds; remedies.

Section 3-76t. - Transfer of interest subsidy under section 10-292m.