(a) The State Bond Commission may authorize the issuance of bonds of the state in one or more series in accordance with section 3-20 and in principal amounts necessary to carry out the purposes of section 32-16 but not in excess of the aggregate amount of twenty-six million dollars. All of said bonds shall be payable at such place or places as may be determined by the Treasurer pursuant to section 3-19 and shall bear such date or dates, mature at such time or times, not exceeding twenty years from their respective dates, bear interest at such rate or different or varying rates and payable at such time or times, be in such denominations, be in such form with or without interest coupons attached, carry such registration and transfer privileges, be payable in such medium of payment and be subject to such terms of redemption with or without premium as, irrespective of the provisions of said section 3-20, may be provided by the authorization of the State Bond Commission or fixed in accordance therewith.
(b) The proceeds of the sale of such bonds shall be used by the Department of Economic and Community Development to make grants to the corporation for deposit in the Mortgage and Loan Insurance Fund created by section 32-14. The terms and conditions of said grants shall be governed in accordance with a grant contract between the department and the corporation. Payments of principal on such bonds as they mature and interest thereon shall be payable first from the Mortgage and Loan Insurance Fund and secondly from the state General Fund.
(1961, P.A. 542, S. 13; February, 1965, P.A. 494, S. 14; 1971, P.A. 503, S. 3; 1972, P.A. 195, S. 25; 259, S. 2; P.A. 74-338, S. 9, 94; P.A. 75-461, S. 4, 6; P.A. 81-388, S. 11, 12; P.A. 87-536, S. 4, 7; P.A. 88-265, S. 7, 36; May Sp. Sess. P.A. 92-7, S. 19, 36; P.A. 93-382, S. 29, 69; June Sp. Sess. P.A. 93-1, S. 28, 39, 45; May Sp. Sess. P.A. 94-2, S. 197, 203; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: 1965 act increased aggregate amount of bonds from $25,000,000 to $35,000,000 and deleted provisions re requests for additional funds to meet obligations from unappropriated moneys in general fund; 1971 act divided previous provisions into Subsecs. (a) and (b), specified that $25,000,000 of principal amount be deposited in industrial building mortgage insurance fund, and added Subsec. (c) requiring deposit of remaining $10,000,000 in industrial pollution abatement fund; 1972 acts made technical change and rephrased Subsec. (c); P.A. 74-338 deleted Subsec. (c) and removed $25,000,000 limit in Subsec. (b) accordingly; P.A. 75-461 increased bond limit in Subsec. (a) by the aggregate amount of outstanding capital reserve fund bonds including anticipation notes; P.A. 81-388 reduced the bond ceiling from $35,000,000 to $25,000,000; P.A. 87-536 set bond limit at $325,000,000 and clarified that the uses were solely for the purposes of Sec. 32-16; P.A. 88-265 added provisions to Subsec. (b) re reimbursement of general fund for temporary borrowings; May Sp. Sess. P.A. 92-7 amended Subsec. (a) to decrease the bond authorization from $325,000,000 to $115,000,000; P.A. 93-382 decreased the bond authorization to $54,000,000, effective July 1, 1993; June Sp. Sess. P.A. 93-1 amended Subsec. (a) to decrease bond authorization to $44,000,000 and amended Subsec. (b) to make technical changes re administration of the grants, effective July 1, 1993; May Sp. Sess. P.A. 94-2 in Subsec. (a) decreased bond authorization to $26,000,000, effective June 21, 1994 (Revisor's note: In 1995 the name of the fund in Subsec. (b) was changed editorially by the Revisors from “Industrial Building Mortgage Insurance Fund” to “Mortgage and Loan Insurance Fund” to conform section with Sec. 32-14 as amended by P.A. 93-360); 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; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation” in Subsec. (b), effective July 1, 2012.
See Sec. 32-23f re bonds and notes.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 579 - Connecticut Innovations, Incorporated
Section 32-10 and 32-11. - Definitions. Connecticut Industrial Building Commission.
Section 32-11b. - Definitions.
Section 32-11c. - Transfer of duties, obligations, purposes and procedures.
Section 32-11d. - Agreements to facilitate transfers. Support.
Section 32-11e. - Corporation subsidiaries.
Section 32-12 and 32-13. - Executive secretary. Powers of commission.
Section 32-14. - Mortgage and Loan Insurance Fund.
Section 32-15. - Applications for insurance.
Section 32-16a. - Industrial Pollution Abatement Loan Fund.
Section 32-17. - Proceedings on default by mortgagor.
Section 32-17a. - Procedure on default by mortgagor or borrower.
Section 32-18. - Insurance premiums.
Section 32-19. - Insured mortgages as legal investments.
Section 32-22a. - Written procedures. Contracts.
Section 32-22b. - Loan guarantees for brownfield projects.
Section 32-23. - Industrial Building Operating Expense Fund.
Section 32-23a. - Allocation of mortgage insurance premiums.
Section 32-23aa. - Compliance with state laws and regulations prerequisite for financial assistance.
Section 32-23b. - Short title.
Section 32-23bb. - Comprehensive Business Assistance Fund consolidated into Connecticut Growth Fund.
Section 32-23c. - Legislative finding.
Section 32-23d. - Definitions.
Section 32-23e. - Powers of the corporation.
Section 32-23f. - Bonds and notes.
Section 32-23g. - Disposition of authority funds.
Section 32-23gg. - Legislative determination.
Section 32-23hh. - Definitions.
Section 32-23i. - Bonds as legal investments.
Section 32-23ii. - Connecticut Works Fund. Subfunds.
Section 32-23jj. - Considerations in reviewing application.
Section 32-23k. - State pledge to bond holders and contractors.
Section 32-23kk. - Contract of insurance.
Section 32-23ll. - Bond issue.
Section 32-23m. - Liberal construction.
Section 32-23p. - Loans by the corporation in areas of high unemployment.
Section 32-23pp. - Policy to encourage pollution prevention and remediation.
Section 32-23q. - Exemption from maximum interest and charges on loans.
Section 32-23qq. - Environmental Assistance Revolving Loan Fund. Subfunds.
Section 32-23r. - Preference in employment by borrowers and mortgagees.
Section 32-23rr. - Definitions.
Section 32-23s. - Interpretation of certain amendments.
Section 32-23ss. - Bond issue.
Section 32-23t. - Legislative finding.
Section 32-23tt. - Definitions.
Section 32-23u. - Consolidation of financial assistance programs.
Section 32-23uu. - Connecticut job training finance program.
Section 32-23v. - Connecticut Growth Fund.
Section 32-23vv. - Connecticut job training finance demonstration program.
Section 32-23w. - Consolidation of financial assistance programs.
Section 32-23ww. - Displaced Defense Workers' Bill of Rights.
Section 32-23x. - Comprehensive Business Assistance Fund.
Section 32-23xx. - Electronic Superhighway Act of 1994.
Section 32-23yy. - High-Technology Infrastructure Fund.
Section 32-23z. - Business Environmental Clean-Up Revolving Loan Fund. Regulations.