(a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power 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 sixty million dollars.
(b) The proceeds of the sale of said bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by the Capital Region Development Authority for the purpose of providing grants or loans to encourage residential housing development, as provided in section 32-602.
(c) 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 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 or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission, in its discretion, may require. Said 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 said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due.
(P.A. 12-189, S. 43.)
History: P.A. 12-189 effective July 1, 2012.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 588x - Capital Region Development Authority
Section 32-600. - Definitions.
Section 32-601. - Capital Region Development Authority. Operations.
Section 32-602a. - Assistance to science center.
Section 32-603. - Adoption of procedures.
Section 32-604. - Feasibility and implementation study.
Section 32-605. - Reports. Audits. Compliance of operations.
Section 32-607. - Bonds, notes and other obligations. Special capital reserve funds.
Section 32-608. - State contract assistance.
Section 32-609. - Loans from Connecticut Innovations, Incorporated.
Section 32-610. - Exemptions from taxes.
Section 32-610a. - Assessment of apartment property.
Section 32-611. - State pledge to bond holders and contractors.
Section 32-612. - Downtown higher education center project development.
Section 32-613. - Applications for licenses, permits, approvals and administrative actions.
Section 32-614. - Bond authorization for the convention center project.
Section 32-615. - Bond authorization for the downtown higher education center project.
Section 32-617. - Indemnification of officials of Capital Region Development Authority.
Section 32-617a. - Limitation on liability of state officials.
Section 32-617g. - Bond authorization for residential housing development.