If the terms and conditions of an agreement for state assistance, except an agreement for grants only, provide for security, the awarding authority providing such state assistance shall have a lien on such security in an amount equal to the amount that is due on such state assistance or other appropriate security for such financial assistance. Any such lien shall have priority over all other subsequent liens except state tax liens, except if the awarding authority determines it is not in the best interests of the state to have such priority. The awarding authority shall notify the State Bond Commission or the appropriate board of directors, if any, of such determination.
(P.A. 02-86, S. 4.)
History: P.A. 02-86 effective July 1, 2002.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 588aa - State Assistance for Economic Development
Section 32-700. - Definitions.
Section 32-702. - Procedure if noncompliance with agreement. Default. Penalty.
Section 32-703. - Lien on security. Exception.
Section 32-704. - Hospitality projects receiving state assistance. Labor peace agreements.