(a) There is established an account to be known as the “brownfield remediation and development account”, which shall be a separate, nonlapsing account within the General Fund. There shall be deposited in the account: (1) The proceeds of bonds issued by the state for deposit into said account and used in accordance with this section; (2) repayments of assistance provided pursuant to subsection (c) of section 22a-133u; (3) interest or other income earned on the investment of moneys in the account; (4) funds recovered pursuant to sections 32-766 and 32-767; (5) any proceeds realized by the state from activities pursuant to section 32-763 or section 32-765; and (6) all funds required by law to be deposited in the account. Any balance remaining in the account at the end of any fiscal year shall be carried forward in the account for the fiscal year next succeeding.
(b) All moneys received in consideration of financial assistance, including payments of principal and interest on any loans made pursuant to section 32-765, shall be credited to the account and shall become part of the assets of the account. At the discretion of the Commissioner of Economic and Community Development and subject to the approval of the Secretary of the Office of Policy and Management, any federal, private or other moneys received by the state in connection with projects undertaken pursuant to section 32-763 or section 32-765 shall be credited to the assets of the account.
(c) Notwithstanding any provision of the general statutes, proceeds from the sale of bonds available pursuant to subdivision (1) of subsection (b) of section 4-66c may, with the approval of the Governor and the State Bond Commission, be used to capitalize the account.
(d) The commissioner may use funds in the account (1) to provide financial assistance for the remediation and development of brownfields in the state pursuant to section 32-763 or section 32-765, (2) to provide financial assistance to parcel owners required to perform mitigation actions pursuant to section 22a-6u, and (3) for administrative costs not to exceed five per cent of such funds.
(P.A. 13-308, S. 3.)
History: P.A. 13-308 effective July 1, 2013.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 588gg - Brownfield Remediation and Development
Section 32-760. - Definitions.
Section 32-761. (Formerly Sec. 32-9cc). - Office of Brownfield Remediation and Development.
Section 32-762. - Brownfield remediation and development account.
Section 32-763. (Formerly Sec. 32-9kk). - Remedial action and redevelopment municipal grant program.
Section 32-765. - Targeted brownfield development loan program.
Section 32-766. - Terms and conditions of financial assistance.
Section 32-767. - Reimbursement for costs and expenses of assessment or remediation.
Section 32-768. (Formerly Sec. 32-9ll). - Abandoned brownfield cleanup program.
Section 32-772. - Board of directors.
Section 32-773. - Purposes. Powers.
Section 32-774. - Tax exemption.
Section 32-775. - Obligations re acquisition, ownership and transfer of real property.