(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 forty-eight million five hundred nineteen thousand one hundred forty-nine dollars, provided three million five hundred nineteen thousand one hundred forty-nine dollars of said authorization shall be effective July 1, 2015, five million dollars of said authorization shall be effective July 1, 2020, ten million dollars of said authorization shall be effective July 1, 2021, ten million dollars of said authorization shall be effective July 1, 2022, and ten million dollars of said authorization shall be effective July 1, 2023.

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(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 Office of Early Childhood for the purposes of early care and education facility improvements in the Smart Start competitive grant program established pursuant to subsection (a) of section 10-501, section 10-506 and section 3 of public act 14-41*, the school readiness program, as defined in section 10-16p, state-funded day care centers pursuant to section 8-210, Even Start program pursuant to section 10-265n, programs administered by local and regional boards of education, and to expand the delivery of child care services to infants and toddlers where a demonstrated need exists, as determined by the Office of Early Childhood. Grants awarded pursuant to this subsection shall be used for facility improvements and minor capital repairs. Applicants eligible pursuant to this subsection may submit an application to the Office of Early Childhood and may receive a grant for capital expenses in an amount not to exceed seventy-five thousand dollars per classroom for costs related to the renovation of a facility.

(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.