(a) The State Bond Commission, established under section 3-20 shall have all powers and duties related to any and all matters concerning private activity bonds, as defined in section 32-140.

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(b) When the General Assembly is not in regular or special session, the State Bond Commission may, for the then existing calendar year only, in response to a recommendation from the Governor or on its own initiative, modify any private activity bond allocation established under section 32-141 upon determining that such action would be in the best interests of the state. The commission may conduct a public hearing before making any such modification.