Connecticut General Statutes 32-39y – Recapitalization of innovation place program. Bond authorization
(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-four million two hundred thousand dollars, provided (1) two hundred thousand dollars of such authorization shall be effective July 1, 2021, (2) thirteen million five hundred thousand dollars of such authorization shall be effective July 1, 2022, (3) twenty-three million five hundred thousand dollars of such authorization shall be effective July 1, 2023, (4) thirteen million five hundred thousand dollars of such authorization shall be effective July 1, 2024, and (5) thirteen million five hundred thousand dollars of such authorization shall be effective July 1, 2025.
Terms Used In Connecticut General Statutes 32-39y
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) The proceeds of the sale of such bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by CTNext for the purpose of recapitalizing the innovation place program established under section 32-39k for existing and new innovation places, provided (1) two hundred thousand dollars shall be used for an economic feasibility study of certain lands in Trumbull in the fiscal year commencing July 1, 2021, and (2) ten million dollars shall be deposited in the fiscal year commencing July 1, 2023, in the CTNext Fund established under section 32-39i for general operational purposes.
(c) All provisions of section 3-20, or the exercise of any right or power granted thereby, that 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. 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 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 such 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 that 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. Such 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 such bonds as the same become due, and accordingly and as part of the contract of the state with the holders of such 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.