Connecticut General Statutes 8-336n – Bond issue for Housing Trust Fund program
(a) For the purpose of capitalizing the Housing Trust Fund created by section 8-336o, the State Bond Commission shall have power, in accordance with the provisions of this section, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate, not exceeding eight hundred fifty million dollars, provided (1) two hundred million dollars of said authorization shall be effective July 1, 2024, and (2) not more than two hundred million dollars shall be provided by the Department of Housing to the Connecticut Housing Finance Authority to administer a revolving loan fund to finance workforce housing projects. The proceeds of the sale of bonds pursuant to this section shall be deposited in the Housing Trust Fund.
Terms Used In Connecticut General Statutes 8-336n
- 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
- Authority: means the Connecticut Housing Finance Authority. See Connecticut General Statutes 8-336m
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Housing. See Connecticut General Statutes 8-336m
- fund: means the Housing Trust Fund created under section 8-336o. See Connecticut General Statutes 8-336m
- Secretary: means the Secretary of the Office of Policy and Management. See Connecticut General Statutes 8-336m
- State Bond Commission: means the commission established under section 3-20. See Connecticut General Statutes 8-336m
- Treasurer: means the State Treasurer and includes each successor in office or authority. See Connecticut General Statutes 8-336m
(b) 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. Such bonds 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.
(c) None of the bonds authorized under subsection (a) of this section 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 the Secretary of the Office of Policy and Management and stating such terms and conditions as said commission, in its discretion may require.