US Laws, Codes, Statutes & Cases

      Sec. 32-318. Bond authorization. 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 six million dollars. The proceeds of the sale of said bonds shall be used for the purposes of making and guaranteeing loans as provided in section 32-317. All provisions of section 3-20, or the exercise of any right or power granted thereby which are not inconsistent with the provisions of sections 32-315 to 32-317, inclusive, and this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to said sections, 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. Said bonds issued pursuant to said sections 32-315 to 32-317, inclusive, and 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 Treasurer shall pay such principal and interest as the same become due.

      (P.A. 92-208, S. 5, 6; May Sp. Sess. P.A. 92-7, S. 34, 36.)

      History: May Sp. Sess. P.A. 92-7 clarified that the bonds available shall be used to make loans under Sec. 32-317.