2005 Connecticut Code - Sec. 32-141. Allocation of private activity bonds.

      Sec. 32-141. Allocation of private activity bonds. (a)(1) The total amount of private activity bonds which may be issued by state issuers in the calendar year commencing January 1, 2001, under the state ceiling in effect for such year, shall be allocated as follows: (A) Sixty per cent to the Connecticut Housing Finance Authority; (B) fifteen per cent to the Connecticut Development Authority; and (C) twenty-five per cent to municipalities and political subdivisions, departments, agencies, authorities and other bodies of municipalities, the Connecticut Higher Education Supplemental Loan Authority and for contingencies.

      (2) The total amount of private activity bonds which may be issued by state issuers in the calendar year commencing January 1, 2002, and each calendar year thereafter, under the state ceiling in effect for each such year, shall be allocated as follows: (A) Sixty per cent to the Connecticut Housing Finance Authority; (B) twelve and one-half per cent to the Connecticut Development Authority; and (C) twenty-seven and one-half per cent to municipalities and political subdivisions, departments, agencies, authorities and other bodies of municipalities, the Connecticut Higher Education Supplemental Loan Authority and for contingencies.

      (b) No municipality or political subdivision, department, agency, authority or other body of a municipality shall issue any private activity bonds, and no state issuer shall issue private activity bonds which are allocated under subsection (a) of this section for contingencies unless (1) the project or program to be financed is consistent with the state plan of conservation and development, the consolidated plan for housing and community development and the action plan for housing and community development and (2) the Secretary of the Office of Policy and Management approves the issuance. The secretary shall adopt regulations in accordance with chapter 54, establishing procedures and standards for the submission and review of applications for such approvals.

      (c) The secretary shall monitor the needs of all state issuers for private activity bonds and shall be responsible for ensuring that no private activity bonds are issued which exceed any allocation under subsection (a) of this section, except as provided under section 32-142.

      (P.A. 85-526, S. 2, 5; P.A. 87-539, S. 2, 5; P.A. 91-210, S. 3, 5; P.A. 98-237, S. 14, 15; June Sp. Sess. P.A. 01-7, S. 8, 28.)

      History: P.A. 87-539 amended allocation in Subsec. (a) to eliminate the Connecticut Student Loan Foundation, to allocate forty per cent to the Connecticut Housing Finance Authority, to decrease the allocated percentage for the Connecticut Development Authority from sixty-five per cent to thirty-two per cent, to increase the allocated percentage for municipal entities from fifteen per cent to eighteen per cent and to reduce the contingency amount from fifteen per cent to ten per cent; P.A. 91-210 amended Subsec. (a) to set forth the allocation for calendar year 1991; P.A. 98-237 amended Subsec. (b) to make consistency with state plan of conservation and development, consolidated plan for housing and community development and action plan for housing and community development a requirement for projects or programs to receive bond allocations, effective July 1, 1998; June Sp. Sess. P.A. 01-7 amended Subsec. (a) to change the allocation amounts for each category for which private activity bonds may be issued, designating existing provisions as Subdiv. (1) re the 2001 calendar year, and adding Subdiv. (2) re the 2002 calendar year and subsequent years, effective July 1, 2001.