2005 Connecticut Code - Sec. 4d-10. (Formerly Sec. 4a-8). Capital Equipment Data Processing Revolving Fund.

      Sec. 4d-10. (Formerly Sec. 4a-8). Capital Equipment Data Processing Revolving Fund. (a) The Chief Information Officer is authorized to establish and administer a fund to be known as the Capital Equipment Data Processing Revolving Fund which shall be used for the purchase of data processing equipment and related items necessary to maintain or improve the state's data processing functions. The Chief Information Officer is authorized to expend funds necessary for all reasonable direct expenses relating to the administration of said fund.

      (b) The State Bond Commission shall have power from time to time to authorize the issuance of bonds of the state in one or more series in accordance with section 3-20 and in a principal amount necessary to carry out the purposes of this section, but not in excess of an aggregate amount of ten million five hundred thousand dollars. All of said bonds shall be payable at such place or places as may be determined by the Treasurer pursuant to section 3-19 and shall bear such date or dates, mature at such time or times, not exceeding five years from their respective dates, bear interest at such rate or different or varying rates and payable at such time or times, be in such denominations, be in such form with or without interest coupons attached, carry such registration and transfer privileges, be payable in such medium of payment and be subject to such terms of redemption with or without premium as, irrespective of the provisions of said section 3-20, may be provided by the authorization of the State Bond Commission or fixed in accordance therewith. The proceeds of the sale of such bonds shall be deposited in the Capital Equipment Data Processing Revolving Fund created by this section. Such bonds shall be general obligations of the state and 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. 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 Treasurer shall pay such principal and interest as the same become due. Net earnings on investments or reinvestments of proceeds, accrued interest and premiums on the issuance of such bonds, after payment therefrom of expenses incurred by the Treasurer or State Bond Commission in connection with their issuance, shall be deposited in the General Fund of the state.

      (June Sp. Sess. S.A. 83-17, S. 31, 213; S.A. 84-54, S. 168, 172; P.A. 85-558, S. 1, 17; P.A. 87-405, S. 23, 26; P.A. 89-331, S. 1, 30; June 18 Sp. Sess. P.A. 97-9, S. 17, 50; P.A. 00-66, S. 15.)

      History: S.A. 84-54 deleted provision requiring any premium and interest on sale of bonds to be deposited in revolving fund; P.A. 85-558 increased bond authorization limit from two million to four million dollars, deleted provision requiring any premium and interest on sale of bonds to be deposited in revolving fund, and provided that net earnings on investments of proceeds, accrued interest and premiums on issuance of bonds be deposited in general fund, rather than revolving fund; P.A. 87-405 increased the bond authorization from four million dollars to eight million dollars; Sec. 4-23p transferred to Sec. 4a-8 in 1989; P.A. 89-331 increased the bond authorization from eight million dollars to ten million five hundred thousand dollars; June 18 Sp. Sess. P.A. 97-9 transferred administration of fund from Commissioner of Administrative Services to Chief Information Officer, effective July 1, 1997; Sec. 4a-8 transferred to Sec. 4d-10 in 1999; P.A. 00-66 made a technical change in Subsec. (a).