2005 Connecticut Code - Sec. 8-154b. Bond issues.
Sec. 8-154b. Bond issues. To provide funds for state grants provided pursuant to
section 8-154a, the Treasurer is directed, subject to the provisions of section 3-20, to
issue bonds of the state in an amount not exceeding eighty-seven million six hundred
ninety-two thousand two hundred eighteen dollars. Such bonds shall be issued at such
times and in such amounts as shall be determined by the State Bond Commission provided that total bond commission allocations of such amounts shall not exceed seventy-seven million nine hundred thousand dollars prior to July 1, 1977, and eighty-six million
two hundred thousand dollars prior to July 1, 1978. All temporary notes and all renewals
thereof issued by the state in anticipation of the issue of such bonds shall mature within
three years from the date of the first of such notes to be issued. The full faith and credit
of the state of Connecticut are pledged for the payment of the principal of and the interest
on such bonds and notes. Net earnings on investments of proceeds, accrued interest and
premiums on the issuance of such bonds shall be used first by the Treasurer for the
payment of expenses incurred in connection with their issuance.
History: 1963 act increased bond issue from twenty-five million to thirty-seven million five hundred thousand dollars; 1965 act included grants-in-aid and increased bond issue from thirty-seven million five hundred thousand to fifty-four million dollars; 1971 act increased bond limit to fifty-nine million dollars; P.A. 73-286 increased bond limit to sixty-two million dollars; P.A. 74-105 increased bond limit to sixty-seven million five hundred thousand dollars; P.A. 76-289 increased bond limit to eighty-seven million nine hundred thousand dollars, added provisions limiting authorizations to eighty-seven million nine hundred thousand dollars prior to July 1, 1977, and to eighty-six million two hundred thousand dollars prior to July 1, 1978, and added provision re agreements for reimbursement to municipalities; P.A. 77-313 specified issuance of bonds to provide funds for state grants pursuant to Sec. 8-154a rather than to meet advances and to reimburse municipalities for differences between use value and sale price, deleted limitation on amount to be made available for grants-in-aid, deleted provision re agreements for reimbursements enacted by 1976 act and substituted "allocations" for "authorizations"; P.A. 85-558 reduced bond authorization to eighty-seven million six hundred ninety-five thousand dollars; P.A. 86-396 increased bond authorization from eighty-seven million six hundred ninety-five thousand dollars to eighty-nine million one hundred ninety-five thousand dollars; P.A. 87-405 reduced the bond authorization from eighty-nine million one hundred ninety-five thousand dollars to eighty-six million six hundred ninety-five thousand dollars; P.A. 88-343 increased the bond authorization from eighty-six million six hundred ninety-five thousand dollars to eighty-seven million six hundred ninety-five thousand dollars; P.A. 89-331 decreased the bond authorization from eighty-seven million six hundred ninety-five thousand dollars to eighty-seven million six hundred ninety-two thousand two hundred eighteen dollars.
See Sec. 8-226 re use of bonds issued under authority of this section.
