Title 3 — Title 3: State Elective Officers

Secs. 3-75 and 3-76. Record to be kept by Treasurer. Application of other statutes. Sections 3-75 and 3-76 are repealed. (1949, S. 55d, 56d; 1961, P.A. 540, S. 31.) PART IV MUNICIPAL BOND REFUNDING TRUST ACT

Sec. 3-76a. Short title: Municipal Bond Refunding Trust Act. This part shall be known as and may be cited as, and its short title shall be, the “Municipal Bond Refunding Trust Act”. (P.A. 73-591, S. 1, 21.)

Sec. 3-76b. Statement of purpose and policy. It is hereby found and declared that there are municipalities in the state that have issued bonds for the purpose of financing public improvements, the interest rates on which are in excess of the rates of interest that are generally p…

Sec. 3-76c. Definitions. The following terms, when used in this part, shall have the following meanings, unless the context otherwise requires: (a) “Governing body” as applied to towns, cities or boroughs means the legislative body as defined in section 1-1 except that in towns h…

Sec. 3-76d. Issuance of state special obligation bonds authorized to finance purchase of municipal refunding bonds; bond determination requisites. (a) Special obligation bonds of the state may be issued pursuant to and subject to the terms, conditions and limitations provided in …

Sec. 3-76e. Effect of filing of bond determination. Limits on Treasurer's contracts. By the filing of a bond determination made, signed and filed as provided in subsection (b) of section 3-76d describing an issue of special obligation bonds to be issued for the purposes set forth…

Sec. 3-76f. Terms of special obligation bonds determined by State Treasurer. Special obligation bonds shall be issued from time to time in accordance with and as described in a bond determination or determinations made, signed and filed prior to their issuance by the Treasurer as…

Sec. 3-76g. Optional provisions to secure payment of special obligation bonds. In order to secure the payment of the special obligation bonds issued pursuant to this part, the Treasurer may, on behalf and in the name of the state, include in any bond determination or determinatio…

Sec. 3-76h. Additional powers of State Treasurer. In addition to the powers and authority conferred upon the Treasurer by this part and any other general statutes, public act or special act of the General Assembly, the Treasurer may: (a) Employ such officers, agents and employees…

Sec. 3-76i. Form of special obligation bonds. All special obligation bonds shall be signed in the name of the state and on its behalf by the Treasurer, or his deputy, by his manual signature, and be sealed with the seal of the state or a facsimile thereof, attested by the manual …

Sec. 3-76j. Special obligation bonds not general obligations of the state. Bonds issued pursuant to this part shall not be general obligations of the state for which its full faith and credit is pledged, nor shall they be payable out of any funds other than the funds herein provi…

Sec. 3-76k. Special obligation bonds as legal investments: Tax exemptions. (a) Bonds issued pursuant to this part are made and declared to be (1) legal investments for savings banks and trustees unless otherwise provided in the instrument creating the trust, (2) securities in whi…

Sec. 3-76l. Municipal Refunded Bond Escrow Fund. State Treasurer's contracts re municipal accounts in fund. There is created a fund to be known as the “Municipal Refunded Bond Escrow Fund” which shall be held in trust by the Treasurer separate and apart from all other moneys and …

Sec. 3-76m. Municipal Refunding Trust Fund. Required reserve. General Fund appropriations. (a) There is hereby created a fund to be known as the “Municipal Refunding Trust Fund” and the Treasurer may establish and create in such fund such account or accounts and such municipal re…

Sec. 3-76n. Validity of pledges. Any pledge made by or pursuant to this part shall be valid and binding from the time when the pledge is made. Moneys pledged pursuant to this part and thereafter received shall immediately be subject to the lien of such pledge without any physical…

Sec. 3-76o. State pledges to holders of special obligation bonds. The state pledges to and agrees with the holders of the special obligation bonds issued pursuant to this part, that, until such bonds, together with interest thereon, with interest on any unpaid installment of inte…

Sec. 3-76p. Principal amounts of special obligation bonds not part of state indebtedness. Notwithstanding the provisions of section 3-21, in computing the aggregate amount of indebtedness of the state, there shall be excluded the principal amount of all special obligation bonds o…

Sec. 3-76q. Default by state, remedies of municipalities, holders. (a) If the state defaults in the payment of principal or interest on any issue of special obligation bonds after they become due, whether at maturity or upon call for redemption, and the default continues for thir…

Sec. 3-76r. Municipal refunding bonds. Requisites. Proceeds. Excluded from aggregate municipal indebtedness. Presumption re authorization. (a) Notwithstanding the provisions of any other general statute, public act or special act of the General Assembly and notwithstanding the pr…

Sec. 3-76s. Defaults in principal or interest payments on municipal refunding bonds; remedies. (a) Upon the issuance and delivery of any municipal refunding bonds to the state by any municipality, that municipality is deemed to agree that on the failure of that municipality to pa…

Sec. 3-76t. Transfer of interest subsidy under section 10-292m. Section 3-76t is repealed, effective July 1, 2024. (P.A. 73-591, S. 20, 21; June 18 Sp. Sess. P.A. 97-11, S. 44, 65; P.A. 24-151, S. 210.)