Title 3, Title 3: State Elective Officers

Sec. 3-22i. Investment of funds in the trust. Notwithstanding sections 3-13 to 3-13h, inclusive, the Treasurer shall invest the amounts on deposit in the trust in a manner reasonable and appropriate to achieve the objectives of the trust, exercising the discretion and care of a p…

Sec. 3-22j. Participation in and the offering and solicitation of the trust exempt from sections 36b-16 and 36b-22. Evidence of exemption from federal securities laws. Participation in the trust and the offering and solicitation of the trust are exempt from sections 36b-16 and 36…

Sec. 3-22k. Trust financial report. On or before December thirty-first, annually, the Treasurer shall submit a financial report, pursuant to section 3-37, to the Governor on the operations of the trust including the receipts, disbursements, assets, investments, and liabilities an…

Sec. 3-22l. Exemption from taxation. The property of the trust and the earnings on the trust shall be exempt from all taxation by the state and all political subdivisions of the state. (P.A. 97-224, S. 7, 12.) History: P.A. 97-224 effective July 1, 1997.

Sec. 3-22m. State pledge for purposes of the trust. The state pledges to depositors, designated beneficiaries and with any party who enters into contracts with the trust, pursuant to the provisions of sections 3-22f to 3-22p, inclusive, that the state will not limit or alter the …

Sec. 3-22n. Nothing in trust or in any participation agreement deemed to guarantee admission to or continued enrollment in educational institution. Nothing in sections 3-22f to 3-22p, inclusive, or in any participation agreement shall constitute nor be deemed to constitute an agr…

Sec. 3-22o. Compliance with provisions necessary for trust to constitute state tuition program and be tax exempt. The Treasurer shall take any action necessary to ensure that the trust complies with all applicable requirements of federal and state laws, rules and regulations to t…

Sec. 3-22p. Investments in trust not considered an asset for certain programs and purposes. (a) Notwithstanding any provision of the general statutes, no moneys invested in the Connecticut Higher Education Trust shall be considered to be an asset for purposes of determining an in…

Sec. 3-22u. CHET Baby Scholars fund and program. (a) There is established an account to be known as the “CHET Baby Scholars fund” which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the acc…

Sec. 3-23. Destruction of matured bonds. (a) The Treasurer is authorized to destroy any bonds of the state as the same mature and are paid and any coupons issued by the state after the same have been paid and cancelled. A certificate containing a description of such bonds or coup…

Sec. 3-23a. Replacement of mutilated, destroyed, stolen or lost state obligations. If any obligation of the state, which shall include bonds, notes, coupons or other evidence of state indebtedness, becomes mutilated, defaced, destroyed, stolen or lost, the State Treasurer may cau…

Sec. 3-24. Deposit of funds. In addition to the depositories provided for by section 4-33, the Treasurer is authorized to deposit any funds or moneys in his hands belonging to the state (1) in any national banking association, state bank, trust company or state bank and trust com…

Secs. 3-24a to 3-24h. Tax-Exempt Proceeds Fund created. Deposit of money in Tax-Exempt Proceeds Fund. Investment in Tax-Exempt Proceeds Fund by other state funds. Sale of investments in Tax-Exempt Proceeds Fund to other state instrumentalities. Investment of Tax-Exempt Proceeds F…

Sec. 3-24i. Notice to joint standing committee on finance, revenue and bonding of opening of bank accounts in certain other states. The Treasurer shall notify the Governor and the joint standing committee of the General Assembly having cognizance of all matters relating to financ…

Sec. 3-24j. Definitions. As used in this section and sections 3-24k and 3-24l: (1) “Community bank” means a bank and trust company, savings bank or savings and loan association chartered or organized under the laws of this state; and (2) “Community credit union” means a cooperati…

Sec. 3-24k. Investments with community banks and community credit unions. (a) The State Treasurer may establish a program under which the State Treasurer may, based on cash availability, make available a pool of funds not exceeding three hundred million dollars for investment wit…

Sec. 3-24l. Regulations. The State Treasurer may adopt regulations, in accordance with the provisions of chapter 54, to carry out the purposes of sections 3-24j and 3-24k. (P.A. 03-226, S. 3.)

Sec. 3-25. Payment of public moneys. Designation of authority for certain payments to constituent units of the state system of higher education. Authorization for certain payments to be made by the assistant treasurer for investments. (a) Except as provided in subsections (b) and…

Sec. 3-26. Civil list funds; limitation. No money shall be paid or drawn out of the civil list funds in the Treasury except for the payment of the principal or interest of any bonds of this state, or for the payment of the interest on any funds held by the Treasurer on which he i…

Sec. 3-27. Investment committee. Section 3-27 is repealed. (1949 Rev., S. 114; 1969, P.A. 629, S. 4; P.A. 73-594, S. 11, 12.)

Sec. 3-27a. Short Term Investment Fund. Payment of certain interest to board or boards of trustees. Participation certificates. There is hereby created a Short Term Investment Fund to be administered by the State Treasurer. The State Treasurer may sell participation certificates …

Sec. 3-27b. Sale of certificates to state agencies. The State Treasurer may also sell participation certificates for the Short Term Investment Fund to the Connecticut Housing Finance Authority, the Connecticut Student Loan Foundation and all agencies, instrumentalities and politi…

Sec. 3-27c. Use of fund for student loans. The funds of the Short Term Investment Fund may be used by the State Treasurer to lend funds to be secured by, and to purchase, invest and reinvest in, loans for educational purposes guaranteed by the Connecticut Student Loan Foundation.…

Sec. 3-27d. Investment of funds of the Short Term Investment Fund. The Treasurer is also authorized to invest and reinvest such funds of the Short Term Investment Fund in accordance with the provisions of the general statutes relating to the investment of savings banks, or in the…

Sec. 3-27e. Report of grants, interest, etc. Payment of expenses and state banking service fees. (a) The State Treasurer is authorized to receive grants, interest, interest subsidies and contributions from the United States or from any other source pertaining to student loans, an…

Sec. 3-27f. Investment by Treasurer in participation certificates. Legal investments. Notwithstanding any other provisions of the general statutes or elsewhere to the contrary, the Treasurer may invest in participation certificates of the Short Term Investment Fund for the Genera…

Sec. 3-27g. Bond issue. Section 3-27g is repealed. (1972, P.A. 236, S. 7; P.A. 73-569, S. 3, 5; P.A. 78-236, S. 14, 20; S.A. 79-95, S. 105, 109; S.A. 80-41, S. 60, 68; S.A. 81-71, S. 127, 130.)

Sec. 3-27h. Notes. The Treasurer is authorized to borrow funds, by the issuance of notes as he may determine to be necessary for the purposes of the Short Term Investment Fund and to issue and sell such notes, signed by the Treasurer as said official for the payment of the princi…

Sec. 3-27i. Bonds and notes as legal investments. The bonds and notes issued pursuant to sections 3-27a to 3-27i, inclusive, are made and declared to be (1) legal investments for savings banks and trustees unless otherwise provided in the instrument creating the trust, (2) securi…

Sec. 3-27j. Modification or suspension of contributions to the Short Term Investment Fund surplus reserve. Notwithstanding any provision of the general statutes, the Treasurer may modify or suspend the contribution to the designated surplus reserve of the Short Term Investment Fu…

Sec. 3-28. Investment of sinking fund. Section 3-28 is repealed. (1949 Rev., S. 115; P.A. 78-236, S. 19, 20.)

Sec. 3-28a. Medium-Term Investment Fund. (a) There is created a Medium-Term Investment Fund to be administered by the State Treasurer. The State Treasurer may purchase participation units of the fund for all trusts and other funds for which the State Treasurer is responsible for …

Secs. 3-29 to 3-31. Investment of surplus of General Fund. Investment of cash balance of Transportation Fund. Investment of excess cash in General Fund. Sections 3-29 to 3-31, inclusive, are repealed. (1949 Rev., S. 116, 117; 1949, S. 37d, 38d; 1969, P.A. 563; 647; 768, S. 55; P.…

Sec. 3-31a. Authorized investments. The Treasurer is authorized to invest or reinvest the civil list funds and all other funds under the Treasurer's control in United States government obligations, United States agency obligations, shares or interests in an investment company or …

Sec. 3-31b. Combined investment funds. Sale of participation units. Costs charged to income. (a) Notwithstanding any contrary provision of law, the State Treasurer may establish one or more combined investment funds for the purpose of investing funds for which the Treasurer is cu…

Sec. 3-32. Acceptance of gifts and bequests by Treasurer. The Treasurer may accept any gift or bequest to the state of cash or securities and may deposit the same in the General Fund or in any other fund as required or made advisable by the terms of such gift or bequest. In any c…

Sec. 3-33. Acceptance of land for military purposes. The state, acting by the Treasurer, is authorized to accept gifts or devises of land to be used by the Military Department, provided said land is free and clear of all encumbrances and is not charged with any trust or condition…

Sec. 3-34. Vote on stock of state bank owned by state or School Fund. The Treasurer may vote upon the stock of any state bank or trust company which belongs to the School Fund or to the state. (1949 Rev., S. 118.)

Sec. 3-35. No execution against Treasurer. No execution shall be issued on any judgment rendered against the Treasurer as such, but the Comptroller shall draw an order on him for its payment. (1949 Rev., S. 120.)

Sec. 3-36. Repayment of Town Deposit Fund. Section 3-36 is repealed. (1949 Rev., S. 121; P.A. 82-239, S. 6, 7.)

Sec. 3-36a. Connecticut Baby Bond Trust: Definitions. As used in this section and sections 3-36b to 3-36h, inclusive: (1) “Designated beneficiary” means an individual born on or after July 1, 2023, whose birth was subject to medical coverage provided under HUSKY Health, as define…

Sec. 3-36b. Connecticut Baby Bond Trust: Established. (a) Commencing July 1, 2023, there is established the Connecticut Baby Bond Trust. The trust shall constitute an instrumentality of the state and shall perform essential governmental functions as provided in sections 3-36a to …

Sec. 3-36c. Treasurer's trust authority. The Treasurer, on behalf of the trust and for purposes of the trust, may: (1) Receive and invest moneys in the trust in any instruments, obligations, securities or property in accordance with section 3-36d; (2) Enter into one or more contr…

Sec. 3-36d. Investment of funds in the trust. Notwithstanding the provisions of sections 3-13 to 3-13h, inclusive, the Treasurer shall invest the amounts on deposit in the trust in a manner reasonable and appropriate to achieve the objectives of the trust, exercising the discreti…

Sec. 3-36e. Exemption from taxation. Disbursements from the trust shall be exempt from all taxation by the state and all political subdivisions of the state. (P.A. 21-111, S. 107; P.A. 23-204, S. 152.) History: P.A. 21-111 effective July 1, 2021; P.A. 23-204 replaced “The propert…

Sec. 3-36f. Moneys invested in trust not considered assets or income. (a) Notwithstanding any provision of the general statutes, to the extent permitted by federal law no disbursements from Connecticut Baby Bond Trust shall be considered to be an asset or income for purposes of d…