Title 3 — Title 3: State Elective Officers

Sec. 3-11. Salary and bond of Treasurer. Office of Treasurer full time. (a) On and after January 4, 2023, the Treasurer shall receive an annual salary equal to the annual salary of a judge of the Superior Court under subsection (a) of section 51-47, provided thereafter, no increa…

Sec. 3-11a. Authority to enter into contractual agreements. In accordance with established procedures, the Treasurer may enter into such contractual agreements as may be necessary and proper for the discharge of his duties. (P.A. 88-282.)

Sec. 3-12. Deputy Treasurer. The Treasurer shall appoint a deputy, who shall be sworn to the faithful discharge of his duties and shall perform all the duties of the Treasurer in case of the sickness or absence of the Treasurer. In case of the death of the Treasurer, the Deputy T…

Sec. 3-12a. Appointment of officers and investment-related personnel. In addition to the appointments authorized under section 3-13a, the Treasurer may appoint, as the Treasurer determines is necessary, officers and other investment-related personnel in other divisions of the off…

Sec. 3-13. Assistant treasurer for debt management. Additional assistant treasurer. The Treasurer shall appoint an assistant treasurer for debt management. Such assistant shall be sworn to the faithful discharge of his duties. He shall, under the direction of the Treasurer overse…

Sec. 3-13a. Investment department. Chief investment officer and other personnel. Investment counsel. Costs of department. (a) The Treasurer, with the advice and consent of the Investment Advisory Council, shall appoint a chief investment officer and may appoint a deputy chief inv…

Sec. 3-13b. Investment Advisory Council. Treasurer's investment policy statement. Review of trust fund investments. (a)(1) There is created an Investment Advisory Council that shall consist of the following: (A) The Secretary of the Office of Policy and Management who shall serve…

Sec. 3-13c. Trust funds defined. As used in sections 3-13 to 3-13e, inclusive, and 3-31b, “trust funds” includes the Connecticut Municipal Employees' Retirement Fund A, the Connecticut Municipal Employees' Retirement Fund B, the Soldiers, Sailors and Marines Fund, the Family and …

Sec. 3-13d. Trust funds: Investment, restrictions, sale of call options. Consideration of political implications of particular investments in relation to U.S. foreign policy and national interests. Connecticut mortgage pass-through certificates. Certain contracts with life insura…

Sec. 3-13e. Investment of trust funds in loans to mortgage lenders. (a) The following terms, when used in this section shall have the following meanings, unless the context otherwise requires: “Trust fund” means any of the funds listed in section 3-13c; “mortgage lender” means an…

Sec. 3-13f. State investment policy in relation to corporations doing business in South Africa. Section 3-13f is repealed, effective November 12, 1993. (P.A. 80-431, S. 1, 4; P.A. 82-324, S. 1, 2; P.A. 87-170, S. 1, 2; Oct. Sp. Sess. P.A. 93-2, S. 1, 2.)

Sec. 3-13g. Divestment of state funds invested in companies doing business in Iran. (a) For the purposes of this section: (1) “Company” means any corporation, utility, partnership, joint venture, franchisor, franchisee, trust, entity investment vehicle, financial institution or o…

Sec. 3-13h. Investments in companies doing business in Northern Ireland which have not implemented the MacBride principles. (a) The State Treasurer shall review the major investment holdings of the state for the purpose of determining the extent to which state funds are invested …

Sec. 3-13i. Contracts for services related to investment of trust funds. On and after January 1, 2001, or on and after the first adoption of an investment policy statement under section 3-13b, whichever is later, any contract for services related to the investment of trust funds,…

Sec. 3-13j. Third party fees in investments by Treasurer or quasi-public agencies. (a) Prior to the Treasurer entering into a contract for investment services, as defined in section 9-612, any person or entity who would be a party to that contract shall disclose to the Treasurer,…

Sec. 3-13k. Direction of third party fees by Treasurer prohibited. Personal use by Treasurer of broker's credits prohibited. (a) The Treasurer shall not direct the payment of any third party fees to any person other than third party fees paid in connection with state bond sales o…

Sec. 3-13l. Finder's fees in connection with state investments prohibited. Definitions. Penalties. (a) No person may, directly or indirectly, pay a finder's fee to any person in connection with any investment transaction involving the state, any quasi-public agency, as defined in…

Sec. 3-14. Management and sales of state property. The Treasurer may appoint agents to manage all property to which the state becomes legally entitled and to sell any such property not necessary for the use of the state, at public or private sale, for cash or on credit, on such t…

Sec. 3-14a. Treasurer to administer trusts for counties. Unless otherwise provided by the trust instrument, the State Treasurer shall succeed to the administration of any trust created for the benefit of any county and shall continue to administer the same in accordance with the …

Sec. 3-14b. Option of municipality to purchase state-owned land prior to sale. Waiver of rights. Exceptions. Prior to the sale of any parcel of land, or a portion thereof owned by the state, except a transfer or conveyance to the party against whom foreclosure was taken or who co…

Sec. 3-15. Sites for beacon lights and other buildings. The Treasurer is authorized to execute on behalf of the state and deliver, with the approval of the Governor, to the United States of America, a deed of any parcel of land belonging to the state, for the purpose of the erect…

Sec. 3-16. Temporary borrowing. Approval by Governor. Notice to committees of General Assembly. (a) The Treasurer is authorized, subject to the approval of the Governor, to borrow such funds, from time to time, as may be necessary, and to issue the obligations of the state theref…

Sec. 3-16a. Notification to Treasurer prior to incurring financial obligation of state or entering into certain agreements. Acknowledgment. (a) As used in this section, (1) “person” means any (A) state officer, (B) state agency, department, board or commission, or (C) state emplo…

Sec. 3-17. Collection of state revenue. Issuance of bonds. The Treasurer shall receive all moneys belonging to the state and disburse the same only as he is directed by law. The Treasurer shall superintend the collection of the state taxes and revenue, receive all such revenue an…

Sec. 3-17a. Payments to the state from certain financing litigation settlements. Section 3-17a is repealed, effective May 26, 2009. (June Sp. Sess. P.A. 01-7, S. 14, 28; P.A. 09-111, S. 5.)

Sec. 3-18. Use of facsimile of state seal on bonds. The use of a facsimile of the great seal of the state on all bonds of the state is authorized, and the same shall have the same effect as an impression thereof. (1949 Rev., S. 122.)

Sec. 3-19. Place of payment of state bonds. The principal and interest of all bonds of the state issued after June 13, 1947, shall be made payable at such place or places as the Treasurer may determine. (1949 Rev., S. 123.)

Sec. 3-20. State General Obligation Bond Procedure Act. State Bond Commission. Bond pledge and undertaking. (a) This section shall be known as and may be cited as, and its short title shall be, the “State General Obligation Bond Procedure Act”. (b) The following terms, when used …

Sec. 3-20a. Redemption or repurchase of bonds. Additional security. (a) Provisions of this section shall apply to general obligation bonds or notes issued pursuant to section 3-20, credit revenue bonds or notes issued pursuant to section 3-20j, special tax obligation bonds or not…

Sec. 3-20b. Trusteeships. The Treasurer may enter into an agreement or an indenture of trust with a commercial bank or trust company authorized to do business within or without the state to act as trustee for the benefit of the holders or owners of bonds, notes or other obligatio…

Sec. 3-20c. Certain appropriations not to lapse. The provisions of section 4-89 shall not apply to any appropriations for debt service on bonds, notes or other obligations of the state not expended during the fiscal year used to fund an account established to moderate the effect …

Sec. 3-20d. Requirements for issuance of tax-exempt obligations by agents of state government. No state officer, employee, agency, board or commission, or any agent thereof, shall incur, for any purpose, any obligation, by order, contract, lease purchase, installment purchase or …

Sec. 3-20e. Provision of secondary market disclosure information by political subdivisions of the state, municipalities and quasi-public agencies. Indemnification. (a) Any political subdivision of the state, any municipality, any quasi-public agency, as defined in section 1-120, …

Sec. 3-20f. State Bond Commission vote to authorize issuance of agricultural land preservation program bonds and bonds for general maintenance and trade and capital equipment for technical education and career schools. (a) Notwithstanding section 3-20, to the extent there is a su…

Sec. 3-20g. Economic recovery notes to finance deficit in fiscal year 2009. (a) For the purpose of funding the deficit in the General Fund arising from the operations of the General Fund for the fiscal year ending June 30, 2009, as reported by the Comptroller to the Governor in a…

Sec. 3-20h. Bond authorization for accumulated deficit as determined using generally accepted accounting principles. (a) The Treasurer is authorized to issue bonds, notes or other obligations of the state from time to time in one or more series in an aggregate principal amount su…

Sec. 3-20i. Disposition of bond proceeds. (a) From the fiscal year ending June 30, 2016, to the fiscal year ending June 30, 2028, inclusive, there shall be deemed appropriated from the General Fund of the state in each fiscal year an amount, to be distributed over said fiscal yea…

Sec. 3-20j. Credit revenue bonds. (a) As used in this section, the following terms have the following meanings, unless the context clearly indicates a different meaning or intent: (1) “Credit revenue bonds” means revenue bonds issued pursuant to this section; (2) “Collection agen…

Sec. 3-21. Bond limitation. Debt certification. Bond issuance limitation. Allotment limitation. (a)(1) No bonds, notes or other evidences of indebtedness for borrowed money payable from General Fund tax receipts of the state shall be authorized by the General Assembly or issued e…

Sec. 3-21a. Jurisdiction of Superior Court in actions re bonds and notes. Defenses reserved to the state. The Superior Court shall have jurisdiction to enter judgment against the state founded (1) upon any express contract between the state and the purchasers and subsequent owner…

Sec. 3-21aa. General obligation bonds for transportation projects. Authorization of special tax obligation bonds or general obligation bonds deemed to authorize issuance as either special tax obligation bonds or general obligation bonds. Section 3-21aa is repealed, effective July…

Sec. 3-21b. Transfer to General Fund of bond proceeds from general obligation bonds of the state which are no longer required for designated purposes or projects. Report by Office of Policy and Management. (a) Notwithstanding the provisions of any general statute, public act or s…

Sec. 3-21c. Transfer of unexpended proceeds from transportation related general obligation bonds that are no longer required for designated purposes or projects. Notwithstanding any general statute, public act or special act, upon a determination by the Treasurer and approval by …

Sec. 3-21d. Report re public works construction projects receiving funding from bond proceeds. Unexpended amount. Not later than January 1, 2015, and annually thereafter, the Department of Administrative Services shall file a report, in accordance with the provisions of section 1…

Sec. 3-21e. Divestment of state funds invested in companies doing business in Sudan. (a) For the purposes of this section and subsection (a) of section 3-37: (1) “Company” means any corporation, utility, partnership, joint venture, franchisor, franchisee, trust, entity investment…

Secs. 3-21f to 3-21z. Reserved for future use.

Sec. 3-22. Bond Retirement Fund. Section 3-22 is repealed. (1957, P.A. 590, S. 1; September, 1957, P.A. 21; 1967, P.A. 36; 1969, P.A. 648; 1971, P.A. 1, S. 16; P.A. 78-366, S. 3, 4.)

Sec. 3-22a. Definitions: College savings bonds. For the purposes of this section and sections 3-22b to 3-22e, inclusive: (1) “College savings bonds” means general obligation bonds of the state issued pursuant to the provisions of section 3-20 or special tax obligation bonds issue…

Sec. 3-22b. Designation of bonds as college savings bonds. Bonds issued pursuant to section 3-20 or sections 13b-74 to 13b-77, inclusive, may be designated by the Treasurer as college savings bonds. Bonds so designated, and any interest accruing thereon, shall be payable in one p…

Sec. 3-22c. Negotiated sales of college savings bonds. No college savings bonds shall be sold at a negotiated sale unless the underwriter or underwriters to which such bonds are sold (1) are organized, incorporated or have their principal place of business in the state or (2) in …