Title 3, Title 3: State Elective Officers

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 Section 3-28 is repealed.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 Sections 3-29 to 3-31, inclusive, are repealed.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…

Sec. 3-36g. Accounting for designated beneficiary. Claim for accounting. (a) Upon a designated beneficiary's eighteenth birthday and completion of a financial literacy requirement as prescribed by the Treasurer, such beneficiary shall become eligible to request an amount, to be u…

Sec. 3-36h. Transfer to trust upon birth of designated beneficiary. Notwithstanding any provision of the general statutes, the Department of Social Services shall, not later September 1, 2024, and not later than September first annually thereafter, inform the Treasurer of the num…

Sec. 3-36i. Bond issue. Section 3-36i is repealed, effective June 12, 2023. (P.A. 21-111, S. 111; June Sp. Sess. P.A. 21-2, S. 486; P.A. 22-118, S. 329; P.A. 23-204, S. 442.)

Sec. 3-37. Annual report of Treasurer. Monthly report of Treasurer. (a) The Treasurer shall, annually, on or before December thirty-first, submit a final audited report to the Governor and a copy of such report to the Investment Advisory Council, which shall include the following…

Sec. 3-38. Posthumous fund of Fitch's Home for the Soldiers. Fitch Fund. Use of income, and payment of claims from principal. (a) Prior to July 1, 2005, the Treasurer is directed to hold the fund known as the posthumous fund of Fitch's Home for the Soldiers in trust, to credit th…

Sec. 3-39. Flood Fund. Obsolete. (November, 1955, S. N3; 1959, P.A. 235, S. 1; 1961, P.A. 331.)

Sec. 3-39a. Funds to be paid state recorded as receivables. Notwithstanding or limiting the provisions of section 13a-166, the State Comptroller, with the approval of the Secretary of the Office of Policy and Management for any amount over one hundred thousand dollars, shall reco…

Sec. 3-39b. Interest earnings on funds. Any state funds invested by the Treasurer shall be for the benefit of the General Fund and all interest earned on such funds shall be credited to the General Fund unless: (1) Otherwise provided by a state statute or bond indenture, (2) a wr…

Sec. 3-39c. Interest earnings credited to certain funds and accounts. The Treasurer shall continue to provide investment earnings to any fund or account which, as of October 1, 1994, receives any such earnings. The investment earnings credited to the fund or account shall be equa…

Sec. 3-39j. Achieving a better life experience program: Definitions. As used in this section and sections 3-39k to 3-39r, inclusive: (1) “Achieving a better life experience account” or “ABLE account” means an account established and maintained pursuant to sections 3-39k to 3-39q,…

Sec. 3-39k. Achieving a better life experience program: Establishment. Trust. Report. (a) The State Treasurer (1) shall establish a qualified ABLE program pursuant to the federal ABLE Act and sections 3-39j to 3-39q, inclusive, and (2) may contract with any state with a qualified…

Sec. 3-39l. Trust authority of the State Treasurer. The State 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 3-39m; (2) Establish c…

Sec. 3-39m. Investment of funds in the trust. Notwithstanding the provisions of sections 3-13 to 3-13h, inclusive, the State 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 di…

Sec. 3-39n. Exemption from certain securities laws. Participation in the trust and the offering, sale and solicitation of opportunities to participate in the trust are exempt from sections 36b-16 and 36b-22, provided the State Treasurer has obtained written advice of counsel or w…

Sec. 3-39o. Exemption from taxation. The property of the trust and the earnings on the trust shall be exempt from taxation by the state and political subdivisions of the state. (P.A. 15-80, S. 6.)

Sec. 3-39p. State pledge for purposes of the trust. The state pledges to depositors, designated beneficiaries and any party who enters into contracts with the trust, pursuant to the provisions of sections 3-39j to 3-39q, inclusive, that the state will not limit or alter the right…

Sec. 3-39q. Compliance with requirements for trust to constitute a qualified ABLE program. The State Treasurer shall take any action necessary to ensure that the trust complies with all applicable requirements of state and federal laws, rules and regulations to the extent necessa…

Sec. 3-39r. ABLE account investments, contributions and distributions disregarded for certain programs and purposes. (a) Notwithstanding any provision of the general statutes, moneys invested in an individual ABLE account, contributions to an individual ABLE account and distribut…

Sec. 3-40. Treasurer to have care and management. The Treasurer shall have the care and management of the School Fund and the Agricultural College Fund, loan and invest the principal thereof and have the care of the income from the same; but no loans from the School Fund shall be…

Sec. 3-41. School Fund interest. On the fifteenth day of April of each year, the Treasurer shall cover the interest of the School Fund in the Treasury on the last day of February into the civil list funds of the state and shall notify the Comptroller, in writing, of the amount of…

Sec. 3-42. Rate of interest on loans from the School Fund and Agricultural College Fund. The rate of interest on all loans of the School Fund and the Agricultural College Fund in this state shall be established by the State Treasurer, payable semiannually. (1949 Rev., S. 133; 196…

Sec. 3-43. Loan expenses. Foreclosure costs. The Treasurer shall collect from the borrower of loans from the School Fund and the Agricultural College Fund all expenses incurred by him or his clerks in making examinations and appraisals of real estate required by law, and for the …

Sec. 3-44. Interest on overdue loans. When the semiannual interest due on any bond or note given for moneys loaned from the School Fund or the Agricultural College Fund remains unpaid fifteen days or more after it has become due, the Treasurer is authorized to charge interest the…

Sec. 3-45. Loans and appraisals. No loan shall be made from the School Fund or the Agricultural College Fund on a mortgage of real estate, unless the security is unencumbered and worth double the amount loaned, except that loans may be made on residential property in any case whe…

Sec. 3-46. Reappraisal of securities. The Treasurer shall cause to be examined and reappraised all the real estate securities held by him at least once in five years, and for such purpose may appoint such persons as he chooses to make such examination and reappraisal; and, when i…

Sec. 3-47. Sale of real estate. The Treasurer may sell the real estate belonging to said funds; and he may sell at private or public sale, from time to time, all or any part of the real estate belonging to the state, acquired by deed or foreclosure of mortgage for the School Fund…

Sec. 3-48. National bank stock; Treasurer attorney for state. The Treasurer is appointed as the attorney of the state, with power of substitution, to consent upon its behalf that the articles of association of any national bank, in whose stock any portion of the School Fund or Ag…

Sec. 3-49. Debtor accounts. The Treasurer shall cause all debts due to the School Fund or the Agricultural College Fund, and all other property belonging to either of them, to be registered in books kept in his office, in which shall be opened an account with each debtor, showing…