Title 3 — Title 3: State Elective Officers

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 …

Sec. 3-22d. Terms of issuance of college savings bonds. In the proceedings authorizing the issuance of college savings bonds, the State Bond Commission may covenant on behalf of the state with or for the benefit of the holders of such bonds as to all matters deemed advisable by s…

Sec. 3-22e. Connecticut Higher Education Trust Advisory Committee. (a) There is established a Connecticut Higher Education Trust Advisory Committee which shall consist of the State Treasurer, the Commissioner of Higher Education, the Secretary of the Office of Policy and Manageme…

Sec. 3-22f. Connecticut Higher Education Trust: Definitions. As used in sections 3-22f to 3-22p, inclusive: (1) “Depositor” means any person making a deposit, payment, contribution, gift or otherwise to the trust pursuant to a participation agreement; (2) “Designated beneficiary”…

Sec. 3-22g. Connecticut Higher Education Trust: Established. (a) There is established the Connecticut Higher Education Trust to promote and enhance the affordability and accessibility of higher education for residents of the state. The trust shall constitute an instrumentality of…

Sec. 3-22h. Trust authority of the Treasurer. 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 3-22i; (2) Establish consistent te…

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…

Secs. 3-22q to 3-22t. Reserved for future use.

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 …