Bill Text: CT HB05333 | 2016 | General Assembly | Introduced
Bill Title: An Act Concerning The Connecticut Higher Education Supplemental Loan Authority.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2016-03-31 - File Number 342 [HB05333 Detail]
Download: Connecticut-2016-HB05333-Introduced.html
General Assembly |
Raised Bill No. 5333 | ||
February Session, 2016 |
LCO No. 1523 | ||
*01523_______HED* | |||
Referred to Committee on HIGHER EDUCATION AND EMPLOYMENT ADVANCEMENT |
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Introduced by: |
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(HED) |
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AN ACT CONCERNING THE CONNECTICUT HIGHER EDUCATION SUPPLEMENTAL LOAN AUTHORITY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (c) of section 10a-224 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2016):
(c) [Before the issuance of any bonds or notes under the provisions of this chapter, the chairman and vice-chairman of the board of directors, the executive director and any other member of the board authorized by resolution of the board to handle funds or sign checks of the authority and any other authorized officer shall execute a surety bond in the penal sum of fifty thousand dollars, or in lieu thereof the chairman shall obtain a blanket position bond covering the executive director and every member of the board and other employee or authorized officer of the authority in the penal sum of fifty thousand dollars. Each such bond shall be conditioned upon the faithful performance of the duties of the principal or the members, executive director and other authorized officers or employees, as the case may be, shall be executed by a surety company authorized to transact business in the state as surety, and shall be filed in the office of the Secretary of the State. The cost of each such bond shall be paid by the authority.] The authority shall obtain from a surety or insurance company authorized to do business in the state one or more surety bonds, insurance policies or other risk management instruments that will provide protection to the authority if the executive director or other officer or employee of the authority or any member of the board performing specific directorial acts on behalf of the authority fails to faithfully perform the duties of such person's position with the authority. The authority shall obtain, at its discretion, any such instrument with a coverage limit of not less than one hundred thousand dollars per each occurrence of any loss covered by such instrument, and determine any applicable deductible or self-insured retention for such instrument. The authority shall pay the cost of the coverage for such instrument.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2016 |
10a-224(c) |
Statement of Purpose:
To enable the authority to obtain alternative insurance products.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]