Bill Text: CT HB06603 | 2013 | General Assembly | Introduced

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Bill Title: An Act Concerning Cancellation Of Outstanding General Obligation Bond Authorizations.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2013-03-13 - Public Hearing 03/18 [HB06603 Detail]

Download: Connecticut-2013-HB06603-Introduced.html

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General Assembly		Raised Bill No. 6603
January Session, 2013		LCO No. 4271
		*04271_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)

AN ACT CONCERNING CANCELLATION OF OUTSTANDING GENERAL OBLIGATION BOND AUTHORIZATIONS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 3-21b of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2013):

(a) Notwithstanding the provisions of any general statute, public act or special act, upon a determination by the Treasurer and approval by the State Bond Commission that unexpended proceeds of general obligation bonds of the state issued pursuant to section 3-20 and accounted for in a general obligation bond fund of the state established by the Treasurer are no longer required for any of the purposes or projects funded or remaining to be funded from amounts in such bond fund, the Treasurer is authorized to transfer all or any portion of said unexpended bond proceeds from such bond fund for further credit to the General Fund, provided the Treasurer shall further determine that such transfer shall not adversely affect the exclusion from gross income of the interest on the bonds from which such unexpended proceeds were derived pursuant to Section 103 of the Internal Revenue Code of 1986 or any corresponding internal revenue code of the United States, as from time to time amended.

(b) (1) Commencing January 1, 2010, and annually thereafter, the Office of Policy and Management, in consultation with the Treasurer, shall submit a report, in accordance with section 11-4a, to the State Bond Commission, the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding, and to the legislative Office of Fiscal Analysis, identifying [(1)] (A) all fully-issued general obligation bond funds, with [(A)] (i) a description of the projects that may be eligible for funding under each such bond fund, [(B)] (ii) an identification of which such bond funds are encumbered, and [(C)] (iii) an account of expenditures from each such fund for the past five years or, if such bond fund is less than five years old, since its inception, and [(2)] (B) any fully-issued and unencumbered general obligation bond funds from which no expenditures have been made for at least five years, and that have been determined by the Treasurer to be fully eligible for transfer pursuant to subsection (a) of this section.

(2) Commencing January 1, 2014, and annually thereafter, the Office of Policy and Management, in consultation with the Treasurer, shall submit a report, in accordance with section 11-4a, to the State Bond Commission, the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding, and to the legislative Office of Fiscal Analysis, (A) identifying all general obligation bonds approved by the General Assembly pursuant to any bond act taking effect in the five preceding years, including additional bonding authorized pursuant to any section of the general statutes, with (i) a description of each project or program designated in each such act, and (ii) an indication of whether or not each such project or program has started, (B) listing, for each such project or program that has not started, (i) the effective date of the bond act authorizing such project or program, and (ii) the reason for inaction upon each such project or program, (C) analyzing, as of the date of such report, the importance to the general health, safety and welfare of the state of each such inactive project or program, and (D) recommending legislative action to amend or cancel authorizations for such projects or programs that are inactive and do not appear to be in the state's best interest.

(c) The provisions of subsection (a) of this section shall not apply to any consolidated amounts, as defined in section 8-37rr.

This act shall take effect as follows and shall amend the following sections:
Section 1	July 1, 2013	3-21b

Statement of Purpose:

To ensure that the state's general obligation bond acts are reviewed annually and analyzed to ensure that all authorized projects and programs are active and relevant to the state's best interest.

[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.]