Bill Text: CT SB00027 | 2010 | General Assembly | Introduced
Bill Title: An Act Authorizing Special Tax Obligation Bonds Of The State For Improvements To Service Plazas On Major Highways.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2010-04-27 - Referred by Senate to Committee on Transportation [SB00027 Detail]
Download: Connecticut-2010-SB00027-Introduced.html
General Assembly |
Governor's Bill No. 27 | ||
February Session, 2010 |
LCO No. 316 | ||
*00316__________* | |||
Referred to Committee on Finance, Revenue and Bonding |
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Introduced by: |
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SEN. MCKINNEY, 28th Dist. REP. CAFERO, 142nd Dist. |
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AN ACT LIMITING STATE BOND AUTHORIZATIONS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2010) Notwithstanding any other provision of law, any specific item of authorization for general obligation bonds of the state shall expire five years after the effective date of such authorization if no amount has been allocated by the State Bond Commission from such specific item during such five-year period. If the State Bond Commission has allocated any portion of such item during such period, such authorization shall continue unless otherwise terminated by law.
Sec. 2. Subsection (a) of section 3-21 of the 2010 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2010):
(a) 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 except such as shall not cause the aggregate amount of the total amount of bonds, notes or other evidences of indebtedness payable from General Fund tax receipts authorized by the General Assembly but which have not been issued and the total amount of such indebtedness which has been issued and remains outstanding to exceed one and six-tenths times the total General Fund tax receipts of the state for the fiscal year in which any such authorization will become effective or in which such indebtedness is issued, as estimated for such fiscal year by the Secretary of the Office of Policy and Management and the director of the legislative Office of Fiscal Analysis, in accordance with the provisions of section 2-36c, or by the joint standing committee of the General Assembly having cognizance of finance, revenue and bonding in accordance with section 2-35, whichever estimate is most recent. In computing such aggregate amount of indebtedness at any time, there shall be excluded or deducted, as the case may be, (1) the principal amount of all such obligations as may be certified by the Treasurer (A) as issued in anticipation of revenues to be received by the state during the period of twelve calendar months next following their issuance and to be paid by application of such revenue, [or] (B) as having been refunded or replaced by other indebtedness the proceeds and projected earnings on which or other funds are held in escrow to pay and are sufficient to pay the principal, interest and any redemption premium until maturity or earlier planned redemption of such indebtedness, [or] (C) as issued and outstanding in anticipation of particular bonds then unissued but fully authorized to be issued in the manner provided by law for such authorization, provided, as long as any of such obligations are outstanding, the entire principal amount of such particular bonds thus authorized shall be deemed to be outstanding and be included in such aggregate amount of indebtedness, or (D) as payable solely from revenues of particular public improvements, (2) the amount which may be certified by the Treasurer as the aggregate value of cash and securities in debt retirement funds of the state to be used to meet principal of outstanding obligations included in such aggregate amount of indebtedness, (3) every such amount as may be certified by the Secretary of the Office of Policy and Management as the estimated payments on account of the costs of any public work or improvement thereafter to be received by the state from the United States or agencies thereof and to be used, in conformity with applicable federal law, to meet principal of obligations included in such aggregate amount of indebtedness, (4) all authorized and issued indebtedness to fund any budget deficits of the state for any fiscal year ending on or before June 30, 1991, (5) all authorized indebtedness to fund the program created pursuant to section 32-285, (6) all authorized and issued indebtedness to fund any budget deficits of the state for any fiscal year ending on or before June 30, 2002, (7) all indebtedness authorized and issued pursuant to section 1 of public act 03-1 of the September 8 special session*, (8) all authorized indebtedness issued pursuant to section 3-62h, (9) any indebtedness represented by any agreement entered into pursuant to subsection (b) or (c) of section 3-20a as certified by the Treasurer, provided the indebtedness in connection with which such agreements were entered into shall be included in such aggregate amount of indebtedness, and (10) all indebtedness authorized and issued pursuant to section 3-20g. In computing the amount of outstanding indebtedness, only the accreted value of any capital appreciation obligation or any zero coupon obligation which has accreted and been added to the stated initial value of such obligation as of the date of any computation shall be included.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2010 |
New section |
Sec. 2 |
July 1, 2010 |
3-21(a) |
Statement of Purpose:
To implement the Governor's budget recommendations.
[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.]