Bill Text: CT SB00033 | 2014 | General Assembly | Comm Sub
Bill Title: An Act Establishing A New Haven Region Development Authority.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2014-04-15 - Favorable Report, Tabled for the Calendar, Senate [SB00033 Detail]
Download: Connecticut-2014-SB00033-Comm_Sub.html
General Assembly |
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February Session, 2014 |
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AN ACT ESTABLISHING A NEW HAVEN REGION DEVELOPMENT AUTHORITY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective from passage) (a) The following terms, when used in this section and in sections 2 to 9, inclusive, of this act shall have the following meanings:
(1) "City project" means a project occurring within the city of New Haven but outside the boundaries of the NRDA development district;
(2) "Authority development project" means a project occurring within the boundaries of the NRDA development district;
(3) "NRDA development district" means the area commencing at the intersection of Union Avenue, Church Street South and Church Street Extension and proceeding northeasterly on Union Street to the intersection with Water Street, thence proceeding easterly on Water Street to the intersection of Olive Street, thence proceeding northerly on Olive Street to the intersection of Court Street, thence proceeding westerly on Court Street to the intersection of Orange Street, thence proceeding southerly on Orange Street to the intersection of Chapel Street, thence proceeding westerly on Chapel Street to the intersection of Church Street, thence proceeding southerly on Church Street to the intersection of Crown Street, thence proceeding westerly on Crown Street to the intersection with Temple Street, thence proceeding southerly on Temple Street to the intersection with George Street and proceeding westerly on George Street to the intersection of York Street, thence proceeding southerly on York Street to the intersection of Howard Avenue, thence proceeding southeasterly on Howard Avenue to the intersection of Spring Street, thence proceeding northeasterly on Spring Street, thence proceeding northerly on Union Avenue terminating at the intersection of Church Street South, Church Street Extension and Union Avenue; and
(4) "Greater New Haven region" means all of the towns contiguous to the city of New Haven.
(b) There is created a body politic and corporate to be known as the "New Haven Region Development Authority". The New Haven Region Development Authority shall be a public instrumentality and political subdivision of this state and the exercise of the powers conferred by this section and sections 2 to 10, inclusive, of this act by the authority shall be deemed and held to be the performance of an essential public and governmental function. The New Haven Region Development Authority shall not be construed to be a department, institution or agency of the state.
(c) The New Haven Region Development Authority shall be governed by a board of directors consisting of thirteen members. The board shall consist of the following members: (1) Three appointed by the Governor; (2) two appointed by the mayor of the city of New Haven, one of whom shall be an employee of the city of New Haven who is responsible for economic development and who is not an elected official; (3) the chair of the South Central Regional Council of Governments, except that if the chair is the mayor of New Haven, then the vice-chairperson shall serve; (4) one appointed jointly by the speaker of the House of Representatives and the president pro tempore of the Senate; (5) one appointed jointly by the minority leaders of the House of Representatives and Senate; (6) the mayor of New Haven, who shall serve as a voting, ex-officio member; and (7) the Secretary of the Office of Policy and Management and the Commissioners of Transportation, Housing and Economic and Community Development, or their designees, who shall serve as voting, ex-officio members. The Governor shall designate the chairperson. All initial appointments shall be made not later than thirty days after the effective date of this section. The terms of the initial board members appointed shall be as follows: The three members appointed by the Governor shall serve four-year terms from the appointment date; the two members appointed by the mayor of the city of New Haven shall serve three-year terms from the appointment date; the member appointed jointly by the speaker of the House of Representatives and the president pro tempore of the Senate shall serve a two-year term from the appointment date and the member appointed jointly by the minority leaders of the House of Representatives and the Senate shall serve a two-year term from the appointment date. Thereafter all members shall be appointed for four-year terms. A member of the board shall be eligible for reappointment. Any member of the board may be removed by the appointing authority for misfeasance, malfeasance or wilful neglect of duty. Each member of the board, before commencing such member's duties, shall take and subscribe the oath or affirmation required by article XI, section 1, of the state Constitution. A record of each such oath shall be filed in the office of the Secretary of the State. The board of directors shall maintain a record of its proceedings in such form as it determines, provided such record indicates attendance and all votes cast by each member. Any member who fails to attend three consecutive meetings or who fails to attend fifty per cent of all meetings held during any calendar year shall be deemed to have resigned from the board. A majority vote of the members of the board shall constitute a quorum and the affirmative vote of a majority of the members present at a meeting of the board shall be sufficient for any action taken by the board. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the rights and perform all the duties of the board. Any action taken by the board may be authorized by resolution at any regular or special meeting and shall take effect immediately unless otherwise provided in the resolution. The board may delegate to three or more of its members, or its officers, agents and employees, such board powers and duties as it may deem proper.
(d) (1) The board of directors shall annually elect one of its members as vice-chairperson and shall elect other of its members as officers, adopt a budget and bylaws, designate an executive committee, report semiannually to the appointing authorities with respect to operations, finances and achievement of its economic development objectives, be accountable to and cooperate with the state whenever the state may audit the authority or authority development project or at any other time as the state may inquire as to either, including allowing the state reasonable access to any such project and to the records of the authority.
(2) The authority shall have an executive director who shall be appointed by the board of directors and shall be the chief administrative officer of the authority. The executive director shall not be a member of the board of directors.
(3) Members of the board of directors shall receive no compensation for the performance of their duties hereunder, but shall be reimbursed for all expenses reasonably incurred in the performance thereof.
(e) Each member of the board of directors of the authority and the executive director shall execute a surety bond in the penal sum of at least one hundred thousand dollars, or, in lieu thereof, the chairperson of the board shall execute a blanket position bond covering each member, the executive director and the employees of the authority. Each surety bond shall be conditioned upon the faithful performance of the duties of the office or offices covered, executed by a surety company authorized to transact business in this state as a surety and to be approved by the Attorney General and filed in the office of the Secretary of the State. The cost of each bond shall be paid by the authority.
(f) No board member shall have or acquire any financial interest in (1) any city project or authority development project, (2) any project undertaken by the authority within the greater New Haven region, or (3) any property included or planned to be included in any such project or in any contract or proposed contract for materials or services to be used in such project.
(g) The authority shall have perpetual succession and shall adopt procedures for the conduct of its affairs in accordance with section 3 of this act. Such succession shall continue as long as the authority shall have bonds, notes or other obligations outstanding and until the existence of the authority is terminated by law at which time the rights and properties of the authority shall pass to and be vested in the state.
(h) All financial, credit and proprietary information contained in any application or request filed with the authority with respect to funding for any city project or authority development project shall be exempt from the provisions of subsection (a) of section 1-210 of the general statutes.
Sec. 2. (NEW) (Effective from passage) (a) The purpose of the New Haven Region Development Authority shall be (1) to stimulate new investment within the city of New Haven; (2) to stimulate economic development in the greater New Haven region; (3) to encourage residential housing development; (4) to stimulate tourism, art, culture, history, education and entertainment through cooperation and coordination with city and regional organizations and the Department of Economic and Community Development; (5) to manage facilities through contractual agreement or other legal instrument; (6) upon request from the legislative body of a city or town within the greater New Haven region, to work with such city or town to assist in the development and redevelopment efforts to stimulate the economy of the region and increase tourism; (7) upon request of the Secretary of the Office of Policy and Management, to enter into an agreement for funding to facilitate development or redevelopment within the NRDA development district; and (8) to develop and redevelop property outside the NRDA development district and within the city of New Haven at the request of the mayor.
(b) For these purposes, the authority shall have the following powers: (1) To have perpetual succession as a body corporate and to adopt procedures for the regulation of its affairs and the conduct of its business as provided in section 3 of this act; (2) to adopt a corporate seal and alter the same at its pleasure; (3) to maintain an office at such place or places within the city of New Haven as it may designate; (4) to sue and be sued, to contract and be contracted with; (5) to employ such assistants, agents and other employees as may be necessary or desirable to carry out its purposes, which employees shall not be employees, as defined in subsection (b) of section 5-270 of the general statutes, to fix their compensation, to establish and modify personnel procedures as may be necessary from time to time and to negotiate and enter into collective bargaining agreements with labor unions; (6) to acquire, lease, hold and dispose of personal property for the purposes set forth in this section; (7) to procure insurance against any liability or loss in connection with its property and other assets, in such amounts and from such insurers as it deems desirable and to procure insurance for employees; (8) to invest any funds not needed for immediate use or disbursement in obligations issued or guaranteed by the United States of America or the state of Connecticut, including the Short Term Investment Fund, and the Tax-Exempt Proceeds Fund, and in other obligations that are legal investments for savings banks in this state and in time deposits or certificates of deposit or other similar banking arrangements secured in such manner as the authority determines; (9) to enter into such memoranda of understanding as the authority deems appropriate to carry out its responsibilities under this section; and (10) to do all acts and things necessary or convenient to carry out the purposes of and the powers expressly granted by this section.
(c) In addition to the powers enumerated in subsection (b) of this section, with respect to authority development projects, the authority shall have the following powers: (1) (A) To acquire by gift, purchase, condemnation, lease or transfer, lands or rights-in-land and to sell and lease or sublease, as lessor or lessee or sublessor or sublessee, any portion of its real property rights, including air space above, and enter into related common area maintenance, easement, access, support and similar agreements, and own and operate facilities, provided such activity is consistent with all applicable federal tax covenants of the authority; (B) to transfer or dispose of any property or interest therein acquired by it at any time; and (C) to receive and accept aid or contributions from any source of money, labor, property or other thing of value, to be held, used and applied to carry out the purposes of this section, subject to the conditions upon which such grants and contributions are made, including, but not limited to, gifts or grants from any department, agency or instrumentality of the United States or this state for any purpose consistent with this section; (2) in consultation with the mayor of the city of New Haven, to condemn properties that may be necessary or desirable to effectuate the purposes of the authority to be exercised in accordance with the provisions of part I of chapter 835 of the general statutes; (3) to formulate plans for, acquire, finance and develop, lease, purchase, construct, reconstruct, repair, improve, expand, extend, operate, maintain and market facilities, provided such activities are consistent with all applicable federal tax covenants of the authority; (4) to contract and be contracted with, provided if management, operating or promotional contracts or agreements or other contracts or agreements are entered into with nongovernmental parties with respect to property financed with the proceeds of obligations, the interest on which is excluded from gross income for federal income taxation, the board of directors shall ensure that such contracts or agreements are in compliance with the covenants of the authority upon which such tax exclusion is conditioned; (5) to fix and revise, from time to time, and to charge and collect fees, rents and other charges for the use, occupancy or operation of such projects, and to establish and revise from time to time procedures concerning the use, operation and occupancy of such facilities, including parking rates, rules and procedures, provided such arrangements are consistent with all applicable federal tax covenants of the authority, and to utilize net revenues received by the authority from the operation of such facilities after allowance for operating expenses and other charges related to the ownership, operation or financing thereof, for other proper purposes of the authority, including, but not limited to, funding of operating deficiencies or operating or capital replacement reserves for either such facilities and related parking facilities as determined to be appropriate by the authority; (6) to engage architects, engineers, attorneys, accountants, consultants and such other independent professionals as may be necessary or desirable to carry out its purposes; (7) to contract for construction, development, concessions and the procurement of goods and services and to establish and modify procurement procedures from time to time to implement the foregoing in accordance with the provisions of section 3 of this act; (8) to borrow money and to issue bonds, notes and other obligations of the authority to the extent permitted under section 6 of this act, to fund and refund the same and to provide for the rights of the holders thereof and to secure the same by pledge of assets, revenues and notes; (9) to do anything necessary and desirable, including executing reimbursement agreements or similar agreements in connection with credit facilities, including, but not limited to, letters of credit or policies of bond insurance, remarketing agreements and agreements for the purpose of moderating interest rate fluctuations, to render any bonds to be issued pursuant to section 6 of this act more marketable; and (10) to engage in and contract for marketing and promotional activities for the facilities under the operation or jurisdiction of the authority.
(d) The authority and the mayor of the city of New Haven may enter into a memorandum of understanding pursuant to which: (1) Administrative support and services, including all staff support, necessary for the operations of the authority may be provided by the city of New Haven or other authority within the city of New Haven, (2) the city of New Haven or other authority within the city of New Haven is authorized to administer contracts and accounts of the authority, and (3) provision is made for the coordination of management and operational activities that may include: (A) Joint procurement and contracting, (B) the sharing of services and resources, (C) the coordination of promotional activities, and (D) other arrangements designed to enhance revenues, reduce operating costs or achieve operating efficiencies. The terms and conditions of such memorandum of understanding, including provisions with respect to the reimbursement by the authority to the city of New Haven or other authority within the city of New Haven of the costs of such administrative support and services, shall be as the authority and the mayor of the city of New Haven determine to be appropriate.
Sec. 3. (NEW) (Effective from passage) The board of directors of the New Haven Region Development Authority shall adopt written procedures, in accordance with the provisions of section 1-121 of the general statutes, for: (1) Adopting an annual budget and plan of operations, which shall include a requirement of board approval before the budget or plan may take effect; (2) hiring, dismissing, promoting and compensating employees of the authority, which shall include an affirmative action policy and a requirement of board approval before a position may be created or a vacancy filled; (3) acquiring real and personal property and personal services, which shall include a requirement of board approval for any nonbudgeted expenditure in excess of five thousand dollars; (4) contracting for financial, legal, bond underwriting and other professional services, which shall include a requirement that the authority solicit proposals at least once every three years for each such service that it uses; (5) issuing and retiring bonds, notes and other obligations of the authority; (6) providing financial assistance, which shall include eligibility criteria, the application process and the role played by the authority's staff and board of directors; and (7) the use of surplus funds.
Sec. 4. (NEW) (Effective from passage) (a) In lieu of the report required under section 1-123 of the general statutes, within the first ninety days of each fiscal year of the New Haven Region Development Authority, the board of directors of the authority shall submit a report to the Governor, the Auditors of Public Accounts and the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding. Such report shall include, but not be limited to, the following: (1) A list of all bonds issued during the preceding fiscal year, including, for each such issue, the financial advisor and underwriters, whether the issue was competitive, negotiated or privately placed, and the issue's face value and net proceeds; (2) a description of the authority development project or any economic development project in the greater New Haven region in which the authority is involved, its location and the amount of funds, if any, provided by the authority with respect to the construction of such project; (3) a list of all outside individuals and firms, including principal and other major stockholders, receiving in excess of five thousand dollars as payments for services; (4) a comprehensive annual financial report prepared in accordance with generally accepted accounting principles for governmental enterprises; (5) the cumulative value of all bonds issued, the value of outstanding bonds and the amount of the state's contingent liability; (6) the affirmative action policy statement, a description of the composition of the work force of the authority by race, sex and occupation and a description of the affirmative action efforts of the authority; and (7) a description of planned activities for the current fiscal year.
(b) In lieu of the audit required under section 1-122 of the general statutes, the board of directors of the authority shall annually contract with a person, firm or corporation for a compliance audit of the authority's activities during the preceding authority fiscal year. The audit shall determine whether the authority has complied with its regulations concerning affirmative action, personnel practices, the purchase of goods and services and the use of surplus funds. The board shall submit the audit report to the Governor, the Auditors of Public Accounts and the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding.
(c) The board of directors of the authority shall annually contract with a firm of certified public accountants to undertake an independent financial audit of the authority in accordance with generally accepted auditing standards. The board shall submit the audit report to the Governor, the Auditors of Public Accounts and the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding. The books and accounts of the authority shall be subject to annual audits by the state Auditors of Public Accounts.
(d) The authority shall designate a contract compliance officer from the staff of the authority to monitor compliance of the operations of facilities under the management or control of the authority and related parking facilities with (1) the provisions of state law applicable to such operations, and (2) applicable requirements of contracts entered into by the authority relating to set-asides for small contractors and minority business enterprises and required efforts to hire available and qualified members of minorities, as defined in section 32-9n of the general statutes, and available and qualified residents of the city of New Haven for jobs in such operations. Each year during the period of facility operations, such officer shall file a written report with the authority as to findings and recommendations regarding such compliance.
Sec. 5. (NEW) (Effective from passage) (a) Any person, including, but not limited to, a state or municipal agency, requesting funds from the state, including, but not limited to, any authority created by the general statutes or any public or special act, with respect to any city project or any economic development project in the greater New Haven region in which the New Haven Region Development Authority is involved shall, at the time it makes such request for funds from the state, present a full and complete copy of its application or request along with any supporting documents or exhibits to the New Haven Region Development Authority for its recommendation and to the Secretary of the Office of Policy and Management. The New Haven Region Development Authority shall, not later than ninety days after receipt of such application or request, prepare and adopt an economic development statement summarizing its recommendations with respect to such application or request and deliver such statement to the state officer, official, employee or agent of the state or authority to whom such application or request was made. The recommendations in such statement shall include contract provisions regarding performance standards, including, but not limited to, project timelines.
(b) Notwithstanding any other provision of the general statutes, public or special acts, any regulation or procedure or any other law, no officer, official, employee or agent of the state or any authority created by the general statutes or any public or special act shall expend any funds on any city project or any economic development project in the region in which the authority is involved, unless such officer, official, employee or agent has received an economic development statement adopted by the authority pursuant to subsection (a) of this section, except that if no such statement is received by the date ninety days from the date of the initial application or request for such funds, such funds may be expended. If funds are expended pursuant to this subsection in a manner not consistent with the recommendations contained in an economic development statement for such expenditure, the officer, official, employee or agent of the state expending such funds shall respond in writing to the authority, providing an explanation of the decision with respect to such expenditure.
(c) The authority shall coordinate the use of all state and municipal planning and financial resources that are or can be made available for any city project or any economic development project in the greater New Haven region in which the authority is involved, including any resources available from any quasi-public agency.
(d) All state and municipal agencies, departments, boards, commissions and councils shall cooperate with the New Haven Region Development Authority in carrying out the purposes enumerated in section 2 of this act.
Sec. 6. (NEW) (Effective from passage) (a) The board of directors of the New Haven Region Development Authority is authorized from time to time to issue its bonds, notes and other obligations in such principal amounts as in the opinion of the board shall be necessary to provide sufficient funds for carrying out the purposes set forth in section 2 of this act, including the payment, funding or refunding of the principal of, or interest or redemption premiums on, any bonds, notes and other obligations issued by it, whether the bonds, notes or other obligations or interest to be funded or refunded have or have not become due, the establishment of reserves to secure such bonds, notes and other obligations, loans made by the authority and all other expenditures of the authority incident to and necessary or convenient to carry out the purposes set forth in section 2 of this act.
(b) Except as may be otherwise expressly provided in this section or by the board, every issue of bonds, notes or other obligations shall be a general obligation of the authority payable out of any moneys or revenues of the authority and subject only to any agreements with the holders of particular bonds, notes or other obligations pledging any particular moneys or revenues. Any such bonds, notes or other obligations may be additionally secured by, any grant or contributions from any department, agency or instrumentality of the United States or person or a pledge of any moneys, income or revenues of the authority from any source whatsoever.
(c) Notwithstanding any other provision of any law, any bonds, notes or other obligations issued by the authority pursuant to this section shall be fully negotiable within the meaning and for all purposes of title 42a of the general statutes. Any such bonds, notes or other obligations shall be legal investments for all trust companies, banks, investment companies, savings banks, building and loan associations, executors, administrators, guardians, conservators, trustees and other fiduciaries and pension, profit-sharing and retirement funds.
(d) Bonds, notes or other obligations of the authority shall be authorized by resolution of the board of directors of the authority and may be issued in one or more series and shall bear such date or dates, mature at such time or times, in the case of any such note, or any renewal thereof, not exceeding the term of years as the board shall determine from the date of the original issue of such notes, and, in the case of bonds, not exceeding thirty years from the date thereof, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable from such sources in such medium of payment at such place or places within or without this state, and be subject to such terms of redemption, with or without premium, as such resolution or resolutions may provide.
(e) Bonds, notes or other obligations of the authority may be sold at public or private sale at such price or prices as the board shall determine.
(f) Bonds, notes or other obligations of the authority may be refunded and renewed from time to time as may be determined by resolution of the board, provided any such refunding or renewal shall be in conformity with any rights of the holders thereof.
(g) Bonds, notes or other obligations of the authority issued under the provisions of this section shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof other than the authority or a pledge of the faith and credit of the state or of any such political subdivision other than the authority, and shall not constitute bonds or notes issued or guaranteed by the state within the meaning of section 3-21 of the general statutes, but shall be payable solely from the funds as provided in this section. All such bonds, notes or other obligations shall contain on the face thereof a statement to the effect that neither the state of Connecticut nor any political subdivision thereof other than the authority shall be obligated to pay the same or the interest thereof except from revenues or other funds of the authority and that neither the faith and credit nor the taxing power of the state of Connecticut or of any political subdivision thereof other than the authority is pledged to the payment of the principal of or the interest on such bonds, notes or other obligations.
(h) Any resolution or resolutions authorizing the issuance of bonds, notes or other obligations may contain provisions, except as limited by existing agreements with the holders of bonds, notes or other obligations, which shall be a part of the contract with the holders thereof, as to the following: (1) The pledging of all or any part of the moneys received by the authority to secure the payment of the principal of and interest on any bonds, notes or other obligations or of any issue thereof; (2) the pledging of all or part of the assets of the authority to secure the payment of the principal and interest on any bonds, notes or other obligations or of any issue thereof; (3) the establishment of reserves or sinking funds, the making of charges and fees to provide for the same, and the regulation and disposition thereof; (4) limitations on the purpose to which the proceeds of sale of bonds, notes or other obligations may be applied and pledging such proceeds to secure the payment of the bonds, notes or other obligations, or of any issues thereof; (5) limitations on the issuance of additional bonds, notes or other obligations, the terms upon which additional bonds, bond anticipation notes or other obligations may be issued and secured, the refunding or purchase of outstanding bonds, notes or other obligations of the authority; (6) the procedure, if any, by which the terms of any contract with the holders of any bonds, notes or other obligations of the authority may be amended or abrogated, the amount of bonds, notes or other obligations the holders of which must consent thereto and the manner in which such consent may be given; (7) limitations on the amount of moneys to be expended by the authority for operating, administrative or other expenses of the authority; (8) the vesting in a trustee or trustees of such property, rights, powers and duties in trust as the authority may determine, which may include any or all of the rights, powers and duties of any trustee appointed by the holders of any bonds, notes or other obligations and limiting or abrogating the right of the holders of any bonds, notes or other obligations of the authority to appoint a trustee or limiting the rights, powers and duties of such trustee; (9) a provision for a trust agreement by and between the authority and a corporate trustee which may be any trust company or bank having the powers of a trust company within or without the state, which agreement may provide for the pledging or assigning of any assets or income from assets to which or in which the authority has any rights or interest, and may further provide for such other rights and remedies exercisable by the trustee as may be proper for the protection of the holders of any bonds, notes or other obligations of the authority and not otherwise in violation of law. Such agreement may provide for the restriction of the rights of any individual holder of bonds, notes or other obligations of the authority. All expenses incurred in carrying out the provisions of such trust agreement may be treated as a part of the cost of operation of the authority. The trust agreement may contain any further provisions which are reasonable to delineate further the respective rights, duties, safeguards, responsibilities and liabilities of the authority, individual and collective holders of bonds, notes and other obligations of the authority and the trustees; (10) covenants to do or refrain from doing such acts and things as may be necessary or convenient or desirable in order to better secure any bonds, notes or other obligations of the authority, or which, in the discretion of the authority, will tend to make any bonds, notes or other obligations to be issued more marketable notwithstanding that such covenants, acts or things may not be enumerated herein; and (11) any other matters of like or different character, which in any way affect the security or protection of the bonds, notes or other obligations.
(i) Any pledge made by the authority of income, revenues or other property shall be valid and binding from the time the pledge is made. The income, revenue, such state taxes as the authority shall be entitled to receive or other property so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the authority, irrespective of whether such parties have notice thereof.
(j) The board of directors of the authority is authorized and empowered to obtain from any department, agency or instrumentality of the United States any insurance or guarantee as to, or of or for the payment or repayment of, interest or principal or both, or any part thereof, on any bonds, notes or other obligations issued by the authority pursuant to the provisions of this section and, notwithstanding any other provisions of sections 1 to 9, inclusive, of this act, to enter into any agreement, contract or any other instrument whatsoever with respect to any such insurance or guarantee except to the extent that such action would in any way impair or interfere with the authority's ability to perform and fulfill the terms of any agreement made with the holders of the bonds, bond anticipation notes or other obligations of the authority.
(k) Neither the members of the board of directors of the authority nor any person executing bonds, notes or other obligations of the authority issued pursuant to this section shall be liable personally on such bonds, notes or other obligations or be subject to any personal liability or accountability by reason of the issuance thereof, nor shall any director or employee of the authority be personally liable for damage or injury caused in the performance of his duties and within the scope of his employment or appointment as such director, officer or employee, provided the conduct of such director, officer or employee was found not to have been wanton, reckless, wilful or malicious. The authority shall protect, save harmless and indemnify its directors, officers or employees from financial loss and expense, including legal fees and costs, if any, arising out of any claim, demand, suit or judgment by reason of alleged negligence or alleged deprivation of any person's civil rights or any other act or omission resulting in damage or injury, if the director, officer or employee is found to have been acting in the discharge of his or her duties or within the scope of his or her employment and such act or omission is found not to have been wanton, reckless, wilful or malicious.
(l) The board of directors of the authority shall have power to purchase bonds, notes or other obligations of the authority out of any funds available for such purpose. The authority may hold, cancel or resell such bonds, notes or other obligations subject to and in accordance with agreements with holders of its bonds, notes and other obligations.
(m) All moneys received pursuant to the authority of this section, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this section. Any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of section 2 of this act, and the resolution authorizing the bonds of any issue or the trust agreement securing such bonds may provide.
(n) Any holder of bonds, notes or other obligations issued under the provisions of this section, and the trustee or trustees under any trust agreement, except to the extent the rights herein given may be restricted by any resolution authorizing the issuance of or any such trust agreement securing such bonds, may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights under the laws of the state or granted under this section or under such resolution or trust agreement and may enforce and compel the performance of all duties required by this section or by such resolution or trust agreement to be performed by the authority or by any officer, employee or agent thereof, including the fixing, charging and collecting of the rates, rents, fees and charges herein authorized and required by the provisions of such resolution or trust agreement to be fixed, established and collected.
(o) The authority may make representations and agreements for the benefit of the holders of any bonds, notes or other obligations of the state which are necessary or appropriate to ensure the exclusion from gross income for federal income tax purposes of interest on bonds, notes or other obligations of the state from taxation under the Internal Revenue Code of 1986 or any subsequent corresponding internal revenue code of the United States, as from time to time amended, including agreement to pay rebates to the federal government of investment earnings derived from the investment of the proceeds of the bonds, notes or other obligations of the authority. Any such agreement may include: (1) A covenant to pay rebates to the federal government of investment earnings derived from the investment of the proceeds of the bonds, notes or other obligations of the authority; (2) a covenant that the authority will not limit or alter its rebate obligations until its obligations to the holders or owners of such bonds, notes or other obligations are finally met and discharged; and (3) provisions to (A) establish trust and other accounts which may be appropriate to carry out such representations and agreements, (B) retain fiscal agents as depositories for such funds and accounts, and (C) provide that such fiscal agents may act as trustee of such funds and accounts.
(p) No bonds, notes or other obligations shall be issued by the authority unless such bonds, notes or other obligations have been approved for issuance by the State Bond Commission following a finding that such issuance is in the public interest.
Sec. 7. (NEW) (Effective from passage) With the concurrence of the Secretary of the Office of Policy and Management and the State Treasurer, the New Haven Region Development Authority may submit an application to Connecticut Innovations, Incorporated, for a loan or loans consistent with the requirements of chapter 579 of the general statutes and Connecticut Innovations, Incorporated, is hereby authorized to review such application as a package for the purposes of its requirements, including eligibility for federal or state funding in addition to the financing applied for. Any loan by Connecticut Innovations, Incorporated, to the New Haven Region Development Authority shall be evidenced by the general obligation bond of Connecticut Innovations, Incorporated, in fully marketable form, duly executed and accompanied by an approving legal opinion with respect to validity, security and tax matters as would otherwise be required in a public offering. Any loan with respect to a hotel or other portions of private investment pertaining to any convention center project shall be on such terms and conditions as Connecticut Innovations, Incorporated, requires to satisfy its eligibility for financing of a loan from the proceeds of its general obligation program bonds.
Sec. 8. (NEW) (Effective from passage) The state of Connecticut does hereby pledge to and agree with the holders of any bonds, notes and other obligations issued under section 6 of this act and with those parties who may enter into contracts with the New Haven Region Development Authority or its successor agency, that the state will not limit or alter the rights hereby vested in the authority or in the holders of any bonds, notes or other obligations of the authority to which contract assistance is pledged pursuant to this section until such obligations, together with the interest thereon, are fully met and discharged and such contracts are fully performed on the part of the authority, provided nothing contained herein shall preclude such limitation or alteration if and when adequate provision shall be made by law for the protection of the holders of such bonds, notes and other obligations of the authority or those entering into contracts with the authority. The authority is authorized to include this pledge and undertaking for the state in such bonds, notes and other obligations or contracts.
Sec. 9. (NEW) (Effective from passage) The state shall protect, save harmless and indemnify the New Haven Region Development Authority and its directors, officers and employees from financial loss and expense, including legal fees and costs, if any, arising out of any claim, demand, suit or judgment based upon any alleged act or omission of the authority or any such director, officer or employee in connection with, or any other legal challenge to, such projects within the NRDA development district, provided any such director, officer or employee is found to have been acting in the discharge of such director, officer or employee's duties or within the scope of such director, officer or employee's employment and any such act or omission is found not to have been wanton, reckless, wilful or malicious.
Sec. 10. (NEW) (Effective from passage) No ordinance, law or regulation adopted by, or granting authority to, any municipality shall apply to the demolition, construction, repair, improvement, expansion or extension of the New Haven Train Station if undertaken by the state or a public instrumentality thereof, including the New Haven Region Development Authority. Notwithstanding any provision of the general statutes, the State Building Inspector and the State Fire Marshal shall have original jurisdiction of the New Haven Train Station, including, but not limited to, the conduct of necessary reviews and inspections, and the issuance of any building permit, certificate of occupancy or other necessary permits or certificates related to building construction, occupancy or fire safety.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
from passage |
New section |
Sec. 2 |
from passage |
New section |
Sec. 3 |
from passage |
New section |
Sec. 4 |
from passage |
New section |
Sec. 5 |
from passage |
New section |
Sec. 6 |
from passage |
New section |
Sec. 7 |
from passage |
New section |
Sec. 8 |
from passage |
New section |
Sec. 9 |
from passage |
New section |
Sec. 10 |
from passage |
New section |
PD |
Joint Favorable Subst. |
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GAE |
Joint Favorable |