AN ACT CONCERNING THE USE OF BOND PROCEEDS.

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

Section 1. Section 3-17 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2015):

(a) The Treasurer shall receive all moneys belonging to the state and disburse the same only as [he] the Treasurer is directed by law. The Treasurer shall superintend the collection of the state taxes and revenue, receive all such taxes and revenue and make proper entries and credits for the same. [He]

(b) The Treasurer may issue, from time to time, registered or coupon bonds of this state in such sums as [he] the Treasurer finds expedient, deliver the same to the retirement fund provided for in section 10-183r and issue the same in exchange for or in lieu of any registered or coupon bonds previously authorized to be issued; and such bonds so issued shall be payable at the same time and bear interest at the same rate as the bonds received in exchange; and any bonds so received in exchange for new bonds shall be cancelled by the Treasurer.

(c) The Treasurer shall hold the proceeds from the issuance of any bond separate from any other moneys belonging to the state, and shall not use the proceeds from such issuances for any purpose except the financing of the specific program or project that was approved by the State Bond Commission with respect to such issuance.

Statement of Purpose:

To require that bond proceeds be used only for their specified purpose.

[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.]

S.B. 40