Bill Text: CT SB00525 | 2018 | General Assembly | Introduced

Connecticut Senate Bill 525 (Prior Session Legislation)

Introduced

Bill Title: An Act Establishing The Connecticut Investment Board.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2018-03-29 - Public Hearing 04/02 [SB00525 Detail]

Download: Connecticut-2018-SB00525-Introduced.html


General Assembly		*Raised Bill No. 525*
*February Session, 2018*		LCO No. 2892
		02892_______FIN
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)

AN ACT ESTABLISHING THE CONNECTICUT INVESTMENT BOARD.

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

Section 1. Section 3-13b of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(a) (1) The provisions of this subsection shall no longer be effective on and after January 1, 2019, and the term of each of the public members serving on the Investment Advisory Council shall end on December 31, 2018.

(2) There is created an Investment Advisory Council which shall consist of the following: [(1)] (A) The Secretary of the Office of Policy and Management who shall serve as an ex-officio member of said council; [(2)] (B) the State Treasurer who shall serve as an ex-officio member of said council; [(3)] (C) five public members all of whom shall be experienced in matters relating to investments. The Governor, the president pro tempore of the Senate, the Senate minority leader, the speaker of the House of Representatives and the minority leader of the House of Representatives shall each appoint one such public member to serve for a term of four years. No such public member or such member's business organization or affiliate shall directly or indirectly contract with or provide any services for the investment of trust funds of the state of Connecticut during the time of such member's service on said council and for one year thereafter. The term of each public member in office on June 30, 1983, shall end on July 1, 1983. The appointing authority shall fill all vacancies of the public members; [(4)] (D) three representatives of the teachers' unions, and two representatives of the state employees' unions. On or before July 15, 1983, the teachers' unions shall jointly submit to the State Treasurer a list of three nominees, and the state employees' unions or a majority thereof who represent a majority of state employees shall jointly submit to the Treasurer a list of two nominees. On or before July 30, 1983, the Governor shall appoint five members of the council from such lists, for terms of two years. Any person appointed to fill a vacancy or to be a new member at the expiration of a given term, whose predecessor in that position was either a representative of one of the teachers' unions or one of the state employees' unions, shall also be a representative of such respective union group. Any such appointee shall be appointed by the Governor from a list of nominees submitted to the Treasurer by the teachers' unions or state employees' unions or such majority thereof, as the case may be, within thirty days of notification by the Treasurer of the existence of a vacancy or a prospective vacancy, or the expiration or prospective expiration of a term. All members of the council shall serve until their respective successors are appointed and have qualified. No public member of the council shall serve more than two consecutive terms which commence on or after July 1, 1983.

[(b)] (3) The Governor shall designate one of the members to be chairperson of the council to serve as such at the Governor's pleasure. The Treasurer shall serve as secretary of said council. A majority of the members of the council then in office shall constitute a quorum for the transaction of any business, and action shall be by the vote of a majority of the members present at a meeting. Votes by members on investment policies shall be recorded in the minutes of each meeting. Members of said council shall not be compensated for their services but shall be reimbursed for all necessary expenses incurred in the performance of their duties as members of said council. The council shall meet at least once during each calendar quarter and at such other times as the chairperson deems necessary or upon the request of a majority of the members in office. Special meetings shall be held at the request of such majority after notice in accordance with the provisions of section 1-225. 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 office.

[(c) (1)] (4) (A) The Treasurer shall recommend to the Investment Advisory Council an investment policy statement which shall set forth the standards governing investment of trust funds by the Treasurer. Such statement shall include, with respect to each trust fund, without limitation, [(A)] (i) investment objectives; [(B)] (ii) asset allocation policy and risk tolerance; [(C)] (iii) asset class definitions, including specific types of permissible investments within each asset class and any specific limitations or other considerations governing the investment of any funds; [(D)] (iv) investment manager guidelines; [(E)] (v) investment performance evaluation guidelines; [(F)] (vi) guidelines for the selection and termination of providers of investment-related services who shall include, but not be limited to, investment advisors, external money managers, investment consultants, custodians, broker-dealers, legal counsel, and similar investment industry professionals; and [(G)] (vii) proxy voting guidelines. A draft of the statement shall be submitted to the Investment Advisory Council at a meeting of said council and shall be made available to the public. Notice of such availability shall be published in at least one newspaper having a general circulation in each municipality in the state which publication shall be not less than two weeks prior to such meeting. Said council shall review the draft statement and shall publish any recommendations it may have for changes to such statement in the manner provided for publication of the statement by the Treasurer. The Treasurer shall thereafter adopt the statement, including any such changes the Treasurer deems appropriate, with the approval of a majority of the members appointed to said council. If a majority of the members appointed to said council fail to approve such statement, said majority shall provide the reasons for its failure to approve to the Treasurer who may submit an amended proposed statement at a subsequent regular or special meeting of said council. Such revised proposed statement shall be made available to the public in accordance with the provisions of the Freedom of Information Act, as defined in section 1-200. Any revisions or additions to the investment policy statement shall be made in accordance with the procedures set forth in this subdivision for the adoption of the statement. The Treasurer shall annually review the investment policy statement and shall consult with the Investment Advisory Council regarding possible revisions to such statement.

[(2)] (B) All trust fund investments by the State Treasurer shall be reviewed by said Investment Advisory Council. The Treasurer shall provide to the council all information regarding such investments which the Treasurer deems relevant to the council's review and such other information as may be requested by the council. The Treasurer shall provide a report at each regularly scheduled meeting of the Investment Advisory Council as to the status of the trust funds and any significant changes which may have occurred or which may be pending with regard to the funds. The council shall promptly notify the Auditors of Public Accounts and the Comptroller of any unauthorized, illegal, irregular or unsafe handling or expenditure of trust funds or breakdowns in the safekeeping of trust funds or contemplated action to do the same within their knowledge. The Governor may direct the Treasurer to change any investments made by the Treasurer when in the judgment of said council such action is for the best interest of the state. Said council shall, at the close of the fiscal year, make a complete examination of the security investments of the state and determine as of June thirtieth, the value of such investments in the custody of the Treasurer and report thereon to the Governor, the General Assembly and beneficiaries of trust funds administered, held or invested by the Treasurer. With the approval of the Treasurer and the council, said report may be included in the Treasurer's annual report.

[(d)] (5) The Investment Advisory Council shall be within the office of the State Treasurer for administrative purposes only.

[(e)] (6) For the purposes of this section, "teachers' union" means a representative organization for certified professional employees, as defined in section 10-153b, and "state employees' union" means an organization certified to represent state employees, pursuant to section 5-275.

(b) (1) There is established a Connecticut Investment Board, which shall consist of the following: (A) The Treasurer or the Treasurer's designee, who shall serve as an ex-officio, voting member of said board; (B) the Banking Commissioner or the commissioner's designee, who shall serve as an ex-officio, voting member of said board; and (C) seven public members with professional investment experience, appointed as follows: (i) One appointed by the speaker of the House of Representatives and one appointed by the president pro tempore of the Senate, to serve a term of four years; (ii) one appointed by the majority leader of the House of Representatives and one appointed by the majority leader of the Senate, to serve a term of three years; (iii) one appointed by the minority leader of the House of Representatives and one appointed by the minority leader of the Senate, to serve a term of four years; and (iv) one appointed by the Governor, to serve a term of two years. The board shall be within the office of the Treasurer for administrative purposes only.

(2) All appointments to the board shall be made not later than October 1, 2018. The Treasurer shall serve as secretary of the board and the speaker of the House of Representatives and the president pro tempore of the Senate shall select the chairperson of the board from among the other members of the board. Such chairperson shall schedule the first meeting of the board, which shall be held not later than December 1, 2018. Any vacancy shall be filled by the appointing authority and all members of the board shall serve until their respective successors are appointed and have qualified. No public member of the board shall serve more than two consecutive terms.

(3) A majority of the members of the board then in office shall constitute a quorum for the transaction of any business, and action shall be by the vote of a majority of the members present at a meeting. Votes by members on investment policies and investment decisions shall be recorded in the minutes of each meeting. The board shall meet at least once during each calendar quarter and at such other times as the chairperson deems necessary or upon the request of the Treasurer or a majority of the members in office. Special meetings shall be held at the request of the Treasurer or such majority after notice in accordance with the provisions of section 1-225. 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 office.

(4) Members of the board shall not be compensated for their services but shall be reimbursed for all necessary expenses incurred in the performance of their duties as members of the board.

(5) (A) All members of the board shall be deemed public officials and shall adhere to the code of ethics for public officials set forth in chapter 10, except as otherwise provided in this subdivision.

(B) Notwithstanding the provisions of chapter 10, it shall not constitute a conflict of interest for a trustee, director, partner or officer of any person, firm or corporation, or any individual having a financial interest in a person, firm or corporation, to serve as a member of the board, provided such trustee, director, partner, officer of individual shall abstain from deliberation, action or vote by the board in specific request to such person, firm or corporation.

(C) No public member of the board shall be required to file a statement of financial interest as described in section 1-83.

(c) The Connecticut Investment Board may adopt a new investment policy statement that sets forth the standards governing investment of trust funds and state moneys by the Treasurer. Such statement shall include, but not be limited to, (1) investment objectives, (2) asset allocation policy and risk tolerance, (3) asset class definitions, including specific types of permissible investments within each asset class and any specific limitations or other considerations governing the investment of any state moneys, (4) investment manager guidelines, (5) investment performance evaluation guidelines, (6) guidelines for the selection and termination of providers of investment-related services who shall include, but not be limited to, investment advisors, external money managers, investment consultants, custodians, broker-dealers, legal counsel, and similar investment industry professionals, and (7) proxy voting guidelines. A draft of the statement shall be made available to the public and notice of such availability shall be published in at least one newspaper having a general circulation in each municipality in the state which publication shall be not less than two weeks prior to a meeting of the board to adopt such statement. If a majority of the board fails to approve adoption of such statement, said majority shall provide the reasons for its failure to approve and shall submit an amended proposed statement at a subsequent regular or special meeting of the board. Such revised proposed statement shall be made available to the public in accordance with the provisions of the Freedom of Information Act, as defined in section 1-200. Any revisions or additions to the investment policy statement shall be made in accordance with the procedures set forth in this subsection for the adoption of the statement. The board shall annually review the investment policy statement and shall consult with the chief investment officer regarding possible revisions to such statement.

(d) On and after January 1, 2019:

(1) The Treasurer shall be required to receive the prior approval of the Connecticut Investment Board of each trust fund investment or investment of any other fund administered or held by the Treasurer, investment in or new loans from any funds, bonds, obligations or securities, sale or offer of sale of participation certificates, participation units, call options or securities, or agreement or contract regarding the investment, reinvestment or divestiture of state funds;

(2) The chief investment officer shall provide to the board (A) advice concerning any such investment, loan, sale, agreement or contract, (B) all information regarding such investment, loan, sale, agreement or contract that said officer deems relevant to the board's review, and (C) such other information as may be requested by the board. The Treasurer shall provide a report at each regularly scheduled meeting of the board as to the status of the trust funds and any significant changes that may have occurred or that may be pending with regard to the trust funds;

(3) The board shall promptly notify the Auditors of Public Accounts and the Comptroller of any unauthorized, illegal, irregular or unsafe handling or expenditure of trust funds or breakdowns in the safekeeping of trust funds or contemplated action to do the same within their knowledge. The board may direct the Treasurer to change any investments made when, in the judgment of the board, such action is in the best interest of the state. The board shall, at the close of the fiscal year, make a complete examination of the security investments of the state and determine as of June thirtieth, the value of such investments in the custody of the Treasurer and report thereon to the Governor, the General Assembly and beneficiaries of trust funds administered, held or invested by the Treasurer. With the approval of the board, such report may be included in the Treasurer's annual report.

Sec. 2. Section 3-13a of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) (1) The Treasurer, with the advice and consent of the Investment Advisory Council, shall appoint a chief investment officer and may appoint a deputy chief investment officer and principal investment officers to assist the chief investment officer, for the Connecticut retirement pension and trust funds, who shall serve at the pleasure of the Treasurer and whose compensation shall be determined by the Treasurer within salary ranges established by the Treasurer in consultation with the Investment Advisory Council. The provisions of section 4-40 shall not apply to the compensation of said officers. Any officer appointed by the Treasurer pursuant to this subdivision on or after January 1, 2019, shall be made with the advice and consent of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and any compensation shall be determined by the Treasurer within salary ranges established by the Treasurer in consultation with said board.

(2) The chief investment officer shall be sworn to the faithful discharge of duties under law and shall, under the direction of the [Treasurer] board and subject to the provisions of sections 3-13 to 3-13d, inclusive, as amended by this act, and 3-31b, as amended by this act, advise the [Treasurer] board on investing the trust funds of the state. Said officer shall also perform such other duties as the Treasurer may direct. In addition to said officers, the Treasurer may appoint investment officers and other personnel to assist said chief investment officer, which officers and other personnel shall serve at the pleasure of the Treasurer.

(b) The Treasurer may retain professional investment counsel to evaluate and recommend to the [Treasurer] Connecticut Investment Board changes in the portfolio of the state's trust and other funds. [Said] Such counsel shall inform the [Treasurer] board of suitable investment opportunities and shall investigate the investment merit of any security or group of securities.

(c) The cost of operating the investment department including the cost of personnel and professional investment counsel retained under sections 3-13 to 3-13d, inclusive, as amended by this act, and 3-31b, as amended by this act, shall be paid by the Treasurer charging the income derived from the trust funds.

Sec. 3. Section 3-13d of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) [Notwithstanding any other provision in the general statutes, the] On and after January 1, 2019, each investment, repurchase agreement, loan of securities, sale of call options or contract the Treasurer makes or enters into pursuant to subsection (b) or (e) of this section shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

(b) (1) The Treasurer shall invest as much of the state's trust funds as are not required for current disbursements in accordance with the provisions of section 45a-203 or the provisions of this part. [Notwithstanding the provisions of this section or any other provision in the general statutes, the Treasurer] The Connecticut Investment Board shall not [invest] approve investment of more than sixty per cent of the market value of each such trust fund in common stock, except in the event of a stock market fluctuation that causes the common stock percentage to increase and the [Treasurer] board deems it in the best interest of such trust fund to maintain a higher percentage of equities. [, provided the Treasurer] The board shall not allow the market value of each such trust fund in common stock to exceed sixty-five per cent for more than six months after such fluctuation occurs. On and after [January 1, 2001, or on and after the first adoption of an investment policy statement under section 3-13b, whichever is later] January 1, 2019, all trust fund investments shall be made in accordance with the investment policy statement adopted under subsection (c) of section 3-13b, as amended by this act.

(2) In order to increase the income for each [such] combined investment fund established pursuant to section 3-31b, as amended by this act, the Treasurer may enter into repurchase agreements or lend securities from each such fund, provided [that] at the time of the execution of the repurchase agreement or the loan, at least one hundred per cent of the market value of the security sold or lent shall be received as consideration in the form of cash or securities guaranteed by [(1)] (A) the United States government or any agency of the United States government, or [(2)] (B) a sovereign country that is a participant in the General Arrangements to Borrow, known generally as the Group of Ten, or G10, and is rated "AA" or better by at least one nationally recognized statistical rating organization. At all times during the term of each such repurchase agreement or the term of each such loan the consideration received or the collateral shall be equal to not less than ninety-five per cent of the full market value of the security and said consideration received or said collateral shall not be more than one hundred thousand dollars less than the full market value of the security. The Treasurer may sell call options [which] that would give the holders of such options the right to purchase securities held by the Treasurer at the date the call is sold for investment purposes, under such terms and conditions as the [Treasurer] board may determine. Among the factors to be considered by the [Treasurer] board with respect to all securities may be the social, economic and environmental implications of investments of trust funds in particular securities or types of securities. In the investment of the state's trust funds the [Treasurer] board shall consider the implications of any particular investment in relation to the foreign policy and national interests of the United States.

[(b)] (c) [Notwithstanding any other provision in the general statutes or elsewhere to the contrary, the Treasurer] The Connecticut Investment Board may [invest] approve the investment of as much of the state's trust funds as are not required for current disbursements in Connecticut mortgage pass-through certificates. As used in this section, "Connecticut mortgage pass-through certificate" means (1) a certificate evidencing ownership of an undivided interest in a pool of mortgage loans, each of which is secured by a first mortgage on real property located in this state improved by one-to-four-family residential dwellings or units, where such mortgage loans are assigned to a trust company or bank having the powers of a trust company within or without the state, as trustee for the benefit of the holders of such certificates, or (2) any Federal Home Loan Mortgage Corporation pass-through certificate or Federal National Mortgage Association securities backed by mortgage loans, each of which is secured by a first mortgage on real property located in this state improved by one-to-four-family residential dwellings or units; provided such mortgage loans are originated by any bank, trust company, national banking association, savings bank, federal mutual savings bank, savings and loan association, federal savings and loan association, credit union, or federal credit union authorized to do business in this state or by any lender authorized to do business in this state and approved by the federal Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act. In exercising [his] its discretion to invest the state's trust funds in Connecticut mortgage pass-through certificates and in considering the yield on such investments, the [Treasurer] board shall give preference to pools of mortgage loans [which] that contain loans to persons who at the time of mortgage application are contributors to state pension and retirement funds included among the trust funds defined in section 3-13c or who have been past contributors to such funds and who continue to maintain a financial interest therein, and may consider furtherance of the public policy of increasing the amount of reasonably priced mortgage loans available to state residents. Nothing in this section shall prevent the [Treasurer] board from [investing] approving investments of state trust funds in mortgage pass-through certificates other than Connecticut mortgage pass-through certificates.

[(c)] (d) Except in the event of an express repeal of this subsection, no pool of mortgage loans, the ownership of which is evidenced by Connecticut mortgage pass-through certificates, shall be subject to any tax imposed by the state if all of the outstanding Connecticut mortgage pass-through certificates respecting such pool were at any time owned by or on behalf of any one or more of the state's trust funds.

[(d)] (e) [Notwithstanding any other provision in the general statutes or elsewhere to the contrary, the] The Treasurer may enter into contracts with any life insurance company authorized to do business in Connecticut under which any amounts held in the state's trust funds may be used to purchase pension funding contracts and contracts providing for participation in separate accounts or under which funds become a part of the general account of any such life insurance company.

[(e)] (f) [Notwithstanding any provision of the general statutes, neither] Neither the Treasurer, the Deputy Treasurer nor any acting Treasurer shall make a private equity or real estate investment without the prior approval of the [Investment Advisory Council, for the balance of the Treasurer's term of office, on or after any of the following events: (1) The defeat of the Treasurer (A) in a ballot for the party nomination for Treasurer at a convention where said Treasurer was a candidate for nomination, (B) in a primary for nomination for said office where said Treasurer was a candidate for nomination, or (C) upon the completion of a recanvass of the returns from such primary under section 9-445 or 9-446, whichever is later, (2) the defeat of the Treasurer (A) in the election for said office or (B) upon the completion of a recanvass of the returns from such election under section 9-311, 9-311a or 9-311b, or (3) the resignation of the Treasurer] Connecticut Investment Board of each such investment.

Sec. 4. Section 3-13e of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) [The following terms, when used in this section shall have the following meanings] As used in this section, unless the context otherwise requires: "Trust fund" means any of the funds listed in section 3-13c; "mortgage lender" means any bank and trust company, savings bank or savings and loan association chartered under the laws of the state, national banking association, federal savings and loan association, insurance company authorized to transact business in the state or other firm or corporation subject to the banking laws of Connecticut and approved by the Treasurer, and, on and after January 1, 2019, approved by the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act; and "pension and retirement fund contributor" means any person who at the time of receiving a mortgage-secured loan from a mortgage lender as provided in subsection (b) of this section is, and has been during the three years immediately preceding such loan, a contributor to any pension or retirement fund included among the trust funds. [listed in this subsection.]

(b) [Notwithstanding any provision of the general statutes to the contrary, the] The Treasurer may invest as much of the funds of any trust fund as are not required for current disbursements, in loans to mortgage lenders, subject to the following conditions: (1) Any such investment shall be secured as to payment of both principal and interest by a pledge of and lien upon collateral security of such nature, in such amounts and under such terms as the [Treasurer] Connecticut Investment Board shall determine; (2) any such mortgage lender shall within a reasonable period of time, as determined by the [Treasurer] board, following receipt by such mortgage lender of the loan proceeds, enter into written commitments to make and shall thereafter proceed as promptly as practicable to make and disburse loans from such loan proceeds, in an aggregate principal amount not less than the amount of such loan proceeds, and each such loan shall be secured by a mortgage of residential real property containing not more than four dwelling units and situated within the state, provided no more than twenty million dollars in such loans to mortgage lenders shall be outstanding at any one time and no more than ten million dollars in such loans shall be made in any one fiscal year, and further provided, the aggregate of such loans outstanding to any single mortgage lender shall not exceed the greater of one million dollars or one per cent of the deposits of such mortgage lender. Pension and retirement fund contributors shall be afforded a preference with respect to receipt of loans made under the provisions of this section, subject to such procedures as the [Treasurer] board may prescribe.

(c) Any investment the Treasurer makes pursuant to the provisions of subsection (b) of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board.

Sec. 5. Section 3-13g of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) For the purposes of this section:

(1) "Company" means any corporation, utility, partnership, joint venture, franchisor, franchisee, trust, entity investment vehicle, financial institution or other entity or business association, including all wholly-owned subsidiaries, majority-owned subsidiaries, parent companies or affiliates of such entities or business associations that exist for the purpose of making profit;

(2) "Doing business in Iran" means engaging in commerce in any form in Iran, including maintaining equipment, facilities, personnel or other apparatus of business or commerce in Iran, including, but not limited to, the lease or ownership of real or personal property in Iran or engaging in any business activity with the government of Iran;

(3) "Invest" means the commitment of funds or other assets to a company, including, but not limited to, the ownership or control of a share or interest in the company, and the ownership or control of a bond or other debt instrument by the company;

(4) "Iran" means the Islamic Republic of Iran, including its government and any of its agencies, instrumentalities or political subdivisions;

(5) "Mineral extraction activities" include (A) activities such as exploring, extracting, processing, transporting, or wholesale selling or trading of elemental minerals or associated metal alloys or oxides (ore), including gold, copper, chromium, chromite, diamonds, iron, silver, tungsten, uranium and zinc, and (B) facilitating such activities, including providing supplies or services in support of such activities;

(6) "Oil-related activities" include, but are not limited to, activities such as (A) owning rights to oil blocks, (B) exporting, extracting, producing, refining, processing, exploring for, transporting, selling or trading of oil, (C) constructing, maintaining or operating a pipeline, refinery or other oil field infrastructure, and (D) facilitating such activities, including providing supplies and services in support of such activities, but does not include the selling of retail gasoline and related consumer products; and

(7) "Petroleum resources" means petroleum, petroleum byproducts and natural gas.

(b) The State Treasurer shall review the major investment holdings of the state for the purpose of determining the extent to which state funds are invested in companies doing business in Iran. Whenever feasible and consistent with the fiduciary duties of the State Treasurer, the State Treasurer shall encourage companies in which state funds are invested and that are doing business in Iran, as identified by the United States Department of Treasury's Office of Foreign Assets Control or the State Treasurer, to act responsibly and not take actions that promote or otherwise enable Iran's development of nuclear weaponry or its support of terrorism.

(c) The State Treasurer (1) may divest, decide to not further invest state funds or not enter into any future investment in any company doing business in Iran, provided, on and after January 1, 2019, no such divestiture or decision shall be made without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act; and (2) shall divest and not further invest in any security or instrument issued by Iran. In determining whether to divest state funds in accordance with the provisions of subdivision (1) of this subsection, the factors that the [Treasurer] board shall consider shall include, but not be limited to, the following: (A) Revenues paid by such company directly to the government of Iran; (B) whether the company is doing business in Iran that involves contracts with or provision of supplies or services to (i) the government of Iran, (ii) companies in which the government of Iran has any direct or indirect equity share, (iii) consortia or projects commissioned by the government of Iran, or (iv) companies involved in consortia or projects commissioned by the government of Iran where such business involves oil-related activities, mineral extraction activities, investments that directly and significantly contribute to the development of Iran's petroleum resources or any other business activity that has been made the subject of economic sanctions imposed by the United States government; (C) whether the company has demonstrated complicity with an Iranian organization that has been identified as a terrorist organization by the United States government; (D) whether such company knowingly obstructs lawful inquiries into its operations and investments in Iran; (E) whether such company attempts to circumvent any applicable sanctions of the United States; (F) the extent of any humanitarian activities undertaken by such company in Iran; (G) whether such company is authorized by the federal government of the United States to do business in Iran; and (H) any other factor that the [Treasurer] board deems prudent. In the event that the board or the Treasurer determines that divestment of state funds is warranted from a company in which state funds are invested due to such company doing business in Iran, the Treasurer shall give notice to such company that such funds shall be divested from such company for as long as such company does business in Iran.

(d) The State Treasurer shall, at least once per fiscal year, provide a report to the [Investment Advisory Council] Connecticut Investment Board on actions taken by the Treasurer pursuant to the provisions of this section.

(e) The provisions of this section shall no longer be effective if both of the following occur: (1) Iran is no longer designated by the United States Department of State as a country that is a state sponsor of terrorism due to said department's determination that the country repeatedly provides support for acts of international terrorism; and (2) the President of the United States certifies to the appropriate committee of Congress, pursuant to P.L. 104-172, as amended from time to time, that Iran has ceased its efforts to design, develop, manufacture or acquire a nuclear explosive device or related materials and technology.

Sec. 6. Section 3-13h of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The State Treasurer shall review the major investment holdings of the state for the purpose of determining the extent to which state funds are invested in companies doing business in Northern Ireland [which] that have not adopted the MacBride principles. Whenever feasible and consistent with the fiduciary duties of the State Treasurer, companies in which the state has invested assets and [which] that have operations in Northern Ireland shall be urged to adopt and implement the MacBride principles with respect to such operations and where necessary and appropriate to initiate or support shareholder initiatives requiring such corporate action.

(b) The State Treasurer may divest, decide not to further invest state funds or not enter into any future investment in any company unless such company has implemented the MacBride principles, [which] provided, on and after January 1, 2019, no such divestiture or decision shall be made without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. The MacBride principles are as follows: (1) Increasing the representation of individuals from underrepresented religious groups in the workforce, including managerial, supervisory, administrative, clerical and technical jobs; (2) providing adequate security for the protection of minority employees at the workplace and while traveling to and from work; (3) banning provocative religious or political emblems from the workplace; (4) publicly advertising all job openings and making special recruitment efforts to attract applicants from underrepresented religious groups; (5) layoff, recall and termination procedures [which] that do not in practice favor particular religious groupings; (6) abolishing job reservations, apprenticeship restrictions and differential employment criteria, which discriminate on the basis of religion or ethnic origin; (7) developing training programs that will prepare substantial numbers of current minority employees for skilled jobs, including the expansion of existing programs and the creation of new programs to train, upgrade and improve the skills of minority employees; (8) establishing procedures to assess, identify and actively recruit minority employees with potential for further advancement; and (9) appointing a senior management staff member to oversee the company's affirmative action efforts and the setting up of timetables to carry out affirmative action principles.

(c) The State Treasurer shall, at least once per fiscal year, provide a report to the [Investment Advisory Council] Connecticut Investment Board on actions taken by the Treasurer pursuant to the provisions of this section.

(d) The provisions of this section shall no longer be effective on and after January 1, 2020.

Sec. 7. Subsection (f) of section 3-20 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(f) With the exception of refunding bonds, the proceeds of the sale of the bonds and any moneys held or otherwise set aside for the repayment of the bonds shall be deposited with the Treasurer or, at the direction of the Treasurer, with a commercial bank or trust company, in trust for the benefit of the state, pending the use or application thereof, for the purpose and projects specified in the bond act empowering the State Bond Commission to authorize such bonds. Any expense incurred in connection with the carrying out of the provisions of this section, including the issuance of refunding bonds, shall be paid from the accrued interest and premiums or from the proceeds of the sale of such bonds or refunding bonds and in the same manner as other obligations of the state, except that expenses incurred in connection with the preparation, issuance and delivery of general obligation bonds issued in accordance with sections 3-17 and 10-183m, and delivered to the retirement fund provided for in section 10-183r shall be paid out of the General Fund if sufficient accrued interest and premiums are not available to pay such expenses. With the exception of the proceeds of refunding bonds deposited in a defeasance escrow fund, pending the use or application of any such bond proceeds or any such funds, such proceeds or funds may be deposited with the Treasurer in such fund or funds of the state as appropriate or at the direction of the Treasurer in a commercial bank or trust company with or without security to the credit of such fund or funds, or may be invested by, or at the direction of, the Treasurer, provided no such investment shall be so made or directed on or after January 1, 2019, without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, in bonds or obligations of, or guaranteed by, the state or the United States, or agencies or instrumentalities of the United States, in certificates of deposit, commercial paper, savings accounts and bank acceptances, in the obligations of any state of the United States or any political subdivision thereof or the obligations of any instrumentality, authority or agency of any state or political subdivision thereof, provided that at the time of investment such obligations are rated within one of the top two rating categories of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner, and applicable to such obligations, in the obligations of any regional school district in this state, of any municipality in this state or any metropolitan district in this state, provided that at the time of investment such obligations of such government entity are rated within one of the top three rating categories of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner, and applicable to such obligations, or in any fund in which a trustee may invest pursuant to section 36a-353, or in investment agreements with financial institutions whose long-term obligations are rated within the top two rating categories of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner or whose short-term obligations are rated within the top rating category of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner, or investment agreements fully secured by obligations of, or guaranteed by, the United States or agencies or instrumentalities of the United States. Except as may be provided herein or in any other public or special act, net earnings of investments of proceeds of bonds and such funds, and accrued interest and premiums on the issuance of such bonds shall, after payment of expenses incurred by the Treasurer or State Bond Commission in connection with their issuance, if any, be deposited to the credit of the General Fund.

Sec. 8. Subsection (i) of section 3-20 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(i) [Notwithstanding any other provision of this section or of any general statute, public act or special act of the General Assembly enacted prior to or after March 20, 1973, whenever the Treasurer] On and after January 1, 2019, whenever the Connecticut Investment Board finds that it is in the best interests of the state to refund bonds issued pursuant to this section or pursuant to any other general statute, public act or special act of the General Assembly enacted prior to or after said date the maturity date of which has not yet occurred, and whether such bonds to be refunded are or are not subject to redemption prior to maturity, refunding bonds of the state may be issued for the purpose of purchasing, paying, funding or refunding such bonds and the interest payable thereon in advance of their maturity, or, if subject to redemption, at such redemption date or dates as provided in such bonds, at maturity or on such date or dates as determined by the [Treasurer] board. No such refunding bonds shall be issued unless they are part of an issue described in a bond determination made and signed by the Treasurer in accordance with and pursuant to this subsection of which a copy has been filed with the secretary of the Bond Commission prior to delivery of such refunding bonds and such determination (A) sets forth the maturities of the bonds, including any refunding bonds, and the interest installments thereof, to be paid from the proceeds of the refunding bonds, and (B) includes a certification of the Treasurer that the state reasonably expects as of the date of the certification to achieve, as a result of the sale of such refunding bonds and the investment and application of the proceeds of such sale, net debt service savings. Upon the issuance of any refunding bonds the proceeds from the sale thereof shall be deemed to have been appropriated and pledged for and shall be used and applied to the purchase, redemption or payment of the bonds to be so refunded including the payment of any redemption premium thereon and any interest accrued or to accrue thereon to the date of purchase, redemption or payment of such bonds at or prior to the maturity of such bonds as set forth in the bond determination, the refunding bonds authorized and issued pursuant to this subsection shall be general obligations of the state and the full faith and credit of the state are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal, including any amount of a mandatory sinking fund requirement as provided in such contract, and interest is hereby made, and the Treasurer shall pay such amounts as the same become due. Pending such use or application of the proceeds of refunding bonds issued pursuant to this subsection, such proceeds may be invested in accordance with and subject to the provisions of such bond determination, in obligations of, or guaranteed by, the state or the United States or any agency or instrumentality of the United States or in certificates of deposit or time deposits secured by such obligations, or without limiting the foregoing in bonds, debentures, notes or participation certificates or other obligations issued by federal land banks, the Federal National Mortgage Agency, the federal home loan bank system, the Export Import Bank, the Government National Mortgage Association, the federal intermediate credit banks, the Tennessee Valley Authority, public housing authorities and fully secured by payment of both principal and interest by a pledge of annual contributions under contracts with the United States of America, the United States Postal Service, banks for cooperatives and the Farmers Home Administration and shall be held in trust by the Treasurer in trust for use, application and investment as aforesaid separate and apart from other funds of the state or may be deposited with a trustee in trust for such use, application and investment, upon the execution of the bond determination the Treasurer is authorized to execute contracts for such holding, deposit, use, application and investment of such proceeds, provided any investment made by the Treasurer of such proceeds on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board. Except as may be provided in the bond determination authorizing refunding bonds pursuant to this subsection, net earnings of investments of proceeds of such refunding bonds not needed for the purpose for which such refunding bonds were authorized shall be deposited in the General Fund. In any such bond determination of the Treasurer authorizing refunding bonds pursuant to this subsection, said Treasurer may include, with the prior approval of the Connecticut Investment Board for any such bond determination made on or after January 1, 2019, provision for the date or dates of such refunding bonds, the principal amount of such refunding bonds, the maturity date or dates of such refunding bonds and provision relating to serial or term bonds and sinking or other reserve fund requirements, if any, the establishment and terms of any trust or trusts held by a trustee or by the Treasurer pursuant to this subsection, due dates of the interest on such refunding bonds, the form thereof, including execution and issuance to the purchasers, pending preparation of definitive refunding bonds, of temporary bonds without coupons exchangeable for the definitive bonds when prepared, executed and ready for delivery, the denominations and designation of such refunding bonds, registration, conversion and transfer privileges and the terms of redemption with or without premium, the date and manner of sale of such refunding bonds, either public or private, at such price or prices as the Treasurer [may determine] determines, and, on and after January 1, 2019, at such price or prices as the Connecticut Investment Board determines, provisions for the consolidation of such refunding bonds with other bonds for the purpose of sale as provided in subsection (h) [hereof] of this section, limitations with respect to the interest rate or rates of such refunding bonds, provisions for receipt and deposit or investment of the good faith deposit pending delivery of such refunding bonds and such other terms and conditions of such refunding bonds and of the issuance and sale thereof and the investment of the proceeds thereof as the Treasurer [may determine] determines to be in the best interests of the state, and, on and after January 1, 2019, the Connecticut Investment Board determines to be in the best interest of the state. For the purposes of this subsection, "refunding bonds" means bonds, notes or other evidences of indebtedness including commercial paper and shall be deemed to include any of those agreements authorized by section 3-20a, to the extent that the Treasurer determines, and, on and after January 1, 2019, the Connecticut Investment Board determines, that the execution thereof is appropriate or necessary to satisfy the refunding requirements of this subsection.

Sec. 9. Subsection (y) of section 3-20 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(y) For the purposes of this subsection, "state moneys" means the proceeds of the sale of bonds authorized pursuant to this section, or of temporary notes issued in anticipation of the moneys to be derived from the sale of such bonds. Each request filed for an authorization of bonds shall identify the project for which the proceeds of the sale of such bonds are to be used and, in addition to any terms and conditions required pursuant to this section, shall include the recommendation of the person signing such request as to the extent to which federal, private or other moneys then available or thereafter to be made available for costs in connection with any such project should be added to the state moneys available or becoming available for such project. If the request includes a recommendation that some amount of such federal, private or other moneys should be added to such state moneys, then, if and to the extent directed by the State Bond Commission at the time of authorization of such bonds, such amount of such federal, private or other moneys then available, or thereafter to be made available for costs in connection with such project, may be added to any state moneys available or becoming available for such project and shall be used for such project. Any other federal, private or other moneys then available or to be made available for costs in connection with such project shall, upon receipt, be used by the State Treasurer, in conformity with applicable federal and state law, to meet the principal of outstanding bonds issued pursuant to this section, or to meet the principal of temporary notes issued in anticipation of the money to be derived from the sale of bonds authorized pursuant to this section, for the purpose of financing such costs, either by purchase or redemption and cancellation of such bonds or notes, or by payment of such notes at maturity. Whenever any of the federal, private or other moneys so received with respect to such project are used to meet the principal of such temporary notes or whenever principal of any such temporary notes is retired by application of such federal, private or other moneys, the amounts of bonds authorized in anticipation of which such temporary notes were issued, and the aggregate amount of bonds which may be authorized, shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet principal as directed in this subsection, the amount of such moneys may be invested by the State Treasurer, and, on and after January 1, 2019, by the State Treasurer with the prior approval of the Connecticut Investment Board, in bonds or obligation of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as the moneys so invested.

Sec. 10. Section 3-21e of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) For the purposes of this section and subsection (a) of section 3-37, as amended by this act:

(2) "Doing business in Sudan" means engaging in commerce in any form in Sudan, including maintaining equipment, facilities, personnel or other apparatus of business or commerce in Sudan, including, but not limited to, the lease or ownership of real or personal property in Sudan, or engaging in any business activity with the government of Sudan;

(4) "Sudan" means the Republic of Sudan, including its government, and any of its agencies, instrumentalities or political subdivisions.

(b) The State Treasurer shall review the major investment holdings of the state for the purpose of determining the extent to which state funds are invested in companies doing business in Sudan. Whenever feasible and consistent with the fiduciary duties of the Treasurer, the Treasurer shall encourage companies in which state funds are invested and that are doing business in Sudan, as identified by the United States Department of Treasury's Office of Foreign Assets Control or the Treasurer, to act responsibly and not take actions that promote or otherwise enable human rights violations in Sudan.

(c) The State Treasurer (1) may divest, decide to not further invest state funds or not enter into any future investment in any company doing business in Sudan, provided, on and after January 1, 2019, no such divestiture or decision shall be made without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) shall divest and not further invest in any security or instrument issued by Sudan. In determining whether to divest state funds in accordance with the provisions of subdivision (1) of this subsection, the factors [which the Treasurer] that the board shall consider shall include, but not be limited to, the following: (A) Revenues paid by such company directly to the government of Sudan, (B) whether such company supplies infrastructure or resources used by the government of Sudan to implement its policies of genocide in Darfur or other regions of Sudan, (C) whether such company knowingly obstructs lawful inquiries into its operations and investments in Sudan, (D) whether such company attempts to circumvent any applicable sanctions of the United States, (E) the extent of any humanitarian activities undertaken by such company in Sudan, (F) whether such company is engaged solely in the provision of goods and services intended to relieve human suffering, or to promote welfare, health, education, religious or spiritual activities, (G) whether such company is authorized by the federal government of the United States to do business in Sudan, (H) evidence that such company has engaged the government of Sudan to cease its abuses in Darfur or other regions in Sudan, (I) whether such company is engaged solely in journalistic activities, and (J) any other factor that the [Treasurer] board deems prudent. In the event that the board or the Treasurer determines that divestment of state funds is warranted from a company in which state funds are invested due to such company doing business in Sudan, the Treasurer shall give notice to such company that such funds shall be divested from such company for as long as such company does business in Sudan.

(d) The State Treasurer shall, at least once per fiscal year, provide reports to the [Investment Advisory Council] Connecticut Investment Board on actions taken by the Treasurer pursuant to the provisions of this section.

(e) In the event that the President of the United States rescinds or repeals Executive Order 13067 the provisions of this section shall no longer be effective.

Sec. 11. Section 3-22i of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

[Notwithstanding sections 3-13 to 3-13h, inclusive, the] The Treasurer shall invest the amounts on deposit in the trust in a manner reasonable and appropriate to achieve the objectives of the trust. [, exercising] Any investment the Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. In determining whether to approve an investment, the board shall exercise the discretion and care of a prudent person in similar circumstances with similar objectives [. The Treasurer] and shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within the trust, liquidity, the projected disbursements and expenditures, and the expected payments, deposits, contributions and gifts to be received. The [Treasurer] board shall not require the trust to invest directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the Treasurer. The assets of the trust shall be continuously invested and reinvested in a manner consistent with the objectives of the trust until disbursed for qualified educational expenses, expended on expenses incurred by the operations of the trust, or refunded to the depositor or designated beneficiary on the conditions provided in the participation agreement.

Sec. 12. Section 3-24b of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

No later than thirty days from the date of the publication of notice required under section 3-24a all recipients of any grant or loan moneys under all nonreimbursement grant or loan programs of the state funded from the proceeds of bonds the interest on which is exempt from federal income taxation shall invest such moneys in the Tax-Exempt Proceeds Fund. The Treasurer may, with the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, waive this investment requirement in any case where the [Treasurer] board determines that such waiver would not adversely affect the exemption of state bonds, notes or other evidences of indebtedness from federal income taxation. Moneys deposited in the Tax-Exempt Proceeds Fund attributable to such loans or grants shall be held and invested for the sole and exclusive benefit of the recipient of the grants or loans, shall be evidenced by book entry notations for the account of the recipient and may be withdrawn from the Tax-Exempt Proceeds Fund only upon the requisition of such recipient when moneys are needed to meet an expenditure for the project for which the loans or grants were provided by the state, provided no such withdrawal shall be permitted by the Treasurer unless each such requisition contains a certification of the recipient, satisfactory to the [Treasurer] board, specifying the project for which the funds are requested. All state agencies making grants or loans required to be invested in the Tax-Exempt Proceeds Fund shall provide all such information and records as the Treasurer shall, from time to time, require to reconcile the accounts of the Tax-Exempt Proceeds Fund.

Sec. 13. Section 3-24c of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

[Notwithstanding any other provisions of the general statutes to the contrary, the] The Treasurer may sell participation certificates or securities of the Tax-Exempt Proceeds Fund for investment to the General Fund, bond funds, the Special Transportation Fund, the Local Bridge Revolving Fund, the Special Abandoned Property Fund, the Educational Excellence Trust Fund, the Rental Housing Assistance Trust Fund, trust funds administered by the Treasurer, and all such other funds the moneys of which by law the Treasurer is responsible for investing. [Said] Such participation certificates or securities shall bear and pay such interest and be issued subject to such terms and conditions as shall be determined and established by the Treasurer. Any participation certificates or securities the Treasurer sells pursuant to the provisions of this section on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) bear and pay such interest and be issued subject to such terms and conditions as shall be determined and established by the board.

Sec. 14. Section 3-24d of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The Treasurer may [also] sell participation certificates or securities of the Tax-Exempt Proceeds Fund to the Connecticut Housing Finance Authority, the Materials Innovation and Recycling Authority, Connecticut Innovations, Incorporated, the Connecticut Health and Educational Facilities Authority, the Connecticut Student Loan Foundation, any municipalities within the state and any other authorities, agencies, instrumentalities and political subdivisions of the state or of any municipality within the state. [The] Such participation certificates or securities shall bear and pay such interest and be issued subject to such terms and conditions as shall be determined and established by the Treasurer. Any participation certificates or securities the Treasurer sells pursuant to the provisions of this section on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) bear and pay such interest and be issued subject to such terms and conditions as shall be determined and established by the board.

Sec. 15. Section 3-24e of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Treasurer is authorized [in his discretion] to invest and reinvest such funds of the Tax-Exempt Proceeds Fund in any investment which qualifies investments in the Tax-Exempt Proceeds Fund, under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, as not an investment in investment property for purposes of the arbitrage restrictions and rebate requirements of the Internal Revenue Code of 1986, as amended. The Treasurer may sell such investments from time to time as [he shall determine] the Treasurer determines to be in the best interest of the fund.

(b) Any investment or reinvestment the Treasurer makes pursuant to the provisions of subsection (a) of this section on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) bear and pay such interest and be issued subject to such terms and conditions as shall be determined and established by the board. The Treasurer may sell, with the prior approval of the board, such investments from time to time as the board determines to be in the best interest of the fund.

Sec. 16. Section 3-24g of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Treasurer is authorized to borrow funds for the purposes of the Tax-Exempt Proceeds Fund and to issue and sell notes of the state on such terms and conditions as the Treasurer shall determine. Such notes shall be signed by the Treasurer and the full faith and credit of the state may be pledged by the Treasurer to payment of the principal of and interest on such notes, which shall be repaid by the Treasurer first from funds, to the extent available, from the Tax-Exempt Proceeds Fund and secondly from the state's General Fund. As part of the contract with the holders of such notes, the Treasurer may make such covenants as the Treasurer [shall determine] determines will make the notes more marketable or will tend to [insure] ensure that the moneys payable to the Tax-Exempt Proceeds Fund will be sufficient to pay the principal of and interest on the notes as the same become due and payable, including such covenants with respect to interest exemption on the notes in the hands of the holders thereof as [he] the Treasurer determines is necessary. In case it becomes necessary to pay from the General Fund all or any portion of the principal or interest, or both, the Treasurer shall reimburse the General Fund from the first moneys [which] that become available for that purpose in the Tax-Exempt Proceeds Fund. The proceeds of such borrowings shall be paid over to the Tax-Exempt Proceeds Fund, providing any expense incurred in connection with the sale of said notes shall be paid from the accrued interest and premiums or from the proceeds of the sale of such notes.

(b) Any borrowing of funds by the Treasurer pursuant to the provisions of subsection (a) of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. On and after January 1, 2019, the Treasurer may issue and sell notes of the state on such terms and conditions as the board shall determine, and, as part of the contract with the holders of such notes, may make such covenants as the board determines will make the notes more marketable or will tend to ensure that the moneys payable to the Tax-Exempt Proceeds Fund will be sufficient to pay the principal of and interest on the notes as the same become due and payable, including such covenants with respect to interest exemption on the notes in the hands of the holders thereof as the board determines is necessary.

Sec. 17. Section 3-24h of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Treasurer is authorized to borrow moneys from the Tax-Exempt Proceeds Fund to fund temporarily the costs of capital projects of the state for which bonds have been authorized to be issued by the State Bond Commission. Such borrowings shall be evidenced by the issuance of temporary obligations of the state payable to the Tax-Exempt Proceeds Fund. The state's obligations shall be issued on such terms and conditions as shall be determined and established by the Treasurer and shall bear such rate of interest as the Treasurer shall determine by reference to such open market indices for obligations having similar terms and characteristics nature as the Treasurer shall determine relevant to arrive at a tax-exempt rate of interest on the obligations of the state issued and sold to the Tax-Exempt Proceeds Fund.

(b) Any borrowing of moneys by the Treasurer pursuant to the provisions of subsection (a) of this section on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) shall be on such terms, conditions and rate of interest as are determined and established by the board.

Sec. 18. Section 3-24k of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The State Treasurer may establish a program under which the State Treasurer may, based on cash availability, make available a pool of funds not exceeding one hundred million dollars for investment with community banks and community credit unions. Such funds shall be obtained from the state's operating cash managed by the State Treasurer. Any investment the State Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. The board shall approve any competitive bidding procedure or capital standards established pursuant to subsections (b) to (d), inclusive, of this section.

(b) The State Treasurer shall establish a schedule for making such investments with such banks and credit unions.

(c) The State Treasurer shall establish a competitive bidding procedure under which such banks and credit unions may compete for investment-related services under said program.

(d) The State Treasurer may establish capital standards for such banks and credit unions wishing to participate in said program.

Sec. 19. Section 3-27a of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) There is hereby created a Short Term Investment Fund to be administered by the State Treasurer. The State Treasurer may sell participation certificates of the Short Term Investment Fund for investment to the General Fund, bond funds, the Special Transportation Fund, the Local Bridge Revolving Fund, the Educational Excellence Trust Fund, the Residential Property Tax Revaluation Relief Fund, the Municipal Abandoned Vehicle Trust Fund, the Special Abandoned Property Fund, trust funds administered by the Treasurer and all such other funds the moneys of which by law the Treasurer is responsible for investing. [Said] Such participation certificates shall bear and pay such interest and be issued subject to such terms and conditions as shall be determined and established by the State Treasurer. The interest derived from the investment or reinvestment of funds of The University of Connecticut Operating Fund and The University of Connecticut Health Center Operating Fund, The University of Connecticut Research Foundation, The University of Connecticut Health Center Research Foundation, the Connecticut State University System Operating Fund, the Connecticut State University System Research Foundation, and the Regional Community-Technical Colleges Operating Fund, as authorized by sections 10a-105, 10a-110a, 10a-130, 10a-99 and 10a-77, respectively, and the Board of Regents for Higher Education for Charter Oak State College educational services account, as authorized by section 10a-143, shall be paid to each board or board of trustees respectively.

(b) Any participation certificates the State Treasurer sells pursuant to the provisions of subsection (a) of this section on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) bear and pay such interest and be issued subject to such terms and conditions as shall be determined and established by the board.

Sec. 20. Section 3-27b of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The State Treasurer may [also] sell participation certificates for the Short Term Investment Fund to the Connecticut Housing Finance Authority, the Connecticut Student Loan Foundation and all agencies, instrumentalities and political subdivisions of the state. The participation certificates shall bear and pay such interest and be issued subject to such terms and conditions that shall be determined and established by the State Treasurer. Any participation certificates the State Treasurer sells pursuant to the provisions of this section on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) bear and pay such interest and be issued subject to such terms and conditions as shall be determined and established by the board.

Sec. 21. Section 3-27c of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The funds of the Short Term Investment Fund may be used by the State Treasurer to lend funds to be secured by, and to purchase, invest and reinvest in, loans for educational purposes guaranteed by the Connecticut Student Loan Foundation. Student loans purchased by the State Treasurer for the Short Term Investment Fund may be sold by the State Treasurer with the proceeds of the sale added to the Short Term Investment Fund. Such loans secured by student loans shall be made under such terms and conditions as determined by the State Treasurer. Any loaning of funds or purchase of, investment in or reinvestment in loans by the State Treasurer pursuant to the provisions of this section on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) be made under such terms and conditions as determined by the board.

Sec. 22. Section 3-27d of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The Treasurer [is also authorized to] may invest and reinvest such funds of the Short Term Investment Fund in accordance with the provisions of the general statutes relating to the investment of savings banks, or in the United States government obligations, United States agency obligations, United States postal service obligations, certificates of deposit, commercial paper, corporate bonds, saving accounts and bank acceptances, including in such investment or reinvestment the sale or acquisition of securities or obligations, which the Treasurer is authorized to sell or acquire for purposes of said Short Term Investment Fund, subject to repurchase agreements in the manner in which such agreements are negotiated in sales of such securities or obligations in the marketplace. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 23. Section 3-27f of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

[Notwithstanding any other provisions of the general statutes or elsewhere to the contrary, the] The Treasurer may invest in participation certificates of the Short Term Investment Fund for the General Fund, any bond funds, the Special Transportation Fund, the Local Bridge Revolving Fund, the Municipal Abandoned Vehicle Trust Fund, the Special Abandoned Property Fund, any trust funds administered by the Treasurer, and all such other funds which by law the Treasurer is responsible for investing. Participation certificates of the Short Term Investment Fund issued by the Treasurer under the provisions of sections 3-27a to 3-27i, inclusive, as amended by this act, are hereby made legal investments for the Connecticut Housing Finance Authority, Connecticut Student Loan Foundation and all agencies, instrumentalities and political subdivisions of the state. Any investment in participation certificates the Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 24. Section 3-27h of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Treasurer is authorized to borrow funds, by the issuance of notes as [he] the Treasurer may determine to be necessary for the purposes of the Short Term Investment Fund and to issue and sell such notes, signed by the Treasurer as said official for the payment of the principal of and interest on which the full faith and credit of the state is hereby pledged and which notes shall be redeemed by the Treasurer first from funds to the extent available from the Short Term Investment Fund and secondly from the state's General Fund. As part of the contract with the holders of such notes the Treasurer may make such covenants as the Treasurer [shall determine] determines will make the notes more marketable or will tend to [insure] ensure that the moneys payable to the Short Term Investment Fund will be sufficient to pay the principal of and interest on the [bonds] notes as the same become due and payable, including such covenants with respect to interest exemptions on the notes in the hands of the holders thereof as [he] the Treasurer determines is necessary. In case it becomes necessary to pay from the General Fund all or any portion of the principal or interest, or both, the Treasurer shall reimburse the General Fund from the first moneys which become available for that purpose in the Short Term Investment Fund. The proceeds of such borrowings shall be paid over to the Short Term Investment Fund, providing any expense incurred in connection with selling of said notes shall be paid from the accrued interest and premiums or from the proceeds of the sale of such notes.

(b) Any issuance or sale of notes by the Treasurer pursuant to the provisions of subsection (a) of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. On and after January 1, 2019, as part of the contract with the holders of such notes, the Treasurer may make such covenants as the board determines will make the notes more marketable or will tend to ensure that the moneys payable to the Short Term Investment Fund will be sufficient to pay the principal of and interest on the notes as the same become due and payable, including such covenants with respect to interest exemption on the notes in the hands of the holders thereof as the board determines is necessary.

Sec. 25. Section 3-28a of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) There is created a Medium-Term Investment Fund to be administered by the State Treasurer. The State Treasurer may purchase participation units of the fund for all trusts and other funds for which the State Treasurer is responsible for investing. The State Treasurer may sell participation units in the Medium-Term Investment Fund to all agencies, authorities, instrumentalities and political subdivisions of the state. Such participation units are hereby made legal investments for all agencies, authorities, instrumentalities and political subdivisions of the state. Any participation units the State Treasurer purchases or sells pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

(b) All costs of operating the Medium-Term Investment Fund, including the cost of personnel and contractual services, shall be paid from interest earnings of the fund.

(c) The State Treasurer is authorized to invest and reinvest funds of the Medium-Term Investment Fund in obligations of the United States government and its agencies and instrumentalities, certificates of deposit, commercial paper, corporate debt securities, savings accounts and bankers' acceptances, repurchase agreements collateralized by such securities, and investment funds or pools comprised of securities in which the Medium-Term Investment Fund may directly invest. Any investment or reinvestment the State Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board.

(d) The State Treasurer may adopt regulations in accordance with chapter 54 specifying the terms and conditions of the purchase and sale of participation units, the payment of interest, investment policies, and accounting practices.

Sec. 26. Section 3-31a of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Treasurer is authorized to invest or reinvest the civil list funds and all other funds under the Treasurer's control in United States government obligations, United States agency obligations, shares or interests in an investment company or investment trust registered under the Investment Company Act of 1940, whose portfolio is limited to obligations of the United States, its agencies or instrumentalities, or repurchase agreements fully collateralized by such obligations, United States postal service obligations, certificates of deposit, commercial paper, savings accounts and bank acceptances. The Treasurer may also invest or reinvest such funds exclusive of civil list funds in the sale or acquisition of securities or obligations [which] that the Treasurer is authorized to sell or acquire for purposes of any combined investment fund established pursuant to section 3-31b, as amended by this act, subject to repurchase agreements in the manner in which such agreements are negotiated in sales of such securities or obligations in the marketplace, provided the Treasurer shall not enter into such an agreement with any securities dealer or bank acting as a securities dealer unless such dealer or bank is included in the list of primary dealers, effective at the time of such agreement, as prepared by the Federal Reserve Bank of New York. The Treasurer is authorized to invest all or any part of any sinking fund in any bonds in which savings banks may legally invest, provided [that] the provisions of subsection (n) of section 36-96 shall not be applicable to any investment in such bonds, and provided such bonds mature prior to the maturity of such bonds of the state [which] that are outstanding.

(b) Any investment, reinvestment, sale or acquisition the Treasurer makes pursuant to the provisions of subsection (a) of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 27. Section 3-31b of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) [Notwithstanding any contrary provision of law, the State] (1) The Treasurer may establish one or more combined investment funds for the purpose of investing funds for which the Treasurer is custodian or trustee, or funds which the Boards of Trustees of The University of Connecticut, the Connecticut State University System or the Regional Community-Technical Colleges request the Treasurer to invest pursuant to this section, provided the Treasurer shall adopt appropriate accounting procedures from which the exact interest of such funds so combined for investment can be determined. The State Treasurer is authorized to sell to all agencies, instrumentalities and political subdivisions of the state, participation units in any such combined investment fund established by [him] the Treasurer pursuant to this section. Such participation units issued by the Treasurer under the provisions of this section are made legal investments for all the funds of, held by or administered by all agencies, instrumentalities and political subdivisions of the state. The Treasurer may adopt such rules and regulations as may be necessary to administer the provisions of this section.

(2) Any combined investment fund the Treasurer establishes on or after January 1, 2019, or investment or sale the Treasurer makes pursuant to the provisions of subdivision (1) of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

(b) All costs of operating each such combined investment fund, including the cost of personnel and contractual services shall be paid by the Treasurer charging the income derived from said fund.

Sec. 28. Section 3-34 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The Treasurer may vote, with the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, upon the stock of any state bank or trust company [which] that belongs to the School Fund or to the state.

Sec. 29. Subsection (a) of section 3-37 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Treasurer shall, annually, on or before December thirty-first, submit a final audited report to the Governor and a copy of such report to the [Investment Advisory Council] Connecticut Investment Board, which shall include the following information concerning the activities of the office of the State Treasurer for the immediately preceding fiscal year ending June thirtieth: (1) Complete financial statements and accompanying footnotes for the combined investment funds prepared in accordance with generally accepted accounting principles, which financial statements shall be audited in accordance with generally accepted auditing standards and supplementary schedules depicting the interests of the component retirement plans and trust funds; (2) complete financial statements and accompanying footnotes for the Short Term Investment Fund prepared in accordance with generally accepted accounting principles and supplementary schedules listing all assets held by the Short Term Investment Fund; (3) a discussion and review of the performance of the combined investment funds and Short Term Investment Fund for such fiscal year in accordance with recognized and appropriate performance presentation and disclosure, including an analysis of the return earned by the portfolio and each combined investment fund as well as the risk profile of the portfolio and each combined investment fund according to investment industry standards; (4) the activities and transactions in such reasonable detail as is appropriate of the cash management division including information on the state's cash receipts and disbursements for the fiscal year, and the debt management division including the financial statements of the tax-exempt proceeds fund prepared in accordance with generally accepted accounting principles; (5) financial statements and accompanying footnotes as well as a summary of operating results for the Second Injury Fund for such fiscal year; (6) a financial summary and report on the activities of the state's unclaimed property program for such fiscal year; (7) a listing of the companies from which state funds were divested based upon such companies' business in Sudan, pursuant to the provisions of subdivision (1) of subsection (c) of section 3-21e, as amended by this act, and any companies identified [by the Treasurer] as companies from which investment of state funds has been declared impermissible [by the Treasurer,] pursuant to the provisions of subdivision (2) of subsection (c) of section 3-21e, as amended by this act; and (8) such other information as the Treasurer deems of interest to the public.

Sec. 30. Section 3-39b of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

Any state funds invested by the Treasurer shall be for the benefit of the General Fund and all interest earned on such funds shall be credited to the General Fund unless: (1) Otherwise provided by a state statute or bond indenture, (2) a written application is made by the head of any state department, institution, board, commission or other state agency citing a court order, federal regulation, terms of a grant or donation or other unusual circumstance, provided the Treasurer may file with the State Comptroller and the Auditors of Public Accounts any exception to such application, or (3) the [Treasurer] Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, deems that it is in the best interest of the state that the investment of such funds and any earning therefrom be for the benefit of and credited to another fund.

Sec. 31. Section 3-39m of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

[Notwithstanding the provisions of sections 3-13 to 3-13h, inclusive, the] The State Treasurer shall invest the amounts on deposit in the trust in a manner reasonable and appropriate to achieve the objectives of the trust. [, exercising the] Any investment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. In determining whether to approve an investment, the board shall exercise discretion and care of a prudent person in similar circumstances with similar objectives [. The State Treasurer] and shall give due consideration to the rate of return, risk, term or maturity, diversification of the total portfolio within the trust, liquidity, projected disbursements and expenditures and the expected payments, deposits, contributions and gifts to be received. The [State Treasurer] board shall not require the trust to invest directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the State Treasurer. The assets of the trust shall be continuously invested and reinvested in a manner consistent with the objectives of the trust until disbursed for qualified disability expenses, expended on expenses incurred by the operations of the trust or refunded to the depositor or designated beneficiary on the conditions provided in the participation agreement.

Sec. 32. Section 3-40 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The Treasurer shall have the care and management of the School Fund and the Agricultural College Fund, loan and invest the principal thereof and have the care of the income from the same. [; but no] The Treasurer shall not make loans from the School Fund [shall be made] outside [of] the state. [He] Any investment the Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. The Treasurer shall give a bond in the sum of one hundred thousand dollars, with surety to the state, conditioned for the faithful performance of [his] the Treasurer's duties in the care and management of said funds [,] and shall report annually to the Governor [, as provided by] pursuant to section 4-60, with such suggestions as [he] the Treasurer deems important.

Sec. 33. Subsection (q) of section 3-62h of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(q) Any moneys held by the Treasurer or by a trustee pursuant to an indenture of trust with respect to abandoned property fund bonds including pledged revenues, other pledged receipts, funds or moneys and proceeds from the sale of such abandoned property fund bonds, may, pending the use or application of the proceeds thereof for an authorized purpose, be (1) invested and reinvested in such obligations, securities and investments as are set forth in subsection (f) of section 3-20, as amended by this act, in participation certificates in the Short Term Investment Funds created under sections 3-27a and 3-27f, as amended by this act, and in participation certificates or securities of the Tax-Exempt Proceeds Fund created under section 3-24a, or (2) deposited or redeposited in such bank or banks as shall be provided in the proceedings. Unless the proceedings provide otherwise, proceeds from investments authorized by this subsection, less amounts required under the proceedings authorizing the issuance of abandoned property fund bonds for the payment of Special Abandoned Property Fund financing costs relating to such abandoned property fund bonds, shall be credited to the Special Abandoned Property Fund. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 34. Subsection (b) of section 4-28e of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(b) (1) The Treasurer is authorized to invest all or any part of the Tobacco Settlement Fund, all or any part of the Tobacco and Health Trust Fund created in section 4-28f and all or any part of the Biomedical Research Trust Fund created in section 19a-32c. The interest derived from any such investment shall be credited to the resources of the fund from which the investment was made. Any investment the Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

(2) [Notwithstanding sections 3-13 to 3-13h, inclusive, the] The Treasurer shall invest the amounts on deposit in the Tobacco Settlement Fund, the Tobacco and Health Trust Fund and the Biomedical Research Trust Fund in a manner reasonable and appropriate to achieve the objectives of such funds. [, exercising] In determining whether to approve an investment, the Connecticut Investment Board shall exercise the discretion and care of a prudent person in similar circumstances with similar objectives [. The Treasurer] and shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within such funds, liquidity, the projected disbursements and expenditures, and the expected payments, deposits, contributions and gifts to be received. The Treasurer shall not be required to invest such funds directly in obligations of the state or any political subdivision of the state or in any investment or other fund administered by the Treasurer. The assets of such funds shall be continuously invested and reinvested in a manner consistent with the objectives of such funds until disbursed in accordance with this section, section 4-28f or section 19a-32c.

Sec. 35. Subsection (a) of section 5-156 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) All member contributions and state appropriations shall be held in a separate retirement fund by the Treasurer, who may invest and reinvest as much of the fund as is not required for current disbursements in accordance with the provisions of part I of chapter 32. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 36. Subsection (b) of section 7-313h of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(b) The State Treasurer shall invest the moneys deposited in the firefighters cancer relief account in a manner reasonable and appropriate to achieve the objectives of such account. [, exercising] Any investment the State Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. In determining whether to approve an investment, the board shall exercise the discretion and care of a prudent person in similar circumstances with similar objectives [. The State Treasurer] and shall give due consideration to rate of return, risk, term or maturity, diversification of the total portfolio within such account, liquidity, the projected disbursements and expenditures, and the expected payments, deposits, contributions and gifts to be received. The moneys in such account shall be continuously invested and reinvested in a manner consistent with the objectives of such account until disbursed in accordance with section 3-123 and section 7-313i.

Sec. 37. Subsection (a) of section 7-323f of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) All contributions received by the Retirement Commission in accordance with this part shall be paid over daily to the State Treasurer, who shall be the custodian of the fund with power to invest and reinvest as much of said fund as is not required for current disbursement in accordance with the provisions of part I of chapter 32. All benefits, allowances and other payments authorized by this part shall be made from the fund upon vouchers approved by the Retirement Commission. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 38. Subsection (e) of section 8-44a of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(e) The State Treasurer is authorized to invest such moneys in the Rental Rehabilitation Fund as [he] the State Treasurer deems to be available for such purpose in obligations of or guaranteed by the state or the United States of America or agencies or instrumentalities thereof and, without limitation on the foregoing, in such other obligations, including time deposits or certificates of deposit, as may be permitted investments by the State Treasurer for the General Fund of the state and secured in such manner as the Treasurer may require. Any investment the State Treasurer makes pursuant to the provisions of this subdivision on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) be secured in such manner as the board may require.

Sec. 39. Section 8-68b of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

For the purposes of section 8-68a the State Treasurer is authorized and directed, subject to and in accordance with the provisions of section 3-20, as amended by this act, to issue bonds of the state, from time to time, in an amount which shall not in the aggregate exceed ....* dollars. Such bonds shall be issued in accordance with the provisions of [said] section 3-20, as amended by this act, and the full faith and credit of the state is pledged for the payment of the interest on said bonds as the same become due and the payment of the principal thereof at maturity. Such bonds shall be sold at not less than par and accrued interest and shall bear such date or dates, mature at such time or times not exceeding thirty years from their respective dates and be subject to such redemption privileges with or without premium as may be fixed and determined by the State Bond Commission. Such portion of the proceeds from the sale of such bonds and of any notes issued in anticipation thereof as may be required for such purpose shall be applied to the payment of the principal of any such notes then outstanding and unpaid and the remaining proceeds of any such sale shall be used for the payment of grants and advances under the provisions of section 8-68a. Such payments shall be made by the State Treasurer on certification of the Commissioner of Housing in accordance with the contract between the state and the authority. The State Treasurer may invest in direct obligations of the United States of America such of the proceeds of such sale as [he] the State Treasurer deems available for such purpose. Any investment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 40. Subsection (f) of section 8-80 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(f) The State Treasurer is authorized to invest such moneys in the Rental Housing Fund as [he] the State Treasurer deems to be available for such purpose in obligations of or guaranteed by the state or the United States of America or agencies or instrumentalities thereof and, without limitation on the foregoing, in such other obligations, including time deposits or certificates of deposit, as may be permitted investments by the State Treasurer for the General Fund of the state and secured in such manner as the State Treasurer may require. Any investment the State Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall (1) require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and (2) be secured in such manner as the board may require.

Sec. 41. Section 8-88 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The State Treasurer is authorized to temporarily invest in direct obligations of the United States of America such proceeds of the sale of housing mortgage bonds of the state of Connecticut and housing mortgage notes of the state of Connecticut as [he] the State Treasurer determines to be available for such purpose. Any investment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 42. Subsection (c) of section 8-119i of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(c) The State Treasurer is authorized to invest in direct obligations of the United States of America such moneys in the Congregate Housing Fund for the Elderly as [he] the State Treasurer may deem to be available for such purpose, and any net increase of said fund resulting therefrom shall be added to said fund. Any investment the State Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 43. Subsection (b) of section 8-336o of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(b) Any moneys held in the Housing Trust Fund may, pending the use or application of the proceeds thereof for an authorized purpose, be (1) invested and reinvested in such obligations, securities and investments as are set forth in subsection (f) of section 3-20, as amended by this act, in participation certificates in the Short Term Investment Fund created under sections 3-27a and 3-27f, as amended by this act, and in participation certificates or securities of the Tax-Exempt Proceeds Fund created under section 3-24a, (2) deposited or redeposited in such bank or banks at the direction of the Treasurer, or (3) invested in participation units in the combined investment funds, as defined in section 3-31b, as amended by this act. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. Unless otherwise provided pursuant to subsection (c) of this section, proceeds from investments authorized by this subsection shall be credited to the Housing Trust Fund.

Sec. 44. Section 10-265d of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) For purposes of making grants pursuant to section 10-265c, the State Treasurer is authorized and directed, subject to and in accordance with the provisions of section 3-20, as amended by this act, to issue bonds of the state from time to time in one or more series in an aggregate amount not exceeding fourteen million eight hundred twenty thousand dollars, provided one million dollars of said authorization shall be effective July 1, 1994. Bonds of each series shall bear such date or dates and mature at such time or times not exceeding twenty years from their respective dates and be subject to such redemption privileges, with or without premium, as may be fixed by the State Bond Commission. They shall be sold at not less than par and accrued interest and the full faith and credit of the state is pledged for the payment of the interest thereon and the principal thereof as the same shall become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due. The State Treasurer is authorized to invest temporarily in direct obligations of the United States, United States agency obligations, certificates of deposit, commercial paper or bank acceptances such portion of the proceeds of such bonds or of any notes issued in anticipation thereof as may be deemed available for such purpose.

(b) For purposes of making grants pursuant to subsection (b) of section 10-265c, the State Treasurer is authorized and directed, subject to and in accordance with the provisions of section 3-20, as amended by this act, to issue bonds of the state from time to time in one or more series in an aggregate amount not exceeding three hundred thousand dollars. Bonds of each series shall bear such date or dates and mature at such time or times not exceeding five years from their respective dates and be subject to such redemption privileges, with or without premium, as may be fixed by the State Bond Commission. They shall be sold at not less than par and accrued interest and the full faith and credit of the state is pledged for the payment of the interest thereon and the principal thereof as the same shall become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due. The State Treasurer is authorized to invest temporarily in direct obligations of the United States, United States agency obligations, certificates of deposit, commercial paper or bank acceptances such portion of the proceeds of such bonds or of any notes issued in anticipation thereof as may be deemed available for such purpose.

(c) Any investment the State Treasurer makes pursuant to the provisions of subsection (a) or (b) of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 45. Section 10-287d of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) For the purposes of funding (1) grants to projects that have received approval of the Department of Administrative Services pursuant to sections 10-287 and 10-287a, subsection (a) of section 10-65 and section 10-76e, (2) grants to assist school building projects to remedy safety and health violations and damage from fire and catastrophe, and (3) technical education and career school projects pursuant to section 10-283b, the State Treasurer is authorized and directed, subject to and in accordance with the provisions of section 3-20, as amended by this act, to issue bonds of the state from time to time in one or more series in an aggregate amount not exceeding twelve billion one hundred sixteen million one hundred sixty thousand dollars, provided four hundred fifty million dollars of said authorization shall be effective July 1, 2018. Bonds of each series shall bear such date or dates and mature at such time or times not exceeding thirty years from their respective dates and be subject to such redemption privileges, with or without premium, as may be fixed by the State Bond Commission. They shall be sold at not less than par and accrued interest and the full faith and credit of the state is pledged for the payment of the interest thereon and the principal thereof as the same shall become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due. The State Treasurer is authorized to invest temporarily in direct obligations of the United States, United States agency obligations, certificates of deposit, commercial paper or bank acceptances such portion of the proceeds of such bonds or of any notes issued in anticipation thereof as may be deemed available for such purpose.

(b) Any investment the State Treasurer makes pursuant to the provisions of subsection (a) of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 46. Section 10-287j of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) Notwithstanding the purposes set forth in section 10-287d, as amended by this act, the State Treasurer is hereby authorized and directed, subject to and in accordance with the provisions of section 3-20, as amended by this act, to issue bonds of the state, which have been previously authorized by the State Bond Commission pursuant to the provisions of [said] section 10-287d, as amended by this act, in an aggregate principal amount of eighteen million nine hundred eighty-five thousand dollars for the purpose of funding interest subsidy grants, as such term is defined in section 10-292c. Such bonds shall be issued on or before July 1, 1999, and may be issued in one or more series. Bonds of each series shall bear such date or dates and mature at such time or times not exceeding thirty years from their respective dates and be subject to such redemption privileges, with or without premium, as may be fixed by the State Bond Commission. They shall be sold at not less than par and accrued interest and the full faith and credit of the state is pledged for the payment of the interest thereon and the principal thereof as the same shall become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due. The State Treasurer is authorized to invest temporarily in direct obligations of the United States, United States agency obligations, certificates of deposit, commercial paper or bank acceptances, such portion of the proceeds of such bonds or of any notes issued in anticipation thereof as may be deemed available for such purpose.

Sec. 47. Section 10-292k of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) For purposes of funding interest subsidy grants, except for interest subsidy grants made pursuant to subsection (b) of section 10-292m, the State Treasurer is authorized and directed, subject to and in accordance with the provisions of section 3-20, as amended by this act, to issue bonds of the state from time to time in one or more series in an aggregate amount not exceeding three hundred seventy-one million nine hundred thousand dollars, provided two million one hundred thousand dollars of said authorization shall be effective July 1, 2018. Bonds of each series shall bear such date or dates and mature at such time or times not exceeding thirty years from their respective dates and be subject to such redemption privileges, with or without premium, as may be fixed by the State Bond Commission. They shall be sold at not less than par and accrued interest and the full faith and credit of the state is pledged for the payment of the interest thereon and the principal thereof as the same shall become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due. The State Treasurer is authorized to invest temporarily in direct obligations of the United States, United States agency obligations, certificates of deposit, commercial paper or bank acceptances, such portion of the proceeds of such bonds or of any notes issued in anticipation thereof as may be deemed available for such purpose.

Sec. 48. Section 10-406 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

There is created a "Connecticut Arts Endowment Fund". The proceeds of any bonds issued for the purposes of sections 10-405 to 10-408, inclusive, shall be deposited in said fund. The State Treasurer shall invest the proceeds of the fund and the investment earnings shall be credited to and become part of the fund. Annually, on or before September first, the State Treasurer shall notify the department and the Connecticut Arts Council of the total amount available to the department for payments pursuant to sections 10-407 and 10-408. Such amount shall be four per cent of the average market value of said fund on the last day of the most recent and the three prior fiscal years. Any balance remaining in the fund at the end of each fiscal year shall be carried forward in the fund for the succeeding fiscal year. Any investment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 49. Subsection (d) of section 10a-20a of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(d) Any state funds deposited by the office to the Endowed Chair Investment Fund shall be invested by the State Treasurer, except a duly established foundation of The University of Connecticut or the Connecticut State University System, as appropriate, may request the office to transfer any state funds relating to an approved application for an endowed chair to such duly established foundation for the purpose of investing such state funds in accordance with the provisions of subsection (f) of this section. Any investment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 50. Section 10a-25d of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) For the purposes of sections 10a-25a to 10a-25g, inclusive, "state moneys" means the proceeds of the sale of bonds authorized pursuant to said sections or of temporary notes issued in anticipation of the moneys to be derived from the sale of such bonds. Each request filed as provided in subsection (b) of section 10a-25c for an authorization of bonds shall identify the project for which the proceeds of the sale of such bonds are to be used and expended and, in addition to any terms and conditions required pursuant to said subsection (b) of section 10a-25c, shall include the recommendation of the person signing such request as to the extent to which federal, private or other moneys then available or thereafter to be made available for costs in connection with any such project should be added to the state moneys available or becoming available hereunder for such project. If the request includes a recommendation that some amount of such federal, private or other moneys should be added to such state moneys, then, if and to the extent directed by the State Bond Commission at the time of authorization of such bonds, the amount of such federal, private or other moneys then available or thereafter to be made available for costs in connection with such project may be added to any state moneys available or becoming available hereunder for such project and be used for such project. Any other federal, private or other moneys then available or thereafter to be made available for costs in connection with such project upon receipt shall, in conformity with applicable federal and state law, be used by the Treasurer to meet principal of outstanding bonds issued pursuant to sections 10a-25a to 10a-25g, inclusive, or to meet the principal of temporary notes issued in anticipation of the money to be derived from the sale of bonds theretofore authorized pursuant to said sections for the purpose of financing such costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal, private or other moneys so received with respect to such project are used to meet principal of such temporary notes or whenever principal of any such temporary notes is retired by application of revenue receipts of the state, the amount of bonds theretofore authorized in anticipation of which such temporary notes were issued and the aggregate amount of bonds which may be authorized pursuant to section 10a-25b shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet principal as hereinabove directed, the amount thereof may be invested by the Treasurer in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, and shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as the said moneys so invested.

(b) Any investment the Treasurer makes pursuant to the provisions of subsection (a) of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 51. Section 13a-242 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

Except as otherwise expressly provided in sections 13a-239 to 13a-246, inclusive, all of said bonds shall be issued in accordance with section 3-20, as amended by this act, and be sold at a price not less than the principal amount thereof plus accrued interest, and the proceeds of any sale of said bonds shall be deposited in a special fund and used and applied as provided in [said] section 3-20, as amended by this act. Pending the use or application of any such proceeds as hereinabove directed, such proceeds may be invested by the Treasurer in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States. Any investment the Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 52. Section 13a-244 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) For the purposes of sections 13a-239 to 13a-246, inclusive, "state moneys" means the proceeds of the sale of bonds authorized pursuant to said sections or of temporary notes issued in anticipation of the money to be derived from the sale of such bonds. With each request filed as provided in section 13a-240 for an authorization of bonds pursuant to said sections for financing all or any part of the project authorized by section 13a-32, there shall also be filed a certificate, signed in the same manner as such request, stating whether, in the opinion of the signer, all or any part of federal moneys then available or thereafter to be made available for costs in connection with the project should be added to the state moneys available or becoming available hereunder for the project. If the certificate so filed states that some amount of such federal moneys should be added to such state moneys, then, if and to the extent directed by the State Bond Commission at the time of authorization of such bonds, said amount of such federal moneys then available or thereafter to be made available for costs in connection with the project may be added to any state moneys available or becoming available hereunder for the project and be used for the project as if constituting such state moneys, and any other federal moneys then available or thereafter to be made available in connection with the project, if and to the extent from time to time directed by the State Bond Commission, upon receipt shall, in conformity with applicable federal law, be used by the Treasurer to meet principal of outstanding bonds issued pursuant to said sections 13a-239 to 13a-246, inclusive, or to meet the principal of temporary notes issued in anticipation of the money to be derived from the sale of bonds theretofore authorized pursuant to said sections for the purpose of financing such costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal moneys so received with respect to the project are used to meet principal of such temporary notes or whenever principal of any of such temporary notes is retired by application of revenue receipts of the state, the amount of bonds theretofore authorized in anticipation of which such temporary notes were issued, and the aggregate amount of bonds which may be authorized pursuant to subsection (a) of section 13a-239, shall each be reduced by the amount of the principal so met or retired. Pending use of the federal moneys so received to meet principal, the amount thereof may be invested by the Treasurer in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, and shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as the moneys so invested.

Sec. 53. Subsection (k) of section 13b-76 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(k) Any moneys held by the Treasurer or by a trustee pursuant to a trust indenture with respect to bonds and bond anticipation notes issued pursuant to sections 13b-74 to 13b-77, inclusive, including pledged revenues, other pledged receipts, funds or moneys and proceeds from the sale of such bonds and bond anticipation notes, may, pending the use or application of the proceeds thereof for an authorized purpose, be (1) invested and reinvested in such obligations, securities and investments as are set forth in subsection (f) of section 3-20, as amended by this act, and in participation certificates in the Short Term Investment Fund created under section 3-27a, as amended by this act, or (2) deposited or redeposited in such bank or banks as shall be provided in the resolution authorizing the issuance of such bonds, the certificate of determination authorizing issuance of such bond anticipation notes or in the indenture securing such bonds or bond anticipation notes. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. Proceeds from investments authorized by this subparagraph, less amounts required under the proceedings authorizing the issuance of bonds for the payment of transportation costs relating to such bonds, shall be credited to the Special Transportation Fund created under section 13b-68.

Sec. 54. Subdivision (11) of subsection (d) of section 13b-79r of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(11) Any moneys held by the Treasurer or by a trustee pursuant to a trust indenture with respect to bonds issued pursuant to this section, including pledged revenues, other pledged receipts, funds or moneys and proceeds from the sale of such bonds, may, pending the use or application of the proceeds thereof for an authorized purpose, be (A) invested and reinvested in such obligations, securities and investments as are set forth in subsection (f) of section 3-20, as amended by this act, and in participation certificates in the Short Term Investment Fund created under section 3-27a, as amended by this act, or (B) deposited or redeposited in such bank or banks as shall be provided in the resolution authorizing the issuance of such bonds, the certificate of determination authorizing issuance of bond anticipation notes, or in the indenture securing such bonds. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this subdivision on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. Proceeds from investments authorized by this subparagraph, less amounts required under the proceedings authorizing the issuance of bonds for the payment of transportation costs relating to such bonds, shall be credited to the Grant Anticipation Transportation Fund created under subsection (b) of this section.

Sec. 55. Subsection (k) of section 15-101l of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(k) Any moneys held by the Treasurer with respect to Bradley International Airport, or by a trustee pursuant to a trust indenture, subject to the provisions of such indenture, including proceeds from the sale of any bonds and notes, and revenues, receipts and income from the operation of Bradley International Airport may be invested and reinvested in such obligations, securities, and other investments, including without limitation participation certificates in the Short Term Investment Fund created in section 3-27a, as amended by this act, or deposited or redeposited in such bank or banks, all as shall be authorized by the State Bond Commission in the proceedings authorizing the issuance of the bonds and notes. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 56. Section 19a-300 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

Money declared by an instrument in writing to be intended for the perpetual care, maintenance, improvement or embellishment of any cemetery in this state [,] or of any lot or plot therein, to an amount not less than one hundred dollars, may be deposited with the State Treasurer who shall, in the name of the state, receive and receipt therefor. Each depositor shall, at the time of making such deposit, file with the State Treasurer and with the Secretary of the State a copy of such instrument. The State Treasurer shall invest the money deposited with the State Treasurer under the provisions of this section, in the name of the state, in bonds or other obligations of the state or other securities in which the State Treasurer is authorized to invest money on behalf of the state. [; and, on] On the first days of February and August annually, the State Treasurer shall pay over the accrued interest thereof to the treasurer of the town in which the cemetery is located [,] and the same shall be expended in the same manner as the income of funds donated to towns under the provisions of section 19a-304. At the time of paying such interest, the State Treasurer shall inform the person to whom it is paid of the purpose to which it is to be applied, as stated in the copy of such instrument, and such person shall thereupon apply it to such purpose. Any investment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 57. Section 22-71 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The Treasurer may invest temporarily in direct obligations of the United States of America such portion of the proceeds of the sale of regional marketing bonds as [he] the Treasurer deems to be available for such purpose. If the proceeds of any bond issue exceed the purchase price or cost of construction of facilities for which such bonds are issued, the surplus shall be expended in payment of principal of and interest on bonds issued under this chapter when the same become due or in the purchase at the market price of any outstanding bonds, provided such price shall not exceed the price at which such bonds are in the same year redeemable. All bonds redeemed or purchased shall forthwith be cancelled and shall not again be issued. Any investment the Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 58. Subsections (g) to (m), inclusive, of section 22a-477 of the general statutes are repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(g) Amounts in the water pollution control federal revolving loan account of the Clean Water Fund shall be available to the commissioner to provide financial assistance (1) to any municipality for construction of eligible water quality projects, and (2) for any other purpose authorized by Title VI of the federal Water Pollution Control Act. In providing such financial assistance to municipalities, amounts in such account may be used only: (A) By the commissioner to make loans to municipalities at an interest rate of two per cent per annum, provided such loans shall not exceed a term of twenty years and shall have principal and interest payments commencing not later than one year after scheduled completion of the project, and provided the loan recipient will establish a dedicated source of revenue for repayment of the loan; (B) by the commissioner to guarantee, or purchase insurance for, local obligations, where such action would improve credit market access or reduce interest rates; (C) as a source of revenue or security for the payment of principal and interest on revenue or general obligation bonds issued by the state if the proceeds of the sale of such bonds have been deposited in such account; (D) to be invested by the Treasurer [of the state] and earn interest on moneys in such account; (E) by the commissioner to pay for the reasonable costs of administering such account and conducting activities under Title VI of the federal Water Pollution Control Act; and (F) by the Treasurer to be transferred to the water pollution control state account for the purpose of meeting federal requirements for subsidization. Any investment the Treasurer makes pursuant to the provisions of subparagraph (D) of this subdivision on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

(h) Amounts in the water pollution control state account of the Clean Water Fund shall be available: (1) To be invested by the Treasurer [of the state] to earn interest on moneys in such account; (2) for the commissioner to make grants to municipalities in the amounts and in the manner set forth in a project funding agreement; (3) for the commissioner to make loans to municipalities in amounts and in the manner set forth in a project funding agreement for planning and developing eligible projects prior to construction and permanent financing; (4) for the commissioner to make loans to municipalities, for terms not exceeding twenty years, for an eligible water quality project; (5) for the commissioner to pay the costs of environmental studies and surveys to determine water pollution control needs and priorities and to pay the expenses of the department in administering the program; (6) for the payment of costs for administration and management of the Clean Water Fund; (7) provided such amounts are not required for the purposes of such fund, for the Treasurer [of the state] to pay debt service on bonds of the state issued to fund the Clean Water Fund, or for the purchase or redemption of such bonds; (8) for the commissioner to make grants to municipalities for the development and installation of structural improvements to secondary clarifier operations including, but not limited to, flow distribution mechanisms, baffle-type devices, feed well design and sludge withdrawal mechanisms. Grants under this subdivision shall be for one hundred per cent of the construction cost and not more than three million dollars from the fund shall be used for such grants; (9) for the commissioner to pay the costs for the establishment, administration and management of the nitrogen credit exchange program described in section 22a-524, including, but not limited to, the purchase of equivalent nitrogen credits from publicly-owned treatment works in the event that the account of state funds established pursuant to section 22a-524 is exhausted; and (10) for any other purpose of the Clean Water Fund and the program relating thereto. Any investment the Treasurer makes pursuant to the provisions of subdivision (1) of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

(i) The Treasurer may establish such accounts and subaccounts within the Clean Water Fund as he deems desirable to effectuate the purposes of sections 22a-475 to 22a-483, inclusive, as amended by this act, including, but not limited to, accounts (1) to segregate a portion or portions of the corpus of the water pollution control federal revolving loan account or the drinking water federal revolving loan account or as security for revenue bonds issued by the state for deposit in either of such accounts, (2) to segregate investment earnings on all or a portion of the water pollution control federal revolving loan account, the water pollution control state account, the drinking water federal revolving loan account or the drinking water state account, or (3) to segregate moneys in the fund that have previously been expended for the benefit of an eligible project from moneys that are initial deposits in the account.

(j) There shall be deposited in the Long Island Sound clean-up account (1) the proceeds of notes, bonds or other obligations issued by the state for the purpose of deposit therein and use in accordance with the permissible uses thereof, (2) funds appropriated by the General Assembly for the purpose of deposit therein and use in accordance with the permissible uses thereof, and (3) any additional moneys made available from any sources, public or private, for the purposes for which the Long Island Sound clean-up account has been established other than moneys on deposit in the federal revolving loan account.

(k) Amounts in the Long Island Sound clean-up account shall be available: (1) To be invested by the Treasurer [of the state] to earn interest on moneys in such account; (2) for the commissioner to make grants to municipalities who undertake the construction of combined sewer projects which are found by the commissioner to impact Long Island Sound or which are part of a system under construction by a municipality prior to July 1, 1990, to mitigate effects of inflow on treatment processes and on Long Island Sound, provided such grants shall be fifty per cent of the eligible water quality project costs of such project and be made in accordance with the provisions of section 22a-478; (3) for the commissioner to make grants to municipalities for eligible water quality projects for which the commissioner has required nutrient removal to protect Long Island Sound provided the amount of the grant shall be twenty per cent of the eligible water quality costs and be made in accordance with the provisions of said section 22a-478; (4) for the commissioner to make grants to agencies, institutions or persons to conduct research related to Long Island Sound in accordance with procedures established by the commissioner; (5) for the commissioner to provide funds for (A) sediment, dredging and disposal activities for Long Island Sound, including necessary studies, (B) physical improvements to coves, embayments, coastal wetlands and salt marshes in physical proximity to Long Island Sound, and (C) harbor water quality programs to enhance the sediment and water quality of harbors, coves, embayments and wetlands of Long Island Sound; (6) for the commissioner to provide funds for the restoration and rehabilitation of tidal coves, embayments and salt marshes degraded by physical modification, development or the effect of pollution, following a feasibility assessment which shall form the basis for the commissioner's determination of eligible restoration practices; (7) for the commissioner to provide funds for laboratory development to aid analysis of water quality samples collected as part of the Long Island Sound ambient monitoring program; (8) for the commissioner to make grants to municipalities for each municipally-owned wastewater treatment facility which discharges into coastal waters, for interim improvements to remove total nitrogen from such discharges in a manner which ensures that the total nitrogen load does not exceed the amount discharged during 1990, provided such grants shall be one hundred per cent of the eligible project costs of such projects; and (9) for the commissioner to provide grants on a competitive basis for demonstration projects to reduce nonpoint source pollution of Long Island Sound, following establishment by the commissioner of criteria for the awarding of such grants. The funds authorized for deposit in the Long Island Sound clean-up account pursuant to section 22a-483 shall, in addition to any use under subdivision (1) of this subsection, be expended in accordance with the following minimums: (i) For the purposes of subdivision (2) of this subsection, not less than twenty million five hundred thousand dollars; (ii) for the purposes of subdivision (4) of this subsection, not less than one million dollars; (iii) for the purposes of subdivision (6) of this subsection, not less than three million dollars; (iv) for the purposes of subdivision (7) of this subsection, not less than five hundred thousand dollars; and (v) for the purposes of subdivision (8) of this subsection, not less than fifteen million dollars. Any investment the Treasurer makes pursuant to the provisions of subdivision (1) of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

(l) There shall be deposited in the river restoration account (1) the proceeds of notes, bonds or other obligations issued by the state for the purpose of deposit therein and use in accordance with the permissible uses thereof, (2) funds authorized by the General Assembly for the purpose of deposit therein and use in accordance with the permissible uses thereof, and (3) any additional moneys made available from any sources, public or private, for the purposes for which the river restoration account has been established, except that in no case shall the funds authorized to be deposited in this account from the Clean Water Fund exceed three million dollars per year.

(m) Amounts in the river restoration account shall be available: (1) To be invested by the Treasurer [of the state] to earn interest on moneys in such account; (2) for the payment of costs incurred by the Department of Energy and Environmental Protection for the administration and management of the rivers protection programs of the department; (3) for the commissioner to provide assistance to river committees established by municipalities for purposes of protection of rivers; (4) for the commissioner to make grants to municipalities or such river committees for the physical improvement and restoration of rivers degraded by modification, development or the effects of pollution, including but not limited to actions to (A) restore water quality, (B) provide minimum stream flows, or (C) restore or enhance the recreational, economic or environmental value of rivers and riverfront land; and (5) for the payment of costs incurred by the department of environmental protection for the physical improvement and restoration of rivers degraded by modification, development or the effects of pollution, including but not limited to actions to (A) restore water quality, (B) provide minimum stream flows, or (C) restore or enhance the recreational, economic or environmental value of rivers and riverfront lands by, for example, planting vegetation, removing physical impediments to river access, stabilizing stream banks, deepening stream channels, installing fish ladders and removing sediment; and (6) for the commissioner to make grants to provide matching funds for riparian zone restoration projects funded under the federal Agricultural Conservation Program pursuant to 16 USC Section 590g et seq. Amounts in the river restoration fund shall not be used for acquisition of land or interests in land, for construction or maintenance of parking lots, or for construction or maintenance of boat ramps or other structures, with the exception of restoration or repair of historic river-related structures. Any investment the Treasurer makes pursuant to the provisions of subdivision (1) of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 59. Subsection (d) of section 22a-479 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(d) Project loan obligations, grant account loan obligations, interim funding obligations or any obligation of a municipality that satisfies the requirements of Title VI of the federal Water Pollution Control Act or the federal Safe Drinking Water Act or other related federal act may, as determined by the commissioner or, if the project is an eligible drinking water project, by the Commissioner of Public Health, be general obligations of the issuing municipality and in such case each such obligation shall recite that the full faith and credit of the issuing municipality are pledged for the payment of the principal thereof and interest thereon. To the extent a municipality is authorized pursuant to sections 22a-475 to 22a-483, inclusive, as amended by this act, to issue project loan obligations or interim funding obligations, such obligations may be secured by a pledge of revenues and other funds derived from its sewer system or public water supply system, as applicable. Each pledge and agreement made for the benefit or security of any of such obligations shall be in effect until the principal of, and interest on, such obligations have been fully paid, or until provision has been made for payment in the manner provided in the resolution authorizing their issuance or in the agreement for the benefit of the holders of such obligations. In any such case, such pledge shall be valid and binding from the time when such pledge is made. Any revenues or other receipts, funds or moneys so pledged and thereafter received by the municipality shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. 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 municipality, irrespective of whether such parties have notice thereof. Neither the project loan obligation, interim funding obligation, project funding agreement nor any other instrument by which a pledge is created need be recorded. All securities or other investments of moneys of the state permitted or provided for under sections 22a-475 to 22a-483, inclusive, as amended by this act, may, upon the determination of the State Treasurer and on and after January 1, 2019, upon the determination of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, be purchased and held in fully marketable form, subject to provision for any registration in the name of the state. Securities or other investments at any time purchased, held or owned by the state may, upon the determination of the State Treasurer and on and after January 1, 2019, upon the determination of the board, and upon delivery to the state, be accompanied by such documentation, including approving bond opinion, certification and guaranty as to signatures and certification as to absence of litigation, and such other or further documentation as shall from time to time be required in the municipal bond market or required by the state.

Sec. 60. Subsection (l) of section 22a-483 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(l) Pending the use and application of any bond proceeds, such proceeds may be invested by, or at the direction of the State Treasurer, provided no such investment shall be so made or directed on or after January 1, 2019, without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, in obligations listed in section 3-20 or in investment agreements rated within the top rating categories of any nationally recognized rating service or in investment agreements secured by obligations, of or guaranteed by, the United States or agencies or instrumentalities of the United States.

Sec. 61. Section 25-73 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The State Treasurer shall issue bonds and notes of the state, in accordance with the provisions of section 3-20, as amended by this act, in the sum of five million dollars to be denominated on the face thereof "Beach Erosion and Flood Control Bonds of the State of Connecticut", or "Beach Erosion and Flood Control Notes of the State of Connecticut", as the case may be. Four million dollars authorized under this section shall be allocated and expended exclusively for beach erosion control, and the remaining one million dollars thus authorized shall be allocated and expended exclusively for flood control. The full faith and credit of the state is pledged for the payment of the interest on and principal of such bonds. Such bonds shall be sold at not less than par and shall be issued so as to mature at a time or times set by the State Bond Commission. The proceeds from the sale of such bonds and notes shall be used to make the loans authorized in section 25-72, and to defray the share of the state in any beach erosion or flood control system. Payment of the share of such local authority shall be made by the State Treasurer on certification of the commission in accordance with the contract of financial assistance between the state and such local authority. All payments by the local authority shall be paid to the State Treasurer. The principal of, and interest on, such bonds and notes shall first be paid from sums received from such local authorities and then from any sums received from the federal government as reimbursement under section 25-74. If, in any year, said sums are not sufficient, such deficit shall be paid from the General Fund; and if in any year said sums are more than sufficient to meet the principal of the bonds and notes maturing in such year, with interest thereon, the balance shall be applied to the payment of, and principal on, the bonds or notes maturing in any succeeding year or years. The State Treasurer is authorized to invest in direct obligations of the United States of America such moneys as [he] the State Treasurer deems available for such purpose. Any investment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 62. Subsection (a) of section 27-138 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Soldiers, Sailors and Marines Fund shall remain as established and shall be in the custody of the Treasurer as trustee of the fund and shall be administered by the American Legion. The Treasurer shall invest the fund and shall reinvest as much of the fund as is not required for current disbursement in accordance with the provisions of this section. The interest accumulations of the fund so held in trust or the corpus of the fund, to the extent that the interest accumulations of such fund are insufficient to carry out the purposes of this section shall be disbursed to the American Legion, which shall utilize such funds as specified in subsection (b) of this section, and the balance of said funds shall at the end of each fiscal year be added to the principal of the fund. Disbursements to the American Legion shall be made at such definite and stated periods as are necessary to meet the convenience of the American Legion and said trustee; but each disbursement shall be made upon the order of the American Legion, approved by at least two of its executive officers or of a special committee thereof thereunto specially authorized. The American Legion may consult with the Treasurer concerning investment of the fund. Any investment or reinvestment the Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 63. Subsection (b) of section 28-30a of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(b) The State Treasurer, in consultation with the Secretary of the Office of Policy and Management, shall invest the moneys deposited in the Enhanced 9-1-1 Telecommunications Fund in the [Short-Term] Short Term Investment Fund authorized under section 3-27a, as amended by this act, or investments in which the Treasurer may invest assets of the trust funds [which] that are listed in section 3-13c. Any investment the State Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 64. Subsection (a) of section 28-31 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Public Utilities Regulatory Authority shall establish a nuclear safety emergency preparedness account, which shall be a separate, nonlapsing account within the General Fund, and which shall be financed through assessments of all Nuclear Regulatory Commission licensees that own or operate nuclear power generating facilities in the state. The authority shall initially assess the licensees for a total of two million dollars. The authority may assess licensees for such amounts as necessary for the purposes of the account, provided the balance in the account at the end of the fiscal year may not exceed three hundred thousand dollars. The authority shall annually assess the licensees, upon the request of the Commissioner of Emergency Services and Public Protection, for funding to support annual expenses of five staff positions in the Department of Energy and Environmental Protection and three staff positions in the Department of Emergency Services and Public Protection. Personnel shall be assigned to said staff positions solely for the purposes of the program established pursuant to subsection (b) of this section. Federal reimbursements and grants obtained in support of the nuclear safety emergency preparedness program shall be paid into the General Fund and credited to the account. The authority shall develop an equitable method of assessing the licensees for their reasonable pro rata share of such assessments. All such assessments shall be included as operating expenses of the licensees for purposes of rate-making. All moneys within the account shall be invested by the State Treasurer in accordance with established investment practices and all interest earned by such investments shall be returned to the account. Any investment the State Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 65. Subsection (d) of section 31-259 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(d) There is created in the State Treasury a special segregated fund to be known as the Employment Security Special Administration Fund. All interest and penalties on past due contributions and assessments collected under this chapter are appropriated to said fund and shall at no time be considered a part of the Unemployment Compensation Fund, provided, whenever, on July first of any calendar year except the calendar year commencing January 1, 1982, the assets in said Employment Security Special Administration Fund exceed five hundred thousand dollars plus an amount necessary to cover any commitments for expenditures which have previously been approved in accordance with the provisions of this subsection, the excess above five hundred thousand dollars plus any such previously committed amount is appropriated to the Unemployment Compensation Fund established by section 31-261. If any such interest is, for the sake of convenience, deposited in a bank account of the contribution account of the Unemployment Compensation Fund, it shall be withdrawn therefrom as soon as convenient. The money in said fund shall be used for the payment of costs of administration, to reimburse the Employment Security Administration Fund under the conditions provided in subsection (b) of this section and for any other purpose authorized by law. Withdrawals from said fund shall be made by the Treasurer, notwithstanding the provisions of section 4-86, on warrants drawn by the Comptroller at the direction of the administrator, subject to the approval of the Governor and the Secretary of the Office of Policy and Management. The Treasurer is authorized to invest all or any part of the Employment Security Special Administration Fund in any certificates of the United States or certificates of deposit or any bonds in which savings banks may legally invest, provided that the provisions of subsection (n) of section 36-96 shall not be applicable to any investment in such bonds. Any investment the Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. All income from [such] an investment made pursuant to this subsection shall become part of said fund.

Sec. 66. Subsection (j) of section 31-264b of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(j) Pending the use and application of any bond proceeds, the proceeds may be invested by, or at the direction of, the State Treasurer, provided no such investment shall be so made or directed on or after January 1, 2019, without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, in obligations listed in section 3-20, as amended by this act.

Sec. 67. Subsection (a) of section 31-354 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) There shall be a fund to be known as the Second Injury Fund. Each employer, other than the state, shall, within thirty days after notice given by the State Treasurer, pay to the State Treasurer for the use of the state a sum in payment of his liability under this chapter which shall be calculated in accordance with the Second Injury Fund surcharge base, as defined in section 31-349g, and shall be assessed in accordance with subsection (f) of section 31-349, sections 31-349g, 31-349h and 31-349i, this section, section 31-354b and sections 8 and 9 of public act 96-242. Such sum shall be an amount sufficient to (1) pay the debt service on state revenue bond obligations authorized to be issued under and for the purposes set forth in section 31-354b including reserve and covenant coverage requirements, (2) provide for costs and expenses of operating the Second Injury Fund, and (3) pay Second Injury Fund stipulations on claims settled by the custodian or other benefits payable out of the Second Injury Fund and not funded through state revenue bond obligations and shall be determined in accordance with the regulations adopted pursuant to the provisions of section 31-349g. The custodian shall establish a factor for the annual surcharge that caps such surcharge for the fiscal years ending June 30, 1996, 1997 and 1998. In determining such factor the custodian shall consider the funding mechanism authorized by subsection (f) of section 31-349, sections 31-349g, 31-349h and 31-349i, this section, section 31-354b and sections 8 and 9 of public act 96-242, recognize that an acceptable level of employer assessment is important to the vitality of the economy of the state and nevertheless shall assure provision of services to injured workers that enhances their ability to return to work and improve their quality of life. In any event, such factor shall not exceed, with respect to insured employers, a rate of fifteen per cent on the Second Injury Fund surcharge base with respect to workers' compensation and employers' liability policies and, with respect to self-insured employers, a comparable percentage limitation representing their pro rata share of any assessment. Any employer or any insurance company acting as collection agent for the custodian of the Second Injury Fund who fails to pay in accordance with such regulations shall pay a penalty to the State Treasurer of fifteen per cent on the unpaid assessment or surcharge or fifty dollars, whichever is greater. Interest at the rate of six per cent per annum shall be charged on any amounts owed on assessment audits or surcharge audits. For self-insured employers interest shall accrue thirty days after notice from the Second Injury Fund of the unpaid audit assessment. For insurance companies, the interest shall accrue from the date of the notice of audit errors or deficiencies as determined by the date postmarked by the United States Postal Service. The State Treasurer shall notify each employer of the penalty or interest provision with the notice of assessment. Any partial payments made to the fund shall be first applied to any unpaid penalty, then to any unpaid interest and the remainder, if any, to the unpaid assessment or surcharge. Interest or penalties shall be applied if assessment or surcharge reports or payments are postmarked by the United States Postal Service after the designated due date. The sums received shall be accounted for separately and apart from all other state moneys and the faith and credit of the state of Connecticut is pledged for their safekeeping. The State Treasurer shall be the custodian of the fund and all disbursements from the fund shall be made by the State Treasurer or the State Treasurer's deputies. The moneys of the fund shall be invested by the State Treasurer in accordance with applicable law and section 8 of public act 96-242, and any such investment the State Treasurer makes on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. Interest, income and dividends from the investments shall be credited to the fund. Each employer, each private insurance carrier acting on behalf of any employer and each interlocal risk management agency acting on behalf of any employer shall annually, on or before April first, report to the State Treasurer, in the form prescribed by the State Treasurer, the amount of money expended by or on behalf of the employer in payments for the preceding calendar year. Each private insurance carrier, each self-insurance group and each interlocal risk management agency shall submit annually, on or before April first, to the State Treasurer, in the form prescribed by the State Treasurer, a report of the total Second Injury Fund surcharge base collected in the preceding calendar year and a report of the projected total Second Injury Fund surcharge base for the current calendar year. The fund shall be used to provide the benefits set forth in section 31-306 for adjustments in the compensation rate and payment of certain death benefits, in section 31-307b for adjustments where there are relapses after a return to work, in section 31-307c for totally disabled persons injured prior to October 1, 1953, in section 31-349 for disabled or handicapped employees and in section 31-355 for the payment of benefits due injured employees whose employers or insurance carriers have failed to pay the compensation, and medical expenses required by this chapter, or any other compensation payable from the fund as may be required by any provision contained in this chapter or any other statute and to reimburse employers or insurance carriers for payments made under subsection (b) of section 31-307a. The assessment required by this section is a condition of doing business in this state and failure to pay the assessment, when due, shall result in the denial of the privilege of doing business in this state or to self-insure under section 31-284. Any administrative or other costs or expenses incurred by the State Treasurer in connection with carrying out the provisions of this part, including the hiring of necessary employees, shall be paid from the fund. The State Treasurer may adopt regulations, in accordance with the provisions of chapter 54, prescribing the practices, policies and procedures to be followed in the administration of the Second Injury Fund.

Sec. 68. Section 32-4j of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

There is established a Connecticut first-time homebuyers account which shall be a separate, nonlapsing account within the General Fund. Funds segregated by the Commissioner of Revenue Services, pursuant to section 32-4k, shall be deposited in the account. An amount equal to the amount deposited in the account shall be available to the Commissioner of Economic and Community Development for payments to participants in the program established pursuant to section 32-4i. The State Treasurer shall invest the proceeds of the account, and investment earnings, after paying any costs incurred by the State Treasurer in administering the account, shall be credited to the General Fund. Any investment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. On or before September 1, 2014, and annually thereafter, the State Treasurer shall notify the Commissioner of Economic and Community Development of the total amount deposited in the account. Any funds segregated on behalf of a participant that are not used for the purchase of a first home shall be transferred to the General Fund.

Sec. 69. Subsection (b) of section 32-7o of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(b) Any moneys held in the Connecticut Manufacturing Innovation Fund may, pending the use or application of the proceeds thereof for an authorized purpose, be (1) invested and reinvested in such obligations, securities and investments as are set forth in subsection (f) of section 3-20, as amended by this act, in participation certificates in the Short Term Investment Fund created under sections 3-27a, as amended by this act, and 3-27f, as amended by this act, and in participation certificates or securities of the Tax-Exempt Proceeds Fund created under section 3-24a, (2) deposited or redeposited in any bank or banks, at the direction of the Treasurer, or (3) invested in participation units in the combined investment funds, as defined in section 3-31b, as amended by this act. Proceeds from investments authorized by this subsection shall be credited to the Connecticut Manufacturing Innovation Fund. Any investment or reinvestment the Treasurer makes pursuant to the provisions of subdivision (1) of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 70. Subsection (b) of section 32-383 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(b) For the purposes of sections 32-380 to 32-409, inclusive, "state moneys" means the proceeds of the sale of bonds authorized pursuant to said sections, or of temporary or interim notes issued in anticipation of the moneys to be derived from the sale of such bonds. Such request filed as provided in sections 32-380 to 32-409, inclusive, for an authorization of bonds shall identify the project for which the proceeds of the sale of such bonds are to be used and expended and, if applicable, shall include the recommendation of the secretary as to the extent to which federal, private or other moneys then available or thereafter to be made available for costs in connection with such project should be added to the state moneys available or becoming available hereunder for such project. If the request includes a recommendation that some amount of such federal, private or other moneys should be added to such state moneys, then, if and to the extent directed by the State Bond Commission at the time of authorization of such bonds, said amount of such federal, private or other moneys then available or thereafter to be made available for costs in connection with such project may be added to any state moneys available or becoming available hereunder for such project and be used for such project as if constituting such state moneys, and any other federal, private or other moneys then available or thereafter to be made available for costs in connection with such project, if and to the extent from time to time directed by the State Bond Commission, upon receipt shall, in conformity with applicable federal and state law, be used for the purposes for which such other moneys are received in accordance with the proceedings of the State Bond Commission, and otherwise by the Treasurer to meet principal of outstanding bonds issued pursuant to sections 32-380 to 32-409, inclusive, or to meet the principal of temporary or interim notes issued in anticipation of the money to be derived from the sale of bonds theretofore authorized pursuant to said sections for the purpose of financing such costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal, private or other moneys so received with respect to such project are used to meet principal of such temporary or interim notes or whenever principal on any such temporary or interim notes is retired by application of revenue receipts of the state, the amount of bonds theretofore authorized in anticipation of which such temporary or interim notes were issued, and the aggregate amount of bonds which may be authorized pursuant to this section, shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet principal as hereinabove directed, the amount thereof may be invested by, or at the direction of, the Treasurer, provided no such investment shall be so made or directed on or after January 1, 2019, without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, or in accordance with the provisions of section 3-20, as amended by this act, and shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as the said moneys so invested.

Sec. 71. Subsection (d) of section 32-616 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(d) For the purposes of this section "state moneys" means the proceeds of the sale of bonds authorized pursuant to section 3-20, as amended by this act, or of temporary or interim notes issued in anticipation of the moneys to be derived from the sale of such bonds. Request filed for an authorization of bonds shall identify the project for which the proceeds of the sale of such bonds are to be used and expended and, if applicable, shall include the recommendation of the secretary as to the extent to which federal, private or other moneys then available or thereafter to be made available for costs in connection with such project should be added to the state moneys available or becoming available hereunder for such project. If the request includes a recommendation that some amount of such federal, private or other moneys should be added to such state moneys, then, if and to the extent directed by the State Bond Commission at the time of authorization of such bonds, said amount of such federal, private or other moneys then available or thereafter to be made available for costs in connection with such project may be added to any state moneys available or becoming available hereunder for such project and be used for such project as if constituting such state moneys, and any other federal, private or other moneys then available or thereafter to be made available for costs in connection with such project, if and to the extent from time to time directed by the State Bond Commission, upon receipt shall, in conformity with applicable federal and state law, be used for the purposes for which such other moneys are received in accordance with the proceedings of the State Bond Commission, and otherwise by the State Treasurer to meet the principal of outstanding bonds issued pursuant to this section or to meet the principal of temporary or interim notes issued in anticipation of the money to be derived from the sale of bonds theretofore authorized pursuant to said section 3-20 for the purpose of financing such costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal, private or other moneys so received with respect to such project are used to meet principal of such temporary or interim notes or whenever principal on any such temporary or interim notes is retired by application of revenue receipts of the state, the amount of bonds theretofore authorized in anticipation of which such temporary or interim notes were issued, and the aggregate amount of bonds which may be authorized pursuant to this section, shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet principal as hereinabove directed, the amount thereof may be invested by, or at the direction of, the State Treasurer, provided no such investment shall be so made or directed on or after January 1, 2019, without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, or in accordance with the provisions of said section 3-20, and shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as the said moneys so invested.

Sec. 72. Subsection (h) of section 32-652 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(h) For the purposes of this section "state moneys" means the proceeds of the sale of the bonds authorized pursuant to this section or of temporary or interim notes issued in anticipation of the moneys to be derived from the sale of such bonds. Any federal, private or other moneys then available or thereafter to be made available for project costs of the stadium facility project as identified by the secretary may be added to any state moneys available or becoming available hereunder for such project costs and be used for the stadium facility project as if constituting such state moneys, and any other federal, private or other moneys then available or thereafter to be made available for such project costs, if and to the extent from time to time directed by the Treasurer, upon receipt shall, in conformity with applicable federal and state law, be used for the purposes for which such other moneys are received, and otherwise by the Treasurer to meet the principal of outstanding bonds issued pursuant to this section or to meet the principal of temporary or interim notes issued in anticipation of the money to be derived from the sale of such bonds authorized pursuant to public act 99-241, as amended by public act 00-140, for the purpose of financing such project costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal, private or other moneys so received with respect to the stadium facility project are used to meet principal of such temporary or interim notes or whenever principal on any such temporary or interim notes is retired by application of revenue receipts of the state, the amount of such bonds authorized in anticipation of which such temporary or interim notes were issued, and the aggregate amount of such bonds which may be authorized pursuant to this section shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet the principal as directed in this subsection, the amount thereof may be invested by, or at the direction of, the Treasurer, provided no such investment shall be so made or directed on or after January 1, 2019, without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, or in accordance with the provisions of said section 3-20, and shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as said moneys so invested.

Sec. 73. Subsection (i) of section 32-653 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(i) For the purposes of this section "state moneys" means the proceeds of the sale of the bonds authorized pursuant to this section or of temporary or interim notes issued in anticipation of the moneys to be derived from the sale of such bonds. Any federal, private or other moneys then available or thereafter to be made available for project costs of the overall project, other than the stadium facility project, as identified by the secretary may be added to any state moneys available or becoming available hereunder for such project costs and be used for the overall project, other than the stadium facility project, as if constituting such state moneys, and any other federal, private or other moneys then available or thereafter to be made available for such project costs, if and to the extent from time to time directed by the Treasurer, upon receipt shall, in conformity with applicable federal and state law, be used for the purposes for which such other moneys are received, and otherwise by the Treasurer to meet the principal of outstanding bonds issued pursuant to this section or to meet the principal of temporary or interim notes issued in anticipation of the money to be derived from the sale of such bonds authorized pursuant to public act 99-241, as amended by public act 00-140, for the purpose of financing such project costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal, private or other moneys so received with respect to the overall project, other than the stadium facility project, are used to meet principal of such temporary or interim notes or whenever principal on any such temporary or interim notes is retired by application of revenue receipts of the state, the amount of such bonds authorized in anticipation of which such temporary or interim notes were issued, and the aggregate amount of such bonds which may be authorized pursuant to this section, shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet the principal as directed in this subsection, the amount thereof may be invested by, or at the direction of, the Treasurer, provided no such investment shall be so made or directed on or after January 1, 2019, without the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, or in accordance with the provisions of [said] section 3-20, as amended by this act, and shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as said moneys so invested.

Sec. 74. Subsection (f) of section 32-657 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(f) The establishment of the revenue account, the operating expense account and any other account holding state moneys associated with the stadium facility, and any cash management and overnight investment features of such accounts, shall be subject to the approval of the Comptroller and Treasurer pursuant to sections 4-32 and 4-33. The interest and earnings on any such investments of funds in the revenue account, the operating expense account and any other account holding state moneys associated with the stadium facility shall be treated as revenues from stadium facility operations. Any such investments or investment arrangements shall be made or approved by the Treasurer, and, on and after January 1, 2019, by the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 75. Section 45a-49 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

All contributions received pursuant to sections 45a-34 to 45a-52, inclusive, shall be paid over by the Retirement Commission to the State Treasurer. The State Treasurer shall be the custodian of the fund with power to invest and reinvest as much of the fund as is not required for current disbursements in accordance with the provisions of part I of chapter 32. Any investment or reinvestment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act. All benefits, allowances, and other payments authorized by said sections shall be made from the fund upon vouchers approved by the Retirement Commission.

Sec. 76. Subsections (a) and (b) of section 45a-82 of the general statutes are repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) The Probate Court Administration Fund is established, to consist of the amounts provided in this section, to be paid over to the State Treasurer as provided in this section.

(b) The State Treasurer shall be the custodian of the fund established by this section, with power to administer it, and to invest and reinvest as much of the fund as is not required for current disbursements in accordance with the provisions of the general statutes regarding the investment of savings banks. Any investment or reinvestment the State Treasurer makes pursuant to the provisions of this subsection on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 77. Section 45a-449 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

When it appears that a legatee, distributee, cestui or beneficiary not residing within the territorial limits of the United States of America or any territory or possession thereof would not have the benefit or use or control of property due him or that special circumstances make it desirable that delivery to him be deferred, any court of probate may in its discretion order: (1) That such legacy or distributive share be paid in whole or in part, to the executor, administrator, trustee or interested party for use by him in the purchase of goods such as food, clothing, medicine and the necessities of life to be sent to such legatee, distributee, cestui or beneficiary and that thereafter the executor, administrator, trustee or interested person account to the court indicating the purchase of such goods and forwarding the receipt for the same sent by said legatee, distributee, cestui or beneficiary; or (2) that such property be converted into available funds and paid to the State Treasurer, to be invested by him or her at his or her discretion, provided any investment the State Treasurer makes pursuant to the provisions of this subdivision on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, and, together with any proceeds thereof, to be held subject to such further order as such court may enter, provided the reasonable fees, as allowed by such court, of the attorney for any such legatee, distributee, cestui or beneficiary whose funds are payable to the State Treasurer hereunder shall be considered a lien thereon and shall be paid by the fiduciary having such funds in charge to such attorney prior to payment to the State Treasurer.

Sec. 78. Section 51-49e of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

The Judge's Retirement Fund is hereby established in the State Treasury. All moneys received by the system pursuant to section 51-49d and section 51-50b shall be deposited in the fund, and all retirement benefits and other obligations and payments payable by the system shall be payable from the fund. The State Treasurer shall be the custodian of the fund, and may invest and reinvest as much of the fund as is not required for current disbursements in accordance with the laws covering the investment of savings bank funds, and when deemed prudent, in accordance with the laws governing the investment of trust funds. All of the provisions of the general statutes applicable to the administration, investment and custody of the State Employees Retirement Fund shall apply to the Judge's Retirement Fund, to the same extent and with the same effect as if such fund were expressly mentioned therein. Any investment or reinvestment the State Treasurer makes pursuant to the provisions of this section on or after January 1, 2019, shall require the prior approval of the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act.

Sec. 79. Subsection (e) of section 51-52 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(e) Notwithstanding any provision of the general statutes and except as otherwise ordered by the court or prescribed by the Chief Court Administrator, all funds in excess of a working balance established by the Chief Court Administrator held by a clerk of court in a fiduciary capacity shall be paid to the Treasurer or deposited in the Treasurer's accounts in depositories designated by the Treasurer in accordance with such regulations as the Treasurer prescribes. The Treasurer shall invest such funds in any manner [he] the Treasurer deems appropriate, and on and after January 1, 2019, in any manner the Connecticut Investment Board established pursuant to section 3-13b, as amended by this act, deems appropriate, including, but not limited to, depositing the funds in public depositories and purchasing participation certificates in the [Short-Term] Short Term Investment Fund. If the court requests the return of all or a portion of such funds, the Treasurer shall return the amount of such funds requested to the court within two business days of the request. Notwithstanding any provision of the general statutes, all interest and earnings on funds paid to the Treasurer or deposited in the Treasurer's accounts pursuant to this subsection shall belong to and accrue to the benefit of the state.

Sec. 80. Section 3-11a of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

[In accordance with established procedures, the] Except as otherwise provided, the Treasurer may, in accordance with established procedures, enter into such contractual agreements as may be necessary and proper for the discharge of [his] the Treasurer's duties.

Sec. 81. Subdivision (11) of section 1-79 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(11) "Public official" means (A) any state-wide elected officer, (B) any member or member-elect of the General Assembly, (C) any person appointed to any office of the legislative, judicial or executive branch of state government by the Governor or an appointee of the Governor, with or without the advice and consent of the General Assembly, (D) any public member or representative of the teachers' unions or state employees' unions appointed to the Investment Advisory Council pursuant to subsection (a) of section 3-13b, as amended by this act, (E) any public member appointed to the Connecticut Investment Board pursuant to subsection (b) of section 3-13b, as amended by this act, (F) any person appointed or elected by the General Assembly or by any member of either house thereof, (G) any member or director of a quasi-public agency, and (H) the spouse of the Governor. [, but] "Public official" does not include a member of an advisory board, a judge of any court either elected or appointed or a senator or representative in Congress.

Sec. 82. Section 3-13i of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(a) On and after January 1, 2001, or on and after the first adoption of an investment policy statement under section 3-13b, as amended by this act, whichever is later, any contract for services related to the investment of trust funds, as defined in section 3-13c, as amended by this act, shall be subject to the investment policy statement adopted under section 3-13b, as amended by this act. No contract for services related to the investment of such funds shall be awarded to a provider of such services until the Treasurer's recommendation of a provider is reviewed by the Investment Advisory Council. The Treasurer shall provide notice of such recommendation at a meeting of the council. Not later than forty-five days after such meeting, the council may file a written review of the Treasurer's recommendation concerning the selection of such provider with the Office of the Treasurer where it shall be available for public inspection. The Treasurer may proceed to award the contract after such forty-five-day period.

(b) If the Connecticut Investment Board adopts a new investment policy statement pursuant to subsection (c) of section 3-13b, as amended by this act, any contract for services related to the investment of trust funds that is entered into, renewed or amended on or after the date said board adopts such new investment policy statement shall be subject to such new investment policy statement and no such contract shall be entered into, renewed or amended on or after said date until the board has reviewed and approved the awarding of such contract.

Sec. 83. Subsection (e) of section 9-612 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2019):

(e) (1) As used in this subsection and subsection (f) of section 9-608, (A) "investment services" means investment legal services, investment banking services, investment advisory services, underwriting services, financial advisory services or brokerage firm services, and (B) "principal of an investment services firm" means (i) an individual who is a director of or has an ownership interest in an investment services firm to which the State Treasurer pays compensation, expenses or fees or issues a contract, except for an individual who owns less than five per cent of the shares of an investment services firm, (ii) an individual who is employed by such an investment services firm as president, treasurer, or executive vice president, (iii) an employee of such an investment services firm who has managerial or discretionary responsibilities with respect to any investment services provided to the State Treasurer, (iv) the spouse or a dependent child who is eighteen years of age or older of an individual described in this subparagraph, or (v) a political committee established or controlled by an individual described in this subparagraph.

(2) No principal of an investment services firm shall make a contribution to, or solicit contributions on behalf of, an exploratory committee or candidate committee established by a candidate for nomination or election to the office of State Treasurer during the term of office of the State Treasurer who pays compensation, expenses or fees or issues a contract to such firm. The provisions of this subdivision shall apply only to contributions and the solicitation of contributions that are not prohibited under subdivision (2) of subsection (f) of this section.

(3) Neither the State Treasurer, the Deputy State Treasurer, any unclassified employee of the office of the State Treasurer acting on behalf of the State Treasurer or Deputy State Treasurer, any candidate for the office of State Treasurer, any member of the Connecticut Investment [Advisory Council] Board established under section 3-13b, as amended by this act, nor any agent of any such candidate may knowingly, wilfully or intentionally solicit contributions on behalf of an exploratory committee or candidate committee established by a candidate for nomination or election to any public office, a political committee or a party committee, from a principal of an investment services firm. The provisions of this subdivision shall apply only to contributions and the solicitation of contributions that are not prohibited under subdivision (3) of subsection (f) of this section.

(4) No member of the Connecticut Investment [Advisory Council] Board appointed under section 3-13b, as amended by this act, shall make a contribution to, or solicit contributions on behalf of, an exploratory committee or candidate committee established by a candidate for nomination or election to the office of State Treasurer.

(5) The provisions of this subsection shall not restrict an individual from establishing an exploratory or candidate committee or from soliciting for and making contributions to a town committee or political committee that the candidate has designated in accordance with subsection (b) of section 9-604, for the financing of the individual's own campaign or from soliciting contributions for such committees from persons not prohibited from making contributions under this subsection.


This act shall take effect as follows and shall amend the following sections:
Section 1	from passage	3-13b
Sec. 2	January 1, 2019	3-13a
Sec. 3	January 1, 2019	3-13d
Sec. 4	January 1, 2019	3-13e
Sec. 5	January 1, 2019	3-13g
Sec. 6	January 1, 2019	3-13h
Sec. 7	January 1, 2019	3-20(f)
Sec. 8	January 1, 2019	3-20(i)
Sec. 9	January 1, 2019	3-20(y)
Sec. 10	January 1, 2019	3-21e
Sec. 11	January 1, 2019	3-22i
Sec. 12	January 1, 2019	3-24b
Sec. 13	January 1, 2019	3-24c
Sec. 14	January 1, 2019	3-24d
Sec. 15	January 1, 2019	3-24e
Sec. 16	January 1, 2019	3-24g
Sec. 17	January 1, 2019	3-24h
Sec. 18	January 1, 2019	3-24k
Sec. 19	January 1, 2019	3-27a
Sec. 20	January 1, 2019	3-27b
Sec. 21	January 1, 2019	3-27c
Sec. 22	January 1, 2019	3-27d
Sec. 23	January 1, 2019	3-27f
Sec. 24	January 1, 2019	3-27h
Sec. 25	January 1, 2019	3-28a
Sec. 26	January 1, 2019	3-31a
Sec. 27	January 1, 2019	3-31b
Sec. 28	January 1, 2019	3-34
Sec. 29	January 1, 2019	3-37(a)
Sec. 30	January 1, 2019	3-39b
Sec. 31	January 1, 2019	3-39m
Sec. 32	January 1, 2019	3-40
Sec. 33	January 1, 2019	3-62h(q)
Sec. 34	January 1, 2019	4-28e(b)
Sec. 35	January 1, 2019	5-156(a)
Sec. 36	January 1, 2019	7-313h(b)
Sec. 37	January 1, 2019	7-323f(a)
Sec. 38	January 1, 2019	8-44a(e)
Sec. 39	January 1, 2019	8-68b
Sec. 40	January 1, 2019	8-80(f)
Sec. 41	January 1, 2019	8-88
Sec. 42	January 1, 2019	8-119i(c)
Sec. 43	January 1, 2019	8-336o(b)
Sec. 44	January 1, 2019	10-265d
Sec. 45	January 1, 2019	10-287d
Sec. 46	January 1, 2019	10-287j
Sec. 47	January 1, 2019	10-292k
Sec. 48	January 1, 2019	10-406
Sec. 49	January 1, 2019	10a-20a(d)
Sec. 50	January 1, 2019	10a-25d
Sec. 51	January 1, 2019	13a-242
Sec. 52	January 1, 2019	13a-244
Sec. 53	January 1, 2019	13b-76(k)
Sec. 54	January 1, 2019	13b-79r(d)(11)
Sec. 55	January 1, 2019	15-101l(k)
Sec. 56	January 1, 2019	19a-300
Sec. 57	January 1, 2019	22-71
Sec. 58	January 1, 2019	22a-477(g) to (m)
Sec. 59	January 1, 2019	22a-479(d)
Sec. 60	January 1, 2019	22a-483(l)
Sec. 61	January 1, 2019	25-73
Sec. 62	January 1, 2019	27-138(a)
Sec. 63	January 1, 2019	28-30a(b)
Sec. 64	January 1, 2019	28-31(a)
Sec. 65	January 1, 2019	31-259(d)
Sec. 66	January 1, 2019	31-264b(j)
Sec. 67	January 1, 2019	31-354(a)
Sec. 68	January 1, 2019	32-4j
Sec. 69	January 1, 2019	32-7o(b)
Sec. 70	January 1, 2019	32-383(b)
Sec. 71	January 1, 2019	32-616(d)
Sec. 72	January 1, 2019	32-652(h)
Sec. 73	January 1, 2019	32-653(i)
Sec. 74	January 1, 2019	32-657(f)
Sec. 75	January 1, 2019	45a-49
Sec. 76	January 1, 2019	45a-82(a) and (b)
Sec. 77	January 1, 2019	45a-449
Sec. 78	January 1, 2019	51-49e
Sec. 79	January 1, 2019	51-52(e)
Sec. 80	January 1, 2019	3-11a
Sec. 81	January 1, 2019	1-79(11)
Sec. 82	January 1, 2019	3-13i
Sec. 83	January 1, 2019	9-612(e)

Statement of Purpose:

To require the Treasurer to receive prior approval of investment decisions from the Connecticut Investment Board.

[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.]

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Bill Text: CT SB00525 | 2018 | General Assembly | Introduced

Connecticut Senate Bill 525 (Prior Session Legislation)

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