HB 7348 — AN ACT CONCERNING BONDING AUTHORIZATIONS FOR CLEAN WATER FUND PROJECTS.

(b) The proceeds of the sale of any bonds, state bond anticipation notes or state grant anticipation notes issued pursuant to sections 22a- 475 to 22a-483, inclusive, shall be deposited in the Clean Water Fund and not less than [fifty] one hundred million dollars of such proceeds shall be deposited in the Long Island Sound clean-up account of said LCO 5460 \\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07348-R01 of 10 HB.docx Raised Bill No.

54607348 1 of 10 Raised Bill No.7348 shall be deposited in the Long Island Sound clean-up account of said fund, not less than five million dollars of such proceeds shall be made available for physical improvements to coves, embayments, coastal wetlands and salt marshes in physical proximity to Long Island Sound and not less than twenty million dollars of such proceeds shall be made available for the Commissioner of Energy and Environmental Protection 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 state, acting by and through the State Bond Commission, is hereby LCO 5460 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07342 of 10 R01-HB.docx } Raised Bill No.

54607348 2 of 10 Raised Bill No.7348 state, acting by and through the State Bond Commission, is hereby authorized to issue from time to time general obligation bonds in such sums as is appropriate and necessary to meet the state's matching requirement for eligibility pursuant to the federal Water Quality Act of 1987 or the federal Safe Drinking Water Act or other similar federal act, provided such sums shall not exceed the aggregate principal amounts of bonds authorized pursuant to subsection (a) of this section.

The revenue bonds, revenue state bond anticipation notes and revenue state grant anticipation notes authorized to be issued under sections 22a-475 to 22a-483, inclusive, shall be special obligations of the state and shall not be payable from nor charged upon any funds other than the revenues LCO 5460 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07343 of 10 R01-HB.docx } Raised Bill No.

54607348 3 of 10 Raised Bill No.7348 be payable from nor charged upon any funds other than the revenues or other receipts, funds or moneys pledged therefor as provided in said sections 22a-475 to 22a-483, inclusive, including the repayment of municipal loan obligations;

The proceeds of such revenue bonds or notes may be deposited in the Clean Water Fund for use in accordance with the permitted uses of LCO 5460 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07344 of 10 R01-HB.docx } Raised Bill No.

54607348 4 of 10 Raised Bill No.7348 Clean Water Fund for use in accordance with the permitted uses of such fund.

(f) Whenever the General Assembly has authorized the State Bond LCO 5460 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-073485 of 10 R01-HB.docx } Raised Bill No.

54607348 5 of 10 Raised Bill No.7348 Commission to authorize bonds of the state for clean water projects and uses and has found that such projects and uses are for any of the purposes set forth in sections 22a-475 to 22a-483, inclusive, and whenever the State Bond Commission finds that the authorization of such bonds will be in the best interests of the state, the State Bond Commission shall authorize the issuance of such bonds from time to time in one or more series and in principal amounts not exceeding the aggregate amount authorized by the General Assembly.

(h) Bonds, state bond anticipation notes and state grant anticipation notes issued pursuant to sections 22a-475 to 22a-483, inclusive, are hereby made securities in which public officers and public bodies of the state and its political subdivisions, all insurance companies, credit unions, building and loan associations, investment companies, banking associations, trust companies, executors, administrators, trustees and other fiduciaries and pension, profit-sharing and retirementLCO funds5460 may{\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07346 properlyof and10 legallyR01-HB.docx invest} funds,Raised includingBill LCO No.

54607348 6retirement offunds 10may Raisedproperly Billand No.7348legally invest funds, including capital in their control or belonging to them.

(5) provisions regarding the establishment and maintenance of reserves, sinking funds and any other funds and accounts as shall be approved by the State Bond Commission in such amounts as may be established by the State Bond Commission, and the regulation and disposition thereof, or the establishment of a reserve fund of the state into which may be deposited any moneys appropriated and made available by the state for such fund, any proceeds of the sale of bonds or notes, to the extent provided in the resolution of the state authorizing the issuance thereof, andLCO any5460 other{\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-073487 moneysof which10 mayR01-HB.docx be} madeRaised availableBill to the state for LCO No.

54607348 7and ofany 10other Raisedmoneys Billwhich No.7348may be made available to the state for the purpose of such fund from any source whatever and, in lieu of the deposit of any such moneys, evidence by the state of the satisfaction of a federal matching requirement on the part of the state pursuant to the federal Water Quality Act of 1987 or the federal Safe Drinking Water Act or other related federal act, as applicable, including requirements that any such funds and accounts be held separate from or not be commingled with other funds of the state;

LCO 5460 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-073488 of 10 R01-HB.docx } Raised Bill No.

54607348 8 of 10 Raised Bill No.7348 (j) Whether or not any bonds, state bond anticipation notes or state grant anticipation notes issued pursuant to sections 22a-475 to 22a-483, inclusive, are of such form and character as to be negotiable instruments under the terms of title 42a, such bonds, state bond anticipation notes and state grant anticipation notes are hereby made negotiable instruments within the meaning of and for all purposes of title 42a, subject only to the provisions of such bonds, state bond anticipation notes and state grant anticipation notes for registration.

(m) Any revenue bonds issued under the provisions of sections 22a- LCO 5460 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07348-9 of 10 R01-HB.docx } Raised Bill No.

54607348 9 of 10 Raised Bill No.7348 475 to 22a-483, inclusive, and at any time outstanding may, at any time and from time to time, be refunded by the state by the issuance of its revenue refunding bonds in such amounts as the State Bond Commission may deem necessary, but not to exceed an amount sufficient to refund the principal of the revenue bonds to be so refunded, to pay any unpaid interest thereon and any premiums and commissions necessary to be paid in connection therewith and to pay costs and expenses which the Treasurer may deem necessary or advantageous in connection with the authorization, sale and issuance of refunding bonds.

Section 1 from passage 22a-483 StatementENV Joint Favorable LCO 5460 {\\PRDFS1\HCOUSERS\BARRYJN\WS\2019HB-07310 of Purpose:10 R01-HB.docx }

To increase bonding authorizations for Clean Water Fund projects.

[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.] LCO No.

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