Section 1-124 - Treasurer's approval required for state contribution to or guarantee of bonds, notes, borrowed money. Determination of authority to moderate interest rate fluctuations(a) Connecticut Innovations, Incorporated, the Connecticut Health and Educational Facilities Authority, the Connecticut Higher Education Supplemental Loan Authority, the Connecticut Student Loan Foundation, the Connecticut Housing Finance Authority, the Connecticut Housing Authority, the MIRA Dissolution Authority, the Connecticut Airport Authority, the Capital Region Development Authority, the Connecticut Health Insurance Exchange, the Connecticut Green Bank, the Connecticut Port Authority, the Connecticut Municipal Redevelopment Authority and the State Education Resource Center shall not borrow any money or issue any bonds or notes which are guaranteed by the state of Connecticut or for which there is a capital reserve fund of any kind which is in any way contributed to or guaranteed by the state of Connecticut until and unless such borrowing or issuance is approved by the State Treasurer or the Deputy State Treasurer appointed pursuant to section 3-12. The approval of the State Treasurer or said deputy shall be based on documentation provided by the authority that it has sufficient revenues to (1) pay the principal of and interest on the bonds and notes issued, (2) establish, increase and maintain any reserves deemed by the authority to be advisable to secure the payment of the principal of and interest on such bonds and notes, (3) pay the cost of maintaining, servicing and properly insuring the purpose for which the proceeds of the bonds and notes have been issued, if applicable, and (4) pay such other costs as may be required.(b) To the extent Connecticut Innovations, Incorporated, the Connecticut Higher Education Supplemental Loan Authority, the Connecticut Student Loan Foundation, the Connecticut Housing Finance Authority, the Connecticut Housing Authority, the MIRA Dissolution Authority, the Connecticut Health and Educational Facilities Authority, the Connecticut Airport Authority, the Capital Region Development Authority, the Connecticut Health Insurance Exchange, the Connecticut Green Bank, the Connecticut Port Authority, the Connecticut Municipal Redevelopment Authority or the State Education Resource Center is permitted by statute and determines to exercise any power to moderate interest rate fluctuations or enter into any investment or program of investment or contract respecting interest rates, currency, cash flow or other similar agreement, including, but not limited to, interest rate or currency swap agreements, the effect of which is to subject a capital reserve fund which is in any way contributed to or guaranteed by the state of Connecticut, to potential liability, such determination shall not be effective until and unless the State Treasurer or his or her deputy appointed pursuant to section 3-12 has approved such agreement or agreements. The approval of the State Treasurer or his or her deputy shall be based on documentation provided by the authority that it has sufficient revenues to meet the financial obligations associated with the agreement or agreements.(P.A. 88-266, S. 43, 46; P.A. 93-33 , S. 3 , 4 ; P.A. 02-46 , S. 16 ; May Sp. Sess. P.A. 04-1 , S. 21 ; P.A. 10-117 , S. 89 ; P.A. 11-53 , S. 17 ; 11-84 , S. 18 ; P.A. 12-147 , S. 3 ; June 12 Sp. Sess. P.A. 12-1 , S. 185 ; June 12 Sp. Sess. P.A. 12-2 , S. 165 ; P.A. 14-94 , S. 1 , 29 ; 14-212 , S. 7 ; 14-217 , S. 36 , 171 ; 14-222 , S. 6 ; P.A. 15-18 , S. 3 ; June Sp. Sess. P.A. 15-5 , S. 38 ; P.A. 16-29 , S. 16 ; May Sp. Sess. P.A. 16-3 , S. 207 .)
Amended by P.A. 23-0170,S. 8 of the Connecticut Acts of the 2023 Regular Session, eff. 7/1/2023.Amended by P.A. 22-0118, S. 112 of the Connecticut Acts of the 2022 Regular Session, eff. 7/1/2022.Amended by P.A. 19-0117, S. 226 of the Connecticut Acts of the 2019 Regular Session, eff. 10/1/2019.Amended by P.A. 16-0029, S. 16 of the Connecticut Acts of the 2016 Regular Session, eff. 7/1/2016.Amended by P.A. 15-0018, S. 3 of the Connecticut Acts of the 2015 Regular Session, eff. 10/1/2015.Amended by P.A. 15-0005, S. 38 of the Connecticut Acts of the 2015 Special Session, eff. 7/1/2015.Amended by P.A. 14-0222, S. 6 of the Connecticut Acts of the 2014 Regular Session, eff. 10/1/2015.Amended by P.A. 14-0217, S. 171 of the Connecticut Acts of the 2014 Regular Session, eff. 7/1/2014.Amended by P.A. 14-0217, S. 36 of the Connecticut Acts of the 2014 Regular Session, eff. 7/1/2014.Amended by P.A. 14-0212, S. 7 of the Connecticut Acts of the 2014 Regular Session, eff. 6/13/2014.Amended by P.A. 12-0002, S. 165 of the Connecticut Acts of the 2012 Special Session, eff. 7/1/2012.Amended by P.A. 12-0001, S. 185 of the Connecticut Acts of the 2012 Special Session, eff. 7/1/2012.Amended by P.A. 12-0147, S. 3 of the the 2012 Regular Session, eff. 6/15/2012.Amended by P.A. 11-0084, S. 18 of the the 2011 Regular Session, eff. 7/1/2011.Amended by P.A. 11-0053, S. 17 of the the 2011 Regular Session, eff. 7/1/2011.Amended by P.A. 10-0117, S. 89 of the February 2010 Regular Session, eff. 6/8/2010. See Sec. 3-20e re provision of and indemnification for provision of secondary market disclosure information.