CT SB00841

Authorizes the State Treasurer to issue bonds, notes, or obligations with net proceeds not exceeding $750 million to reduce the accumulated General Fund deficit as of June 30, 2013, determined using generally accepted accounting principles.

All bonds and obligations are general obligations of the state backed by full faith and credit, with principal and interest appropriations automatically made and paid by the Treasurer as due, with maturity dates no later than June 30, 2028.

Appropriates funds from the General Fund in fiscal years 2014 through 2028 to eliminate the remaining accumulated deficit not covered by the $750 million bond issuance, with annual appropriations deemed made as long as bonds remain outstanding.

Pledges that bond proceeds shall not constitute General Fund revenue and shall not be available for current or future budget appropriations.

Extends the maturity date of existing economic recovery notes from 2016 to 2018 and waives the requirement that refunding notes must achieve net debt service savings.