SB 842 Summary

• Authorizes $316.1 million in general obligation bonds effective July 1, 2013, for state capital improvements including IT systems, building renovations, technical schools, higher education facilities, and transportation projects across multiple departments.

• Authorizes $90 million in bonds effective July 1, 2013, and $70 million effective July 1, 2014, for the Department of Housing to fund housing development, rehabilitation, and supportive housing initiatives.

• Authorizes $233.2 million in bonds effective July 1, 2013, and $175 million effective July 1, 2014, for grants-in-aid to municipalities, nonprofits, and organizations for infrastructure, education, environmental protection, and community development projects.

• Authorizes special tax obligation transportation bonds of $706.9 million effective July 1, 2013, and $588.8 million effective July 1, 2014, for highway improvements, bridges, mass transit facilities, and local transportation programs.

• Authorizes up to $750 million in bonds to reduce Connecticut's accumulated General Fund deficit under GAAP accounting principles, with repayment from the General Fund over fiscal years 2016-2028, and establishes the Connecticut Bioscience Innovation Fund with up to $200 million in bond authorization through 2022.