SB 1043 Summary

• Establishes the Connecticut State-Wide Port Authority as a public instrumentality effective July 1, 2013, governed by a 15-member board including four state commissioners (ex officio), eight legislative appointees, three municipal appointees from New Haven/Bridgeport/New London, and four gubernatorial appointees.

• Grants the authority power to coordinate port development, pursue federal and state funding for infrastructure improvements, market Connecticut ports, and develop capital projects and entrepreneurial initiatives for port advancement.

• Authorizes the authority to issue bonds, notes, and other debt instruments secured by pledged revenues to finance port projects, with bonds neither constituting state obligations nor requiring state appropriations for repayment.

• Requires the authority to adopt written procedures for budgeting, hiring, property acquisition, professional services contracting, bond issuance, and financial assistance, with board approval required for major expenditures exceeding $5,000.

• Designates the Connecticut State-Wide Port Authority as a quasi-public agency subject to state oversight provisions regarding bond issuance, investment decisions, and director indemnification, requiring State Treasurer approval for certain debt instruments.