CT SB01044

Allows the Connecticut Health and Educational Facilities Authority to create special capital reserve funds at the discretion of the Secretary of the Office of Policy and Management and the Treasurer, effective July 1, 2013.

Expands permitted uses of special capital reserve funds to include financing projects at health care institutions with below investment-grade bond ratings (up to $100 million in aggregate) and equipment for participating health care institutions.

Specifies that special capital reserve funds may be funded through state appropriations, bond sale proceeds, and other available sources, and must maintain a required minimum capital reserve as defined by federal tax code requirements.

Requires the state General Fund to automatically appropriate sums annually by December 1st to restore special capital reserve funds to their required minimum levels, with repayment to the state once bond obligations are fully discharged.

Maintains existing authority requirements that revenues from projects financed through special capital reserve funds must be sufficient to cover principal, interest, reserves, maintenance, and other project costs.