CT HB05404

Establishes a low-interest loan program administered by the Commissioner of Economic and Community Development for businesses experiencing adverse impacts from Department of Transportation road or bridge projects that exceed original completion dates.

Loans shall cover current expenses and working capital needs during the remainder of the project, with terms not exceeding ten years from project completion and interest rates of three percent per year.

Commissioner shall adopt regulations establishing procedures to determine adverse business impacts, collateral requirements, and application fees deemed reasonable and necessary.

Creates a separate, nonlapsing "road and bridge repair business disruption account" within the General Fund to hold loan repayments and fund the program and its administrative costs.

State Bond Commission authorized to issue up to $550,000 in bonds to fund the account, with bonds maturing within twenty years and backed by the full faith and credit of the state.