CT SB00402

Establishes the Connecticut Infrastructure Bank effective July 1, 2016, as a public instrumentality and political subdivision to finance infrastructure projects through loans and financial assistance to public and private entities.

Creates a board of directors consisting of three ex officio state officials (Transportation Commissioner, State Treasurer, Economic and Community Development Commissioner) plus seven appointed members from the General Assembly and five appointed by the Governor, with eight members constituting a quorum.

Authorizes the bank to issue bonds, receive grants and contributions, borrow money, make contracts, acquire and manage property, and provide low-cost financing and credit enhancement for infrastructure projects including highways, bridges, transit systems, water treatment facilities, airports, and telecommunications.

Establishes the Connecticut Infrastructure Bank Fund and appropriates $50 million from the General Fund for fiscal year 2017 to support the bank's operations and infrastructure investment activities.

Designates the Connecticut Infrastructure Bank as a quasi-public agency subject to state oversight procedures, borrowing approvals by the State Treasurer, and requires the bank to adopt written procedures for budgeting, hiring, property acquisition, professional services contracting, and loan awards.