CT SB00416

Repeals and replaces Section 3-21 of the general statutes, effective July 1, 2017, to add new limitations on general obligation bond issuance by the state.

Limits the State Bond Commission to authorizing no more than $2 billion in general obligation bonds in any calendar year, effective January 1, 2017.

Limits the Treasurer to issuing no more than $2 billion in general obligation bonds in any fiscal year, effective July 1, 2017.

Requires the Treasurer to certify that proposed bond authorizations will not exceed the debt limitation set forth in the statute before the General Assembly approves any bond bills or the State Bond Commission adopts any resolutions authorizing bond issuance.

Exempts bonds issued for cash flow needs or emergency needs in times of natural disaster from the provisions of this section.