CT HJ00170

General Assembly ratifies and confirms that amendments made by Public Acts 18-49, 18-81, and 18-178 (passed May 9, 2018) are incorporated into the bond covenant pledge under Section 3-20(aa) of the general statutes.

Connecticut pledges that no legislation enacted between May 15, 2018, and July 1, 2023, shall alter statutory compliance obligations for general obligation bonds and credit revenue bonds issued between May 15, 2018, and July 1, 2020, until bonds are fully paid.

Alterations to compliance requirements may only occur if adequate protection is provided to bondholders, or if the Governor declares an emergency and three-fifths of each chamber votes to alter compliance for the fiscal year in progress only.

The State Treasurer must include this pledge and undertaking in bonds issued between May 15, 2018, and July 1, 2020, with the pledge applicable for five years from first issuance and excluding refunding bonds.

The resolution ratifies the Attorney General's Formal Opinion 18-4 (November 21, 2018), which concluded that statutory references in Section 3-20(aa) incorporate the amendments made by Public Acts 18-49, 18-81, and 18-178.