Raised Bill No. 25 Summary

• Establishes the Connecticut Infrastructure Bank as a public instrumentality to finance infrastructure improvement projects including roads, bridges, transit systems, water treatment facilities, renewable energy projects, and other public works.

• Board of directors consists of 11 voting members representing state agencies, business, labor, and environmental interests, plus a nonvoting president elected by the board.

• Bank authorized to make loans up to 100% of federally-funded infrastructure project costs and up to 80% of rural infrastructure project costs, with repayment required within 30 years at market interest rates.

• Creates two funds: a Federally-Funded Infrastructure Improvement Fund (with highway, transit, rail, and rural accounts) and a State-Funded Infrastructure Improvement Fund supported by state appropriations, transportation fees, bond proceeds, and charitable contributions.

• Bank authorized to issue bonds and bond anticipation notes to finance projects; state pledges not to limit bank's rights until obligations are fulfilled; bank exempt from standard procurement rules and prevailing wage requirements for state-funded projects.