CT SB00971

Municipalities may direct their treasurer to invest portions of Climate Change and Coastal Resiliency Reserve Funds in trust funds administered by the State Treasurer, subject to investment limitations and regulations adopted by the State Treasurer.

Up to 40 percent of a reserve fund may be invested in equity securities, or up to 50 percent if the municipality has adopted an asset allocation and investment policy.

Uninvested reserve fund portions may be placed in bonds, certificates of deposit, commercial paper, savings accounts, bank acceptances, state and municipal obligations, regional school district obligations, and investment agreements meeting specified credit ratings.

Trust fund definition is expanded to include Climate Change and Coastal Resiliency Reserve Funds created under section 7-159d that are administered, held, or invested by the State Treasurer.

Both sections take effect upon passage and amend sections 7-159d(c) and 3-13c of the general statutes.