CT HB05502

Authorizes the Connecticut Municipal Redevelopment Authority to issue bonds, notes and other obligations in amounts determined necessary by the board of directors to fund projects and establish reserves, with bonds not deemed state debt or pledge of state faith and credit.

Establishes special capital reserve funds for bonds with a $50 million aggregate cap; requires annual deposits to maintain required minimum capital reserves and provides state appropriations to restore depleted reserves.

Creates new requirements for state officers, agencies and employees to notify the State Treasurer before incurring financial obligations exceeding $1 million or those materially affecting state operations, with written acknowledgment required before proceeding.

Eliminates the Tax-Exempt Proceeds Fund by removing references to it across multiple statutes governing investment of state funds and bond proceeds, with changes effective July 1, 2022.

Repeals sections 3-24a through 3-24h relating to the Tax-Exempt Proceeds Fund effective July 1, 2022.