Bill Summary

• Expands bonding authority of the Connecticut Municipal Redevelopment Authority to issue bonds, notes and other obligations up to amounts necessary for purposes established in statute, including payment, funding or refunding of principal, interest and redemption premiums.

• Establishes requirements for state agencies and officers to notify the Treasurer before incurring financial obligations exceeding $1 million or that materially affect state property, with Treasurer approval required before proceeding.

• Requires prior Treasurer approval for any sale, lease or disposition of projects financed with tax-exempt bond proceeds to nongovernmental entities, with authority to redirect proceeds to debt service or other authorized state purposes.

• Removes references to the Tax-Exempt Proceeds Fund from multiple statutes governing investment of state funds, effective July 1, 2023, eliminating that fund from use as an investment vehicle.

• Modifies regional school district withdrawal procedures to replace the State Treasurer requirement with a municipal bonding and financing expert, effective from passage.