Bill Summary

• Repeals provisions making Connecticut Municipal Redevelopment Authority bonds state obligations, clarifying that bonds are payable solely from authority funds with no state pledge of faith and credit.

• Establishes special capital reserve funds for the Connecticut Municipal Redevelopment Authority with a $50 million aggregate cap, including requirements for annual deposits and state General Fund appropriations if reserves fall below required minimums.

• Requires state officers and agencies to notify the Treasurer before incurring financial obligations exceeding $1 million or encumbering material state property, with written acknowledgment needed before proceeding.

• Mandates prior Treasurer approval for sales, leases, or other dispositions of projects financed with tax-exempt bond proceeds, authorizing the Treasurer to redirect proceeds to pay debt service on other state bonds.

• Eliminates references to the Tax-Exempt Proceeds Fund throughout the Connecticut General Statutes and repeals sections 3-24a to 3-24h establishing that fund.