(a) The State Bond Commission shall have the power, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate five million dollars per year beginning in the fiscal year ending June 30, 2006, and until the fiscal year ending June 30, 2010, except that (1) such principal amounts shall not exceed in the aggregate two million five hundred thousand dollars for the fiscal year ending June 30, 2008, and (2) such principal amounts shall not exceed in the aggregate one million dollars for the fiscal year ending June 30, 2010. Except as provided in subsection (b) of this section, the proceeds of the sale of said bonds shall be deposited in the Energy Conservation Loan Fund established under section 16a-40a for the purposes of making and guaranteeing loans and deferred loans as provided in section 5 of public act 05-2 of the October 25 special session* and section 16a-46e. All provisions of section 3-20, or the exercise of any right or power granted thereby which are not inconsistent with the provisions of sections 16a-40 to 16a-40b, inclusive, and this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to said sections 16a-40 to 16a-40b, inclusive, and this section, and temporary notes in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with said section 3-20 and from time to time renewed. Such bonds shall mature at such time or times not exceeding twenty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such bonds. Said bonds issued pursuant to said sections 16a-40 to 16a-40b, inclusive, and this section shall be general obligations of the state and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.
(b) As of July 1, 2010, proceeds of the sale of said bonds which have been authorized as provided in subsection (a) of this section, but have not been allocated by the State Bond Commission, shall be deposited in the Green Connecticut Loan Guaranty Fund established pursuant to section 16a-40e, and shall be used by the Connecticut Green Bank for purposes of the Green Connecticut Loan Guaranty Fund program established pursuant to section 16a-40f, provided not more than eighteen million dollars shall be deposited in the Green Connecticut Loan Guaranty Fund. Such additional amounts may be deposited in the Green Connecticut Loan Guaranty Fund as the State Bond Commission may, from time to time, authorize.
(Oct. 25 Sp. Sess. P.A. 05-2, S. 6; P.A. 07-242, S. 2; P.A. 10-44, S. 210; 10-179, S. 137; P.A. 11-80, S. 137; P.A. 14-94, S. 29; June Sp. Sess. P.A. 15-1, S. 132; May Sp. Sess. P.A. 16-4, S. 249; June Sp. Sess. P.A. 17-2, S. 446.)
*Note: Section 5 of public act 05-2 of the October 25 special session is special in nature and therefore has not been codified but remains in full force and effect according to its terms.
History: Oct. 25 Sp. Sess. P.A. 05-2 effective October 31, 2005; P.A. 07-242 made aggregate authorization of $5,000,000 available annually, effective June 4, 2007; P.A. 10-44 decreased aggregate authorization from $5,000,000 to $2,000,000 for 2008 fiscal year, and authorized $5,000,000 for 2011 fiscal year and each fiscal year thereafter, effective July 1, 2010; P.A. 10-179 designated existing provisions as Subsec. (a) and amended same to change aggregate authorization to $5,000,000 per year, and added Subsec. (b) re use of up to $18,000,000 in bond proceeds for Green Connecticut Loan Guaranty Fund, effective July 1, 2010; P.A. 11-80 amended Subsec. (b) by replacing “Connecticut Health and Educational Facilities Authority” with “Clean Energy Finance and Investment Authority”, effective July 1, 2011; pursuant to P.A. 14-94, “Clean Energy Finance and Investment Authority” was changed editorially by the Revisors to “Connecticut Green Bank” in Subsec. (b), effective June 6, 2014; June Sp. Sess. P.A. 15-1 amended Subsec. (a) by adding “until the fiscal year ending June 30, 2010”, effective July 1, 2015 (Revisor's note: This section, as amended by June Sp. Sess. P.A. 15-1, was inadvertently omitted from publication in the 2016 Supplement to the General Statutes); May Sp. Sess. P.A. 16-4 amended Subsec. (a) by adding “beginning in the fiscal year ending June 30, 2006, and”, adding provision re exception to authorization for fiscal year ending June 30, 2008, and making a technical change, effective July 1, 2016; June Sp. Sess. P.A. 17-2 amended Subsec. (a) by designating existing provision re fiscal year 2008 as Subdiv. (1) and adding Subdiv. (2) provision re exception to authorization for fiscal year ending June 30, 2010, and amended Subsec. (b) by deleting provision re additional $5,000,000 authorized on July 1, 2010, effective October 31, 2017.