Within appropriations available to the State Treasurer for child care facilities, not already allocated toward debt service for specific child care facilities, the Commissioner of Early Childhood may, upon submission of a request by a facility operating a child care program that is financed with tax-exempt or taxable bonds issued through the Connecticut Health and Educational Facilities Authority, allow actual debt service, comprised of principal, interest and premium, if any, on the loan or loans, a debt service reserve fund and a reasonable repair and replacement reserve to be paid, provided such debt service terms and amounts are determined by the commissioner, at the time the loan is entered into, to be reasonable in relation to the useful life and base value of the property.
(P.A. 97-259, S. 29, 41; June Sp. Sess. P.A. 99-1, S. 15, 51; P.A. 11-44, S. 100; P.A. 14-39, S. 40.)
History: P.A. 97-259 effective July 1, 1997; June Sp. Sess. P.A. 99-1 added provision that payments are to be made within available appropriations to the Treasurer for child care facilities, not already allocated toward debt service for specific child care facilities, effective July 1, 1999; P.A. 11-44 replaced “Commissioner of Social Services” with “Commissioner of Education”, effective July 1, 2011; P.A. 14-39 replaced reference to Commissioner of Education with reference to Commissioner of Early Childhood, effective July 1, 2014.