(a) There is established an account to be known as the “neighborhood economic development account”. The account shall contain any moneys required by law to be deposited in the account. Any balance remaining in such account at the end of any fiscal year shall be carried forward in the account for the fiscal year next succeeding.
(b) All moneys received in consideration of financial assistance, including payments of principal and interest on any loans, shall be credited to the account.
(c) The commissioner shall provide financial assistance pursuant to section 32-70e from the account established under this section. Notwithstanding any provision of the general statutes, payment of any administrative expenses or other costs incurred by the department in carrying out the purpose of section 32-70e may be paid from the account, subject to the approval of the Governor.
(P.A. 94-195, S. 2, 3.)
History: P.A. 94-195 effective July 1, 1994.