The State Bond Commission shall have power in accordance with the provisions of section 3-20 to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate forty-seven million eight hundred fifty-four thousand nine hundred dollars to carry out the purposes of sections 32-32 to 32-41, inclusive. The principal and interest of said bonds shall be payable at such place or places as may be determined by the State Treasurer and shall bear such date or dates, mature at such time or times, bear interest at such rate or different or varying rates, be payable at such time or times, be in such denominations, be in such form with or without interest coupons attached, carry such registration and transfer privileges, be payable in such medium of payment and be subject to such terms of redemption with or without premium as, irrespective of the provisions of said section 3-20, may be provided by the authorization of the State Bond Commission or fixed in accordance therewith. The proceeds of the sale of such bonds, after deducting therefrom all expenses of issuance and sale, shall be paid to the Connecticut Innovations, Incorporated Fund created under section 32-41a. When the State Bond Commission has acted to issue such bonds or a portion thereof, the Treasurer may, pending the issue of such bonds, issue, in the name of the state, temporary notes in anticipation of the money to be received from the sale of such bonds. In issuing the bonds authorized hereunder, the State Bond Commission may require repayment of such bonds by the corporation as shall seem desirable consistent with the purposes of sections 32-32 to 32-41, inclusive. Such terms for repayment may include a forgiveness of interest, a holiday in the repayment of interest or principal or both.

(1972, P.A. 248, S. 10; P.A. 79-476, S. 2; S.A. 80-41, S. 66, 68; P.A. 82-369, S. 15, 28; P.A. 83-492, S. 8, 11; P.A. 84-443, S. 12, 20; P.A. 85-558, S. 15, 17; P.A. 86-396, S. 20, 25; P.A. 87-405, S. 19, 26; P.A. 88-343, S. 15, 32; P.A. 89-245, S. 14; 89-331, S. 24, 30; P.A. 90-297, S. 18, 24; June Sp. Sess. P.A. 91-4, S. 20, 25; May Sp. Sess. P.A. 92-7, S. 22, 36; June Sp. Sess. P.A. 93-1, S. 18, 45; P.A. 95-272, S. 16, 29; P.A. 98-203, S. 9, 13; P.A. 00-167, S. 64, 69.)

History: P.A. 79-476 required payment of bond proceeds to Connecticut product development corporation fund rather than to the corporation; S.A. 80-41 reduced bond limit from $10,000,000 to $6,000,000; P.A. 82-369 increased bond authorization to $7,000,000; P.A. 83-492 increased bond authorization to $11,000,000; P.A. 84-443 increased authorization limit to $13,000,000; P.A. 85-558 increased bond authorization limit to $15,000,000; P.A. 86-396 increased bond authorization to $17,500,000; P.A. 87-405 increased the bond authorization to $19,250,000; P.A. 88-343 increased the bond authorization to $22,250,000; P.A. 89-245 changed Connecticut Product Development Corporation Fund to Connecticut Innovations, Incorporated Fund; P.A. 89-331 increased the bond authorization to $26,250,000; P.A. 90-297 increased the bond authorization to $28,250,000; June Sp. Sess. P.A. 91-4 increased the bond authorization to $33,250,000; May Sp. Sess. P.A. 92-7 increased the bond authorization to $38,250,000; June Sp. Sess. P.A. 93-1 increased bond authorization to $48,250,000, effective July 1, 1993, provided $5,000,000 of said authorization shall be effective July 1, 1994; P.A. 95-272 increased authorization to $58,250,000, effective July 1, 1995, provided $50,000,000 shall be effective July 1, 1996; P.A. 98-203 decreased the bond authorization to $48,250,000 and deleted an obsolete reference to previously authorized funds, effective June 8, 1998; P.A. 00-167 decreased the aggregate bond authorization to $47,854,900, effective July 1, 2000.

Cited. 167 C. 111.