Sec. 8-445. Bond issue for Crumbling Foundations Assistance Fund.
Sec. 8-441. Crumbling Foundations Assistance Fund. Department of Housing application for receipt and administration of federal funds. (a) There is established an account to be known as the “Crumbling Foundations Assistance Fund”, which shall be a separate, nonlapsing account. The account shall contain any moneys required by law to be deposited in the account and any voluntary contributions. Moneys in the account shall be made available to incorporate the captive insurance company established pursuant to section 38a-91vv. Moneys in the account shall be transferred to such captive insurance company upon licensure by the Insurance Department. Voluntary contributions to the fund shall be deemed to be given for the purpose of providing financial assistance to owners of residential buildings for the repair or replacement of concrete foundations of such buildings that have deteriorated due to the presence of pyrrhotite and to minimize any negative impact on the economies of municipalities in which such residential buildings are located. No such contributions shall be further restricted by the donor or used by the captive insurance company for any other purposes. The captive insurance company shall not return any portion of such contributions to any donor. Any bond proceeds deposited into the fund shall be kept separate from any and all other funds deposited into the fund.
(b) The Department of Housing may apply for, receive and administer any federal funds, including, but not limited to, funds made available by the United States Department of Housing and Urban Development Section 108 Loan Guarantee program to assist owners of residential buildings having concrete foundations that have deteriorated due to the presence of pyrrhotite. All such federal funds received with the intent of assisting owners of residential buildings having concrete foundations that have deteriorated due to the presence of pyrrhotite shall be deposited into the Crumbling Foundations Assistance Fund established pursuant to subsection (a) of this section.
(June Sp. Sess. P.A. 17-2, S. 335; P.A. 25-110, S. 22.)
History: June Sp. Sess. P.A. 17-2 effective October 31, 2017; P.A. 25-110 amended Subsec. (a) to delete reference to General Fund and make a technical change, effective July 1, 2025.
| (Return to Chapter Table of Contents) |
(Return to List of Chapters) |
(Return to List of Titles) |
Sec. 8-445. Bond issue for Crumbling Foundations Assistance Fund. (a) For the purposes described in subsection (b) of this section, 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 three hundred million dollars, provided (1) twenty-five million dollars shall be effective July 1, 2025, (2) twenty-five million dollars shall be effective July 1, 2026, (3) twenty-five million dollars shall be effective July 1, 2027, (4) twenty-five million dollars shall be effective July 1, 2028, and (5) twenty-five million dollars shall be effective July 1, 2029.
(b) The proceeds of the sale of said bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by the Department of Housing, for the purposes of the Crumbling Foundations Assistance Fund.
(c) All provisions of section 3-20, or the exercise of any right or power granted thereby, which are not inconsistent with the provisions of this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to 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. None of said bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization which is signed by or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission, in its discretion, may require. Said bonds issued pursuant to 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 State Treasurer shall pay such principal and interest as the same become due.
(June Sp. Sess. P.A. 17-2, S. 553; P.A. 21-111, S. 95; P.A. 25-174, S. 73.)
History: June Sp. Sess. P.A. 17-2 effective October 31, 2017; P.A. 21-111 amended Subsec. (a) to increase aggregate authorization from $100,000,000 to $200,000,000, of which $25,000,000 is effective July 1, 2022, $25,000,000 is effective July 1, 2023, $25,000,000 is effective July 1, 2024, and $25,000,000 is effective July 1, 2025, effective July 1, 2021; P.A. 25-174 amended Subsec. (a) to increase aggregate authorization from $200,000,000 to $300,000,000, delete former Subdivs. (1) to (8) re previously authorized funds, redesignate existing Subdiv. (9) as Subdiv. (1) and add new Subdivs. (2) to (5) re authorized funds effective July 1, 2026, July 1, 2027, July 1, 2028, and July 1, 2029, effective July 1, 2025.
| (Return to Chapter Table of Contents) |
(Return to List of Chapters) |
(Return to List of Titles) |