Sec. 32-204. Purposes and powers of the authority. The general purpose of the
authority shall be to stimulate new spending in Connecticut and to encourage the diversification of the state economy through the construction, operation, maintenance and marketing of a conference or exhibition facility that will create new jobs, add to the benefits
of the hospitality industry, broaden the base of the tourism effort and stimulate substantial surrounding economic development and corresponding increased tax revenues to
the state. The primary purpose of the authority shall be to attract and service large
conventions, tradeshows, exhibitions and conferences, preferably those whose attendees
are predominantly from out-of-state; the secondary purpose of the authority, at times
when its primary purpose cannot be fulfilled, shall be to attract and service local consumer shows, exhibitions and events which generate less new spending in Connecticut.
For these purposes, the authority shall have the following powers: (1) To have perpetual
succession as a body corporate and to adopt procedures for the regulation of its affairs
and the conduct of its business as provided in subsection (f) of section 32-203; to adopt
a corporate seal and alter the same at its pleasure; and to maintain an office at such place
or places within the state as it may designate; (2) to sue and be sued; to contract and
be contracted with, provided, if management, operating, or promotional contracts or
agreements or other contracts or agreements are entered into with nongovernmental
parties with respect to property financed with the proceeds of obligations the interest
on which is excluded from gross income for federal income taxation, the board of directors will ensure that such contracts or agreements are in compliance with the covenants
of the authority upon which such tax exclusion is conditioned; (3) to acquire, by gift,
purchase, condemnation or transfer, lands or rights-in-land in connection therewith and
to sell, lease as lessee or as lessor, provided such activity is consistent with all applicable
federal tax covenants of the authority, transfer or dispose of any property or interest
therein acquired by it, at any time; and to receive and accept aid or contributions, from
any source, of money, labor, property or other things of value, to be held, used and
applied to carry out the purposes of sections 32-200 to 32-212, inclusive, subject to the
conditions upon which such grants and contributions are made, including, but not limited
to, gifts or grants from any department, agency or instrumentality of the United States
or this state for any purpose consistent with said sections; (4) to formulate plans for,
acquire, finance and develop, lease, purchase, construct, reconstruct, repair, improve,
expand, extend, operate, maintain and market the project, provided such activities are
consistent with all applicable federal tax covenants of the authority; (5) to fix and revise
from time to time and to charge and collect fees, rents and other charges for the use,
occupancy or operation of the project, and to establish and revise from time to time,
regulations in respect of the use, operation and occupancy of any such project, provided
such regulations are consistent with all applicable federal tax covenants of the authority;
(6) to employ such assistants, agents and other employees as may be necessary or desirable to carry out its purposes and to fix their compensation; to establish and modify
personnel procedures as may be necessary from time to time and to negotiate and enter
into collective bargaining agreements with labor unions; (7) to engage architects, engineers, attorneys, accountants, consultants and such other independent professionals as
may be necessary or desirable to carry out its purposes; to contract for construction,
development, concessions and the procurement of goods and services and to establish
and modify procurement procedures from time to time to implement the foregoing in
accordance with the provisions of subsection (b) of this section; (8) to adopt procedures
with respect to contractors and subcontractors engaged in the construction of the project
which require such contractors or subcontractors (A) to take affirmative action to provide
equal opportunity for employment without discrimination as to race, creed, color, national origin, ancestry, sex, marital status, age, lawful source of income, mental retardation, mental disability or physical disability, including, but not limited to, blindness or
deafness and (B) to ensure that the wages paid on an hourly basis to any mechanic,
laborer or workman employed by such contractor or subcontractor with respect to the
project shall be at a rate equal to the rate customary or prevailing for the same work in
the same trade or occupation in the town and city of Stamford; (9) to engage in and
contract for marketing and promotional activities to attract national, regional and local
conventions, trade shows, exhibitions, banquets and other events in order to maximize
the use of the project and to carry out the purposes of sections 32-200 to 32-212, inclusive; (10) to acquire, lease, hold and dispose of personal property for the purposes set
forth in sections 32-200 to 32-212, inclusive; (11) to procure insurance against any
liability or loss in connection with its property and other assets, in such amounts and
from such insurers as it deems desirable and to procure insurance for employees; (12)
to borrow money and to issue bonds, notes and other obligations of the authority to the
extent permitted under sections 32-200 to 32-212, inclusive, to fund and refund the same
and to provide for the rights of the holders thereof and to secure the same by pledge of
assets, revenues, notes and state contract assistance as provided in said sections and
such state taxes as the authority shall be entitled to receive pursuant to the provisions
of said sections; (13) to invest any funds not needed for immediate use or disbursement
in obligations issued or guaranteed by the United States of America or the state of
Connecticut and in other obligations which are legal investments for savings banks in this
state and in time deposits or certificates of deposit or other similar banking arrangements
secured in such manner as the authority determines; (14) to do anything necessary and
desirable, including executing reimbursement agreements or similar agreements in connection with credit facilities, including, but not limited to, letters of credit or policies of
bond insurance, remarketing agreements and agreements for the purpose of moderating
interest rate fluctuations, to render any bonds to be issued pursuant to sections 32-200
to 32-212, inclusive, more marketable; (15) to do all acts and things necessary or convenient to carry out the purposes of sections 32-200 to 32-212, inclusive, and the powers
expressly granted by said sections.
(P.A. 90-320, S. 5, 14.)
Sec. 32-205. Adoption of written procedures. (a) The board of directors of the
authority shall adopt written procedures in accordance with subsections (b) and (c) of
this section for: (1) Adopting an annual budget and plan of operations which shall include
a requirement of board approval before the budget or plan may take effect; (2) hiring,
dismissing, promoting and compensating employees of the authority which shall include
an affirmative action policy and a requirement of board approval before a position may
be created or a vacancy filled; (3) acquiring real and personal property and personal
services which shall include a requirement of board approval for any nonbudgeted expenditure in excess of five thousand dollars; (4) contracting for financial, legal, bond
underwriting and other professional services which shall include a requirement that the
authority solicit proposals at least once every three years for each such service which
it uses; (5) issuing and retiring bonds, notes and other obligations of the authority; (6)
awarding loans, grants and other financial assistance which shall include eligibility
criteria, the application process and the role played by the authority's staff and board
of directors; and (7) the use of surplus funds.
(b) Before adopting a proposed procedure, the authority shall give at least thirty
days' notice by publication in the Connecticut Law Journal and a newspaper having a
general circulation in the town and city of Stamford of its intended action. The notice
shall include (1) either a statement of the terms or of the substance of the proposed
procedure or a description sufficiently detailed so as to apprise persons likely to be
affected of the issues and subjects involved in the proposed procedure, (2) a statement
of the purposes for which the procedure is proposed and (3) when, where and how
interested persons may present their views on the proposed procedure. The authority
may only adopt a proposed procedure by a two-thirds vote of the full membership of
its board of directors.
(c) If the authority finds that an imminent peril to the public health, safety or welfare
requires adoption of a proposed procedure upon fewer than thirty days' notice, states
in writing its reasons for such finding and the authority's board of directors, by a three-fourths vote of the statutory membership, approves the finding in writing, the authority
may proceed without prior notice or hearing or upon any abbreviated notice and hearing
that it finds practicable, to adopt an emergency proposed procedure not later than ten
days, excluding Saturdays, Sundays and holidays, prior to the proposed effective date
of the proposed procedure. An approved emergency procedure may be effective for a
period of not more than one hundred twenty days and renewable once for a period of
not more than sixty days. If the necessary steps to adopt a permanent procedure, including
publication of notice of intent to adopt, are not completed prior to the expiration date
of an emergency procedure, the emergency procedure shall cease to be effective on
that date.
(P.A. 90-320, S. 6, 14.)
Sec. 32-206. Bonds, notes and other obligations. (a) The board of directors of
the authority is authorized from time to time to issue its bonds, notes and other obligations
in such principal amounts as in the opinion of the board shall be necessary to provide
sufficient funds for carrying out the purposes set forth in sections 32-200 to 32-212,
inclusive, including the payment, funding or refunding of the principal of, or interest
or redemption premiums on, any bonds, notes and other obligations issued by it whether
the bonds, notes or other obligations or interest to be funded or refunded have or have
not become due, the establishment of reserves to secure such bonds, notes and other
obligations and all other expenditures of the authority incident to and necessary or convenient to carry out the purposes set forth in sections 32-200 to 32-212, inclusive.
(b) Except as may be otherwise expressly provided in sections 32-200 to 32-212,
inclusive, or by the board, every issue of bonds, notes or other obligations shall be a
general obligation of the authority payable out of any moneys or revenues of the authority
subject only to any agreements with the holders of particular bonds, notes or other
obligations pledging any particular moneys or revenues. Any such bonds, notes or other
obligations may be additionally secured by a pledge of any state contract assistance as
provided in sections 32-200 to 32-212, inclusive, and such state taxes as the authority
shall be entitled to receive pursuant to the provisions of said sections, any grant or
contributions from any department, agency or instrumentality of the United States or
person or a pledge of any moneys, income or revenues of the authority from any source
whatsoever.
(c) Any provision of any law to the contrary notwithstanding, any bonds, notes or
other obligations issued by the authority pursuant to sections 32-200 to 32-212, inclusive, shall be fully negotiable within the meaning and for all purposes of title 42a. Any
such bonds, notes or other obligations shall be legal investments for all trust companies,
banks, investment companies, savings banks, building and loan associations, executors,
administrators, guardians, conservators, trustees and other fiduciaries and pension,
profit-sharing and retirement funds.
(d) Bonds, notes or other obligations of the authority shall be authorized by resolution of the board of directors of the authority and may be issued in one or more series
and shall bear such date or dates, mature at such time or times, in the case of any such
note, or any renewal thereof, not exceeding the term of years as the board shall determine
from the date of the original issue of such notes, and, in the case of bonds, not exceeding
thirty years from the date thereof, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner,
be payable from such sources in such medium of payment at such place or places within
or without this state, and be subject to such terms of redemption, with or without premium, as such resolution or resolutions may provide.
(e) Bonds, notes or other obligations of the authority may be sold at public or private
sale at such price or prices as the board shall determine.
(f) Bonds, notes or other obligations of the authority may be refunded and renewed
from time to time as may be determined by resolution of the board, provided any such
refunding or renewal shall be in conformity with any rights of the holders thereof.
(g) Bonds, notes or other obligations of the authority issued under the provisions
of sections 32-200 to 32-212, inclusive, shall not be deemed to constitute a debt or
liability of the state or of any political subdivision thereof other than the authority or a
pledge of the faith and credit of the state or of any such political subdivision other than
the authority, and shall not constitute bonds or notes issued or guaranteed by the state
within the meaning of section 3-21, but shall be payable solely from the funds herein
provided therefor. All such bonds, notes or other obligations shall contain on the face
thereof a statement to the effect that neither the state of Connecticut nor any political
subdivision thereof other than the authority shall be obligated to pay the same or the
interest thereof except from revenues or other funds of the authority and that neither the
faith and credit nor the taxing power of the state of Connecticut or of any political
subdivision thereof other than the authority is pledged to the payment of the principal
of or the interest on such bonds, notes or other obligations.
(h) Any resolution or resolutions authorizing the issuance of bonds, notes or other
obligations may contain provisions, except as expressly limited in sections 32-200 to
32-212, inclusive, and except as otherwise limited by existing agreements with the holders of bonds, notes or other obligations, which shall be a part of the contract with the
holders thereof, as to the following: (1) The pledging of all or any part of the moneys
received by the authority to secure the payment of the principal of and interest on any
bonds, notes or other obligations or of any issue thereof; (2) the pledging of all or part
of the assets of the authority to secure the payment of the principal and interest on any
bonds, notes or other obligations or of any issue thereof; (3) the establishment of reserves
or sinking funds, the making of charges and fees to provide for the same, and the regulation and disposition thereof; (4) limitations on the purpose to which the proceeds of sale
of bonds, notes or other obligations may be applied and pledging such proceeds to
secure the payment of the bonds, notes or other obligations, or of any issues thereof;
(5) limitations on the issuance of additional bonds, notes or other obligations; the terms
upon which additional bonds, bond anticipation notes or other obligations may be issued
and secured; the refunding or purchase of outstanding bonds, notes or other obligations
of the authority; (6) the procedure, if any, by which the terms of any contract with the
holders of any bonds, notes or other obligations of the authority may be amended or
abrogated, the amount of bonds, notes or other obligations the holders of which must
consent thereto, and the manner in which such consent may be given; (7) limitations on
the amount of moneys to be expended by the authority for operating, administrative or
other expenses of the authority; (8) the vesting in a trustee or trustees of such property,
rights, powers and duties in trust as the authority may determine, which may include
any or all of the rights, powers and duties of any trustee appointed by the holders of any
bonds, notes or other obligations and limiting or abrogating the right of the holders of
any bonds, notes or other obligations of the authority to appoint a trustee under sections
32-200 to 32-212, inclusive, or limiting the rights, powers and duties of such trustee;
(9) provision for a trust agreement by and between the authority and a corporate trustee
which may be any trust company or bank having the powers of a trust company within
or without the state, which agreement may provide for the pledging or assigning of any
assets or income from assets to which or in which the authority has any rights or interest,
and may further provide for such other rights and remedies exercisable by the trustee
as may be proper for the protection of the holders of any bonds, notes or other obligations
of the authority and not otherwise in violation of law. Such agreement may provide for
the restriction of the rights of any individual holder of bonds, notes or other obligations
of the authority. All expenses incurred in carrying out the provisions of such trust
agreement may be treated as a part of the cost of operation of the authority. The trust
agreement may contain any further provisions which are reasonable to delineate further
the respective rights, duties, safeguards, responsibilities and liabilities of the authority;
individual and collective holders of bonds, notes and other obligations of the authority
and the trustees; (10) covenants to do or refrain from doing such acts and things as may
be necessary or convenient or desirable in order to better secure any bonds, notes or
other obligations of the authority, or which, in the discretion of the authority, will tend
to make any bonds, notes or other obligations to be issued more marketable notwithstanding that such covenants, acts or things may not be enumerated herein; (11) any
other matters of like or different character, which in any way affect the security or
protection of the bonds, notes or other obligations.
(i) Any pledge made by the authority of income, revenues, state contract assistance
as herein provided and such state taxes as the authority shall be entitled to receive
pursuant to the provisions hereof, or other property shall be valid and binding from the
time the pledge is made. The income, revenue, state contract assistance as provided in
sections 32-200 to 32-212, inclusive, and such state taxes as the authority shall be entitled
to receive pursuant to the provisions of said sections, or other property so pledged and
thereafter received by the authority shall immediately be subject to the lien of such
pledge without any physical delivery thereof or further act, and the lien of any such
pledge shall be valid and binding as against all parties having claims of any kind in tort,
contract or otherwise against the authority, irrespective of whether such parties have
notice thereof.
(j) The board of directors of the authority is authorized and empowered to obtain
from any department, agency or instrumentality of the United States any insurance or
guarantee as to, or of or for the payment or repayment of, interest or principal, or both,
or any part thereof, on any bonds, notes or other obligations issued by the authority
pursuant to the provisions of sections 32-200 to 32-212, inclusive, and, notwithstanding
any other provisions of said sections, to enter into any agreement, contract or any other
instrument whatsoever with respect to any such insurance or guarantee except to the
extent that such action would in any way impair or interfere with the authority's ability
to perform and fulfill the terms of any agreement made with the holders of the bonds,
bond anticipation notes or other obligations of the authority.
(k) Neither the members of the board of directors of the authority nor any person
executing bonds, notes or other obligations of the authority issued pursuant to sections
32-200 to 32-212, inclusive, shall be liable personally on such bonds, notes or other
obligations or be subject to any personal liability or accountability by reason of the
issuance thereof, nor shall any director or employee of the authority be personally liable
for damage or injury, not wanton, reckless, wilful or malicious, caused in the performance of his duties and within the scope of his employment or appointment as such
director, officer or employee. The authority shall protect, save harmless and indemnify
its directors, officers or employees from financial loss and expense, including legal fees
and costs, if any, arising out of any claim, demand, suit or judgment by reason of alleged
negligence or alleged deprivation of any person's civil rights or any other act or omission
resulting in damage or injury, if the director, officer or employee is found to have been
acting in the discharge of his duties or within the scope of his employment and such act
or omission is found not to have been wanton, reckless, willful or malicious.
(l) The board of directors of the authority shall have power to purchase bonds, notes
or other obligations of the authority out of any funds available therefor. The authority
may hold, cancel or resell such bonds, notes or other obligations subject to and in accordance with agreements with holders of its bonds, notes and other obligations.
(m) All moneys received pursuant to the authority of sections 32-200 to 32-212,
inclusive, whether as proceeds from the sale of bonds or as revenues, shall be deemed
to be trust funds to be held and applied solely as provided in said sections. Any officer
with whom, or any bank or trust company with which, such moneys shall be deposited
shall act as trustee of such moneys and shall hold and apply the same for the purposes
of said sections, subject to such regulations as said sections and the resolution authorizing the bonds of any issue or the trust agreement securing such bonds may provide.
(n) Any holder of bonds, notes or other obligations issued under the provisions of
sections 32-200 to 32-212, inclusive, and the trustee or trustees under any trust
agreement, except to the extent the rights herein given may be restricted by any resolution
authorizing the issuance of, or any such trust agreement securing, such bonds, may,
either at law or in equity, by suit, action, mandamus or other proceedings, protect and
enforce any and all rights under the laws of the state or granted hereunder or under such
resolution or trust agreement, and may enforce and compel the performance of all duties
required by sections 32-200 to 32-212, inclusive, or by such resolution or trust agreement
to be performed by the authority or by any officer, employee or agent thereof, including
the fixing, charging and collecting of the rates, rents, fees and charges herein authorized
and required by the provisions of such resolution or trust agreement to be fixed, established and collected.
(o) The authority may make representations and agreements for the benefit of the
holders of any bonds, notes or other obligations of the state which are necessary or
appropriate to ensure the exclusion from gross income for federal income tax purposes
of interest on bonds, notes or other obligations of the state from taxation under the
Internal Revenue Code of 1986 or any subsequent corresponding internal revenue code
of the United States, as from time to time amended, including agreement to pay rebates
to the federal government of investment earnings derived from the investment of the
proceeds of the bonds, notes or other obligations of the authority. Any such agreement
may include: (1) A covenant to pay rebates to the federal government of investment
earnings derived from the investment of the proceeds of the bonds, notes or other obligations of the authority, (2) a covenant that the authority will not limit or alter its rebate
obligations until its obligations to the holders or owners of such bonds, notes or other
obligations are finally met and discharged, and (3) provisions to (A) establish trust
and other accounts which may be appropriate to carry out such representations and
agreements, (B) retain fiscal agents as depositories for such fund and accounts and (C)
provide that such fiscal agents may act as trustee of such funds and accounts.
(p) No bonds, notes or other obligations shall be issued by the authority unless such
bonds, notes or other obligations have been approved for issuance by the State Bond
Commission following (1) a finding that such issuance is in the public interest, (2) a
filing with the clerks of the General Assembly of a certificate of the Secretary of the
Office of Policy and Management and the State Treasurer pursuant to subsection (a) of
section 32-207 and (3) approval of such certificate by resolution of the General Assembly
pursuant to said subsection (a) of section 32-207.
(P.A. 90-320, S. 7, 14; May Sp. Sess. P.A. 04-2, S. 56.)
History: May Sp. Sess. P.A. 04-2 amended Subsec. (i) to delete provision making a pledge under section subject to the
Uniform Commercial Code, effective May 12, 2004, and applicable to any pledge, lien or security interest of this state or
any political subdivision of this state, which pledge, lien or interest was in existence on October 1, 2003, or created after
October 1, 2003.
Sec. 32-207. State contract assistance. (a) The state, acting by and through the
Secretary of the Office of Policy and Management and the State Treasurer, shall enter
into a contract with the authority providing that the state shall pay contract assistance
to the authority pursuant to the provisions of this section. Such contract assistance is
limited to an amount equal to the annual debt service on the outstanding amount of
bonds to be issued to finance the costs of the Stamford conference or exhibition facility
pursuant to sections 32-200 to 32-212, inclusive. The contract entered into pursuant to
this section shall include such provisions as the Secretary of the Office of Policy and
Management and the State Treasurer deem necessary to assure the efficient construction
and operation of such project and find are in the best interests of the state. No such
contract shall be entered into by the secretary and the State Treasurer unless the board
of directors of the authority files therewith a certificate setting forth its findings and
determinations to the effect that the incremental tax revenues under the authority of law
existing at the time such certificate is filed to be derived as a result of the construction
and operation of the project and visitor spending with respect thereto are reasonably
expected to be at least sufficient to offset, over the term that the bonds are scheduled to
be outstanding, the amount of debt service expected to be paid on authority bonds to be
secured by such state assistance contract. In the event the secretary and the State Treasurer concur with the findings of the board, a certificate evidencing such a concurrence
shall be filed by such secretary and Treasurer with the clerks of the Senate and the House
of Representatives. The General Assembly may approve the finding contained in such
certificate by the adoption of a resolution approving such certificate. The adoption of
such resolution shall be a condition precedent to any approval by the State Bond Commission as provided in sections 32-200 to 32-212, inclusive. In making such findings
and determinations and executing such approval, the board, the secretary, the State
Treasurer and the General Assembly shall each be entitled to rely upon such reports and
estimates of experts, as appropriate, for the proper evaluation of feasibility of the project,
including, without limitation, estimates relating to the incremental tax revenues resulting
from a reasonable number of conventions and trade shows annually, annual event attendance, reasonable expectation as to the additional development in the area of the conference or exhibition facility expenditures of attendees at conventions and such additional
expenditures as a result of construction, tourism and other travel, entertainment and
retail sales as may result from the location of a major and modern conference or exhibition facility in the city of Stamford.
(b) As part of the aforesaid contract with the authority, or as a supplemental contract
thereto, the state, acting by and through the Secretary of the Office of Policy and Management and the State Treasurer, may provide for contract assistance for the funding of the
completion, improvement or expansion of the project approved under subsection (a) of
this section on the same terms and subject to the same conditions and findings set forth
in said subsection (a).
(c) Whenever the board of directors of the authority has adopted a resolution authorizing the issuance of notes in anticipation of the issuance of bonds to pay preliminary
planning and design costs necessary or incident to the construction, completion, improvement or expansion of the project, including, but not limited to, the costs of completing site acquisition, feasibility studies, financial reports, architectural, engineering and
legal fees and economic analyses, the state, acting by and through the Secretary of the
Office of Policy and Management, the State Treasurer and the State Bond Commission
may enter into a contract with the authority providing that the state shall pay contract
assistance to the authority pursuant to this subsection. Such contract assistance is limited
to an amount equal to the annual debt service on the outstanding amount of notes to be
issued to finance such preliminary costs not to exceed, at any one time outstanding,
twenty-five million dollars. The contract entered into pursuant to this subsection may
include such provisions as the Secretary of the Office of Policy and Management, the
State Treasurer and the State Bond Commission deem necessary to assure the proper
development and planning of the project.
(d) Any bonds issued under the provisions of subsections (a) and (b) of this section
and at any time outstanding may at any time or from time to time be refunded by the
board of directors of the authority by the issuance of its refunding bonds in such amounts
as the authority may deem necessary or appropriate and with the consent of the Secretary
of the Office of Policy and Management and the State Treasurer upon a finding that it
is in the best interest of the state, but not exceeding an amount sufficient to refund the
principal amount of the bonds to be so refunded, any unpaid interest thereon and any
premiums, commissions and costs of issuance necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have
matured or shall thereafter mature. The state, acting by and through the Secretary of the
Office of Policy and Management, the State Treasurer and the State Bond Commission,
may execute a contract for contract assistance for the payment of annual debt service
on such refunding bonds.
(e) Any such contract may also provide that such contract assistance shall be paid by
the state directly to the trustee or paying agent for any bonds, notes or other obligations, as
applicable, with respect to which the contract assistance is provided. Any provision of
such a contract entered into providing for payments equal to annual debt service shall
constitute a full faith and credit obligation of the state and as part of the contract of the
state with the holders of any bonds or notes, as applicable, appropriation of all amounts
necessary to meet punctually the terms of such provision is hereby made and the State
Treasurer shall pay such amount as the same become due. The board of directors of the
authority may pledge such contract assistance of the state as security for the payment
of such bonds, notes or other obligations issued by the authority.
(P.A. 90-320, S. 8, 14.)
Sec. 32-208. Exemption from state and local taxes. The exercise of the powers
granted by sections 32-200 to 32-212, inclusive, constitute the performance of an essential governmental function and the authority shall not be required to pay any taxes or
assessments upon or in respect of the project, levied by any municipality or political
subdivision or special district having taxing powers of the state and the project and the
principal and interest of any bonds and notes issued under the provisions of sections
32-200 to 32-212, inclusive, their transfer and the income therefrom, including revenues
derived from the sale thereof, shall at all times be free from taxation of every kind by
the state of Connecticut or under its authority, except for estate or succession taxes.
(P.A. 90-320, S. 9, 14.)
Sec. 32-209. State pledge to bondholders and contractors. The state of Connecticut does hereby pledge to and agree with the holders of any bonds, notes and other
obligations issued under sections 32-200 to 32-212, inclusive, and with those parties
who may enter into contracts with the authority or its successor agency pursuant to the
provisions of said sections that the state will not limit or alter the rights hereby vested
in the authority or in the holders of any bonds, notes or other obligations of the authority
to which contract assistance is pledged pursuant to section 32-207 until such obligations,
together with the interest thereon, are fully met and discharged and such contracts are
fully performed on the part of the authority, provided nothing contained herein shall
preclude such limitation or alteration if and when adequate provision shall be made by
law for the protection of the holders of such bonds, notes and other obligations of the
authority or those entering into contracts with the authority. The authority is authorized
to include this pledge and undertaking for the state in such bonds, notes and other obligations or contracts.
(P.A. 90-320, S. 10, 14.)
Sec. 32-210. Annual report. Audits. (a) Within the first ninety days of each fiscal
year of the authority, the board of directors of the authority shall submit a report to the
Governor, the Auditors of Public Accounts and the joint standing committee of the
General Assembly having cognizance of matters relating to capital bonding. Such report
shall include, but not be limited to, the following: (1) A list of all bonds issued during
the preceding fiscal year, including, for each such issue, the financial advisor and underwriters, whether the issue was competitive, negotiated or privately placed, and the issue's
face value and net proceeds; (2) a description of the project, its location, and the amount
of funds, if any, provided by the authority with respect to the construction of the project;
(3) a list of all outside individuals and firms receiving in excess of five thousand dollars in
the form of loans, grants or payments for services; (4) a comprehensive annual financial
report prepared in accordance with generally accepted accounting procedures for governmental enterprises; (5) the cumulative value of all bonds issued, the value of outstanding bonds, and the amount of the state's contingent liability; (6) the affirmative action
policy statement, a description of the composition of the work force of the authority by
race, sex and occupation and a description of the affirmative action efforts of the authority; (7) a description of planned activities for the current fiscal year; and (8) an analysis
of the authority's success in achieving the purposes stated in section 32-204.
(b) The board of directors of the authority shall annually contract with a person, firm
or corporation for a compliance audit of the authority's activities during the preceding
authority fiscal year. The audit shall determine whether the authority has complied with
its regulations concerning affirmative action, personnel practices, the purchase of goods
and services and the use of surplus funds. The board shall submit the audit report to the
Governor, the Auditors of Pubic Accounts and the joint standing committee of the General Assembly having cognizance of matters relating to the authority.
(c) The board of directors of the authority shall annually contract with a firm of
certified public accountants to undertake an independent financial audit of the authority
in accordance with generally accepted auditing procedures. The board shall submit the
audit report to the Governor, the Auditors of Public Accounts and the joint standing
committee of the General Assembly having cognizance of matters relating to the authority. The books and accounts of the authority shall be subject to annual audits by the state
Auditors of Public Accounts.
(P.A. 90-320, S. 11, 14.)