The bill, Substitute House Bill No. 6597, authorizes the State Bond Commission to issue bonds of the state for the Brownfield Remediation and Revitalization program. The total principal amount of the bonds authorized shall not exceed seventy million dollars, with thirty-five million dollars of this authorization becoming effective on July 1, 2024. The proceeds from the sale of these bonds will be used by the Department of Economic and Community Development for the purpose of the Brownfield Remediation and Revitalization program. The bill specifies that the bonds will be general obligations of the state, with the full faith and credit of the state of Connecticut pledged for the payment of the principal and interest on the bonds. An appropriation of all amounts necessary for the punctual payment of the principal and interest is made, and the State Treasurer is responsible for making these payments as they become due.

The fiscal impact of the bill indicates that the General Fund will incur costs, with total debt service expected to be approximately $108.6 million over the 20-year duration of the bonds. The bill does not have a municipal impact. The Office of Legislative Research does not analyze Special Acts, but the Commerce Committee has reported favorably on the bill. The act is set to take effect on July 1, 2023, and will create a new section in the law.