The bill sSB10 File No. 590 is a comprehensive legislative proposal that authorizes the issuance of state bonds totaling $55,000,000 for various projects and initiatives, effective July 1, 2024. The funds are allocated for transit-oriented development, the America 250 semiquincentennial initiative, cultural and historic sites, homelessness assistance, and aging in place initiatives. The bill also includes amendments to existing statutes, with insertions and deletions that adjust the authorized principal amounts for bond issuance, including an increase from $1.16 billion to $1.175 billion, effective on July 1, 2024. It mandates repayment to the state if grant-in-aid is not used for the intended purpose within ten years and requires contracts for grants-in-aid to include a lien on the land in favor of the state.

Furthermore, the bill proposes significant increases in funding for the UConn 2000 infrastructure projects, extending the borrowing period and increasing the aggregate principal amount for borrowing. It provides detailed cost estimates for various projects, including academic and research facilities, residential life facilities, and infrastructure improvements. The bill also outlines financial allocations for university programs and building renovations, with amendments to the general statutes related to the issuance of special tax obligation bonds for transportation improvements and grants for commercial rail freight lines. It establishes a new Legacy Investment Fund Board to review projects for economic or community development and authorizes the State Bond Commission to issue bonds up to $750 million over five fiscal years for approved projects. The bill includes provisions for the renovation and restoration of the State Capitol and Legislative Office Building and requires the Department of Housing to submit quarterly reports on the use of bond funds. It anticipates a municipal revenue gain and includes provisions for bond authorizations after FY 25 for various programs, with most provisions effective July 1, 2024.