Senate Bill No. 264, Public Act No. 24-62, is a comprehensive piece of legislation that amends various financial and operational aspects of the Connecticut Municipal Redevelopment Authority (CMRA). The bill removes the provision that CMRA's bonds are not considered a debt of the state or any political subdivision, and it repeals state indemnification for CMRA's directors, officers, and employees. It also repeals and replaces sections concerning the personal liability of the authority's board members and employees, the authority's ability to purchase its own bonds, the treatment of money received as trust funds, the rights of bondholders, and the authority's ability to make agreements ensuring federal tax-exempt status for its bonds. The bill introduces new provisions for the establishment and management of special capital reserve funds by the CMRA, with a cap of $50 million in aggregate for bonds secured by these funds. It outlines the use of these funds for bond-related payments and requires annual deposits to meet the required minimum capital reserve, with the General Fund appropriated to restore the balance if it falls below the required minimum.

The bill also mandates that any person incurring a financial obligation of the state exceeding one million dollars or encumbering state property material to operations must notify and submit documents to the Treasurer. It removes the option to invest in participation certificates or securities of the Tax-Exempt Proceeds Fund for various state funds, while maintaining other investment options. Administrative changes include the removal of the State Treasurer from a committee related to regional school districts and adjustments to the Department of Administrative Services' calculations for school building projects. The bill requires towns or regional school districts to refund the unamortized balance of the state grant if a school building project's use is redirected away from public school use within the amortization period, with potential forgiveness for public use redirection. Independent institutions of higher education must report private use of state-granted school buildings, potentially leading to refunding the unamortized state grant balance. The bill also updates terms to reflect organizational changes and repeals sections 3-24a to 3-24h of the general statutes, effective July 1, 2024. The bill was approved on June 4, 2024.

Statutes affected:
Raised Bill: 8-169qq, 3-37, 10-63b
GAE Joint Favorable: 8-169qq, 3-37, 10-63b
File No. 386: 8-169qq, 3-37, 10-63b
FIN Joint Favorable: 8-169qq, 3-37, 10-63b
Public Act No. 24-62: 8-169qq, 3-37, 10-63b