Substitute Senate Bill No. 858 establishes the "Mashantucket Pequot and Mohegan Fund" as a separate nonlapsing fund, which will receive contributions from the Mashantucket Pequot Tribe according to a joint memorandum of understanding. The bill repeals the existing Section 3-55i and introduces new provisions that ensure current funding levels for the fund through fiscal year 2026, while increasing the total grant amount to approximately $139.38 million starting in fiscal year 2028. It also includes a stipulation that the grant amount cannot be reduced unless an emergency is certified by the Governor and approved by a two-thirds vote of the General Assembly.

Additionally, the bill modifies Section 3-55j by repealing subsection (i) and inserting new provisions that specify grant amounts for municipalities, particularly Ledyard and Montville, which could receive up to $600,000 each if the state revokes taxation on non-Indian property on reservation land. The distribution process for these grants is outlined, ensuring municipalities receive payments in three installments throughout the fiscal year. The bill aims to enhance funding stability for the Mashantucket Pequot and Mohegan Fund while providing additional financial support to specific municipalities under certain conditions. The legislative committee has reviewed and favorably recommended the bill, which reflects revisions from its original form.

Statutes affected:
Committee Bill: 3-55i, 3-55j
APP Joint Favorable Substitute: 3-55i, 3-55j
File No. 894: 3-55i, 3-55j