The proposed legislation, General Assembly Raised Bill No. 241, aims to authorize the issuance of state bonds not exceeding five million dollars to support the Waterbury Land Bank Authority. The funds generated from these bonds will be allocated to the Department of Economic and Community Development for grants that will facilitate the acquisition, maintenance, remediation, or development of real property, as well as related projects within the city of Waterbury. The bill stipulates that the bonds will be general obligations of the state, backed by its full faith and credit, ensuring that the necessary appropriations for principal and interest payments are made.

The bill includes new legal language that establishes the framework for the bond issuance, including provisions for temporary notes and the maturity of the bonds, which cannot exceed twenty years. It also requires a request for authorization to be filed with the State Bond Commission, signed by the Secretary of the Office of Policy and Management, detailing the terms and conditions as deemed necessary by the commission. The act is set to take effect on July 1, 2026, and is intended to enhance the capacity of the Waterbury Land Bank Authority in managing real estate projects in the area.