The proposed legislation, General Assembly Raised Bill No. 388, aims to amend Section 3-55i of the general statutes concerning the Mashantucket Pequot and Mohegan Fund. The bill establishes a separate nonlapsing fund that will receive all funds from the Mashantucket Pequot Tribe as per a joint memorandum of understanding from 1993. It specifies that for the fiscal years ending June 30, 2026, and each year thereafter, a fixed amount of $152,378,676 will be transferred from the General Fund to the Mashantucket Pequot and Mohegan Fund. This amount is intended to support grants to towns, with the Office of Policy and Management responsible for distributing these funds according to existing provisions.

Additionally, the bill includes a provision that the transfers from the General Fund to the Mashantucket Pequot and Mohegan Fund cannot be reduced unless the Governor certifies an emergency to the General Assembly. The legislation also modifies the timeline for grant payments to municipalities, ensuring they are paid in three installments throughout the fiscal year. The overall intent of the bill is to restore the original purpose of the Mashantucket Pequot and Mohegan Fund, which is to provide funding to all towns.

Statutes affected:
Raised Bill: 3-55i