General Assembly Raised Bill No. 876
January Session, 2021 LCO No. 2753
Referred to Committee on HOUSING
Introduced by:
(HSG)
AN ACT CONCERNING BONDS OF BOARD MEMBERS AND OTHER
EMPLOYEES OF THE CONNECTICUT HOUSING FINANCE
AUTHORITY.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
1 Section 1. Section 8-247 of the general statutes is repealed and the
2 following is substituted in lieu thereof (Effective July 1, 2021):
3 Each member of the board of directors of the authority shall execute
4 a surety bond in the penal sum of fifty thousand dollars and the
5 executive director shall execute a surety bond in the penal sum of one
6 hundred thousand dollars, or, in lieu thereof, the [chairman]
7 chairperson of the board shall execute a blanket position bond or
8 procure an equivalent insurance product covering each board member,
9 the executive director and the employees of the authority. [, each] Each
10 surety bond [to be] or equivalent insurance product shall be conditioned
11 upon the faithful performance of the duties of the office or offices
12 covered, to be executed by a surety company or issued by an insurance
13 company authorized to transact business in this state as surety or for an
14 equivalent insurance product and [to be approved by the Attorney
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Raised Bill No. 876
15 General and] shall be filed in the office of the Secretary of the State. The
16 cost of each such bond or insurance product shall be paid by the
17 authority.
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2021 8-247
Statement of Purpose:
To permit the board members and other employees of the Connecticut
Housing Finance Authority to obtain an equivalent insurance product
in lieu of a surety bond.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
underlined.]
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Statutes affected:
Raised Bill: 8-247