State Codes and Statutes

Statutes > Connecticut > Title32 > Chap579 > Sec32-23g

      Sec. 32-23g. Disposition of authority funds. (a) Except as provided in subsection (b) of this section, all moneys of the authority, from whatever source derived, shall be paid to the Treasurer of the state as agent of the authority, who shall not commingle such moneys with any other moneys. Such moneys shall be deposited in a separate bank account or accounts. The moneys in such accounts shall be paid by checks signed by the Treasurer of the state or the Treasurer's deputy appointed pursuant to section 3-12, on requisition of the commissioner or of such other officer or employee or officers or employees of the authority as the authority shall authorize to make such requisition. Notwithstanding the foregoing, the authority shall have power, subject to the approval of the Treasurer of the state or the Treasurer's deputy appointed pursuant to section 3-12, to contract with the holders of any of its bonds or notes, as to the custody, collection, securing, investment and payment of any moneys of the authority, or of any moneys held in trust or otherwise for the payment of bonds or notes, and to carry out such contracts. All moneys received pursuant to the authority of the authority legislation, as defined in subsection (hh) of section 32-23d, whether as proceeds from the sale of bonds or as revenues, receipts or income, shall be deemed to be trust funds to be held and applied solely as provided in said authority legislation and in the resolutions authorizing the issuance of the bonds or notes. Any officer with whom, or any bank or trust company with which such moneys shall be deposited as trustee thereof shall hold and apply the same for the purposes thereof, subject to such provisions as said authority legislation and the resolution authorizing the issue of the bonds or notes or the trust agreement securing such bonds or notes may provide.

      (b) Any funds or revenues of the authority derived from application fees, commitment fees, or other fees or charges levied by the authority in connection with its insurance and loan programs, any investment income derived from funds held in trust or otherwise, which income is not pledged to the payment of bonds or notes of the authority, any funds of the authority derived pursuant to section 32-23v, any funds of the authority derived pursuant to section 32-23x and any other income of the authority from whatever source derived which is available for the payment of expenses of the authority and any proceeds of the foregoing shall be held, administered and invested by the authority or deposited with and invested by such institution, trustee, fiduciary or other custodian as may be designated by the authority and paid as the authority shall direct.

      (1972, P.A. 195, S. 6; P.A. 73-599, S. 12; P.A. 78-303, S. 113, 136; P.A. 82-434, S. 4, 6; P.A. 84-512, S. 24, 30; P.A. 91-161, S. 5, 9; P.A. 01-179, S. 13.)

      History: P.A. 73-599 replaced Connecticut development commission with Connecticut development authority and chairman of commission with "commissioner", referring to commissioner of commerce, and added references to deputy treasurer (Revisor's note: P.A. 77-614 replaced commissioner of commerce with commissioner of economic development); P.A. 78-303 deleted reference to Sec. 4-60a; P.A. 82-434 added Subsec. (b) providing for authority administration of certain income, amending previous provisions accordingly; P.A. 84-512 deleted references to Secs. 4-5 and 4-24a in Subsec. (a); P.A. 91-161 amended Subsec. (b) to transfer management of repayments to the growth fund and business assistance fund from the state treasurer to the Connecticut Development Authority; (Revisor's note: In 1993 the obsolete reference in Subsec. (a) to repealed Sec. 36-322 was deleted editorially by the Revisors); P.A. 01-179 amended Subsec. (a) by deleting references to chapters 578 and 579 and Sec. 10-320b(a) and adding reference to authority legislation as defined in Sec. 32-23d(hh) and made technical changes for purposes of gender neutrality.