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State Bond Commission

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Description

The State Bond Commission exists under the provisions of Section 3-20 of the Connecticut General Statutes. 
The functions of the SBC are to determine that it is in the state’s best interest to:  

  • Approve project funding requests on an agenda submitted by the Governor.  
  • Approve the amount and timing of bond sales as requested by the State Treasurer.

The Secretary of the Office of Policy and Management is the secretary of the State Bond Commission and is responsible for maintaining the records and minutes of the proceedings of the commission.

Bonds create a debt of the state and principal and interest is usually repaid over a twenty year period.

Types of Bonds

General Obligation Bonds  Finance the construction of buildings, grants and loans for housing, economic development, community care facilities, school construction grants, state parks and open space. Some bonds provide bond holders with an exemption from federal and state taxation for interest earnings. The repayment source for all GO bonds is the general taxing power (“full faith and credit”) of the State of Connecticut.

Special Tax Obligation Bonds –  Finance the state’s portion of the cost of highway and bridge construction and maintenance.  The repayment source is a dedicated revenue stream from the state’s motor fuels tax, motor vehicle registrations, licenses and fees.  

Revenue Bonds –  Finance a project or program with a pledged revenue stream, which is then used to pay debt service on the bonds.

Meetings are held in the Legislative Office Building Room 1E at 10:30AM


Members

The statute designates the ten members of the State Bond Commission as follows:
“ …the Governor, the Treasurer, the Comptroller, the Attorney General, the Secretary of the Office of Policy and Management and the Commissioner of Construction Services, each of whom may designate a deputy to represent him as a member at meetings of the State Bond Commission with full powers to act and vote in his behalf, and the co-chairpersons and the ranking minority members of the joint standing committee of the General Assembly having cognizance of matters relating to state finance, revenue and bonding, each of whom may designate another member of said joint standing committee, who is not a member of the State Bond Commission, to represent him as a member at meetings of the State Bond Commission with full powers to act and vote in his behalf.”

Honorable Dannel P. Malloy Governor and Chairman

Honorable Benjamin Barnes, Secretary of the Office of Policy and Management

Honorable Denise L. Nappier, State Treasurer

Honorable Kevin P. Lembo, State Comptroller

Honorable George C. Jepsen, Attorney General

Honorable Donald DeFronzo, Acting Commissioner of the Department of Construction Services

Honorable John W. Fonfara, Senator and Co-Chair Finance Revenue and Bonding Committee

Honorable Patricia M. Widlitz, Representative and Co-Chair Finance Revenue and Bonding Committee

Honorable L. Scott Frantz, Senator and Ranking Minority Member Finance Revenue and Bonding Committee

Honorable Sean J. Williams, Representative and Ranking Minority Member Finance Revenue and Bonding Committee

Reports


For further information contact:
Steve Kitowicz, Principal Budget Specialist      860-418-6409        Steven.Kitowicz@ct.gov
Brian Tassinari, Budget Analyst                         860-418-6303        Brian.Tassinari@ct.gov




Content Last Modified on 9/26/2014 2:06:56 PM