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:
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
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 Melody A. Currey, Commissioner of the Department of Administrative Services
Honorable John W. Fonfara, Senator and Co-Chair Finance Revenue and Bonding Committee
Honorable Jeffrey J .Berger, Representative and Co-Chair Finance Revenue and Bonding Committee
Honorable L. Scott Frantz, Senator and Ranking Minority Member Finance Revenue and Bonding Committee
Honorable Christopher Davis, Representative and Ranking Minority Member Finance Revenue and Bonding Committee
For further information contact:
Steve Kitowicz, Principal Budget Specialist 860-418-6409 Steven.Kitowicz@ct.gov