Page 456

House Bill No. 5506

Public Act No. 22-118 456 of 739

and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due. Sec. 319. (Effective July 1, 2022) In accordance with section 314 of this act, the state, through the state agencies specified in said section 314, may provide grants-in-aid and other financings to or for the agencies for the purposes and projects as described in said section 314. All financing shall be made in accordance with the terms of a contract at such time or times as shall be determined within authorization of funds by the State Bond Commission. Sec. 320. (Effective July 1, 2022) In the case of any grant-in-aid made pursuant to subsection (a), (c), (d), (e), (f), (g) or (h) of section 314 of this act that is made to any entity which is not a political subdivision of the state, the contract entered into pursuant to section 314 of this act shall provide that if the premises for which such grant-in-aid was made ceases, within ten years of the date of such grant, to be used as a facility for which such grant was made, an amount equal to the amount of such grant, minus ten per cent per year for each full year which has elapsed since the date of such grant, shall be repaid to the state and that a lien shall be placed on such land in favor of the state to ensure that such amount shall be repaid in the event of such change in use, provided if the premises for which such grant-in-aid was made are owned by the state, a municipality or a housing authority, no lien need be placed. Sec. 321. (Effective July 1, 2022) The State Bond Commission shall have power, in accordance with the provisions of this section and sections 322 to 326, inclusive, of this act, from time to time to authorize the issuance of special tax obligation bonds of the state in one or more series and in