Page 460

House Bill No. 5506

Public Act No. 22-118 460 of 739

(a) [There] Commencing July 1, 2023, there is established the Connecticut Baby Bond Trust. The trust shall constitute an instrumentality of the state and shall perform essential governmental functions as provided in sections 3-36a to 3-36h, inclusive. The trust shall receive and hold all payments and deposits or contributions intended for the trust, as well as gifts, bequests, endowments or federal, state or local grants and any other funds from any public or private source and all earnings until disbursed in accordance with section 3-36g. Sec. 329. Subsections (a) and (b) of section 3-36i of the 2022 supplement to the general statutes are repealed and the following is substituted in lieu thereof (Effective from passage): (a) The State Bond Commission may authorize the issuance of bonds of the state, in accordance with the provisions of section 3-20, in principal amounts not exceeding in the aggregate six hundred million dollars. The proceeds of the sale of bonds described in this section shall be used for the purpose of funding the transfers provided for under section 3-36h. The amount authorized for the issuance and sale of such bonds in each of the following fiscal years shall not exceed the following corresponding amount for each such fiscal year, except that, to the extent the State Bond Commission does not provide for the use of all or a portion of such amount in any such fiscal year, such amount not provided for shall be carried forward and added to the authorized amount for the next two succeeding fiscal years, and provided further, the costs of issuance and capitalized interest, if any, may be added to the capped amount in each fiscal year, and each of the authorized amounts shall be effective on July first of the fiscal year indicated as follows:

Fiscal Year Ending Amount

June Thirtieth

[2023 $50,000,000

2024 $50,000,000]