Substitute Bill No. 806
January Session, 2017
*_____SB00806PS____031517____*
AN ACT ESTABLISHING THE CRUMBLING FOUNDATION ASSISTANCE PROGRAM AND ASSISTING HOMEOWNERS WITH CRUMBLING FOUNDATIONS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2018) (a) Each insurance company that issues, renews, amends or endorses a homeowners insurance policy, a renters insurance policy or a master policy that is required to be purchased by a condominium association pursuant to section 47-83 of the general statutes or by a unit owners' association pursuant to section 47-255 of the general statutes on or after July 1, 2018, shall remit to the Insurance Commissioner a surcharge, not later than March fifteenth annually, of twelve dollars from such policies written on property or risks located or resident in this state. Any such remittances collected shall be deposited in the Crumbling Foundation Assistance Fund established pursuant to section 2 of this act.
(b) Each such insurance company shall include with such remittance, in a form and manner prescribed by the commissioner, documentation to substantiate the surcharge amount remitted.
(c) Any insurance company aggrieved because of the surcharge levied under this section may appeal therefrom to the superior court for the judicial district of New Britain.
(d) The surcharge required under subsection (a) of this section shall terminate on October 1, 2025.
Sec. 2. (NEW) (Effective July 1, 2017) (a) For the purposes of this section, "residential building" means a one-family, two-family, three-family or four-family dwelling or a condominium unit constructed on or after January 1, 1983.
(b) There is established an account to be known as the "Crumbling Foundation Assistance Fund" which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account, any moneys as may be available from federal, state or other sources, except any money from the Federal Emergency Management Agency, and any voluntary contributions. Moneys in the account shall be expended by the Capitol Region Council of Governments organized under the provision of sections 4-124i to 4-124p, inclusive, of the general statutes in amounts necessary to fund the program established by subsections (c) and (d) of this section.
(c) There is established the crumbling foundation assistance program, administered by the Capitol Region Council of Governments, for the purposes of providing grants to eligible owners of residential buildings to repair or replace the concrete foundations of such residential buildings that have deteriorated due to the presence of pyrrhotite. Each grant may be in an amount not exceeding one hundred fifty thousand dollars or seventy five per cent of the total cost to repair the concrete foundation, whichever is less. The Capitol Region Council of Governments shall (1) establish eligibility requirements for such grants, which shall include, but need not be limited to, (A) a requirement that the owner of the residential building obtain qualified test results indicating that the foundation of such residential building is deteriorating due to the presence of pyrrhotite, (B) a requirement that the owner complete and file a consumer statement regarding the concrete foundation with the Department of Consumer Protection, and (C) a requirement that the owner submit proof of a homeowners insurance policy, a renters insurance policy or a master policy purchased by a condominium association or by a unit owners' association and proof of the denial of liability, in whole or in part, by the insurance company issuing such policy concerning the concrete foundation, and (2) establish grant procedures and processes as the Capitol Region Council of Governments deems appropriate. Any owner who receives financial assistance from the Federal Emergency Management Agency to repair or replace such owner's concrete foundation may be entitled to receive a grant pursuant to such program, provided the amount of the financial assistance received shall be deducted from the amount of the grant.
(d) The Capitol Region Council of Governments may enter into a contract with the Connecticut Housing Finance Authority created under section 8-244 of the general statutes or any lending institution to develop and implement a long-term low-interest loan program to assist eligible owners obtain financing to repair or replace concrete foundations that have deteriorated due to the presence of pyrrhotite.
Sec. 3. (NEW) (Effective July 1, 2017) (a) There is established a Crumbling Foundation Oversight Committee. The committee shall (1) assess the development and implementation of programs to assist owners of buildings with concrete foundations deteriorating due to the presence of pyrrhotite, (2) review the use of the Crumbling Foundation Assistance Fund and the crumbling foundation assistance program, established under section 2 of this act, and (3) make recommendations for the improvement of programs to assist such owners in an efficient, cost effective and timely manner.
(b) The committee shall consist of the following members:
(1) One appointed by the speaker of the House of Representatives, who shall be a chief elected official from a municipality impacted by buildings with faulty or failing concrete foundations;
(2) One appointed by the president pro tempore of the Senate, who shall be a chief elected official from a municipality impacted by buildings with faulty or failing concrete foundations;
(3) One appointed by the majority leader of the House of Representatives;
(4) One appointed by the majority leader of the Senate;
(5) One appointed by the minority leader of the House of Representatives;
(6) One appointed by the minority leader of the Senate;
(7) The Commissioner of Administrative Service, or the commissioner's designee;
(8) The Commissioner of Consumer Protection, or the commissioner's designee;
(9) The Banking Commissioner, or the commissioner's designee;
(10) The Insurance Commissioner, or the commissioner's designee;
(11) The Secretary of the Office of Policy and Management, or the secretary's designee;
(12) The executive director of the Capitol Region Council of Governments, or the executive director's designee;
(13) The executive director of the Northeastern Connecticut Council of Governments, or the executive director's designee; and
(14) Such other members as the committee may prescribe.
(c) Any member of the committee appointed under subdivision (1), (2), (3), (4), (5) or (6) of subsection (b) of this section may be a member of the General Assembly.
(d) All appointments to the committee shall be made not later than thirty days after the effective date of this section. Any vacancy shall be filled by the appointing authority.
(e) The speaker of the House of Representatives and the president pro tempore of the Senate shall select the chairpersons of the committee from among the members of the committee. Such chairpersons shall schedule the first meeting of the committee, which shall be held not later than sixty days after the effective date of this section.
(f) Members of the committee shall serve without compensation.
(g) Not later than January 1, 2018, and annually thereafter, the committee shall submit a report on its findings and recommendations to the joint standing committees of the General Assembly having cognizance of matters relating to banks, insurance, public safety and security and planning and development, in accordance with the provisions of section 11-4a of the general statutes, recommending measures to assist owners of buildings with concrete foundations deteriorating due to the presence of pyrrhotite.
Sec. 4. Section 10a-178 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017):
As used in this chapter, the following words and terms shall have the following meanings unless the context indicates another or different meaning or intent:
(a) "Authority" means the State of Connecticut Health and Educational Facilities Authority created by section 10a-179 or any board, body, commission, department or officer succeeding to the principal functions thereof or to whom the powers conferred upon the authority by this chapter shall be given by law;
(b) "Project", in the case of a participating institution for higher education, means a structure suitable for use as a dormitory or other housing facility, including housing for staff members, employees or students at such institution of higher education, dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, and maintenance, storage or utility facility and other structures or facilities related thereto or required or useful for the instruction of students or the conducting of research or the operation of an institution for higher education, including parking and other facilities or structures essential or convenient for the orderly conduct of such institution for higher education, also including equipment and machinery and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended or for the operation of a participating institution for higher education, or any combination thereof, but shall not include such items as books, fuel, supplies or other items the purchase of which is customarily deemed to result in a current operating charge; in the case of a participating health care institution, means a structure suitable for use as a hospital, clinic, or other health care facility, laboratory, laundry, residence facility, including housing for nurses, interns, staff members, employees or students at such health care institution and their immediate families and for physically or mentally handicapped persons, administration building, research facility, and maintenance, storage or utility facility and other structures or facilities related thereto or required or useful for the operation of the project, including parking and other facilities or structures essential or convenient for the orderly operation of such project, also including equipment and machinery and other similar items necessary or convenient for the operation of the project in the manner for which its use is intended or for the operation of a participating health care institution, or any combination thereof, but shall not include such items as fuel, supplies or other items the purchase of which is customarily deemed to result in a current operating charge; in the case of a participating qualified nonprofit organization, means a structure or facility owned in its entirety by, or suitable for use in accordance with the charitable or nonprofit status of the qualified nonprofit organization, also including equipment and machinery and other similar items necessary or convenient for the operation of the project in the manner for which its use is intended or for the operation of a participating qualified nonprofit corporation; [and,] in the case of a participating nursing home, means a structure or facility suitable for use as a nursing home, residential care home, rest home, health care facility for the handicapped, mental health facility or independent living facility subject to the licensing requirements of chapter 368v and appurtenant facilities, equipment and machinery and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended or for the operation of a participating nursing home; and, in the case of participating municipalities engaged in the abatement of an actual or potential nuisance, means the development and deployment of financial assistance, including, but not limited to, credit enhancements, loan guarantees or procurement of construction equipment or materials to aid in the abatement of such nuisances;
(c) "Cost" as applied to a project or any portion thereof financed under the provisions of this chapter embraces all or any part of the cost of construction and acquisition of all lands, structures, real or personal property, rights, rights-of-way, franchises, easements and interests acquired or used for a project, the cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which such buildings or structures may be moved, the cost of all machinery and equipment, financing charges, interest prior to, during and for a period after completion of such construction, provisions for working capital, reserves for principal and interest and for extensions, enlargements, additions, replacements, renovations and improvements, cost of engineering, financial and legal services, plans, specifications, studies, surveys, estimates of cost and of revenues, administrative expenses, expenses necessary or incident to determining the feasibility or practicability of constructing the project and such other expenses as may be necessary or incident to the construction and acquisition of the project, the financing of such construction and acquisition and the placing of the project in operation;
(d) "Bonds" means bonds of the authority issued under the provisions of this chapter, including refunding bonds, notwithstanding that the same may be secured by mortgage or the full faith and credit of the authority or the full faith and credit of a participating institution for higher education, a participating health care institution, a participating corporation, a participating nursing home, [or] a participating qualified nonprofit organization, participating municipalities or any other lawfully pledged security of a participating institution for higher education, a participating health care institution, a participating corporation, a participating nursing home, [or] a participating qualified nonprofit organization or participating municipalities;
(e) "Institution for higher education" means (1) an educational institution situated within this state which by virtue of law or charter is a nonprofit educational institution empowered to provide a program of education beyond the high school level; or (2) a public educational institution, which, shall be any constituent unit, as defined in section 10a-1;
(f) "Participating institution for higher education" means an institution for higher education which, pursuant to the provisions of this chapter, shall undertake the financing and construction or acquisition of a project or shall undertake the refunding or refinancing of obligations or of a mortgage, or advances made or given for the costs of a project, as provided in and permitted by this chapter;
(g) "Health care institution" means (1) any nonprofit, state-aided hospital or other health care institution, including The University of Connecticut Health Center, which is entitled, under the laws of the state, to receive assistance from the state by means of a grant made pursuant to a budgetary appropriation made by the General Assembly, (2) any other hospital or other health care institution which is licensed, or any nonprofit, nonstock corporation which shall receive financing or shall undertake to construct or acquire a project which is or will be eligible to be licensed, as an institution under the provisions of sections 19a-490 to 19a-503, inclusive, or any nonprofit, nonstock, nonsectarian facility which is exempt from taxation under the provisions of section 12-81 or 38a-188 and which is a health care center under the provisions of sections 38a-175 to 38a-191, inclusive, or (3) any nonprofit corporation wholly owned by two or more hospitals or other health care institutions which operates for and on behalf of such hospitals or other health care institutions a project, as defined in subsection (b) of this section, or is a nursing home;
(h) "Nursing home" means any institution which is or will be eligible to be licensed as an institution under sections 19a-490 to 19a-503, inclusive, or a facility which (1) provides chronic and convalescent nursing care, (2) is a rest home with nursing facilities, (3) provides health care facilities for the handicapped, (4) is a home for elderly persons or physically handicapped or mentally handicapped persons or (5) is a continuing care facility registered with the Department of Social Services, pursuant to chapter 319f;
(i) "Participating nursing home" means a nursing home which, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of obligations or of a mortgage, loans or advances made or given for the costs of a project as provided in and permitted by this chapter;
(j) "Participating health care institution" means a health care institution which, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of obligations or of a mortgage, loan or advances made or given for the cost of a project as provided in and permitted by this chapter;
(k) "Participating corporation" means any nonprofit corporation created by a participating health care institution or a participating institution for higher education, or by one or more of them in combination, and to which there has been or will be transferred all right, title and interest in a project for the sole purpose of operating such project on behalf of such participating institution or institutions for the life of the bonds issued to finance such project, provided upon retirement of all of such bonds, all right, title and interest in the project shall revert to and vest in the participating institution for higher education or the participating health care institution or jointly in both such institutions;
(l) "Federally guaranteed security" means any security, investment or evidence of indebtedness which is either directly or indirectly insured or guaranteed, in whole or in part, as to the payment of principal and interest, by the United States of America or any agency or instrumentality thereof;
(m) "Federally insured mortgage loan" means any loan secured by a mortgage from any participating institution for higher education or participating health care institution or participating nursing home which is either directly or indirectly insured or guaranteed, in whole or in part, as to the repayment of principal and interest, by the United States of America or any agency or instrumentality thereof, or by any commitment by the United States of America or any agency or instrumentality thereof to so insure or guarantee;
(n) "Qualified nonprofit organization" means any private, nonprofit organization qualified under Section 501(c)(3) of the Internal Revenue Code of 1986, as the same may be amended from time to time, other than a health care institution, nursing home or institution for higher education;
(o) "Participating qualified nonprofit organization" means a qualified nonprofit organization which, pursuant to the provisions of this chapter, shall undertake the financing and construction or acquisition of a project or shall undertake the refunding or refinancing of obligations, or of a mortgage, loan or advances made or given to it to finance, in anticipation of permanent financing or donation from an outside source, the cost of a project, as provided in and permitted by this chapter;
(p) "Connecticut Higher Education Supplemental Loan Authority" means the Connecticut Higher Education Supplemental Loan Authority established as a subsidiary of the authority with powers granted pursuant to chapter 187b;
(q) "Connecticut Student Loan Foundation" means the Connecticut Student Loan Foundation established pursuant to chapter 187a that is a subsidiary of the authority as provided in section 10a-203a, and that is deemed a quasi-public agency for purposes of chapter 12;
(r) "Participating municipalities" means two or more municipalities that, pursuant to subsection (h) of section 10a-185, as amended by this act, jointly undertake the financing and construction or acquisition of a project or undertake the refunding or refinancing of obligations or a mortgage, a loan or advances made or given for the cost of a project pursuant to section 10a-185, as amended by this act.
The purpose of the authority shall be to assist institutions for higher education, health care institutions, nursing homes, child care or child development facilities, [and] qualified nonprofit organizations, and participating municipalities in the construction, financing and refinancing of projects or in any other manner provided in this chapter, and for this purpose the authority is authorized and empowered:
(a) To have perpetual succession as a body politic and corporate and to adopt bylaws for the regulation of its affairs and the conduct of its business;
(b) To adopt an official seal and alter the same at pleasure;
(c) To maintain an office at such place or places as it may designate;
(d) To sue and be sued in its own name, and plead and be impleaded;
(e) To determine the location and character of any project to be financed under the provisions of this chapter, and to construct, reconstruct, renovate, replace, maintain, repair, operate, lease, as lessee or lessor, and regulate the same, to enter into contracts for any or all of such purposes, to enter into contracts for the management and operation of a project, and to designate a participating institution for higher education, a participating health care institution, a participating corporation, a participating nursing home, [or] a participating qualified nonprofit organization or participating municipalities as its agent to determine the location and character of a project undertaken by such participating institution for higher education, by such participating health care institution, by such participating corporation, by such participating nursing home, [or] by such participating qualified nonprofit organization or by such participating municipalities under the provisions of this chapter and as the agent of the authority, to construct, reconstruct, renovate, replace, maintain, repair, operate, lease, as lessee or lessor, and regulate the same, and, as the agent of the authority, to enter into contracts for any or all of such purposes, including contracts for the management and operation of such project;
(f) To issue bonds, bond anticipation notes and other obligations of the authority for any of its corporate purposes, and to fund or refund the same, all as provided in this chapter;
(g) Generally, to fix and revise from time to time and charge and collect rates, rents, fees and charges for the use of and for the services furnished or to be furnished by a project or any portion thereof and to contract with any person, partnership, association or corporation or other body public or private in respect thereof;
(h) To establish rules and regulations for the use of a project or any portion thereof and to designate a participating institution for higher education, a participating health care institution, a participating corporation, a participating nursing home, [or] a qualified nonprofit organization or participating municipalities as its or their agent to establish rules and regulations for the use of a project undertaken by such participating institution for higher education, by such participating health care institution, by such participating corporation, [or] by such participating nursing home, [or] by such [participating] qualified nonprofit organization or by such participating municipalities;
(i) To employ consulting engineers, architects, attorneys, accountants, construction and financial experts, superintendents, managers, and such other employees and agents as may be necessary in its judgment, and to fix their qualifications, duties and compensation;
(j) To receive and accept from any public agency insurance, loans or grants for or in aid of the construction of a project or any portion thereof, and to receive and accept loans, grants, aid or contributions from any source of either money, property, labor or other things of value, to be held, used and applied only for the purposes for which such loans, grants, aid and contributions are made;
(k) To mortgage any project and the site thereof for the benefit of the holders of bonds issued to finance such project;
(l) To make loans to any participating institution for higher education, to any participating health care institution, to any participating corporation, to any participating nursing home and to any participating qualified nonprofit organization for the cost of a project in accordance with an agreement between the authority and such participating institution for higher education, such participating health care institution, such participating corporation, such participating nursing home or such participating qualified nonprofit organization and to utilize the services of an agent in making such loans or to agree to purchase federally guaranteed securities from any third parties making such loans; provided no such loan shall exceed the total cost of the project as determined by the participating institution for higher education, the participating health care institution, the participating corporation, the participating nursing home or the participating qualified nonprofit organization, and approved by the authority;
(m) To make loans to a participating institution for higher education, to a participating health care institution, to a participating corporation, to a participating nursing home or to a participating qualified nonprofit organization, to refinance or refund outstanding obligations or mortgages on the project, or advances issued for the cost of a project, made or given by such participating institution for higher education, such participating health care institution, such participating corporation, such participating nursing home or such participating qualified nonprofit organization, to utilize the services of an agent in making such loans or to agree to purchase federally guaranteed securities from any third parties making such loans and to create a security interest in revenues to be pledged to the authority;
(n) To charge to and equitably apportion among participating institutions for higher education, participating health care institutions, participating corporations, participating nursing homes, [and] participating qualified nonprofit organizations and participating municipalities its administrative costs and expenses incurred in the exercise of the powers and duties conferred by this chapter;
(o) To acquire and to agree to acquire any federally guaranteed security and to pledge or otherwise use any such federally guaranteed security in such manner as the authority deems in its best interest to secure or otherwise provide a source of repayment on any of its bonds or notes or to agree to make a loan to any participating institution for higher education, participating health care institution, participating corporation, participating nursing home or participating qualified nonprofit organization for the purpose of acquiring and entering into commitments to acquire any federally guaranteed security; provided that any agreement entered into pursuant to this subdivision may contain such provisions as are deemed necessary or desirable by the authority for the security or protection of the authority or the holders of its bonds or notes; provided further that the authority, prior to making any such acquisition, commitment or loan, shall agree with any such participating institution for higher education, participating health care institution, participating corporation, participating nursing home or participating qualified nonprofit organization or any other appropriate institution or corporation to require that the proceeds derived from the acquisition of any such federally guaranteed security will be used for the purpose of financing or refinancing any project for such participating institution for higher education, participating health care institution, participating corporation, participating nursing home or participating qualified nonprofit organization;
(p) To do all things necessary or convenient to carry out the purposes of this chapter. In carrying out the purposes of this chapter, the authority may undertake a project for two or more participating institutions for higher education jointly, two or more participating health care institutions jointly, two or more participating corporations jointly, two or more participating nursing homes jointly, [or] two or more participating qualified nonprofit organizations jointly [,] or participating municipalities or for any combination thereof of participating institutions for higher education, participating health care institutions, participating corporations, participating nursing homes or participating qualified nonprofit organizations, and, thereupon, all other provisions of this chapter shall apply to and for the benefit of the authority and such joint participants;
(q) To make loans to any participating health care institution, to any participating institution for higher education, to any participating corporation, or to any participating qualified nonprofit organization which is organized, controlled or supervised by a health care institution or an institution of higher education to finance or refinance the cost of a project to be used to provide housing and auxiliary facilities for staff members, employees or students of any such health care institution or institution of higher education and their immediate families, for physically or mentally handicapped persons or for any one or more of the above purposes;
(r) To make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under its enabling legislation, including contracts and agreements for such professional services as financial consultants, bond counsel, underwriters, technical specialists, as the board of directors shall deem necessary;
(s) To invest any funds not needed for immediate use or disbursement, including reserve funds, in obligations issued or guaranteed by the United States of America or the state of Connecticut, including the state's Short-Term or Long-Term Investment Fund, and in other securities or obligations which are legal investments for banks in this state, or in investment agreements with financial institutions whose short-term obligations are rated within the top two rating categories of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner, or investment agreements fully secured by obligations of, or guaranteed by, the United States or agencies or instrumentalities of the United States or in securities or obligations which are legal investments for savings banks in this state, subject to repurchase agreements in the manner in which such agreements are negotiated in sales of securities in the market place, provided that the authority shall not enter into any such agreement with any securities dealer or bank acting as a securities dealer unless such dealer or bank is included in the list of primary dealers, effective at the time of such agreement, as prepared by the Federal Reserve Bank of New York, provided the investment of escrowed proceeds of refunding bonds shall be governed by section 10a-192, and further provided nothing in this subsection shall limit the investment of reserve funds of the authority, or of any moneys held in trust or otherwise for the payment of bonds or notes of the authority, pursuant to section 10a-190a;
(t) To adopt regular procedures for exercising its power under its enabling legislation not in conflict with existing statutes;
(u) To make grants or provide other forms of financial assistance to any institution for higher education, to any health care institution, to any nursing home, to any child care or child development facility, [and] to any qualified nonprofit organization and to participating municipalities in such amounts, for such purposes and subject to such eligibility and other requirements as are established pursuant to written procedures adopted by the board of directors pursuant to subsection (h) of section 10a-179;
(v) (1) In connection with, or incidental to, the issuance or carrying of bonds, notes or other obligations of the authority, or acquisition or carrying of any investment or program of investment, to enter into any contract which the authority determines to be necessary or appropriate to place the obligation or investment of the authority, as represented by the bonds, notes or other obligations, investment or program of investment and the contract or contracts, in whole or in part, on the interest rate, currency, cash flow or other basis desired by the authority, including, without limitations, contracts commonly known as interest rate swap agreements, currency swap agreements, forward payment conversion agreements, futures or contracts providing for payments based on levels of, or changes in, interest rates, currency exchange rates, stock or other indices, or contracts to exchange cash flows or a series of payments, or contracts, including, without limitation, interest rate floors or caps, options, puts or calls to hedge payment, currency, rate, spread or similar exposure or, contracts for the purchase of option rights with respect to the mandatory tender for purchase of bonds, notes or other obligations of the authority, which are subject to mandatory tender or redemption, including the issuance of certificates evidencing the right of the owner to exercise such option rights. Such contracts or arrangements may also be entered into by the authority in connection with, or incidental to, entering into or maintaining any agreement which secures its bonds, notes or other obligations, subject to the terms and conditions thereof respecting outstanding obligations. (2) Bonds, notes and other obligations issued by the authority may be payable in accordance with their terms, in whole or in part, in currency other than lawful money of the United States of America, provided the authority enters into a currency swap or similar agreement for payments in lawful money of the United States of America, which covers the entire amount of the debt service payment obligation of the authority with respect to the bonds, notes or other obligations payable in other currency, and further provided if the term of that agreement is less than the term of the bonds, notes or other obligations, the authority shall include a best efforts covenant to enter into additional agreements as may be necessary to cover the entire amount of the debt service payment obligation. (3) In connection with, or incidental to, the issuance or carrying of bonds, notes or other obligations or entering into any of the contracts or agreements referred to in subdivision (1) of this subsection, the authority may enter into credit enhancement or liquidity agreements, with payment, interest rate, currency, security, default, remedy and other terms and conditions as the authority determines;
(w) To make grants or provide other forms of financial assistance to any institution of higher education, to any health care institution, to any nursing home, to any child care or child development facility, [and] to any qualified nonprofit organization and to participating municipalities in such amounts, for energy efficient construction or renovation projects or renewable energy construction or renovation projects subject to such eligibility and other requirements the board of directors establishes pursuant to written procedures adopted by the board pursuant to subsection (h) of section 10a-179;
(x) To provide and be compensated for such services to or on behalf of the Connecticut Higher Education Supplemental Loan Authority as are appropriate for the operation and management of said authority, including, without limitation, to provide to said authority and to be reimbursed for costs associated with such space, equipment, supplies and employees as are necessary and appropriate for the operations of said authority;
(y) To provide and be compensated for such services to or on behalf of the Connecticut Student Loan Foundation as are appropriate for the operation and management of said foundation, including, without limitation, to provide to said foundation and to be reimbursed for costs associated with such space, equipment, supplies and employees as are necessary and appropriate for the operations of said foundation.
The authority is authorized and empowered, directly or by and through a participating institution for higher education, a participating health care institution, a participating corporation, [or] a participating nursing home, [or] a participating qualified nonprofit organization or participating municipalities, as its or their agent, to acquire by purchase or by gift or devise such lands, structures, property, real or personal, rights-of-way, franchises, easements and other interests in lands, including lands lying under water and riparian rights, which are located within or without the state as it may deem necessary or convenient for the construction or operation of a project, upon such terms and at such prices as may be considered by it to be reasonable and can be agreed upon between it and the owner thereof, and to take title thereto in the name of the authority or in the name of a participating institution for higher education, a participating health care institution, a participating corporation, [or] a participating nursing home, [or] a participating qualified nonprofit organization or participating municipalities as its or their agent.
(a) The authority is authorized from time to time to issue its negotiable bonds for any corporate purpose. In anticipation of the sale of such bonds the authority may issue negotiable bond anticipation notes and may renew the same from time to time. Such notes shall be paid from any revenues of the authority or other moneys available therefor and not otherwise pledged, or from the proceeds of sale of the bonds of the authority in anticipation of which they were issued. The notes shall be issued in the same manner as the bonds. Such notes and the resolution or resolutions authorizing the same may contain any provisions, conditions or limitations which a bond resolution of the authority may contain.
(b) Except as may otherwise be expressly provided by the authority, every issue of its bonds, notes or other obligations shall be general obligations of the authority payable from any revenues or moneys of the authority available therefor and not otherwise pledged, subject only to any agreements with the holders of particular bonds, notes or other obligations pledging any particular revenues or moneys and subject to any agreements with any participating institution for higher education, any participating health care institution, [or] any participating corporation or participating municipalities. Notwithstanding that such bonds, notes or other obligations may be payable from a special fund, they shall be and be deemed to be for all purposes negotiable instruments, subject only to the provisions of such bonds, notes or other obligations for registration.
(c) The bonds may be issued as serial bonds or as term bonds, or the authority, in its discretion, may issue bonds of both types. The bonds shall be authorized by resolution of the members of the board of directors of the authority and shall bear such date or dates, mature at such time or times, not exceeding fifty years from their respective dates, bear interest at such rate or rates, be payable at such time or times, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in lawful money of the United States of America at such place or places, and be subject to such terms of redemption, as such resolution or resolutions may provide. The bonds or notes may be sold at public or private sale for such price or prices as the authority shall determine. The power to fix the date of sale of bonds, to receive bids or proposals, to award and sell bonds, and to take all other necessary action to sell and deliver bonds may be delegated to the chairman or vice-chairman of the board or the executive director or other officers of the authority by resolution of the board. The exercise of such delegated powers may be made subject to the approval of a majority of the members of the board which approval may be given in the manner provided in the bylaws of the authority. Pending preparation of the definitive bonds, the authority may issue interim receipts or certificates which shall be exchanged for such definitive bonds.
(d) Any resolution or resolutions authorizing any bonds or any issue of bonds may contain provisions, which shall be a part of the contract with the holders of the bonds to be authorized, as to: (1) Pledging the full faith and credit of the authority, the full faith and credit of a participating institution for higher education, a participating health care institution, a participating corporation, [or of] a participating nursing home or participating municipalities, all or any part of the revenues of a project or any revenue-producing contract or contracts made by the authority with any individual, partnership, corporation or association or other body, public or private, any federally guaranteed security and moneys received therefrom purchased with bond proceeds or any other property, revenues, funds or legally available moneys to secure the payment of the bonds or of any particular issue of bonds, subject to such agreements with bondholders as may then exist; (2) the rentals, fees and other charges to be charged, and the amounts to be raised in each year thereby, and the use and disposition of the revenues; (3) the setting aside of reserves or sinking funds, and the regulation and disposition thereof; (4) limitations on the right of the authority or its agent to restrict and regulate the use of the project; (5) the purpose and limitations to which the proceeds of sale of any issue of bonds then or thereafter to be issued may be applied, including as authorized purposes, all costs and expenses necessary or incidental to the issuance of bonds, to the acquisition of or commitment to acquire any federally guaranteed security and to the issuance and obtaining of any federally insured mortgage note, and pledging such proceeds to secure the payment of the bonds or any issue of the bonds; (6) limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured and the refunding of outstanding bonds; (7) the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given; (8) limitations on the amount of moneys derived from the project to be expended for operating, administrative or other expenses of the authority; (9) defining the acts or omissions to act which shall constitute a default in the duties of the authority to holders of its obligations and providing the rights and remedies of such holders in the event of a default; and (10) the mortgaging of a project and the site thereof for the purpose of securing the bondholders.
(e) Neither the members of the board of directors of the authority nor any person executing the bonds, notes or other obligations shall be liable personally on the bonds, notes or other obligations or be subject to any personal liability or accountability by reason of the issuance thereof.
(f) The authority shall have power out of any funds available therefor to purchase its bonds, notes or other obligations. The authority may hold, pledge, cancel or resell such bonds, notes or other obligations, subject to and in accordance with agreements with bondholders.
(g) The authority is further authorized and empowered to issue bonds, notes or other obligations under this section the interest on which may be includable in the gross income of the holder or holders thereof under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, to the same extent and in the same manner that interest on bills, notes, bonds or other obligations of the United States is includable in the gross income of the holder or holders thereof under any such internal revenue code, and to issue bonds, notes or other obligations under this section that may be eligible for tax credits or exemptions or payments from the federal government, or any other desired federal income tax treatment of such bonds, notes or other obligations. Any such bonds, notes or other obligations may be issued only upon a finding by the authority that such issuance is necessary, is in the public interest, and is in furtherance of the purposes and powers of the authority. The state hereby consents to such inclusion only for the bonds, notes or other obligations of the authority so authorized.
(h) In accordance with the provisions of section 10a-180, as amended by this act, and subject to the provisions of chapter 187, the authority may issue bonds at the request of participating municipalities, subject to the approval of the legislative body of each municipality, for the purpose of paying all or part of the cost of any project undertaken by such participating municipalities to abate an actual or potential nuisance that constitutes a deleterious condition on real property that, if left unabated, would cause the collapse of a concrete foundation and damage the housing stock in such participating municipalities to such an extent that a significant negative impact on such participating municipalities' economies would result.
Sec. 8. Section 10a-186a of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017):
(a) In connection with the issuance of bonds to finance a project at a participating nursing home or to refund bonds previously issued by the authority to finance a project at a participating nursing home, or in connection with the issuance of bonds to effect a refinancing or other restructuring with respect to one or more participating nursing homes as permitted by subsection (b) of this section, to finance dormitories, residential facilities, student centers, food service facilities and other auxiliary service facilities and related buildings and improvements at a public educational institution, to finance The University of Connecticut Health Center clinical services projects, as defined in subsection (g) of section 10a-114a, [or] to finance up to one hundred million dollars, in the aggregate, for equipment, including installation and any necessary building renovations or alterations for the installation and operation of such equipment, for participating health care institutions at the discretion of the Secretary of the Office of Policy and Management and the Treasurer or to finance a project undertaken by participating municipalities at the discretion of the Secretary of the Office of Policy and Management, the authority may create and establish one or more reserve funds to be known as special capital reserve funds and may pay into such special capital reserve funds (1) any moneys appropriated and made available by the state for the purposes of such funds, (2) any proceeds of the sale of notes or bonds for a project, to the extent provided in the resolution of the authority authorizing the issuance thereof, and (3) any other moneys which may be made available to the authority for the purpose of such funds from any other source or sources. The moneys held in or credited to any special capital reserve fund established under this section, except as hereinafter provided, shall be used solely for the payment of the principal of and interest, when due, whether at maturity or by mandatory sinking fund installments, on bonds of the authority secured by such capital reserve fund as the same become due, the purchase of such bonds of the authority, the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity, including in any such case by way of reimbursement of a provider of bond insurance or of a credit or liquidity facility that has paid such amounts; provided the authority shall have power to provide that moneys in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such funds to less than the maximum amount of principal and interest becoming due by reasons of maturity or a required sinking fund installment in the then current or any succeeding calendar year on the bonds of the authority then outstanding or the maximum amount permitted to be deposited in such fund by the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, to permit the interest on such bonds to be excluded from gross income for federal tax purposes and secured by such special capital reserve fund, such amount being herein referred to as the "required minimum capital reserve", except for the purpose of paying such principal of, redemption premium and interest on such bonds of the authority secured by such special capital reserve becoming due and for the payment of which other moneys of the authority are not available. The authority may provide that it shall not issue bonds secured by a special capital reserve fund at any time if the required minimum capital reserve on the bonds outstanding and the bonds then to be issued and secured by the same special capital reserve fund at the time of issuance, unless the authority, at the time of the issuance of such bonds, shall deposit in such special capital reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which, together with the amount then in such special capital reserve fund, will be not less than the required minimum capital reserve. On or before December first, annually, there is deemed to be appropriated from the state General Fund such sums, if any, as shall be certified by the chairman or vice-chairman of the authority to the Secretary of the Office of Policy and Management and the Treasurer of the state, as necessary to restore each such special capital reserve fund to the amount equal to the required minimum capital reserve of such fund, and such amounts shall be allotted and paid to the authority. For the purpose of evaluation of any such special capital reserve fund, obligations acquired as an investment for any such fund shall be valued at market. Nothing contained in this section shall preclude the authority from establishing and creating other debt service reserve funds in connection with the issuance of bonds or notes of the authority which are not special capital reserve funds. Subject to any agreement or agreements with holders of outstanding notes and bonds of the authority, any amount or amounts allotted and paid to the authority pursuant to this section shall be repaid to the state from moneys of the authority at such time as such moneys are not required for any other of its corporate purposes and in any event shall be repaid to the state on the date one year after all bonds and notes of the authority theretofore issued on the date or dates such amount or amounts are allotted and paid to the authority or thereafter issued, together with interest on such bonds and notes, with interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceeding by or on behalf of the holders thereof, are fully met and discharged. No bonds secured by a special capital reserve fund shall be issued to pay project costs unless the authority is of the opinion and determines that the revenues from the project shall be sufficient (A) to pay the principal of and interest on the bonds issued to finance the project, (B) to establish, increase and maintain any reserves deemed by the authority to be advisable to secure the payment of the principal of and interest on such bonds, (C) to pay the cost of maintaining the project in good repair and keeping it properly insured, and (D) to pay such other costs of the project as may be required.
(b) Notwithstanding the provisions of subsection (a) of this section, after June 4, 1998, no bonds secured by such a special capital reserve fund shall be issued by the authority to finance a project at a participating nursing home, or to refund, refinance or otherwise restructure bonds issued to finance a project at a participating nursing home, except for bonds that meet the following requirements: (1) Such bonds, which may be bonds issued on a pooled or obligated group basis with respect to more than one participating nursing home, must, at least in part, refund, refinance or otherwise restructure bonds which are already secured by a special capital reserve fund pursuant to this section; (2) the state [must] shall be released from any obligation to restore any special capital reserve fund for the bonds being refunded, refinanced or otherwise restructured; and (3) the authority and the State Treasurer and the Secretary of the Office of Policy and Management [must] shall approve such bonds and must determine that the aggregate liability of the state with respect to such bonds will be less than the aggregate liability of the state with respect to the bonds being refunded, refinanced or otherwise restructured and that such refunding, refinancing or restructuring is in the best interest of the state. Any approval and determination by the authority, the State Treasurer and the secretary under subdivision (3) of this subsection shall be in lieu of (A) the otherwise required opinion of sufficiency by the authority set forth in subsection (a) of this section, and (B) the approval of the State Treasurer and the documentation of the authority otherwise required under subsection (a) of section 1-124, and may provide for the waiver or modification of such other requirements of subsection (a) of this section as the authority, the State Treasurer and the secretary determine to be necessary or appropriate in order to effectuate such refunding, refinancing or restructuring, subject to all applicable tax covenants of the authority and the state.
[Bonds] (a) Except as provided in subsection (b) of this section, bonds issued under the provisions of this chapter shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof other than the authority or a pledge of the full faith and credit of the state or of any such political subdivision other than the authority, but shall be payable solely from the funds herein provided therefor. All such bonds shall contain on the face thereof a statement to the effect that neither the state of Connecticut nor any political subdivision thereof other than the authority or any participating municipality, as provided in subsection (b) of this section, shall be obligated to pay the same or the interest thereon except from revenues of the project or the portion thereof for which they are issued and that neither the faith and credit nor the taxing power of the state of Connecticut or of any political subdivision thereof other than the authority or any participating municipality, as provided in subsection (b) of this section, is pledged to the payment of the principal of or the interest on such bonds. The issuance of bonds under the provisions of this chapter shall not directly or indirectly or contingently obligate the state or any political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment except as provided in subsection (d) of section 10a-185, as amended by this act, and section 10a-186a, as amended by this act. Nothing contained in this section shall prevent nor be construed to prevent the authority from pledging its full faith and credit or the full faith and credit of a participating institution for higher education, the full faith and credit of a participating health care institution, the full faith and credit of a participating corporation, the full faith and credit of a participating nursing home, [or] the full faith and credit of a participating qualified nonprofit organization or the full faith and credit of a participating municipality to the payment of bonds or issue of bonds authorized pursuant to this chapter.
(b) Bonds issued under the provisions of this chapter for projects undertaken by participating municipalities may, subject to the approval of the Secretary of the Office of Policy and Management, constitute debts, liabilities or pledges of the full faith and credit of such participating municipalities jointly, severally or in any ratio as such participating municipalities may have agreed. The provisions of this subsection shall not be construed to prevent the authority from pledging its full faith and credit or the full faith and credit of such participating municipalities to the payment or issue of bonds authorized pursuant to this chapter.
Sec. 10. Subdivision (7) of subsection (c) of section 7-148 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017):
(7) (A) (i) Make rules relating to the maintenance of safe and sanitary housing;
(ii) Regulate the mode of using any buildings when such regulations seem expedient for the purpose of promoting the safety, health, morals and general welfare of the inhabitants of the municipality;
(iii) Regulate and prohibit the moving of buildings upon or through the streets or other public places of the municipality, and cause the removal and demolition of unsafe buildings and structures;
(iv) Regulate and provide for the licensing of parked trailers when located off the public highways, and trailer parks or mobile manufactured home parks, except as otherwise provided by special act and except where there exists a local zoning commission so empowered;
(v) Establish lines beyond which no buildings, steps, stoop, veranda, billboard, advertising sign or device or other structure or obstruction may be erected;
(vi) Regulate and prohibit the placing, erecting or keeping of signs, awnings or other things upon or over the sidewalks, streets and other public places of the municipality;
(vii) Regulate plumbing and house drainage;
(viii) Prohibit or regulate the construction of dwellings, apartments, boarding houses, hotels, commercial buildings, youth camps or commercial camps and commercial camping facilities in such municipality unless the sewerage facilities have been approved by the authorized officials of the municipality;
(B) (i) Regulate and prohibit, in a manner not inconsistent with the general statutes, traffic, the operation of vehicles on streets and highways, off-street parking and on-street residential neighborhood parking areas in which on-street parking is limited to residents of a given neighborhood, as determined by the municipality;
(ii) Regulate the speed of vehicles, subject to the provisions of the general statutes relating to the regulation of the speed of motor vehicles and of animals, and the driving or leading of animals through the streets;
(iii) Require that conspicuous signage be posted in any area where a motor vehicle may be subject to towing or to the use of a wheel-locking device that renders such motor vehicle immovable, and that such signage indicate where the motor vehicle will be stored, how the vehicle may be redeemed and any costs or fees that may be charged;
(C) Regulate and prohibit the construction or use, and require the removal of sinks, cesspools, drains, sewers, privies, barns, outhouses and poultry pens and houses;
(D) (i) Regulate and prohibit the going at large of dogs and other animals in the streets and public places of the municipality and prevent cruelty to animals and all inhuman sports, except that no municipality shall adopt breed-specific dog ordinances;
(ii) Regulate and prohibit the keeping of wild or domestic animals, including reptiles, within the municipal limits or portions thereof;
(E) (i) Define, prohibit and abate within the municipality all nuisances and causes thereof, and all things detrimental to the health, morals, safety, convenience and welfare of its inhabitants; [and cause]
(ii) Effect the abatement of any nuisance at the expense of the owner or owners of the premises on which such nuisance exists;
(F) (i) Keep streets, sidewalks and public places free from undue noise and nuisances, and prohibit loitering thereon;
(ii) Regulate loitering on private property with the permission of the owner thereof;
(iii) Prohibit the loitering in the nighttime of minors on the streets, alleys or public places within its limits;
(iv) Prevent trespassing on public and private lands and in buildings in the municipality;
(G) Prevent vice and suppress gambling houses, houses of ill-fame and disorderly houses;
(H) (i) Secure the safety of persons in or passing through the municipality by regulation of shows, processions, parades and music;
(ii) Regulate and prohibit the carrying on within the municipality of any trade, manufacture, business or profession which is, or may be, so carried on as to become prejudicial to public health, conducive to fraud and cheating, or dangerous to, or constituting an unreasonable annoyance to, those living or owning property in the vicinity;
(iii) Regulate auctions and garage and tag sales;
(iv) Prohibit, restrain, license and regulate the business of peddlers, auctioneers and junk dealers in a manner not inconsistent with the general statutes;
(v) Regulate and prohibit swimming or bathing in the public or exposed places within the municipality;
(vi) Regulate and license the operation of amusement parks and amusement arcades including, but not limited to, the regulation of mechanical rides and the establishment of the hours of operation;
(vii) Prohibit, restrain, license and regulate all sports, exhibitions, public amusements and performances and all places where games may be played;
(viii) Preserve the public peace and good order, prevent and quell riots and disorderly assemblages and prevent disturbing noises;
(ix) Establish a system to obtain a more accurate registration of births, marriages and deaths than the system provided by the general statutes in a manner not inconsistent with the general statutes;
(x) Control insect pests or plant diseases in any manner deemed appropriate;
(xi) Provide for the health of the inhabitants of the municipality and do all things necessary or desirable to secure and promote the public health;
(xii) Regulate the use of streets, sidewalks, highways, public places and grounds for public and private purposes;
(xiii) Make and enforce police, sanitary or other similar regulations and protect or promote the peace, safety, good government and welfare of the municipality and its inhabitants;
(xiv) Regulate, in addition to the requirements under section 7-282b, the installation, maintenance and operation of any device or equipment in a residence or place of business which is capable of automatically calling and relaying recorded emergency messages to any state police or municipal police or fire department telephone number or which is capable of automatically calling and relaying recorded emergency messages or other forms of emergency signals to an intermediate third party which shall thereafter call and relay such emergency messages to a state police or municipal police or fire department telephone number. Such regulations may provide for penalties for the transmittal of false alarms by such devices or equipment;
(xv) Make and enforce regulations for the prevention and remediation of housing blight, including regulations reducing assessments and authorizing designated agents of the municipality to enter property during reasonable hours for the purpose of remediating blighted conditions, provided such regulations define housing blight and require such municipality to give written notice of any violation to the owner and occupant of the property and provide a reasonable opportunity for the owner and occupant to remediate the blighted conditions prior to any enforcement action being taken, and further provided such regulations shall not authorize such municipality or its designated agents to enter any dwelling house or structure on such property, and including regulations establishing a duty to maintain property and specifying standards to determine if there is neglect; prescribe civil penalties for the violation of such regulations of not less than ten or more than one hundred dollars for each day that a violation continues and, if such civil penalties are prescribed, such municipality shall adopt a citation hearing procedure in accordance with section 7-152c;
(xvi) Regulate, on any property owned by the municipality, any activity deemed to be deleterious to public health, including the lighting or carrying of a lighted cigarette, cigar, pipe or similar device;
Sec. 11. (NEW) (Effective July 1, 2017) A municipality may waive any application fee that would otherwise be required for a building permit to repair or replace a concrete foundation that has deteriorated due to the presence of pyrrhotite.
Sec. 12. Subdivision (2) of subsection (b) of section 29-252a of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2017):
(2) On and after July 1, 1999, the State Building Inspector shall assess an education fee on each building permit application. During the fiscal year commencing July 1, 1999, the amount of such fee shall be sixteen cents per one thousand dollars of construction value as declared on the building permit application, and the State Building Inspector shall remit such fees, quarterly, to the Department of Administrative Services, for deposit in the General Fund. Upon deposit in the General Fund, the amount of such fees shall be credited to the appropriation to the Department of Administrative Services and shall be used for the code training and educational programs established pursuant to section 29-251c. On and after July 1, 2000, the assessment shall be made in accordance with regulations adopted pursuant to subsection (d) of section 29-251c. The State Building Inspector shall waive such fee on an application for a building permit to repair or replace a concrete foundation that has deteriorated due to the presence of pyrrhotite, provided the municipality waived the application fee for such building permit pursuant to section 11 of this act.
Sec. 13. (NEW) (Effective July 1, 2017) Two or more municipalities may, subject to the provisions of section 10a-185 of the general statutes, as amended by this act, and chapter 187 of the general statutes and the approval of the legislative body of each municipality, jointly borrow for the purpose of paying for all or part of the cost of any project entered into jointly to abate an actual or potential nuisance that constitutes a deleterious condition on real property that, if left unabated, would cause the collapse of a concrete foundation and damage the housing stock in such participating municipalities to such an extent that a significant negative impact on such participating municipalities' economies would result.
Sec. 14. (NEW) (Effective July 1, 2017) (a) For the purposes of this section:
(1) "Eligible borrower" means the owner of a one-family, two-family, three-family or four-family dwelling constructed on or after January 1, 1983, who (A) utilizes such dwelling as such owner's primary residence, (B) has obtained qualified test results demonstrating that the concrete foundation of such dwelling has deteriorated due to the presence of pyrrhotite, and (C) has completed and filed a consumer statement regarding the concrete foundation with the Department of Consumer Protection.
(2) "Participating lender" means a bank or credit union that participates in the collapsing foundations interest rate reduction program established pursuant to this section.
(3) "Qualifying loan" means any loan provided to an eligible borrower for the purpose of remediating a concrete foundation that shows evidence of pyrrhotite-related degradation and is (A) issued by a participating lender, (B) subject to such participating lender's applicable underwriting standards, and (C) subject to terms established by the Commissioner of Housing.
(b) There is established a collapsing foundations interest rate reduction program, administered by the Department of Housing, for the purpose of assisting property owners through the utilization of interest rate subsidies when such owners experience difficulty obtaining financing for the repair of concrete foundations due to the high cost of such repair, failure to meet underwriting criteria, decreased market value of an affected home or personal financial circumstances. The Commissioner of Housing shall seek the participation of banks and credit unions to offer below market rate loans to eligible borrowers and develop additional terms for such loans, in consultation with the Lieutenant Governor and representatives of the banking and credit union industries, not later than thirty days before the program is made available to property owners. The commissioner shall publish such terms and any subsequent amendments to such terms in the Department of Banking news bulletin not later than fifteen days before the program is made available to property owners.
(c) There is established an account to be known as the "collapsing foundations interest rate reduction account" which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by the Department of Housing for the purpose of providing credit enhancements in the form of interest rate subsidies for qualifying loans made to eligible borrowers, thereby lowering said borrowers' monthly payments.
This act shall take effect as follows and shall amend the following sections:
New section
10a-178
10a-186a
Sec. 10
7-148(c)(7)
29-252a(b)(2)
Statement of Legislative Commissioners:
In Section 1(a), "condominium association master policy" and "unit owners' association property insurance policy" were changed to "master policy that is required to be purchased by a condominium association pursuant to section 47-83 of the general statutes or by a unit owners' association pursuant to section 47-255 of the general statutes" for accuracy and clarity; in Section 2(c), "unit owners' association property insurance policy" was changed to "master policy purchased by a condominium association or by a unit owners' association" for consistency with provisions of Section 1 and "submit a complaint" was changed to "complete and file a consumer statement" for consistency with provisions of section 14; in Section 2(c) and (d), "homeowners" was changed to "owners" for consistency with other provisions of the Section; in Section 12, the last sentence was rewritten for accuracy; in Section 13, "section 7 of this act" was changed to "section 10a-185 of the general statutes, as amended by this act," for accuracy; and Section 14(a)(1)(C), "complaint form" was changed to "regarding the concrete foundation" for consistency with provisions of Section 2.
Joint Favorable Subst.