Laserfiche WebLink
<br /> <br /> <br />148 <br /> <br />, <br />Sec. 25.73. State bond issue aut;.horized. The state trcasurel' <br />shall issue bonds "ndnotes of the sl ate, in accordance with th~ provi. <br />sioris of section 3-20, in the sum of five million dollal's to be denomi. <br />natcd on the face thereof "Bcach Erosion find Flood Contl'ol J30nds <br />of the State of Connecticut," or "Beach :r:;ro~i0n and mood Control <br />Kates of thc State of Connecticnt," as the case may be. Four million <br />dolla'ts authorized under this section shan be njjocatecl and expendcd <br />exclu~i\'elr for beach erosion eontl'ol, and the remaining- one million <br />dollaTs thus authorized shall be allocated and expcnded cxclusi,ely <br />. for flood control.' 'I'he full faith and credit of the state is pledged for <br />thc payment of the intercst on and principnl of such bonds, Such <br />homls shall be sold at not less than pal' and ,hall be issued so as to <br />mature nt n time or times ~et by tIle statc ho,!d commission. The <br />proc(:(:us fl'o!j) the sale. of Eue11 bonds and Hotes ~h;:l.1l1}c u~_ed to llHlkc <br />O,e JO:i)lS authorized in scdioll 25-72, and to dBfrnr the share of the <br />d,,{o in any bead; erosion or Dooa control s)"stc'm. PaYlllent of the <br />t-kire of sucll leeal autho!'ii.y "hall he made hy the state 1)'en5urer on <br />chtilie,[jon of the coimnissioll in accol'dance \,'ith the cOlltmet of. <br />Jll'::Jl(ohl n,sidil"cC betwccn the ,'late and s::ch local aut.hority. All <br />r::yml)nts 1))' ih0. 10(':11 aut.hority ~h;Jl be l-.;dd to th~ f5fa{e treasurer. <br />l>(. pri ncip:d (}f, ftrid intcrC'st on, [-;lIeh b(l!j{l$ 2lJd HoteR .s_lwJ1 J1n:t be <br />r:';>~ [[(JIll f::um:.; J'cc.:.~_\.(.a froill &uch 10('<11 nuthQJ'itic:s nnd thc'll from. <br />all)' SUlJlS i'eech'cd frolll the fedcral go\-crnmelJt as reimbursemeJlt. <br />HIlder section 25'~7J. Jf, in [iny yen!', said Sllms It)"C not sumcicmt, "Such <br />deficit shall be paid. !ronl the gi.~ncral fund; nn.d if in any :-,'i;ilt said <br />sums arc Dlorc th,:1J~ s'Jilidellt tc nl('ct th~ pri'IH.:ipal of the bond:-; and <br />:~~~:::... ;:;~t;~;-~~~6 ~j~' '::'l~''';;''' ':c.d", \".; i';J jHrl;n:::'~ i.iu;n.:ul, riw Oni[lHc..:i siza1l <br />be 'apI,lied to tho paYl1l~llt of, and principal on, the bOlid, or notes <br />maturing in allY suc~codin.g yellt or ~~ears. f.ehc state trcnSUi.'er is <br />authorized. toinyest ill direct obligations of Ibe United States of <br />A.merica suchmone~'s ashe c!eemsayailable for such purpose. <br /> <br />Sec. 25.74. Commission to use federal or municipal. facilities. <br />Federal funds. The water rcsonrCC$ commission is autllOrlzed to <br />make Ilt'l'llllgell1ents for the uzc of the facilities and services of thl3 <br />fec!ernlgoyel"l!ment, t.he ll1unicipalities 01' agencies of the state for the <br />dcsigu and constructioll of such sptems, Any funds llOW Ilvailable <br />01' wMeh may hereafter be appropriatcd by the fcderal government <br />to an)' local authority shall be transferred to the commission for the <br />use of the state as rcltUbUrSclllent for the sums expended by it. <br /> <br />Sec. 25-75. Payment of expenses. Subject to the "PPl"O\'alof the <br />sta((' bond commh:.::>.ion. any expC'l1se incurred in.connection with ('nter~ <br />in~ upon lll.\('l'::.sary t~on(racts, the rchabilitation of projects construe/cd <br />undl-r ,,,,'celion :!~).12 lclu'dlltal'(' been subjected 10 llJ1l1...uol Gnd ul1afllici~ <br />.patcd hllr,.i<,a'lL~ alld storm dam.G!.,'.....s. [Ind similnr expenses. shall be paid <br />from the accrued interest :Iud prC111il.lms or from the proceeds of the sale <br />of lhe hOlld$ ,md no(e$ authorized by scction 25-73 and in the same <br />tn.:llUl('r as oth~r obligations 'of t.ll(~ state of Connecticut. <br /> <br />t~:~?D <br /> <br /> <br />~::jfZ~ <br /> <br />