Sec. 3-20f. State Bond Commission vote to authorize issuance of agricultural land preservation program bonds.
Sec. 3-20f. State Bond Commission vote to authorize issuance of agricultural
land preservation program bonds. Notwithstanding section 3-20, to the extent there
is a sufficient balance of bonds approved by the General Assembly pursuant to any bond
act for the purposes of agricultural land preservation programs established pursuant
to section 22-26cc or 22-26jj, but not allocated by the State Bond Commission, said
commission shall vote on whether to authorize the issuance of at least five million dollars
of such bonds for the purposes described in said sections at each of said commission's
regularly scheduled meetings occurring in August and February of each year. If no
meeting is held in said months, said commission shall vote on whether to authorize the
issuance of such bonds at its next regularly scheduled meeting. To the extent there is a
sufficient balance of bonds so approved by the General Assembly and there are pending
agricultural land preservation transactions in excess of five million dollars, the Commissioner of Agriculture may request, and the State Bond Commission shall vote on whether
to authorize the issuance of, bonds in excess of five million dollars. To the extent the
balance of bonds so approved by the legislature is below five million dollars at the
time of said commission's August or February meetings, said commission shall vote
on whether to authorize the issuance of the remaining balance of such bonds.
(P.A. 07-162, S. 2.)
History: P.A. 07-162 effective July 1, 2007.