Sec. 3-21b. Transfer to General Fund of bond proceeds from general obligation bonds of the state which are no longer required for designated purposes or projects.
Sec. 3-21b. Transfer to General Fund of bond proceeds from general obligation bonds of the state which are no longer required for designated purposes or
projects. (a) Notwithstanding the provisions of any general statute, public act or special
act, upon a determination by the Treasurer and approval by the State Bond Commission
that unexpended proceeds of general obligation bonds of the state issued pursuant to
section 3-20 and accounted for in a general obligation bond fund of the state established
by the Treasurer are no longer required for any of the purposes or projects funded or
remaining to be funded from amounts in such bond fund, the Treasurer is authorized to
transfer all or any portion of said unexpended bond proceeds from such bond fund for
further credit to the General Fund, provided the Treasurer shall further determine that
such transfer shall not adversely affect the exclusion from gross income of the interest
on the bonds from which such unexpended proceeds were derived pursuant to Section
103 of the Internal Revenue Code of 1986 or any corresponding internal revenue code
of the United States, as from time to time amended.
(b) The provisions of subsection (a) of this section shall not apply to any consolidated amounts, as defined in section 8-37rr.
(June Sp. Sess. P.A. 93-1, S. 37, 45; P.A. 94-173, S. 3, 5; P.A. 05-288, S. 6.)
History: June Sp. Sess. P.A. 93-1 effective July 1, 1993; P.A. 94-173 made existing section Subsec. (a) and added a
new Subsec. (b) re exemption of housing funds consolidation, effective July 1, 1994; P.A. 05-288 made technical changes
in Subsec. (b), effective July 13, 2005.