Sec. 3-76e. Effect of filing of bond determination. Limits on Treasurer's contracts.
Sec. 3-76e. Effect of filing of bond determination. Limits on Treasurer's contracts. By the filing of a bond determination made, signed and filed as provided in
subsection (b) of section 3-76d describing an issue of special obligation bonds to be
issued for the purposes set forth therein, the principal amount of such bonds shall be
deemed to have been appropriated for such purposes, and the Treasurer may proceed
in the name and on behalf of the state, to make and enter into contracts with municipalities
for the loaning of money through the purchase of municipal refunding bonds of such
municipalities for the purpose of achieving a total debt service saving to each such
municipality by the use as provided herein of the proceeds of such municipal refunding
bonds to pay, fund or refund all or any part of any outstanding bonds plus the interest
thereon, of each such municipality. The Treasurer may execute such contracts and incur
obligations with respect to such purpose in amounts not in the aggregate exceeding the
principal amount of such special obligation bonds, notwithstanding that such contracts
and obligations may at any particular date exceed the amount of the proceeds of such
bonds theretofore received by the state.
(P.A. 73-591, S. 5, 21.)