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CHAPTER 290
CONNECTICUT TRANSPORTATION AUTHORITY
Table of Contents
Secs. 16-334 to 16-337a. Declaration of policy. "Person" defined. Transportation authority: Powers and duties. Acquisition of property for rail services.
Sec. 16-338. Bonds authorized or issued prior to July 1, 1974. Legal investments, tax-exempt.
Sections
16-334 to 16-337a, inclusive, are repealed.
(1963, P.A. 639, S. 1—5; February, 1965, P.A. 6, S. 1, 3; 487, S. 1, 2; 1967, P.A. 320; 423, S. 1—4; 1969, P.A. 1, S.
1; 127, S. 1—6; 768, S. 263.)
All bonds authorized or issued pursuant to this section under or
pursuant to proceedings of the State Bond Commission had or taken prior to July 1,
1974, shall be general obligations of the state and the full faith and credit of the state
of Connecticut are pledged for the payment of the principal of and interest on said bonds
as the same become due and accordingly, and as part of the contract of the state with
the holders of said bonds, appropriation of all amounts necessary for punctual payment
of such principal and interest is hereby made, and the Treasurer shall pay such principal
and interest as the same become due. All of said bonds and temporary notes in anticipation of the money to be derived from the sale thereof may be sold, executed, issued and
delivered, and their proceeds collected, held, invested, applied and used, in all respects
as authorized under the provisions of the general statutes in effect on June 30, 1974.
Said bonds are made and declared to be (1) legal investments for savings banks and
trustees unless otherwise provided in the instrument creating the trust, (2) securities in
which all public officers and bodies, all insurance companies and associations and persons carrying on an insurance business, all banks, bankers, trust companies, savings
banks and savings associations, including savings and loan associations, building and
loan associations, investment companies and persons carrying on a banking or investment business, all administrators, guardians, executors, trustees and other fiduciaries
and all persons whatsoever who are or may be authorized to invest in bonds of the state,
may properly and legally invest funds including capital in their control or belonging to
them, and (3) securities which may be deposited with and shall be received by all public
officers and bodies for any purpose for which the deposit of bonds of the state is or may
be authorized. All such bonds, their transfer and the income therefrom including any
profit on the sale or transfer thereof, shall at all times be exempt from all taxation by
the state or under its authority.
(1963, P.A. 639, S. 7; February, 1965, P.A. 6, S. 2; 487, S. 3; 1967, P.A. 423, S. 5; 1969, P.A. 127, S. 7—9; 768, S.
31; 1972, P.A. 261, S. 14, 15; P.A. 73-675, S. 42—44; P.A. 74-342, S. 41, 43.)
History: 1965 acts raised bond limit from two to five million dollars, restated former Subsecs. (a) and (b) and combined
them as Subsec. (a), relettered Subsec. (c) as (b) and added requirement of maturities and interest rates for written determination in Subsec. (b), relettered former Subsec. (d) as (c), restated former Subsec. (e), expanding provisions and relettering
subsection as Subsec. (d), relettered former Subsec. (f) as (e) and added new Subsecs. (f) to (l), inclusive; 1967 act included
motor bus facilities in Subdivs. (3) and (4) of Subsec. (g); 1969 acts deleted reference to July 1, 1969, deadline in Subsecs.
(a) and (d) and replaced references to "rail or motor bus" services, facilities etc. in Subsec. (g) with reference to "mass
transportation" services, facilities, etc. and substituted commissioner of transportation for "authority", i.e. Connecticut
Transportation Authority and "rail or motor carrier" for "mass transportation"; 1972 act added reference to Sec. 13b-38
in Subsec. (a) and added references to Sec. 13b-32 to 13b-38 re payments including "grants, loans or subsidies to transit
districts ..." in Subsec. (f); P.A. 73-675 required transfer of twenty per cent of moneys derived from public service taxes
less bond debt service to transportation fund to be used primarily for bond payments; P.A. 74-342 simplified provisions
by deleting much of Subsec. (a), Subsecs. (b) to (j) and (l) and made all bonds general obligations eliminating distinction
between general bonds and revenue bonds.
Discussed. 164 C. 299.
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