Chapter 32. Treasurer
Section
3-11Salary and bond of Treasurer. Office of Treasurer full time.3-11aAuthority to enter into contractual agreements.3-12Deputy Treasurer.3-12aAppointment of officers and investment-related personnel.3-13Assistant treasurer for debt management. Additional assistant treasurer.3-13aInvestment department. Chief investment officer and other personnel. Investment counsel. Costs of department.3-13bInvestment Advisory Council. Treasurer's investment policy statement. Review of trust fund investments.3-13cTrust funds defined.3-13dTrust funds: Investment, restrictions, sale of call options. Consideration of political implications of particular investments in relation to U.S. foreign policy and national interests. Connecticut mortgage pass-through certificates. Certain contracts with life insurance companies.3-13eInvestment of trust funds in loans to mortgage lenders.3-13fState investment policy in relation to corporations doing business in South Africa.3-13gDivestment of state funds invested in companies doing business in Iran.3-13hInvestments in companies doing business in Northern Ireland which have not implemented the MacBride principles.3-13iContracts for services related to investment of trust funds.3-13jThird party fees in investments by Treasurer or quasi-public agencies.3-13kDirection of third party fees by Treasurer prohibited. Personal use by Treasurer of broker's credits prohibited.3-13lFinder's fees in connection with state investments prohibited. Definitions. Penalties.3-14Management and sales of state property.3-14aTreasurer to administer trusts for counties.3-14bOption of municipality to purchase state-owned land prior to sale. Waiver of rights. Exceptions.3-15Sites for beacon lights and other buildings.3-16Temporary borrowing. Approval by Governor. Notice to committees of General Assembly.3-16aNotification to Treasurer prior to incurring financial obligation of state or entering into certain agreements. Acknowledgment.3-17Collection of state revenue. Issuance of bonds.3-17aPayments to the state from certain financing litigation settlements.3-18Use of facsimile of state seal on bonds.3-19Place of payment of state bonds.3-20State General Obligation Bond Procedure Act. State Bond Commission. Bond pledge and undertaking.3-20aRedemption or repurchase of bonds. Additional security.3-20bTrusteeships.3-20cCertain appropriations not to lapse.3-20dRequirements for issuance of tax-exempt obligations by agents of state government.3-20eProvision of secondary market disclosure information by political subdivisions of the state, municipalities and quasi-public agencies. Indemnification.3-20fState Bond Commission vote to authorize issuance of agricultural land preservation program bonds and bonds for general maintenance and trade and capital equipment for technical education and career schools.3-20gEconomic recovery notes to finance deficit in fiscal year 2009.3-20hBond authorization for accumulated deficit as determined using generally accepted accounting principles.3-20iDisposition of bond proceeds.3-20jCredit revenue bonds.3-21Bond limitation. Debt certification. Bond issuance limitation. Allotment limitation.3-21aJurisdiction of Superior Court in actions re bonds and notes. Defenses reserved to the state.3-21bTransfer to General Fund of bond proceeds from general obligation bonds of the state which are no longer required for designated purposes or projects. Report by Office of Policy and Management.3-21cTransfer of unexpended proceeds from transportation related general obligation bonds that are no longer required for designated purposes or projects.3-21dReport re public works construction projects receiving funding from bond proceeds. Unexpended amount.3-21eDivestment of state funds invested in companies doing business in Sudan.3-21f to 3-21z3-21f to 3-21z3-21aaGeneral obligation bonds for transportation projects. Authorization of special tax obligation bonds or general obligation bonds deemed to authorize issuance as either special tax obligation bonds or general obligation bonds.3-22Bond Retirement Fund.3-22aDefinitions: College savings bonds.3-22bDesignation of bonds as college savings bonds.3-22cNegotiated sales of college savings bonds.3-22dTerms of issuance of college savings bonds.3-22eConnecticut Higher Education Trust Advisory Committee.3-22fConnecticut Higher Education Trust: Definitions.3-22gConnecticut Higher Education Trust: Established.3-22hTrust authority of the Treasurer.3-22iInvestment of funds in the trust.3-22jParticipation in and the offering and solicitation of the trust exempt from sections 36b-16 and 36b-22. Evidence of exemption from federal securities laws.3-22kTrust financial report.3-22lExemption from taxation.3-22mState pledge for purposes of the trust.3-22nNothing in trust or in any participation agreement deemed to guarantee admission to or continued enrollment in educational institution.3-22oCompliance with provisions necessary for trust to constitute state tuition program and be tax exempt.3-22pInvestments in trust not considered an asset for certain programs and purposes.3-22q to 3-22t3-22q to 3-22t3-22uCHET Baby Scholars fund and program.3-23Destruction of matured bonds.3-23aReplacement of mutilated, destroyed, stolen or lost state obligations.3-24Deposit of funds.3-24a to 3-24hTax-Exempt Proceeds Fund created. Deposit of money in Tax-Exempt Proceeds Fund. Investment in Tax-Exempt Proceeds Fund by other state funds. Sale of investments in Tax-Exempt Proceeds Fund to other state instrumentalities. Investment of Tax-Exempt Proceeds Fund by the Treasurer. Purchase of investments in Tax-Exempt Proceeds Fund by other state instrumentalities. Borrowing for purposes of the Tax-Exempt Proceeds Fund; issuance of notes. Borrowing from the Tax-Exempt Proceeds Fund for state capital projects.3-24iNotice to joint standing committee on finance, revenue and bonding of opening of bank accounts in certain other states.3-24jDefinitions.3-24kInvestments with community banks and community credit unions.3-24lRegulations.3-25Payment of public moneys. Designation of authority for certain payments to constituent units of the state system of higher education. Authorization for certain payments to be made by the assistant treasurer for investments.3-26Civil list funds; limitation.3-27Investment committee.3-27aShort Term Investment Fund. Payment of certain interest to board or boards of trustees. Participation certificates.3-27bSale of certificates to state agencies.3-27cUse of fund for student loans.3-27dInvestment of funds of the Short Term Investment Fund.3-27eReport of grants, interest, etc. Payment of expenses and state banking service fees.3-27fInvestment by Treasurer in participation certificates. Legal investments.3-27gBond issue.3-27hNotes.3-27iBonds and notes as legal investments.3-27jModification or suspension of contributions to the Short Term Investment Fund surplus reserve.3-28Investment of sinking fund.3-28aMedium-Term Investment Fund.3-29 to 3-31Investment of surplus of General Fund. Investment of cash balance of Transportation Fund. Investment of excess cash in General Fund.3-31aAuthorized investments.3-31bCombined investment funds. Sale of participation units. Costs charged to income.3-32Acceptance of gifts and bequests by Treasurer.3-33Acceptance of land for military purposes.3-34Vote on stock of state bank owned by state or School Fund.3-35No execution against Treasurer.3-36Repayment of Town Deposit Fund.3-36aConnecticut Baby Bond Trust: Definitions.3-36bConnecticut Baby Bond Trust: Established.3-36cTreasurer's trust authority.3-36dInvestment of funds in the trust.3-36eExemption from taxation.3-36fMoneys invested in trust not considered assets or income.3-36gAccounting for designated beneficiary. Claim for accounting.3-36hTransfer to trust upon birth of designated beneficiary.3-36iBond issue.3-37Annual report of Treasurer. Monthly report of Treasurer.3-38Posthumous fund of Fitch's Home for the Soldiers. Fitch Fund. Use of income, and payment of claims from principal.3-39Flood Fund.3-39aFunds to be paid state recorded as receivables.3-39bInterest earnings on funds.3-39cInterest earnings credited to certain funds and accounts.3-39d to 3-39i3-39d to 3-39i3-39jAchieving a better life experience program: Definitions.3-39kAchieving a better life experience program: Establishment. Trust. Report.3-39lTrust authority of the State Treasurer.3-39mInvestment of funds in the trust.3-39nExemption from certain securities laws.3-39oExemption from taxation.3-39pState pledge for purposes of the trust.3-39qCompliance with requirements for trust to constitute a qualified ABLE program.3-39rABLE account investments, contributions and distributions disregarded for certain programs and purposes.3-40Treasurer to have care and management.3-41School Fund interest.3-42Rate of interest on loans from the School Fund and Agricultural College Fund.3-43Loan expenses. Foreclosure costs.3-44Interest on overdue loans.3-45Loans and appraisals.3-46Reappraisal of securities.3-47Sale of real estate.3-48National bank stock; Treasurer attorney for state.3-49Debtor accounts.3-50Agents to give certified copies of bonds.3-51Annual schedule of assets.3-52Moneys paid on account.3-53Exhibition of claims against estates.3-54Mortgagor's affidavit of title.3-55Waste on mortgaged premises.3-55a to 3-55h3-55a to 3-55h3-55iMashantucket Pequot and Mohegan Fund.3-55jPayments from fund.3-55kMunicipality defined.3-55lAdditional payments from fund to Ledyard, Montville, Norwich, North Stonington and Preston.3-55mAdditional payments from fund to certain member municipalities of Southeastern, Northeastern and Windham Area Councils of Governments.3-55nPayments from fund to tribes.3-56Definitions.3-56aDefinitions.3-57Escheat of property unclaimed or unused for seven years.3-57aProperty held by banking or financial organization presumed abandoned, when.3-57bVirtual currency held by a business association or banking or financial organization presumed abandoned.3-58Sale of escheated property.3-58aFunds held by insurance company presumed abandoned, when.3-59Petition in case of interest in escheated property. Appeal.3-59aProperty held by a business association or payable in the course of demutualization of an insurance company presumed abandoned, when.3-59bOwnership interest in business association presumed abandoned, when.3-59cDuties of holder of abandoned interests in business associations.3-59dDelivery of duplicate certificate to Treasurer. Holder relieved of liability to others upon such delivery.3-60Examination of witnesses.3-60aProperty distributable on dissolution of business presumed abandoned, when. Notice to shareholder of corporate dissolution or liquidation.3-60bWages, salary or other compensation for personal services presumed abandoned, when.3-60cDeposit, refund or other sum owed by utility presumed abandoned, when.3-60dValue of gift certificate presumed abandoned, when.3-61Action against custodian of property.3-61aProperty held by fiduciary presumed abandoned, when.3-62Application of provisions.3-62aProperty held by public body or officer presumed abandoned, when.3-62bProperty held by federal court or agency presumed abandoned, when.3-62cProceedings to recover property.3-62dAction to obtain decree of escheat.3-62eTreasurer to pay costs and deposit funds into General Fund.3-62fClaim for return of escheated property.3-62gLiability of state.3-62hSpecial Abandoned Property Fund. Deposit of abandoned property receipts. Special obligation bond authorization. Disbursement of resources of fund.3-63Notice of inactive bank accounts. Index. Interest. Escheat.3-63aProperty in decedent's estate presumed abandoned, when.3-64Escheating of trust funds held by the Treasurer.3-64aProperty presumed abandoned generally.3-65Conversion of escheated property into cash.3-65aDuties of holder of abandoned property.3-65bAssessment of interest penalty for failure to report or deliver abandoned property as required. Exceptions.3-65cCharge, fee or penalty for inactivity prohibited.3-66Escheat of unclaimed life insurance company funds. Definitions.3-66aMaintenance of searchable list and provision of notice by Treasurer.3-66bUnclaimed intangible property. Conditions raising presumption of abandonment.3-66cRecovery of funds or property.3-66dAgreement with Commissioner of Revenue Services re disclosure of return information for owner identification and payment.3-67When funds escheat.3-67aState responsibility for property. Reimbursement of prior holder for payment to holder. Reimbursement of holder compelled to register transfer of original certificate.3-68Report of unclaimed funds.3-68aSale of property by Treasurer.3-69Notice.3-69a*(See end of section for amended version and effective date.) Deposit of funds in General Fund and Citizens' Election Fund.3-70Payment to Treasurer.3-70aClaims for abandoned property.3-71State to assume custody and liability.3-71aAppeals.3-72, 3-72a and 3-73Funds to be paid to General Fund and special trust fund. Escheat proceedings. Claim; appeal; bond.3-73aExcepted property.3-73bEffect of expiration of limitation period or period specified in contract.3-74Payment of claim.3-74aRegulations. Agreements and enforcement with other states.3-75 and 3-76Record to be kept by Treasurer. Application of other statutes.3-76aShort title: Municipal Bond Refunding Trust Act.3-76bStatement of purpose and policy.3-76cDefinitions.3-76dIssuance of state special obligation bonds authorized to finance purchase of municipal refunding bonds; bond determination requisites.3-76eEffect of filing of bond determination. Limits on Treasurer's contracts.3-76fTerms of special obligation bonds determined by State Treasurer.3-76gOptional provisions to secure payment of special obligation bonds.3-76hAdditional powers of State Treasurer.3-76iForm of special obligation bonds.3-76jSpecial obligation bonds not general obligations of the state.3-76kSpecial obligation bonds as legal investments: Tax exemptions.3-76lMunicipal Refunded Bond Escrow Fund. State Treasurer's contracts re municipal accounts in fund.3-76mMunicipal Refunding Trust Fund. Required reserve. General Fund appropriations.3-76nValidity of pledges.3-76oState pledges to holders of special obligation bonds.3-76pPrincipal amounts of special obligation bonds not part of state indebtedness.3-76qDefault by state, remedies of municipalities, holders.3-76rMunicipal refunding bonds. Requisites. Proceeds. Excluded from aggregate municipal indebtedness. Presumption re authorization.3-76sDefaults in principal or interest payments on municipal refunding bonds; remedies.3-76tTransfer of interest subsidy under section 10-292m.