AN ACT CONCERNING THE BONDING AUTHORITY OF THE CONNECTICUT MUNICIPAL REDEVELOPMENT AUTHORITY, THE REPORTING OF MATERIAL FINANCIAL OBLIGATIONS BY STATE AGENCIES, TAX-EXEMPT PROCEEDS FUND REFERENCES AND THE NOTIFICATION OF THE SALE OR LEASE OF PROJECTS FINANCED WITH BOND PROCEEDS.

This bill updates the rules for the Connecticut Municipal Redevelopment Authority regarding how it issues bonds and manages its finances. It clarifies that bonds issued by the authority are not state debt and will be paid only from the authority's own funds, not from taxpayer money. The legislation also establishes that money raised from these bonds must be held in trust and outlines how the authority can repay the federal government if bond interest is tax-exempt. Additionally, the bill provides legal protection for the authority's directors and employees from personal liability while performing their official duties.