AN ACT CONCERNING THE WATERBURY LAND BANK.

SB 241 authorizes Connecticut to issue up to $5 million in state bonds to fund the Waterbury Land Bank Authority. The funds will be used by the Department of Economic and Community Development to provide grants for acquiring, maintaining, remediating, or developing real property in Waterbury. The bill creates a dedicated funding mechanism with the state pledging full credit for bond repayment, maturing within 20 years. This directly affects Waterbury residents and local property projects through targeted land bank activities.