News release from State Senator Marilyn Moore:
Senator Marilyn Moore (D-Bridgeport) has been appointed as the Senate Democratic co-chair of the General Assembly’s Bonding Subcommittee.
“I am humbled to have the faith of Senator Martin Looney and my senate colleagues to represent them as the Senate Democratic co-chair of the Bonding Subcommittee. Bonding is critical for Connecticut’s future–whether it’s bonding for transportation, education, or economic development,” Sen. Moore said. “It is an honor to be appointed to this role and I look forward to the challenge. With many proposals already put in motion, I will be there to represent honestly and equitably to move our state forward.”
Senate President Pro Tempore Martin M. Looney (D-New Haven) announced the appointment on Friday, April 27.
“Senator Moore’s constituents know her as a tireless advocate as well as a champion for community justice, women’s rights and equality,” said Senator Looney. “In the Senate, Senator Moore always conducts herself with the highest integrity and is counted on by her colleagues for her keen policy analysis and that is why I am pleased to appoint Senator Moore as co-chair of the Bonding Subcommittee. The Senate Democratic Caucus and the people of Connecticut will benefit from her thoughtful leadership of this the critically important subcommittee.”
Senator Moore succeeds Senator John Fonfara (D-Hartford) as the subcommittee’s Democratic Senate co-chair. Upcoming meeting dates on the subcommittee’s 2018 calendar are May 25, June 29, July 27, August 31, September 28, October 26, and December 7.
The State Bond Commission exists under the provisions of Section 3-20 of the Connecticut General Statutes. The functions of the SBC are to determine that it is in the state’s best interest to:
· Approve project funding requests on an agenda submitted by the Governor.
· Approve the amount and timing of bond sales as requested by the State Treasurer.
Types of Bonds:
General Obligation Bonds–Finance the construction of buildings, grants and loans for housing, economic development, community care facilities, school construction grants, state parks and open space. Some bonds provide bond holders with an exemption from federal and state taxation for interest earnings. The repayment source for all GO bonds is the general taxing power (“full faith and credit”) of the State of Connecticut.
Special Tax Obligation Bonds–Finance the state’s portion of the cost of highway and bridge construction and maintenance. The repayment source is a dedicated revenue stream from the state’s motor fuels tax, motor vehicle registrations, licenses and fees.
Revenue Bonds–Finance a project or program with a pledged revenue stream, which is then used to pay debt service on the bonds.