Plain English Breakdown
The official source material does not provide details about how the bonds will be repaid or specify limits on types of capital improvements.
Act Allowing State Bonds for Community Improvements in Norwich
This act allows the state to issue bonds up to $3,730,000 to fund capital improvements for nine specific community organizations in Norwich.
What This Bill Does
- Allows the State Bond Commission to authorize the issuance of bonds not exceeding $3,730,000 total.
- Requires that bond proceeds be used by the Department of Economic and Community Development to provide grants-in-aid to nine specified community organizations for capital improvements.
Who It Names or Affects
- The State Bond Commission
- Community organizations in Norwich
Terms To Know
- Grant-in-aid
- Money given by the government to help pay for projects or services.
- Capital improvements
- Major repairs, renovations, or additions that improve a property's value and usefulness.
Limits and Unknowns
- The bill does not specify how the bonds will be repaid.
- It is unclear if there are any limits on what types of capital improvements can be funded with these grants.