Plain English Breakdown
The official source material does not explicitly state that the act aims to benefit the local economy and community, though it is implied in the statement of purpose.
Act to Restore Wallingford's Historic Train Station
This act allows the state to issue bonds up to $3,500,000 to fund the restoration and conversion of Wallingford's historic train station.
What This Bill Does
- Allows the State Bond Commission to issue bonds for up to $3.5 million.
- Uses bond proceeds to provide a grant-in-aid to the Economic Development Commission in Wallingford.
- The grant is used to restore and convert the historic train station.
Who It Names or Affects
- Residents of Wallingford
- Economic Development Commission in Wallingford
- State Bond Commission
Terms To Know
- Bonds
- Money borrowed by the state that needs to be paid back with interest.
- Grant-in-aid
- Financial assistance given by the government to help fund a project or program.
Limits and Unknowns
- The bill does not specify how the restored train station will be used.
- It is unclear when the bonds will actually be issued and funds disbursed.