Plain English Breakdown
The official text lists supporting historical education and providing civic space as purposes, but does not explicitly state that bond funds will pay for these activities directly; they may be outcomes of the restoration.
Funding to Restore Pinney House
This bill allows the state to issue up to $1 million in bonds to pay for restoring and renovating the historic Pinney House in Ellington.
What This Bill Does
- Allows the State Bond Commission to sell up to $1 million worth of state bonds.
- Requires that bond money go to the Department of Economic and Community Development.
- Directs funds as a grant-in-aid for restoring and renovating Pinney House at 82 Pinney Street in Ellington.
- Permits the town of Ellington or a chosen nonprofit group designated by the town to receive the funding.
Who It Names or Affects
- The State Bond Commission
- The Department of Economic and Community Development
- The Town of Ellington
- Nonprofit organizations designated by the town
Terms To Know
- Bonds
- Money that a government borrows from investors to pay for projects, which it promises to repay later with interest.
- Grant-in-aid
- A sum of money given by the state to help another group or town complete a specific project.
Limits and Unknowns
- The bill does not say when the work will start or finish.
- It is unclear if any other funding sources are needed beyond this $1 million limit.
- The text does not specify which nonprofit organization might be chosen by the town.