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SB00241 • 2026

AN ACT CONCERNING THE WATERBURY LAND BANK.

AN ACT CONCERNING THE WATERBURY LAND BANK.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Commerce Committee
Last action
2026-03-12
Official status
Favorable Change of Reference, House to Committee on Finance, Revenue and Bonding
Effective date
Not listed

Plain English Breakdown

The bill has passed both chambers but the final status regarding executive action (signing or veto) is not shown in the provided text.

Funding for Waterbury Land Bank Projects

This law allows the state to sell up to $5 million in bonds to give money to the Waterbury Land Bank Authority for buying, fixing, cleaning up, and developing land.

What This Bill Does

  • Authorizes the State Bond Commission to issue up to five million dollars in state bonds.
  • Requires bond proceeds to be used as a grant-in-aid for the Waterbury Land Bank Authority through the Department of Economic and Community Development.
  • Allows funds to pay for acquiring, maintaining, cleaning up (remediating), or developing real property and related projects in Waterbury.

Who It Names or Affects

  • The State Bond Commission
  • The Department of Economic and Community Development
  • The Waterbury Land Bank Authority

Terms To Know

Bonds
Money that a government borrows by selling certificates to investors, which must be paid back with interest.
Grant-in-aid
A sum of money given to an organization for a specific purpose without needing repayment.
Remediate
To clean up or fix land that is damaged, dirty, or unsafe.

Limits and Unknowns

  • The law limits the total amount of bonds to five million dollars.
  • Bonds must be paid back within twenty years from their issue date.
  • The text does not list specific properties that will receive funding or how much each project costs.

Bill History

  1. 2026-03-12 Connecticut General Assembly

    Favorable Change of Reference, Senate to Committee on Finance, Revenue and Bonding

  2. 2026-03-12 Connecticut General Assembly

    Favorable Change of Reference, House to Committee on Finance, Revenue and Bonding

  3. 2026-03-11 LCO

    Reported Out of Legislative Commissioners' Office

  4. 2026-03-05 CE

    Joint Favorable Change of Reference Finance, Revenue and Bonding

  5. 2026-03-05 LCO

    Filed with Legislative Commissioners' Office

  6. 2026-02-20 Connecticut General Assembly

    Public Hearing 02/24

  7. 2026-02-19 Connecticut General Assembly

    Referred to Joint Committee on Commerce

Official Summary Text

To provide funding for the Waterbury Land Bank Authority to acquire, maintain, remediate or develop real property and for related projects in the city of Waterbury.

Current Bill Text

Read the full stored bill text 
LCO 1241 1 of 2

General Assembly Raised Bill No. 241
February Session, 2026 LCO No. 1241

Referred to Committee on COMMERCE

Introduced by:
(CE)

AN ACT CONCERNING THE WATERBURY LAND BANK.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

Section 1. (Effective July 1, 2026 ) (a) For the purposes described in 1
subsection (b) of this section, the State Bond Commission shall have the 2
power from time to time to authorize the issuance of bonds of the state 3
in one or more series and in principal amounts not exceeding in the 4
aggregate five million dollars. 5
(b) The proceeds of the sale of such bonds, to the extent of the amount 6
stated in subsection (a) of this section, shall be used by the Department 7
of Economic and Community Development for the purpose of 8
providing a grant -in-aid to the Waterbury Land Bank Authority to 9
acquire, maintain, remediate or develop real property and for related 10
projects in the city of Waterbury. 11
(c) All provisions of section 3-20 of the general statutes, or the exercise 12
of any right or power granted thereby, that are not inconsistent with the 13
provisions of this section are hereby adopted and shall apply to all 14
bonds authorized by the State Bond Commission pursuant to this 15
Raised Bill No. 241

LCO 1241 2 of 2

section. Temporary notes in anticipation of the money to be derived 16
from the sale of any such bonds so authorized may be issued in 17
accordance with section 3 -20 of the general statutes and from time to 18
time renewed. Such bonds shall mature at such time or times not 19
exceeding twenty years from their respective dates as may be provided 20
in or pursuant to the resolution or resolutions of the State Bond 21
Commission authorizing such bonds. None of such bonds shall be 22
authorized except upon a finding by the State Bond Commission that 23
there has been filed with it a request for such authorization that is signed 24
by or on behalf of the Secretary of the Office of Policy and Management 25
and states such terms and conditions as said commission, in its 26
discretion, may require. Such bonds issued pursuant to this section shall 27
be general obligations of the state and the full faith and credit of the state 28
of Connecticut are pledged for the payment of the principal of and 29
interest on such bonds as the same become due, and accordingly and as 30
part of the contract of the state with the holders of such bonds, 31
appropriation of all amounts necessary for punctual payment of such 32
principal and interest is hereby made, and the State Treasurer shall pay 33
such principal and interest as the same become due. 34
This act shall take effect as follows and shall amend the following
sections:

Section 1 July 1, 2026 New section

CE Joint Favorable C/R FIN