OLR Bill Analysis

sSB 840

AN ACT CONCERNING NEXT GENERATION CONNECTICUT.

SUMMARY:

This bill (1) authorizes $1.551 billion in new bonds under the UConn 2000 infrastructure program; (2) extends Phase III of the program by six years, from 2018 to 2024; and (3) adjusts the program's annual bond limits.

It also extends, from 2018 to 2024, or until completion of the UConn 2000 infrastructure program, UConn's authority to plan, design, acquire, remodel, alter, repair, enlarge, or demolish any real asset or other project on its campuses.

EFFECTIVE DATE: July 1, 2013

PROJECT AUTHORIZATIONS

As Table 1 shows, the bill (1) increases bond authorizations for existing UConn 2000 Phase III projects, (2) adds three new Phase III projects, and (3) expands an existing Phase III project for Stamford campus improvements to also include housing. These changes and additions total $1.551 in new bond authorizations under the program.

Table 1: Phase III Project Authorizations (in millions)

Project

Current Authorization

Proposed Authorization

Change

Academic and Research Facilities (new)

$0

$450

$450

Avery Point Renovation (new)

0

15

15

Deferred Maintenance/Code/ADA Renovation Lump Sum

215

805

590

Equipment, Library, Collections & Telecommunications

200

470

270

Hartford Relocation Acquisition/Renovation (new)

0

70

70

Parking Garage #3

15

78

63

Residential Life Facilities

90

162

72

Stamford Campus Improvements/Housing (adds housing)

3

13

10

Deferred Maintenance/ Code/ ADA Renovation Sum – Health Center

50

61

11

TOTAL CHANGE

$1,551

Annual Bond Limits

To conform to the increased bond authorizations, the bill (1) adjusts the annual bond limits for the UConn 2000 program from FY 14 through FY 18 and (2) adds new limits for FY 19 though FY 24 (see Table 2). By law, any difference between the amount actually issued in any year and the cap can be carried forward to any succeeding fiscal year. Financing transaction costs can be added to the caps.

Table 2: Annual Bond Limits for UConn 2000

FY

Current Limit

(Millions)

Proposed Limit

(Millions)

Change

(Millions)

2014

198.0

204.4

6.4

2015

208.5

315.5

107

2016

199.5

312.1

112.6

2017

160.9

266.4

105.5

2018

91.0

269.5

178.5

2019

-

251

251

2020

-

269

269

2021

-

191.5

191.5

2022

-

144

144

2023

-

112

112

2024

-

73.5

73.5

COMMITTEE ACTION

Finance, Revenue and Bonding Committee

Joint Favorable Substitute

Yea

43

Nay

7

(04/16/2013)