Bill Text: CT HB06395 | 2011 | General Assembly | Comm Sub
Bill Title: An Act Concerning Interest Earned On The Soldiers, Sailors And Marines Fund.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2011-05-10 - File Number 780 [HB06395 Detail]
Download: Connecticut-2011-HB06395-Comm_Sub.html
General Assembly |
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January Session, 2011 |
*_____HB06395APP___042611____* |
AN ACT CONCERNING INTEREST EARNED ON THE SOLDIERS, SAILORS AND MARINES FUND.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 27-138 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2011):
(a) The Soldiers, Sailors and Marines Fund shall remain as established and shall be in the custody of the Treasurer as trustee of the fund and shall be administered by the treasurer of the American Legion. The Treasurer shall invest the fund and shall reinvest as much of the fund as is not required for current disbursement in accordance with the provisions of part I of chapter 32. The interest accumulations of the fund so held in trust or so much thereof as is found necessary to carry out the purposes hereinafter stated shall be paid, upon the order of the Comptroller, upon such statements as the Comptroller may require, to the treasurer of the American Legion, who shall disburse the same, and the balance of said accumulations, except for a reserve of one hundred thousand dollars held in custody of the trustee for contingent purposes, shall at the end of each fiscal year be added to the principal of the fund. If the interest accumulations of the fund, together with available appropriations, if any, of other funds, are insufficient to carry out the purposes of this part, the Finance Advisory Committee, upon recommendation of the Governor, shall make appropriations therefor from the state General Fund, limited, however, for any fiscal year to amounts which, together with said interest accumulations for such year, shall not exceed the annual interest on thirty-five million dollars at the average rate of the investment yield earned during the preceding fiscal year on the Soldiers, Sailors and Marines Fund, provided, in case of disaster constituting an emergency, as declared by the Governor, the Finance Advisory Committee may make additional appropriations to the fund without regard to such limitation. Any amounts appropriated from the General Fund under the provisions of this subsection on or after July 1, 2002, and disbursed by the treasurer of the American Legion to carry out the purposes of this part, shall be repaid to said fund in accordance with the provisions of subsection (b) of this section. Payments to the treasurer of the American Legion shall be made at such definite and stated periods as are necessary to meet the convenience of the American Legion and said trustee; but each payment shall be made upon the order of the treasurer of the American Legion, approved by at least two of its executive officers or of a special committee thereof thereunto specially authorized. No part of the interest accumulation of the fund shall be expended for the purpose of maintaining the American Legion.
(b) If in any fiscal year the interest earned on the principal of the Soldiers, Sailors and Marines Fund exceeds the expenditure level of said fund and there remains an outstanding balance in the cumulative amount to be repaid to the General Fund by the Soldiers, Sailors and Marines Fund under the provisions of subsection (a) of this section, the Comptroller may transfer any interest earned in excess of expenditure to the General Fund. Except as provided in this section, the Comptroller may not transfer interest earned on the principal of the Soldiers, Sailors and Marines Fund to the General Fund.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2011 |
27-138 |
VA |
Joint Favorable C/R |
APP |
APP |
Joint Favorable Subst. |