(C) The authority has provided the documentation required under subsection (a) of section 1-124 to the Treasurer or the Deputy Treasurer and the issuance has been approved by the Treasurer or the Deputy Treasurer pursuant to said subsection.
(2) The approval by the Secretary of the Office of Policy and Management or the secretary's deputy may provide for the waiver or modification of the requirements of this section as the secretary deems necessary or appropriate to effectuate such issuance, subject to any applicable tax covenants of the authority and the state.
(f) Nothing in this section shall preclude the authority from establishing other debt service reserve funds that are not special capital reserve funds in connection with the issuance of bonds or notes of the authority.
(P.A. 19-117, S. 221; P.A. 24-62, S. 3.)
History: P.A. 24-62 deleted former Subsec. (a) re state indemnification of authority directors, officers and employees and former Subsec. (b) re state assumption of certain authority debt and added new Subsec. (a) defining “required minimum capital reserve”, new Subsec. (b) re authority to establish special capital reserve funds, Subsec. (c) re use of any moneys in such funds, Subsec. (d) re required minimum capital reserve amount, Subsec. (e) re conditions for bond issuance and Subsec. (f) re establishing other debt service reserve funds, effective June 4, 2024.
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