1. (a) The State Bond Commission, established under section 3-20 shall have all powers and duties related to any and all matters concerning private activity bonds, as defined in section 32-140.
2. (b) When the General Assembly is not in regular or special session, the State Bond Commission may, for the then existing calendar year only, in response to a recommendation from the Governor or on its own initiative, modify any private activity bond allocation established under section 32-141 upon determining that such action would be in the best interests of the state. The commission may conduct a public hearing before making any such modification.

(P.A. 85-526, S. 3, 5; P.A. 87-539, S. 3, 5; P.A. 91-210, S. 4, 5; 91-280, S. 2, 4; P.A. 96-251, S. 13; P.A. 00-167, S. 65, 69; June Sp. Sess. P.A. 01-7, S. 9, 28.)

History: P.A. 87-539 removed prohibition against commission meeting during periods when the general assembly is in session; P.A. 91-210 amended Subsec. (c) to correct reference to Sec. 32-141 from the previous incorrect reference to 31-241; P.A. 91-280 amended Subsec. (a) by adding the chairpersons and ranking members of the joint standing committee on commerce and exportation to the commission; P.A. 96-251 amended Subsec. (d) by requiring that on and after October 1, 1996, reports be submitted to finance, planning and development and commerce committees and upon request to legislators and by adding provisions re submission of report summaries to legislators; P.A. 00-167 amended Subsec. (b) to change the minimum meeting requirement for the commission from twice annually to once annually, effective July 1, 2000; June Sp. Sess. P.A. 01-7 deleted former Subsecs. (a), (b) and (d) re the State Private Activity Bond Commission, added new Subsec. (a) providing that the State Bond Commission shall have power re private activity bonds and redesignated former Subsec. (c) as Subsec. (b), making a conforming change therein, effective July 1, 2001.