Conn. Agencies Regs. § 10-287c-6 - Bond interest subsidy grants (Reference: Section 10-287g)

(a) The amount of a bond issue eligible for an interest subsidy grant pursuant to Section 10-287g shall be the total of eligible project costs, not including site acquisition costs, less those project costs permanently financed by means other than the sale of serial notes or bonds, less any state grants made under Chapter 173 to defray project costs.

(b) Bond interest subsidy grants under section 10-287g shall be equal to the difference between four percent per annum and the lower of six percent per annum or the net interest cost rate on the eligible amount of bonds issued for the project involved, provided such bonds are sold at public sale.

(c) Bond interest subsidy grants under section 10-287g shall be paid semiannually over the period of the maturity dates of the bond issue. Payments will be certified to the state comptroller on or before the first of the month immediately preceding the month in which the corresponding interest payment falls due, and will be proportioned to such payments according to the eligible amount of such bond issue.

Notes

Conn. Agencies Regs. § 10-287c-6

Effective July 28, 1986