AN ACT AUTHORIZING BONDS OF THE STATE FOR MATCHING GRANTS FOR FEMA BUY-OUT PROGRAMS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the State Bond Commission be empowered to authorize the issuance of bonds of the state in accordance with section 3-20 of the general statutes, in principal amounts not exceeding in the aggregate two million dollars, the proceeds of which shall be used by the Department of Energy and Environmental Protection for the purpose of providing a grant-in-aid to distressed municipalities for matching grants to participants in a Federal Emergency Management Agency program to buy homes that are located in a flood plain.

Statement of Purpose:

To provide matching grants to distressed municipalities that participate in a FEMA program designed to assist towns to expand their open space by buying homes located in flood plains at fair market value.