Sec. 8-169qq. Establishment and use of special capital reserve funds. Required minimum capital reserve. Conditions for bond issuance. (a) For the purposes of this section, “required minimum capital reserve” means the maximum amount permitted to be deposited in a special capital reserve fund by the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, to permit the interest on the bonds of the Connecticut Municipal Redevelopment Authority secured by such special capital reserve fund to be excluded from gross income for federal tax purposes.
(b) The authority may, in connection with the issuance of bonds, the refunding of bonds previously issued by the authority or the issuance of bonds to effect a refinancing or other restructuring with respect to one or more projects, establish one or more special capital reserve funds. The authority may pay into such special capital reserve funds (1) any moneys appropriated and made available by the state for the purposes of such special capital reserve funds, (2) any proceeds of the sale of bonds or notes of the authority, to the extent provided in the resolution of said authority authorizing the issuance of such bonds or notes, and (3) any moneys made available to the authority from any other source for the purposes of such special capital reserve funds. The amount of bonds of the authority secured by special capital reserve funds shall not exceed fifty million dollars in the aggregate.
(c) (1) Except as otherwise provided in this section, the moneys held in or credited to any special capital reserve fund established under this section shall be used for: