Did you know that a new provision in last year’s budget threatens to tie the hands of the Legislature and prevent our state from making smart investments in a more prosperous tomorrow?
Did you know that this new provision, a bond lock, would impose restraints for the next ten years, regardless of the will of a clear majority in the Legislature?
The Bond Lock and the newly imposed fiscal restrictions put Connecticut’s prosperity at risk. If you want to learn more, join us Wednesday, March 14, from 2:30 P.M to 4:30 PM at the Lyceum for a 2-hour event explaining the Bond Lock and its implications, and what steps we can take to break the lock.
On the agenda:
- What is the Bond Lock?
- The impact of the Bond Lock: putting investments in opportunity at risk
- Legislative outlook: the General Assembly and fiscal restrictions
- Advocating for change: tactics and messaging
- Breaking the Bond Lock: taking action
- WHAT: Breaking the Bond Lock Conference
- WHERE: The Lyceum, 3rd Floor Conference Room, 227 Lawrence St, Hartford, 06106
- WHEN: New Time and Date – Wednesday, March 14, 2:30 to 4:30 P.M.
The Bond Lock
Last fall’s budget created a series of fiscal restrictions intended to impose fiscal discipline. Unfortunately, the restrictions did not benefit from any public hearing or input, and they pose a significant threat to the long-term social and economic health of our state.
The most critical and time-sensitive issue for this session is the bond lock. The bond lock stipulates that whenever the state issues a bond after May 1, it must vow not to change three new spending and revenue restrictions for the life of the bond (typically 10 years). These three budget restrictions—the spending cap, volatility cap, and bonding cap— contain drafting flaws, making it more difficult for Connecticut to perform the strategic investments necessary to promote equitable opportunity and inclusive economic growth.
The Governor’s budget did not address these restrictions, neglecting an issue that, if not addressed before the state issues bonds after this May, will hamper Connecticut’s core functioning for the next decade.