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Connecticut Special Acts 1996

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House Bill No. 5730

SPECIAL ACT NO. 96-1

AN ACT CONCERNING THE ISSUANCE OF LETTERS OF CREDIT OR PERFORMANCE BONDS BY THE CONNECTICUT DEVELOPMENT AUTHORITY TO ENABLE COLT'S MANUFACTURING COMPANY, INC. TO EXPORT COLT PRODUCTS TO FOREIGN GOVERNMENTS.

Be it enacted by the Senate and House of Representatives in General Assembly convened: Notwithstanding the provisions of section 32-23e of the general statutes, as amended, 32-223 of the general statutes or 32-462 of the general statutes, as amended, or any other provision of the general statutes to the contrary, the Connecticut Development Authority may provide, insure or guarantee letters of credit or performance bonds or similar instruments for the benefit of Colt's Manufacturing Company, Inc., its successors and assigns in an aggregate amount not to exceed three million eight hundred thousand dollars. Each such bond or letter of credit shall have a term of not more than thirty months and shall be used to facilitate the production, sale, delivery or warranty of Colt products to foreign governments or foreign intergovernmental agencies. No bond or letter of credit provided for in this act shall be used to facilitate any export sale that is not expressly licensed by the United States.

Approved April 3, 1996. Effective April 3, 1996.

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