(a) The State Bond Commission shall approve the CSCU 2020 program and authorize the issuance of bonds of the state in principal amounts not exceeding in the aggregate one billion sixty-nine million five hundred thousand dollars. The amount provided for the issuance and sale of bonds in accordance with this section shall be capped in each fiscal year in the following amounts, provided, to the extent the board of regents does not provide for the issuance of all or a portion of such amount in a fiscal year, or the Governor disapproves the request for issuance of all or a portion of the amount of the bonds as provided in subsection (d) of this section, any amount not provided for or disapproved, as the case may be, shall be carried forward and added to the capped amount for a subsequent fiscal year, but not later than the fiscal year ending June 30, 2021, and provided further, the costs of issuance and capitalized interest, if any, may be added to the capped amount in each fiscal year, and each of the authorized amounts shall be effective on July first of the fiscal year indicated as follows:

(b) The State Bond Commission shall approve a memorandum of understanding between the board of regents and the state, acting by and through the Secretary of the Office of Policy and Management and the Treasurer, providing for the issuance of said bonds for the purposes of sections 10a-91a to 10a-91h, inclusive, including provisions regarding the extent to which federal, private or other moneys then available or thereafter to be made available for costs should be added to the proceeds of the bonds authorized pursuant to sections 10a-91a to 10a-91h, inclusive, for such project or projects. The memorandum of understanding shall be deemed to satisfy the provisions of § 3-20 and the exercise of any right or power granted thereby which is not inconsistent with the provisions of sections 10a-91a to 10a-91h, inclusive. The memorandum of understanding dated July 8, 2008, and approved by the State Bond Commission on August 8, 2008, shall be deemed to incorporate the amendments to sections 10a-91a to 10a-91h, inclusive, enacted in sections 50 to 57, inclusive, of public act 14-98.

(c) All bonds issued pursuant to sections 10a-91a to 10a-91h, inclusive, shall be general obligations of the state and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.

(d) (1) On or before the first day of March in each year, the board of regents shall submit to the Governor, the Treasurer and the Secretary of the Office of Policy and Management, the most recently approved facilities and academic plans and the amount of bonds required for the CSCU 2020 program for the fiscal year beginning on July first of that year. The Governor may, not later than thirty days after such submission, approve or disapprove all or a portion of such amount of bonding submitted by the board of regents by notifying the board of regents, in writing, of such decision and the reasons for it. If the Governor does not act within such thirty-day period, the issuance of bonds for the CSCU 2020 program for the fiscal year beginning on July first of that year is deemed approved.

(2) In the event the capped amount of authorized bonds is increased by the General Assembly for the fiscal year beginning on July first for which the issuance of such bonds has already been approved by the Governor or deemed approved pursuant to subdivision (1) of this subsection or the General Assembly authorizes new bonds after the first day of March for the fiscal year beginning on July first of that year, the board of regents shall submit to the Governor, the Treasurer and the Secretary of the Office of Policy and Management, not later than thirty days after the effective date of such increase or authorization of new bonds, an addendum to the most recently approved facilities and academic plans and the amount of additional bonds required for the CSCU 2020 program for the fiscal year beginning on July first of that year. The Governor may, not later than thirty days after such submission, approve or disapprove all or a portion of such additional amount of bonding submitted by the board of regents by notifying the board of regents in writing, of such decision and the reasons for such decision. If the Governor does not act within such thirty-day period, the issuance of additional bonds for the CSCU 2020 program for the fiscal year beginning on July first of that year is deemed approved.

(3) Subject to the amount of limitations of such capping provisions in subsection (a) of this section and following the approval or deemed approval of the request to issue bonds as provided in subdivision (1) of this subsection, the principal amount of the bonds authorized under this section shall be deemed to be an appropriation and allocation of such amount, and such approval of such request shall be deemed the allotment by the Governor of such capital outlays within the meaning of § 4-85.