Conn. Gen. Stat. § 32-9z: Greyfield revitalization account.

(a) There is established an account to be known as the “greyfield revitalization account”, which shall be a separate, nonlapsing account. There shall be deposited in the account: (1) The proceeds of bonds issued by the state for deposit into said account and used in accordance with this section; (2) interest or other income earned on the investment of moneys in the account; and (3) all funds required by law to be deposited in the account. Any balance remaining in the account at the end of any fiscal year shall be carried forward in the account for the fiscal year next succeeding.

(b) All moneys received in consideration of financial assistance, including payments of principal and interest on any loans made pursuant to section 32-9y, shall be credited to the account and shall become part of the assets of the account.

(c) Notwithstanding any provision of the general statutes, proceeds from the sale of bonds available pursuant to subdivision (1) of subsection (b) of section 4-66c, may, with the approval of the Governor and the State Bond Commission, be used to capitalize the account.

(d) The Commissioner of Economic and Community Development may use funds in the account (1) to provide financial assistance for the greyfield revitalization program established in section 32-9y, and (2) for administrative costs not to exceed five per cent of such funds.