My suggestion is not to keep the connection string in the Application variable. Rather you can declare a static method which can return the connection string.Store the connection string in a static variable as shown below
public class Utility
{
static string connectionString;
public static string GetConnectionString()
{
if(string.IsNullOrEmpty(connectionString))
connectionString = Obj.DecryptString(ConfigurationManager.ConnectionStrings["ConStr"].ToString());
return connectionString;
}
}
Configuration files are cached, henceforth you need not worry about performance of reading the files every time the method is called