CT
Connecticut Senate Bill SB01174

Connecticut 2011 Regular Session

Connecticut Senate Bill SB01174 Compare Versions

OldNewDifferences
1-General Assembly Substitute Bill No. 1174
2-January Session, 2011 *_____SB01174CE_FIN032211____*
1+General Assembly Raised Bill No. 1174
2+January Session, 2011 LCO No. 3431
3+ *03431_______CE_*
4+Referred to Committee on Commerce
5+Introduced by:
6+(CE)
37
48 General Assembly
59
6-Substitute Bill No. 1174
10+Raised Bill No. 1174
711
812 January Session, 2011
913
10-*_____SB01174CE_FIN032211____*
14+LCO No. 3431
1115
12-AN ACT AUTHORIZING BONDS OF THE STATE TO ALLOW NONPROFIT-MENTORED STUDENT TEAMS TO COMMERCIALIZE DORMANT CORPORATE TECHNOLOGY.
16+*03431_______CE_*
17+
18+Referred to Committee on Commerce
19+
20+Introduced by:
21+
22+(CE)
23+
24+AN ACT CONCERNING THE ESTABLISHMENT OF THE CONNECTICUT INNOVATIONS FACTORY BOARD.
1325
1426 Be it enacted by the Senate and House of Representatives in General Assembly convened:
1527
16-Section 1. (Effective July 1, 2011) (a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate three million dollars.
28+Section 1. (NEW) (Effective from passage) (a) There is established the Connecticut Innovations Factory Board, within the Department of Economic and Community Development. The board shall consist of thirteen members, of which ten are voting members and three are ex-officio nonvoting members.
1729
18-(b) The proceeds of the sale of said bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by Connecticut Innovations, Incorporated for the purpose of providing the IP Factory with funding to mentor student teams from universities and colleges in the state to commercialize dormant corporate technologies.
30+(b) (1) The voting members of the board shall be appointed as follows: (A) Four appointed by the Governor, (i) one of whom shall be a faculty or staff member of The University of Connecticut, (ii) two of whom shall be faculty or staff members of the Connecticut State University System, and (iii) one of whom represents a business in the state that develops new technologies; (B) one appointed by the speaker of the House of Representatives who shall be a member of a law faculty of an accredited law school in the state; (C) one appointed by the president pro tempore of the Senate who represents a business in the state that develops new technologies; (D) one appointed by the majority leader of the House of Representatives who shall be a faculty or staff member of the school of business administration at The University of Connecticut; (E) one appointed by the majority leader of the Senate who represents a business in the state that develops new technologies; (F) one appointed by the minority leader of the House of Representatives who shall represent venture capital firms; and (G) one appointed by the minority leader of the Senate who represents a business in the state that develops new technologies.
1931
20-(c) All provisions of section 3-20 of the general statutes, or the exercise of any right or power granted thereby, which are not inconsistent with the provisions of this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to this section, and temporary notes in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with said section 3-20 and from time to time renewed. Such bonds shall mature at such time or times not exceeding twenty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such bonds. None of said bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization which is signed by or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission, in its discretion, may require. Said bonds issued pursuant to this section 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 State Treasurer shall pay such principal and interest as the same become due.
32+(2) The ex-officio nonvoting members shall consist of the following members, or their designees: The Commissioners of Higher Education and Economic and Community Development and the chairperson of the board of Connecticut Innovations, Incorporated.
33+
34+(3) The voting members shall serve for a term of four years. The members of the board shall serve without compensation but shall, within the limits of available funds, be reimbursed for expenses necessarily incurred in the performance of their duties.
35+
36+(4) The Governor shall appoint the chairperson of the board from among its voting members. The board may create other positions it deems necessary and may fill such positions from among its members. The powers of the board shall be vested in and exercised by not less than five members of the board. Five members of the board shall constitute a quorum. The board may solicit and receive funds from any public or private sources to carry out its activities.
37+
38+(c) The Connecticut Innovations Factory Board shall:
39+
40+(1) Develop and implement a plan to use student teams from The University of Connecticut, the Connecticut State University System and any accredited law school in the state to review technology patents held by corporations and develop new methods to commercialize such patents;
41+
42+(2) Develop and implement a mentoring system for such student teams consisting of a mentor or mentors from faculty or staff members from The University of Connecticut, the Connecticut State University System and any accredited law school in the state, individuals employed by a business in the state that develops new technologies, and individuals employed by venture capital firms;
43+
44+(3) Work with businesses in the state that develop new technologies to identify the highest commercial opportunities in the patents held but not commercialized by such businesses; and
45+
46+(4) Work with student teams to develop new technology-based businesses in the state.
47+
48+(d) The board may request other state agencies, including, but not limited to, the Departments of Higher Education, Economic and Community Development and Connecticut Innovations, Incorporated to provide information, reports and other assistance in carrying out its duties.
49+
50+(e) On or before January 1, 2012, and annually thereafter, the chairperson of the board shall submit a report, in accordance with the provisions of section 11-4a of the general statutes, to the Governor and the joint standing committee of the General Assembly having cognizance of matters relating to commerce. Such report shall indicate any progress made by the board in identifying and developing new technologies with high commercial opportunities, any progress or changes made to the mentoring system of such student teams, any progress in the development by the student teams of new technology-based businesses in the state, and recommendations for legislative action needed to assist the board in achieving its directive.
2151
2252
2353
2454
2555 This act shall take effect as follows and shall amend the following sections:
26-Section 1 July 1, 2011 New section
56+Section 1 from passage New section
2757
2858 This act shall take effect as follows and shall amend the following sections:
2959
3060 Section 1
3161
32-July 1, 2011
62+from passage
3363
3464 New section
3565
66+Statement of Purpose:
3667
68+To establish the Connecticut Innovations Factory Board to develop and implement plans to use mentored student teams to develop and commercialize technologies patented but unused by state businesses.
3769
38-CE Joint Favorable Subst. C/R FIN
39-
40-CE
41-
42-Joint Favorable Subst. C/R
43-
44-FIN
70+[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]