LCO \\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00959-R01-
SB.docx
1 of 3
General Assembly Substitute Bill No. 959
January Session, 2019
AN ACT CONCERNING TH E CONNECTICUT GREEN BANK'S
ELIGIBILITY AS A BORROWER FOR FEDERAL PROGRAMS AND
MEMBERS OF THE CONNE CTICUT GREEN BANK'S BOARD OF
DIRECTORS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Subparagraph (A) of subdivision (2) of subsection (d) of 1
section 16-245n of the general statutes is repealed and the following is 2
substituted in lieu thereof (Effective from passage): 3
(2) (A) (i) The Connecticut Green Bank may seek to qualify as a 4
Community Development Financial Institution under Section 4702 of 5
the United States Code. If approved as a Community Development 6
Financial Institution, said bank would be treated as a qualified 7
community development entity for purposes of Section 45D and 8
Section 1400N(m) of the Internal Revenue Code. 9
(ii) The Connecticut Green Bank and its subsidiaries may seek to 10
qualify as eligible borrowers of federal funding, including, but not 11
limited to, funding from the United States Department of Agriculture 12
pursuant to 7 CFR 1720. 13
Sec. 2. Subdivision (1) of subsection (e) of section 16-245n of the 14
general statutes is repealed and the following is substituted in lieu 15
thereof (Effective October 1, 2019): 16 Substitute Bill No. 959
LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00959-
R01-SB.docx }
2 of 3
(e) (1) The powers of the Connecticut Green Bank shall be vested in 17
and exercised by a board of directors, which shall consist of eleven 18
voting and [two] one nonvoting [members] member each with 19
knowledge and expertise in matters related to the purpose and 20
activities of said bank appointed as follows: The Treasurer or the 21
Treasurer's designee, the Commissioner of Energy and Environmental 22
Protection or the commissioner's designee and the Commissioner of 23
Economic and Community Development or the commissioner's 24
designee, each serving ex officio, one member who shall represent a 25
residential or low-income group appointed by the speaker of the 26
House of Representatives for a term of four years, one member who 27
shall have experience in investment fund management appointed by 28
the minority leader of the House of Representatives for a term of three 29
years, one member who shall represent an environmental organization 30
appointed by the president pro tempore of the Senate for a term of four 31
years, and one member who shall have experience in the finance or 32
deployment of renewable energy appointed by the minority leader of 33
the Senate for a term of four years. Thereafter, such members of the 34
General Assembly shall appoint members of the board to succeed such 35
appointees whose terms expire and each member so appointed shall 36
hold office for a period of four years from the first day of July in the 37
year of his or her appointment. The Governor shall appoint four 38
members to the board as follows: Two for two years who shall have 39
experience in the finance of renewable energy; one for four years who 40
shall be a representative of a labor organization; and one who shall 41
have experience in research and development or manufacturing of 42
clean energy. Thereafter, the Governor shall appoint members of the 43
board to succeed such appointees whose terms expire and each 44
member so appointed shall hold office for a period of four years from 45
the first day of July in the year of his or her appointment. The 46
president of the Connecticut Green Bank shall be elected by the 47
members of the board. The president of the Connecticut Green Bank 48
shall serve on the board in an ex-officio, nonvoting capacity. The 49
Governor shall appoint the chairperson of the board. The board shall 50
elect from its members a vice chairperson and such other officers as it 51 Substitute Bill No. 959
LCO {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00959-
R01-SB.docx }
3 of 3
deems necessary and shall adopt such bylaws and procedures it deems 52
necessary to carry out its functions. The board may establish 53
committees and subcommittees as necessary to conduct its business. 54
This act shall take effect as follows and shall amend the following
sections:
Section 1 from passage 16-245n(d)(2)(A)
Sec. 2 October 1, 2019 16-245n(e)(1)
ET Joint Favorable Subst.