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General Assembly Raised Bill No. 1094
January Session, 2021
LCO No. 6381
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
(FIN)
AN ACT AUTHORIZING B ONDS OF THE STATE FO R CTNEXT AND
THE INNOVATION PLACE PROGRAM.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (Effective July 1, 2022) (a) For the purposes described in 1
subsection (b) of this section, the State Bond Commission shall have the 2
power from time to time to authorize the issuance of bonds of the state 3
in one or more series and in principal amounts not exceeding in the 4
aggregate sixty-four million dollars, provided (1) thirteen million five 5
hundred dollars of such authorization shall be effective July 1, 2022, (2) 6
twenty-three million five hundred dollars of such authorization shall be 7
effective July 1, 2023, (3) thirteen million five hundred dollars of such 8
authorization shall be effective July 1, 2024, and (4) thirteen million five 9
hundred dollars of such authorization shall be effective July 1, 2025. 10
(b) The proceeds of the sale of such bonds, to the extent of the amount 11
stated in subsection (a) of this section, shall be used by CTNext for the 12
purpose of recapitalizing the innovation place program established 13
under section 32-39k of the general statutes for existing and new 14 Raised Bill No. 1094
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innovation places, provided ten million dollars shall be deposited in the 15
fiscal year commencing July 1, 2023, in the CTNext Fund established 16
under section 32-39i of the general statutes for general operational 17
purposes. 18
(c) All provisions of section 3-20 of the general statutes, or the exercise 19
of any right or power granted thereby, that are not inconsistent with the 20
provisions of this section are hereby adopted and shall apply to all 21
bonds authorized by the State Bond Commission pursuant to this 22
section. Temporary notes in anticipation of the money to be derived 23
from the sale of any such bonds so authorized may be issued in 24
accordance with section 3-20 of the general statutes and from time to 25
time renewed. Such bonds shall mature at such time or times not 26
exceeding twenty years from their respective dates as may be provided 27
in or pursuant to the resolution or resolutions of the State Bond 28
Commission authorizing such bonds. None of such bonds shall be 29
authorized except upon a finding by the State Bond Commission that 30
there has been filed with it a request for such authorization that is signed 31
by or on behalf of the Secretary of the Office of Policy and Management 32
and states such terms and conditions as said commission, in its 33
discretion, may require. Such bonds issued pursuant to this section shall 34
be general obligations of the state and the full faith and credit of the state 35
of Connecticut are pledged for the payment of the principal of and 36
interest on such bonds as the same become due, and accordingly and as 37
part of the contract of the state with the holders of such bonds, 38
appropriation of all amounts necessary for punctual payment of such 39
principal and interest is hereby made, and the State Treasurer shall pay 40
such principal and interest as the same become due. 41
Sec. 2. Subsection (a) of section 32-39l of the general statutes is 42
repealed and the following is substituted in lieu thereof (Effective July 1, 43
2022): 44
(a) [On or before July 1, 2016,] Connecticut Innovations, Incorporated 45
shall post on its Internet web site an application form, prescribed by 46
Connecticut Innovations, Incorporated, for planning grants-in-aid 47 Raised Bill No. 1094
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awarded pursuant to subsection (b) of this section. Such application 48
form shall state that applications for planning grants-in-aid shall be 49
submitted to the CTNext board. 50
Sec. 3. Subparagraph (E) of subdivision (2) of subsection (a) of section 51
32-39m of the general statutes is repealed and the following is 52
substituted in lieu thereof (Effective July 1, 2021): 53
(E) The CTNext board shall report, in accordance with the provisions 54
of section 11-4a, to the joint standing committees of the General 55
Assembly having cognizance of matters relating to commerce and 56
finance, revenue and bonding on or before September [30, 2017, and on 57
or before July first annually thereafter until September 30, 2020] thirtieth 58
annually, regarding the grants-in-aid distributed pursuant to this 59
section and concerning the operation and effectiveness of the innovation 60
place program. 61
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2022 New section
Sec. 2 July 1, 2022 32-39l(a)
Sec. 3 July 1, 2021 32-39m(a)(2)(E)
Statement of Purpose:
To provide funding for CTNext and the innovation place program.
[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.]