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General Assembly Substitute Bill No. 1094
January Session, 2021
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 thousand dollars of such authorization shall be effective July 6
1, 2022, (2) twenty-three million five hundred thousand dollars of such 7
authorization shall be effective July 1, 2023, (3) thirteen million five 8
hundred thousand dollars of such authorization shall be effective July 9
1, 2024, and (4) thirteen million five hundred thousand dollars of such 10
authorization shall be effective July 1, 2025. 11
(b) The proceeds of the sale of such bonds, to the extent of the amount 12
stated in subsection (a) of this section, shall be used by CTNext for the 13
purpose of recapitalizing the innovation place program established 14
under section 32-39k of the general statutes for existing and new 15
innovation places, provided ten million dollars shall be deposited in the 16
fiscal year commencing July 1, 2023, in the CTNext Fund established 17
under section 32-39i of the general statutes for general operational 18
purposes. 19 Substitute Bill No. 1094
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(c) All provisions of section 3-20 of the general statutes, or the exercise 20
of any right or power granted thereby, that are not inconsistent with the 21
provisions of this section are hereby adopted and shall apply to all 22
bonds authorized by the State Bond Commission pursuant to this 23
section. Temporary notes in anticipation of the money to be derived 24
from the sale of any such bonds so authorized may be issued in 25
accordance with section 3-20 of the general statutes and from time to 26
time renewed. Such bonds shall mature at such time or times not 27
exceeding twenty years from their respective dates as may be provided 28
in or pursuant to the resolution or resolutions of the State Bond 29
Commission authorizing such bonds. None of such bonds shall be 30
authorized except upon a finding by the State Bond Commission that 31
there has been filed with it a request for such authorization that is signed 32
by or on behalf of the Secretary of the Office of Policy and Management 33
and states such terms and conditions as said commission, in its 34
discretion, may require. Such bonds issued pursuant to this section shall 35
be general obligations of the state and the full faith and credit of the state 36
of Connecticut are pledged for the payment of the principal of and 37
interest on such bonds as the same become due, and accordingly and as 38
part of the contract of the state with the holders of such bonds, 39
appropriation of all amounts necessary for punctual payment of such 40
principal and interest is hereby made, and the State Treasurer shall pay 41
such principal and interest as the same become due. 42
Sec. 2. Subsection (a) of section 32-39l of the general statutes is 43
repealed and the following is substituted in lieu thereof (Effective July 1, 44
2022): 45
(a) [On or before July 1, 2016,] Connecticut Innovations, Incorporated 46
shall post on its Internet web site an application form, prescribed by 47
Connecticut Innovations, Incorporated, for planning grants-in-aid 48
awarded pursuant to subsection (b) of this section. Such application 49
form shall state that applications for planning grants-in-aid shall be 50
submitted to the CTNext board. 51
Sec. 3. Subparagraph (E) of subdivision (2) of subsection (a) of section 52 Substitute Bill No. 1094
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32-39m of the general statutes is repealed and the following is 53
substituted in lieu thereof (Effective July 1, 2021): 54
(E) The CTNext board shall report, in accordance with the provisions 55
of section 11-4a, to the joint standing committees of the General 56
Assembly having cognizance of matters relating to commerce and 57
finance, revenue and bonding on or before September [30, 2017, and on 58
or before July first annually thereafter until September 30, 2020] thirtieth 59
annually, regarding the grants-in-aid distributed pursuant to this 60
section and concerning the operation and effectiveness of the innovation 61
place program. 62
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 Legislative Commissioners:
In Section 1(a), "thousand" was added after "hundred" for accuracy.
FIN Joint Favorable Subst. -LCO