Connecticut 2021 Regular Session

Connecticut Senate Bill SB01094 Compare Versions

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Version 2 (New)

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7		-	General Assembly Substitute Bill No. 1094
	4	+	LCO No. 6381 1 of 3
	5	+
	6	+	General Assembly Raised Bill No. 1094
8	7		January Session, 2021
	8	+	LCO No. 6381
	9	+
	10	+
	11	+	Referred to Committee on FINANCE, REVENUE AND
	12	+	BONDING
	13	+
	14	+
	15	+	Introduced by:
	16	+	(FIN)
	17	+
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12	21		AN ACT AUTHORIZING B ONDS OF THE STATE FO R CTNEXT AND
13	22		THE INNOVATION PLACE PROGRAM.
14	23		Be it enacted by the Senate and House of Representatives in General
15	24		Assembly convened:
16	25
17	26		Section 1. (Effective July 1, 2022) (a) For the purposes described in 1
18	27		subsection (b) of this section, the State Bond Commission shall have the 2
19	28		power from time to time to authorize the issuance of bonds of the state 3
20	29		in one or more series and in principal amounts not exceeding in the 4
21	30		aggregate sixty-four million dollars, provided (1) thirteen million five 5
22		-	hundred thousand dollars of such authorization shall be effective July 6
23		-	1, 2022, (2) twenty-three million five hundred thousand dollars of such 7
24		-	authorization shall be effective July 1, 2023, (3) thirteen million five 8
25		-	hundred thousand dollars of such authorization shall be effective July 9
26		-	1, 2024, and (4) thirteen million five hundred thousand dollars of such 10
27		-	authorization shall be effective July 1, 2025. 11
28		-	(b) The proceeds of the sale of such bonds, to the extent of the amount 12
29		-	stated in subsection (a) of this section, shall be used by CTNext for the 13
30		-	purpose of recapitalizing the innovation place program established 14
31		-	under section 32-39k of the general statutes for existing and new 15
32		-	innovation places, provided ten million dollars shall be deposited in the 16
33		-	fiscal year commencing July 1, 2023, in the CTNext Fund established 17
34		-	under section 32-39i of the general statutes for general operational 18
35		-	purposes. 19 Substitute Bill No. 1094
	31	+	hundred dollars of such authorization shall be effective July 1, 2022, (2) 6
	32	+	twenty-three million five hundred dollars of such authorization shall be 7
	33	+	effective July 1, 2023, (3) thirteen million five hundred dollars of such 8
	34	+	authorization shall be effective July 1, 2024, and (4) thirteen million five 9
	35	+	hundred dollars of such authorization shall be effective July 1, 2025. 10
	36	+	(b) The proceeds of the sale of such bonds, to the extent of the amount 11
	37	+	stated in subsection (a) of this section, shall be used by CTNext for the 12
	38	+	purpose of recapitalizing the innovation place program established 13
	39	+	under section 32-39k of the general statutes for existing and new 14 Raised Bill No. 1094
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42		-	(c) All provisions of section 3-20 of the general statutes, or the exercise 20
43		-	of any right or power granted thereby, that are not inconsistent with the 21
44		-	provisions of this section are hereby adopted and shall apply to all 22
45		-	bonds authorized by the State Bond Commission pursuant to this 23
46		-	section. Temporary notes in anticipation of the money to be derived 24
47		-	from the sale of any such bonds so authorized may be issued in 25
48		-	accordance with section 3-20 of the general statutes and from time to 26
49		-	time renewed. Such bonds shall mature at such time or times not 27
50		-	exceeding twenty years from their respective dates as may be provided 28
51		-	in or pursuant to the resolution or resolutions of the State Bond 29
52		-	Commission authorizing such bonds. None of such bonds shall be 30
53		-	authorized except upon a finding by the State Bond Commission that 31
54		-	there has been filed with it a request for such authorization that is signed 32
55		-	by or on behalf of the Secretary of the Office of Policy and Management 33
56		-	and states such terms and conditions as said commission, in its 34
57		-	discretion, may require. Such bonds issued pursuant to this section shall 35
58		-	be general obligations of the state and the full faith and credit of the state 36
59		-	of Connecticut are pledged for the payment of the principal of and 37
60		-	interest on such bonds as the same become due, and accordingly and as 38
61		-	part of the contract of the state with the holders of such bonds, 39
62		-	appropriation of all amounts necessary for punctual payment of such 40
63		-	principal and interest is hereby made, and the State Treasurer shall pay 41
64		-	such principal and interest as the same become due. 42
65		-	Sec. 2. Subsection (a) of section 32-39l of the general statutes is 43
66		-	repealed and the following is substituted in lieu thereof (Effective July 1, 44
67		-	2022): 45
68		-	(a) [On or before July 1, 2016,] Connecticut Innovations, Incorporated 46
69		-	shall post on its Internet web site an application form, prescribed by 47
70		-	Connecticut Innovations, Incorporated, for planning grants-in-aid 48
71		-	awarded pursuant to subsection (b) of this section. Such application 49
72		-	form shall state that applications for planning grants-in-aid shall be 50
73		-	submitted to the CTNext board. 51
74		-	Sec. 3. Subparagraph (E) of subdivision (2) of subsection (a) of section 52 Substitute Bill No. 1094
	43	+	LCO No. 6381 2 of 3
	44	+
	45	+	innovation places, provided ten million dollars shall be deposited in the 15
	46	+	fiscal year commencing July 1, 2023, in the CTNext Fund established 16
	47	+	under section 32-39i of the general statutes for general operational 17
	48	+	purposes. 18
	49	+	(c) All provisions of section 3-20 of the general statutes, or the exercise 19
	50	+	of any right or power granted thereby, that are not inconsistent with the 20
	51	+	provisions of this section are hereby adopted and shall apply to all 21
	52	+	bonds authorized by the State Bond Commission pursuant to this 22
	53	+	section. Temporary notes in anticipation of the money to be derived 23
	54	+	from the sale of any such bonds so authorized may be issued in 24
	55	+	accordance with section 3-20 of the general statutes and from time to 25
	56	+	time renewed. Such bonds shall mature at such time or times not 26
	57	+	exceeding twenty years from their respective dates as may be provided 27
	58	+	in or pursuant to the resolution or resolutions of the State Bond 28
	59	+	Commission authorizing such bonds. None of such bonds shall be 29
	60	+	authorized except upon a finding by the State Bond Commission that 30
	61	+	there has been filed with it a request for such authorization that is signed 31
	62	+	by or on behalf of the Secretary of the Office of Policy and Management 32
	63	+	and states such terms and conditions as said commission, in its 33
	64	+	discretion, may require. Such bonds issued pursuant to this section shall 34
	65	+	be general obligations of the state and the full faith and credit of the state 35
	66	+	of Connecticut are pledged for the payment of the principal of and 36
	67	+	interest on such bonds as the same become due, and accordingly and as 37
	68	+	part of the contract of the state with the holders of such bonds, 38
	69	+	appropriation of all amounts necessary for punctual payment of such 39
	70	+	principal and interest is hereby made, and the State Treasurer shall pay 40
	71	+	such principal and interest as the same become due. 41
	72	+	Sec. 2. Subsection (a) of section 32-39l of the general statutes is 42
	73	+	repealed and the following is substituted in lieu thereof (Effective July 1, 43
	74	+	2022): 44
	75	+	(a) [On or before July 1, 2016,] Connecticut Innovations, Incorporated 45
	76	+	shall post on its Internet web site an application form, prescribed by 46
	77	+	Connecticut Innovations, Incorporated, for planning grants-in-aid 47 Raised Bill No. 1094
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81		-	32-39m of the general statutes is repealed and the following is 53
82		-	substituted in lieu thereof (Effective July 1, 2021): 54
83		-	(E) The CTNext board shall report, in accordance with the provisions 55
84		-	of section 11-4a, to the joint standing committees of the General 56
85		-	Assembly having cognizance of matters relating to commerce and 57
86		-	finance, revenue and bonding on or before September [30, 2017, and on 58
87		-	or before July first annually thereafter until September 30, 2020] thirtieth 59
88		-	annually, regarding the grants-in-aid distributed pursuant to this 60
89		-	section and concerning the operation and effectiveness of the innovation 61
90		-	place program. 62
	81	+	LCO No. 6381 3 of 3
	82	+
	83	+	awarded pursuant to subsection (b) of this section. Such application 48
	84	+	form shall state that applications for planning grants-in-aid shall be 49
	85	+	submitted to the CTNext board. 50
	86	+	Sec. 3. Subparagraph (E) of subdivision (2) of subsection (a) of section 51
	87	+	32-39m of the general statutes is repealed and the following is 52
	88	+	substituted in lieu thereof (Effective July 1, 2021): 53
	89	+	(E) The CTNext board shall report, in accordance with the provisions 54
	90	+	of section 11-4a, to the joint standing committees of the General 55
	91	+	Assembly having cognizance of matters relating to commerce and 56
	92	+	finance, revenue and bonding on or before September [30, 2017, and on 57
	93	+	or before July first annually thereafter until September 30, 2020] thirtieth 58
	94	+	annually, regarding the grants-in-aid distributed pursuant to this 59
	95	+	section and concerning the operation and effectiveness of the innovation 60
	96	+	place program. 61
91	97		This act shall take effect as follows and shall amend the following
92	98		sections:
93	99
94	100		Section 1 July 1, 2022 New section
95	101		Sec. 2 July 1, 2022 32-39l(a)
96	102		Sec. 3 July 1, 2021 32-39m(a)(2)(E)
97	103
98		-	Statement of Legislative Commissioners:
99		-	In Section 1(a), "thousand" was added after "hundred" for accuracy.
100		-
101		-	FIN Joint Favorable Subst. -LCO
	104	+	Statement of Purpose:
	105	+	To provide funding for CTNext and the innovation place program.
	106	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	107	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	108	+	underlined.]
102	109