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OLR Bill Analysis
SB 1099
AN ACT AUTHORIZING BONDS OF THE STATE FOR A
RESEARCH FACULTY RECRUITMENT AND HIRING PROGRAM BY
THE UNIVERSITY OF CONNECTICUT TO ENCOURAGE THE
CREATION OF NEW BUSINESS VENTURES.
SUMMARY
This bill (1) requires UConn to begin a new research faculty
recruitment and hiring program and (2) authorizes $46.1 million in
bonds over a five-year period, from FY 22 to FY 26, for this purpose, as
shown in Table 1. The bonds are subject to standard statutory bond
issuance procedures and repayment requirements.
Table 1: UConn Bond Authorizations
FY Amount ($)
22 6,460,000
23 11,729,200
24 14,489,200
25 9,220,000
26 4,201,600
Under the bill, the faculty recruitment and hiring program must be
implemented according to the plan that existing law requires UConn’s
Board of Trustees to develop biennially (see BACKGROUND). It must
be used to (1) hire faculty meeting specified qualifications and (2)
support the faculty’s compensation and related construction,
renovation, and equipment costs.
EFFECTIVE DATE: July 1, 2021
FACULTY RECRUITMENT AND HIRING PROGRAM
The bill’s new faculty recruitment and hiring program is for hiring
faculty with demonstrated excellence in their research field and an 2021SB-01099-R000670-BA.DOCX
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interest in (1) collaborating on research that meets societal needs or (2)
commercializing discoveries, innovations, or technologies. These are
the same qualifications specified in the existing faculty recruitment
program UConn must develop, maintain, and revise. Under the bill,
the new program must be used to help UConn meet existing research
faculty recruitment goals and requirements. Specifically, the goals are
to (1) support Connecticut’s economic development through faculty
research and (2) promote core sectors of the state economy by
accelerating the pace of applied research and development.
Under the bill, through this new program, UConn must (1)
encourage and facilitate creating new business ventures in the state
that fuel economic growth and (2) provide resources for proof of
concept, technology maturation, early- and later-stage venture capital
funding, and other measures that encourage expanding UConn’s
entrepreneurial ecosystem.
The bill requires UConn’s president to report on the program’s
implementation in his annual report on the university’s progress
toward the hiring goals in its faculty recruitment plan (see
BACKGROUND). By law, this report is submitted to the Higher
Education and Finance, Revenue and Bonding committees.
BACKGROUND
Faculty Recruitment Plan
Existing law requires UConn’s Board of Trustees to biennially
develop a plan for recruiting and hiring research faculty, including
those whose research is focused on societal needs or can be
commercialized. The plan must (1) outline the operating and capital
costs and (2) include recruitment and hiring goals. The first plan was
due on April 1, 2020.
COMMITTEE ACTION
Finance, Revenue and Bonding Committee
Joint Favorable
Yea 34 Nay 14 (04/22/2021)