Connecticut 2021 Regular Session

Connecticut Senate Bill SB01099 Compare Versions

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7	8		General Assembly Raised Bill No. 1099
8	9		January Session, 2021
9	10		LCO No. 6678
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12	13		Referred to Committee on FINANCE, REVENUE AND
13	14		BONDING
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16	17		Introduced by:
17	18		(FIN)
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21	23		AN ACT AUTHORIZING B ONDS OF THE STATE FO R A RESEARCH
22	24		FACULTY RECRUITMENT AND HIRING PROGRAM BY THE
23	25		UNIVERSITY OF CONNEC TICUT TO ENCOURAGE T HE CREATION
24	26		OF NEW BUSINESS VENT URES.
25	27		Be it enacted by the Senate and House of Representatives in General
26	28		Assembly convened:
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28	30		Section 1. Section 10a-104c of the general statutes is repealed and the 1
29	31		following is substituted in lieu thereof (Effective July 1, 2021): 2
30	32		(a) The Board of Trustees of The University of Connecticut shall 3
31	33		develop, continuously maintain and revise from time to time a program 4
32	34		to facilitate the recruitment of eminent faculty and their research staffs 5
33	35		to the university. Such program shall support economic development in 6
34	36		the state through faculty research and promote core sectors of the state 7
35	37		economy by accelerating the pace of applied research and development. 8
36	38		Such program shall supplement the compensation of such faculty and 9
37	39		related costs of personnel and materials needed to secure such faculty 10
38	40		for the university. Eligibility shall be limited to individuals who have 11
39		-	demonstrated excellence in their field of research and have an interest 12 Raised Bill No. 1099
	41	+	demonstrated excellence in their field of research and have an interest 12
	42	+	in working collaboratively on research that meets societal needs or 13 Raised Bill No. 1099
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46		-	in working collaboratively on research that meets societal needs or 13
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47	48		commercialization of discoveries, innovations or technologies. 14
48	49		(b) Not later than April 1, 2020, and biennially thereafter, said board 15
49	50		shall develop a plan for the recruitment and hiring of research faculty, 16
50	51		including those whose research is focused on societal needs or can be 17
51	52		commercialized. Such plan shall outline the operating and capital costs 18
52	53		associated with the plan and include recruitment and hiring goals. 19
53	54		(c) (1) The Board of Trustees of The University of Connecticut shall 20
54		-	commence a research ~~faculty~~ recruitment and hiring program in 21
	55	+	commence a research facility recruitment and hiring program in 21
55	56		accordance with the plan submitted pursuant to subsection (b) of this 22
56	57		section. Such program shall be used (A) to hire faculty who meet the 23
57	58		qualifications specified in subsection (a) of this section and who will 24
58	59		assist the university in achieving the goals and requirements set forth in 25
59	60		said subsection, and (B) to support the compensation of such faculty and 26
60	61		related construction, renovation and equipment costs. 27
61	62		(2) Under such program, the university shall encourage and facilitate 28
62	63		the creation of new business ventures in the state that fuel economic 29
63	64		growth and shall provide resources for proof of concept, technology 30
64	65		maturation, early-stage and later-stage venture capital funding and 31
65	66		other measures that encourage expansion of the university's 32
66	67		entrepreneurial ecosystem. 33
67	68		(d) The president of The University of Connecticut shall submit an 34
68	69		annual report, in accordance with the provisions of section 11-4a, on the 35
69	70		university's progress in meeting [such] hiring goals under this section 36
70	71		and the implementation of the program under subsection (c) of this 37
71	72		section to the joint standing committees of the General Assembly having 38
72	73		cognizance of matters relating to higher education and finance, revenue 39
73	74		and bonding. 40
74	75		Sec. 2. (Effective July 1, 2021) (a) For the purposes described in 41
75	76		subsection (b) of this section, the State Bond Commission shall have the 42
76		-	power from time to time to authorize the issuance of bonds of the state 43 Raised Bill No. 1099
	77	+	power from time to time to authorize the issuance of bonds of the state 43
	78	+	in one or more series and in principal amounts not exceeding in the 44
	79	+	aggregate forty-six million one hundred thousand dollars, provided (1) 45 Raised Bill No. 1099
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83		-	~~in one or more series and in principal amounts not exceeding in the 44~~
84		-	~~aggregate forty-six million one hundred thousand dollars, provided (1) 45~~
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85	85		six million four hundred sixty thousand dollars of such authorization 46
86	86		shall be effective July 1, 2021, (2) eleven million seven hundred twenty-47
87	87		nine thousand two hundred dollars of such authorization shall be 48
88	88		effective July 1, 2022, (3) fourteen million four hundred eighty-nine 49
89	89		thousand two hundred dollars of such authorization shall be effective 50
90	90		July 1, 2023, (4) nine million two hundred twenty thousand dollars of 51
91	91		such authorization shall be effective July 1, 2024, and (5) four million 52
92	92		two hundred one thousand six hundred dollars shall be effective July 1, 53
93	93		2025. 54
94	94		(b) The proceeds of the sale of such bonds, to the extent of the amount 55
95	95		stated in subsection (a) of this section, shall be used by the Board of 56
96	96		Trustees of The University of Connecticut for the purposes of subsection 57
97	97		(c) of section 10a-104c of the general statutes, as amended by this act. 58
98	98		(c) All provisions of section 3-20 of the general statutes, or the exercise 59
99	99		of any right or power granted thereby, that are not inconsistent with the 60
100	100		provisions of this section are hereby adopted and shall apply to all 61
101	101		bonds authorized by the State Bond Commission pursuant to this 62
102	102		section. Temporary notes in anticipation of the money to be derived 63
103	103		from the sale of any such bonds so authorized may be issued in 64
104	104		accordance with section 3-20 of the general statutes and from time to 65
105	105		time renewed. Such bonds shall mature at such time or times not 66
106	106		exceeding twenty years from their respective dates as may be provided 67
107	107		in or pursuant to the resolution or resolutions of the State Bond 68
108	108		Commission authorizing such bonds. None of such bonds shall be 69
109	109		authorized except upon a finding by the State Bond Commission that 70
110	110		there has been filed with it a request for such authorization that is signed 71
111	111		by or on behalf of the Secretary of the Office of Policy and Management 72
112	112		and states such terms and conditions as said commission, in its 73
113	113		discretion, may require. Such bonds issued pursuant to this section shall 74
114	114		be general obligations of the state and the full faith and credit of the state 75
115		-	of Connecticut are pledged for the payment of the principal of and 76 Raised Bill No. 1099
	115	+	of Connecticut are pledged for the payment of the principal of and 76
	116	+	interest on such bonds as the same become due, and accordingly and as 77
	117	+	part of the contract of the state with the holders of such bonds, 78
	118	+	appropriation of all amounts necessary for punctual payment of such 79 Raised Bill No. 1099
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122		-	interest on such bonds as the same become due, and accordingly and as 77
123		-	part of the contract of the state with the holders of such bonds, 78
124		-	appropriation of all amounts necessary for punctual payment of such 79
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125	124		principal and interest is hereby made, and the State Treasurer shall pay 80
126	125		such principal and interest as the same become due. 81
127	126		This act shall take effect as follows and shall amend the following
128	127		sections:
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130	129		Section 1 July 1, 2021 10a-104c
131	130		Sec. 2 July 1, 2021 New section
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133		-	FIN Joint Favorable
	132	+	Statement of Purpose:
	133	+	To provide funding for a research faculty recruitment and hiring
	134	+	program by The University of Connecticut, with the goal of encouraging
	135	+	and facilitating the creation of new business ventures.
	136	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	137	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	138	+	underlined.]
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