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 Section 10a-104c of the general statutes is repealed and the 1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