Connecticut 2022 Regular Session

Connecticut House Bill HB05264 Compare Versions

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	7	+	General Assembly Substitute Bill No. 5264
	8	+	February Session, 2022
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4		-	Substitute House Bill No. 5264
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6		-	Public Act No. 22-97
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9	14		AN ACT CONCERNING THE APPROVAL OF FINANCIAL AID
10	15		APPLICATIONS FILED WITH CONNECTICUT INNOVATIONS,
11	16		INCORPORATED AND ESTABLISHING AN ATTENDANCE POLICY
12		-	FOR CONNECTICUT INNOVATIONS, INCORPORATED'S BOARD
13		-	OF DIRECTORS.
	17	+	FOR CONNECTICUT INNOVATIONS, INCORPORATED'S BOARD OF
	18	+	DIRECTORS.
14	19		Be it enacted by the Senate and House of Representatives in General
15	20		Assembly convened:
16	21
17		-	Section 1. Section 32-40 of the general statutes is repealed and the
18		-	following is substituted in lieu thereof (Effective October 1, 2022):
19		-	(a) All applications for financial aid shall be forwarded, together with
20		-	an application fee prescribed by the corporation, to the chief executive
21		-	officer of the corporation. Each such application shall be processed in
22		-	accordance with the written procedures adopted by the corporation
23		-	under subdivision (5) of subsection (d) of section 32-35. The board of
24		-	directors or a duly constituted committee thereof shall approve or deny
25		-	each application recommended by the chief executive officer. If the
26		-	board of directors or any such committee approves an application, the
27		-	board or such committee may authorize the corporation to enter into an
28		-	agreement or agreements on behalf of the corporation to provide
29		-	financial aid to the applicant. The applicant shall be promptly notified
30		-	of such action by the corporation.
31		-	(b) In making the decision as to approval or denial of an application, Substitute ~~House~~ Bill No. 5264
	22	+	Section 1. Section 32-40 of the general statutes is repealed and the 1
	23	+	following is substituted in lieu thereof (Effective October 1, 2022): 2
	24	+	(a) All applications for financial aid shall be forwarded, together with 3
	25	+	an application fee prescribed by the corporation, to the chief executive 4
	26	+	officer of the corporation. Each such application shall be processed in 5
	27	+	accordance with the written procedures adopted by the corporation 6
	28	+	under subdivision (5) of subsection (d) of section 32-35. The board of 7
	29	+	directors or a duly constituted committee thereof shall approve or deny 8
	30	+	each application recommended by the chief executive officer. If the 9
	31	+	board of directors or any such committee approves an application, the 10
	32	+	board or such committee may authorize the corporation to enter into an 11
	33	+	agreement or agreements on behalf of the corporation to provide 12
	34	+	financial aid to the applicant. The applicant shall be promptly notified 13
	35	+	of such action by the corporation. 14
	36	+	(b) In making the decision as to approval or denial of an application, 15 Substitute Bill No. 5264
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33		-	Public Act No. 22-97 2 of 4
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35		-	the board or any committee of the board shall give priority to those
36		-	applicants (1) whose businesses are defense-dependent, or are located
37		-	in municipalities which the Commissioner of Economic and
38		-	Community Development has declared have been severely impacted by
39		-	prime defense contract cutbacks pursuant to section 32-56, and (2)
40		-	whose proposed research and development activity, technology,
41		-	product or invention is to be used to convert all or a portion of the
42		-	applicant's business to non-defense-related industrial or commercial
43		-	activity, or to create a new non-defense-related industrial or commercial
44		-	business. For purposes of this section, a defense-dependent business is
45		-	any business that derives over fifty per cent of its gross income,
46		-	generated from operations within the state, from prime defense
47		-	contracts or from subcontracts entered into in connection with prime
48		-	defense contracts, a significant portion of whose facilities and
49		-	equipment are designed specifically for defense production and cannot
50		-	be converted to nondefense uses without substantial investment.
51		-	(c) All financial and credit information and all trade secrets contained
52		-	in any application for financial aid submitted to the corporation or
53		-	obtained by the corporation concerning any applicant, project, activity,
54		-	technology, product or invention shall be exempt from the provisions of
55		-	subsection (a) of section 1-210.
56		-	(d) Notwithstanding the provisions of subsections (a) and (b) of this
57		-	section, the board of directors may delegate to staff of the corporation
58		-	the authority to approve any application for financial aid filed pursuant
59		-	to this section for not more than [one hundred fifty] five hundred
60		-	thousand dollars, provided (1) such application is processed in
61		-	accordance with the written procedures adopted by the corporation
62		-	under subdivision (5) of subsection (d) of section 32-35, and (2) the sum
63		-	of the financial aid requested in such application and the total amount
64		-	of financial aid awarded to the applicant by the corporation during the
65		-	preceding twelve-month period does not exceed [one hundred fifty] five Substitute House Bill No. 5264
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67		-	Public Act No. 22-97 3 of 4
	43	+	the board or any committee of the board shall give priority to those 16
	44	+	applicants (1) whose businesses are defense-dependent, or are located 17
	45	+	in municipalities which the Commissioner of Economic and 18
	46	+	Community Development has declared have been severely impacted by 19
	47	+	prime defense contract cutbacks pursuant to section 32-56, and (2) 20
	48	+	whose proposed research and development activity, technology, 21
	49	+	product or invention is to be used to convert all or a portion of the 22
	50	+	applicant's business to non-defense-related industrial or commercial 23
	51	+	activity, or to create a new non-defense-related industrial or commercial 24
	52	+	business. For purposes of this section, a defense-dependent business is 25
	53	+	any business that derives over fifty per cent of its gross income, 26
	54	+	generated from operations within the state, from prime defense 27
	55	+	contracts or from subcontracts entered into in connection with prime 28
	56	+	defense contracts, a significant portion of whose facilities and 29
	57	+	equipment are designed specifically for defense production and cannot 30
	58	+	be converted to nondefense uses without substantial investment. 31
	59	+	(c) All financial and credit information and all trade secrets contained 32
	60	+	in any application for financial aid submitted to the corporation or 33
	61	+	obtained by the corporation concerning any applicant, project, activity, 34
	62	+	technology, product or invention shall be exempt from the provisions of 35
	63	+	subsection (a) of section 1-210. 36
	64	+	(d) Notwithstanding the provisions of subsections (a) and (b) of this 37
	65	+	section, the board of directors may delegate to staff of the corporation 38
	66	+	the authority to approve any application for financial aid filed pursuant 39
	67	+	to this section for not more than [one hundred fifty] five hundred 40
	68	+	thousand dollars, provided (1) such application is processed in 41
	69	+	accordance with the written procedures adopted by the corporation 42
	70	+	under subdivision (5) of subsection (d) of section 32-35, and (2) the sum 43
	71	+	of the financial aid requested in such application and the total amount 44
	72	+	of financial aid awarded to the applicant by the corporation during the 45
	73	+	preceding twelve-month period does not exceed [one hundred fifty] five 46
	74	+	hundred thousand dollars. 47
	75	+	Sec. 2. Subsections (b) and (c) of section 32-35 of the general statutes 48 Substitute Bill No. 5264
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69		-	hundred thousand dollars.
70		-	Sec. 2. Subsections (b) and (c) of section 32-35 of the general statutes
71		-	are repealed and the following is substituted in lieu thereof (Effective
72		-	October 1, 2022):
73		-	(b) (1) The corporation shall be governed by a board of seventeen
74		-	directors. Nine members shall be appointed by the Governor, six of
75		-	whom shall be knowledgeable, and have favorable reputations for skill,
76		-	knowledge and experience, in the development of innovative start-up
77		-	businesses, including, but not limited to, expertise in academic research,
78		-	technology transfer and application, the development of technological
79		-	invention and new enterprise development and three of whom shall be
80		-	knowledgeable, and have favorable reputations for skill, knowledge
81		-	and experience, in the field of financial lending or the development of
82		-	commerce, trade and business. Four members shall be the
83		-	Commissioner of Economic and Community Development, the
84		-	president of the Connecticut State Colleges and Universities, the
85		-	Treasurer and the Secretary of the Office of Policy and Management,
86		-	who shall serve ex officio and shall have all of the powers and privileges
87		-	of a member of the board of directors. Each ex-officio member may
88		-	designate his deputy or any member of his staff to represent him at
89		-	meetings of the corporation with full power to act and vote in his behalf.
90		-	Four members shall be appointed as follows: One by the president pro
91		-	tempore of the Senate, one by the minority leader of the Senate, one by
92		-	the speaker of the House of Representatives and one by the minority
93		-	leader of the House of Representatives. [Each member appointed by the
94		-	Governor shall serve at the pleasure of the Governor but no longer than
95		-	the term of office of the Governor or until the member's successor is
96		-	appointed and qualified, whichever is longer. Each member appointed
97		-	by a member of the General Assembly shall serve in accordance with
98		-	the provisions of section 4-1a. A director shall be eligible for
99		-	reappointment. The Governor shall fill any vacancy for the unexpired Substitute House Bill No. 5264
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101		-	Public Act No. 22-97 4 of 4
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103		-	term of a member appointed by the Governor. The appropriate
104		-	legislative appointing authority shall fill any vacancy for the unexpired
105		-	term of a member appointed by such authority.] Except as provided in
106		-	subdivision (2) of this subsection, (A) each member appointed by the
107		-	Governor shall serve at the pleasure of the Governor but not longer than
108		-	the term of office of the Governor or until the member's successor is
109		-	appointed and qualified, whichever is longer, (B) the Governor shall fill
110		-	any vacancy for the unexpired term of a member appointed by the
111		-	Governor, (C) each member appointed by a member of the General
112		-	Assembly shall serve in accordance with the provisions of section 4-1a,
113		-	and (D) the appropriate legislative appointing authority shall fill any
114		-	vacancy for the unexpired term of a member appointed by such
115		-	authority. A director shall be eligible for reappointment.
116		-	(2) Any member appointed by the Governor or appointed by a
117		-	member of the General Assembly who fails to attend three consecutive
118		-	meetings of the board or who fails to attend fifty per cent of all meetings
119		-	of the board held during any calendar year shall be deemed to have
120		-	resigned from the board.
121		-	(3) Not later than thirty days after the occurrence of any vacancy, the
122		-	chief executive officer of Connecticut Innovations, Incorporated, in
123		-	consultation with the chairperson of the board, shall recommend a
124		-	person to fill such vacancy to the appropriate appointing authority.
125		-	(c) The Governor shall appoint a chairperson from among the board
126		-	members. The directors shall annually elect one of their number as
127		-	secretary. The board may elect such other officers of the board as it
128		-	deems proper. Members shall receive no compensation for the
129		-	performance of their duties hereunder but shall be reimbursed for
130		-	necessary expenses incurred in the performance thereof.
	82	+	are repealed and the following is substituted in lieu thereof (Effective 49
	83	+	October 1, 2022): 50
	84	+	(b) (1) The corporation shall be governed by a board of seventeen 51
	85	+	directors. Nine members shall be appointed by the Governor, six of 52
	86	+	whom shall be knowledgeable, and have favorable reputations for skill, 53
	87	+	knowledge and experience, in the development of innovative start-up 54
	88	+	businesses, including, but not limited to, expertise in academic research, 55
	89	+	technology transfer and application, the development of technological 56
	90	+	invention and new enterprise development and three of whom shall be 57
	91	+	knowledgeable, and have favorable reputations for skill, knowledge 58
	92	+	and experience, in the field of financial lending or the development of 59
	93	+	commerce, trade and business. Four members shall be the 60
	94	+	Commissioner of Economic and Community Development, the 61
	95	+	president of the Connecticut State Colleges and Universities, the 62
	96	+	Treasurer and the Secretary of the Office of Policy and Management, 63
	97	+	who shall serve ex officio and shall have all of the powers and privileges 64
	98	+	of a member of the board of directors. Each ex-officio member may 65
	99	+	designate his deputy or any member of his staff to represent him at 66
	100	+	meetings of the corporation with full power to act and vote in his behalf. 67
	101	+	Four members shall be appointed as follows: One by the president pro 68
	102	+	tempore of the Senate, one by the minority leader of the Senate, one by 69
	103	+	the speaker of the House of Representatives and one by the minority 70
	104	+	leader of the House of Representatives. [Each member appointed by the 71
	105	+	Governor shall serve at the pleasure of the Governor but no longer than 72
	106	+	the term of office of the Governor or until the member's successor is 73
	107	+	appointed and qualified, whichever is longer. Each member appointed 74
	108	+	by a member of the General Assembly shall serve in accordance with 75
	109	+	the provisions of section 4-1a. A director shall be eligible for 76
	110	+	reappointment. The Governor shall fill any vacancy for the unexpired 77
	111	+	term of a member appointed by the Governor. The appropriate 78
	112	+	legislative appointing authority shall fill any vacancy for the unexpired 79
	113	+	term of a member appointed by such authority.] Except as provided in 80
	114	+	subdivision (2) of this subsection, (A) each member appointed by the 81
	115	+	Governor shall serve at the pleasure of the Governor but not longer than 82 Substitute Bill No. 5264
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	122	+	the term of office of the Governor or until the member's successor is 83
	123	+	appointed and qualified, whichever is longer, (B) the Governor shall fill 84
	124	+	any vacancy for the unexpired term of a member appointed by the 85
	125	+	Governor, (C) each member appointed by a member of the General 86
	126	+	Assembly shall serve in accordance with the provisions of section 4-1a, 87
	127	+	and (D) the appropriate legislative appointing authority shall fill any 88
	128	+	vacancy for the unexpired term of a member appointed by such 89
	129	+	authority. A director shall be eligible for reappointment. 90
	130	+	(2) Any member appointed by the Governor or appointed by a 91
	131	+	member of the General Assembly who fails to attend three consecutive 92
	132	+	meetings of the board or who fails to attend fifty per cent of all meetings 93
	133	+	of the board held during any calendar year shall be deemed to have 94
	134	+	resigned from the board. Any vacancy occurring due to the provisions 95
	135	+	of this subdivision shall be filled by the chairperson of the board, 96
	136	+	appointed pursuant to subsection (c) of this section, for the balance of 97
	137	+	the unexpired term. 98
	138	+	(c) The Governor shall appoint a chairperson from among the board 99
	139	+	members. The directors shall annually elect one of their number as 100
	140	+	secretary. The board may elect such other officers of the board as it 101
	141	+	deems proper. Members shall receive no compensation for the 102
	142	+	performance of their duties hereunder but shall be reimbursed for 103
	143	+	necessary expenses incurred in the performance thereof. 104
	144	+	This act shall take effect as follows and shall amend the following
	145	+	sections:
	146	+
	147	+	Section 1 October 1, 2022 32-40
	148	+	Sec. 2 October 1, 2022 32-35(b) and (c)
	149	+
	150	+	CE Joint Favorable Subst.
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