CT
Connecticut Senate Bill SB00103

Connecticut 2022 Regular Session

Connecticut Senate Bill SB00103 Compare Versions

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7+General Assembly Substitute Bill No. 103
8+February Session, 2022
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4-Substitute Senate Bill No. 103
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6-Public Act No. 22-41
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914 AN ACT CONCERNING THE CONNECTICUT HEALTH AND
1015 EDUCATIONAL FACILITIES AUTHORITY AND THE CONNECTICUT
1116 HIGHER EDUCATION SUPPLEMENTAL LOAN AUTHORITY.
1217 Be it enacted by the Senate and House of Representatives in General
1318 Assembly convened:
1419
15-Section 1. Subsection (k) of section 10a-179 of the general statutes is
16-repealed and the following is substituted in lieu thereof (Effective October
17-1, 2022):
18-(k) (1) The authority may form one or more subsidiaries to carry out
19-the public purposes of the authority and may transfer to any such
20-subsidiary or to any subsidiary established by the General Assembly
21-through public or special act any moneys and real or personal property
22-of any kind or nature. Any such subsidiary may be organized as a stock
23-or nonstock corporation or a limited liability company. Each such
24-subsidiary shall have and may exercise such powers of the authority as
25-are set forth in the resolution of the authority prescribing the purposes
26-for which such subsidiary is formed and such other powers provided to
27-it by law. Each such subsidiary shall be deemed a quasi-public agency
28-for purposes of chapter 12 and shall have all the privileges, immunities,
29-tax exemptions and other exemptions of the authority, including the
30-privileges, immunities, tax exemptions and other exemptions provided
31-under the general statutes for special capital reserve funds. Each such Substitute Senate Bill No. 103
20+Section 1. Subsections (b) and (c) of section 10a-178 of the general 1
21+statutes are repealed and the following is substituted in lieu thereof 2
22+(Effective October 1, 2022): 3
23+(b) "Project" [,] means (1) in the case of a participating institution for 4
24+higher education, [means] a structure suitable for use as a dormitory or 5
25+other housing facility, including housing for staff members, employees 6
26+or students at such institution of higher education, dining hall, student 7
27+union, administration building, academic building, library, laboratory, 8
28+research facility, classroom, athletic facility, health care facility, and 9
29+maintenance, storage or utility facility and other structures or facilities 10
30+related thereto or required or useful for the instruction of students or 11
31+the conducting of research or the operation of an institution for higher 12
32+education, including parking and other facilities or structures essential 13
33+or convenient for the orderly conduct of such institution for higher 14
34+education, also including equipment and machinery and other similar 15
35+items necessary or convenient for the operation of a particular facility or 16
36+structure in the manner for which its use is intended or for the operation 17 Substitute Bill No. 103
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35-subsidiary shall be subject to suit provided its liability shall be limited
36-solely to the assets, revenues and resources of the subsidiary and
37-without recourse to the general funds, revenues, resources or any other
38-assets of the authority. Each such subsidiary is authorized to assume or
39-take title to property subject to any existing lien, encumbrance or
40-mortgage and to mortgage, convey or dispose of its assets and pledge
41-its revenues in order to secure any borrowing, for the purpose of
42-refinancing, rehabilitating or improving its assets, provided each such
43-borrowing or mortgage shall be a special obligation of the subsidiary,
44-which obligation may be in the form of bonds, bond anticipation notes
45-and other obligations to the extent permitted under this chapter to fund
46-and refund the same and provide for the rights of the holders thereof,
47-and to secure the same by pledge of revenues, notes and other assets
48-and which shall be payable solely from the assets, revenues and other
49-resources of the subsidiary. The authority shall have the power to assign
50-to a subsidiary any rights, moneys or other assets it has under any
51-governmental program including the nursing home loan program.
52-(2) Each such subsidiary shall act through its board of directors at
53-least one-half of which shall be members of the board of directors of the
54-authority, or their designees or officers or employees of the authority. A
55-resolution of the authority shall prescribe the purposes for which each
56-such subsidiary is formed.
57-(3) The provisions of section 1-125, subsection (e) of section 10a-185
58-and this subsection shall apply to any officer, director, designee or
59-employee appointed as a member, director or officer of any such
60-subsidiary. Any such persons so appointed shall not be personally liable
61-for the debts, obligations or liabilities of any such subsidiary as provided
62-in said section 1-125. The subsidiary shall and the authority may provide
63-for the indemnification to protect, save harmless and indemnify such
64-officer, director, designee or employee as provided by said section 1-
65-125. Substitute Senate Bill No. 103
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43+of a participating institution for higher education, or any combination 18
44+thereof, [but shall not include such items as books, fuel, supplies or other 19
45+items the purchase of which is customarily deemed to result in a current 20
46+operating charge;] or a project for any use or purpose approved by the 21
47+authority, including, but not limited to, provisions for working capital; 22
48+(2) in the case of a participating health care institution, [means] a 23
49+structure suitable for use as a hospital, clinic, or other health care facility, 24
50+laboratory, laundry, residence facility, including housing for nurses, 25
51+interns, staff members, employees or students at such health care 26
52+institution and their immediate families and for physically or mentally 27
53+handicapped persons, administration building, research facility, and 28
54+maintenance, storage or utility facility and other structures or facilities 29
55+related thereto or required or useful for the operation of the project, 30
56+including parking and other facilities or structures essential or 31
57+convenient for the orderly operation of such project, also including 32
58+equipment and machinery and other similar items necessary or 33
59+convenient for the operation of the project in the manner for which its 34
60+use is intended or for the operation of a participating health care 35
61+institution, or any combination thereof, [but shall not include such items 36
62+as fuel, supplies or other items the purchase of which is customarily 37
63+deemed to result in a current operating charge;] or a project for any use 38
64+or purpose approved by the authority, including, but not limited to, 39
65+provisions for working capital; (3) in the case of a participating qualified 40
66+nonprofit organization, [means] a structure or facility owned in its 41
67+entirety by, or suitable for use in accordance with the charitable or 42
68+nonprofit status of the qualified nonprofit organization, also including 43
69+equipment and machinery and other similar items necessary or 44
70+convenient for the operation of the project in the manner for which its 45
71+use is intended or for the operation of a participating qualified nonprofit 46
72+corporation, or any combination thereof, or a project for any use or 47
73+purpose approved by the authority, including, but not limited to, 48
74+provisions for working capital; and [,] (4) in the case of a participating 49
75+nursing home, [means] a structure or facility suitable for use as a 50
76+nursing home, residential care home, rest home, health care facility for 51
77+the handicapped, mental health facility or independent living facility 52 Substitute Bill No. 103
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69-(4) The authority or such subsidiary may take [,] such actions as are
70-necessary to comply with the provisions of the Internal Revenue Code
71-of 1986 or any subsequent corresponding internal revenue code of the
72-United States, as from time to time amended, to qualify and maintain
73-any such subsidiary as a corporation exempt from taxation under said
74-internal revenue code.
75-(5) The authority may make loans to each such subsidiary or to any
76-subsidiary established by the General Assembly through public or
77-special act, following standard authority procedures, from its assets and
78-the proceeds of its bonds, notes and other obligations, provided the
79-source and security for the repayment of such loans is derived from the
80-assets, revenues and resources of the subsidiary.
81-Sec. 2. Section 10a-221 of the general statutes is repealed and the
82-following is substituted in lieu thereof (Effective October 1, 2022):
83-It is declared that, for the benefit of the people of the state, the
84-increase of their commerce, welfare and prosperity and the
85-improvement of their health and living conditions, it is essential that this
86-and future generations of youths be given the fullest opportunity to
87-learn and to develop their intellectual capacity and skills. It is
88-recognized that costs connected with collegiate or postsecondary
89-education are increasingly burdensome and that it is essential that
90-students attending institutions for higher education or postsecondary
91-education programs, and parents and others responsible for paying the
92-costs thereof, be provided with lower cost financial assistance in order
93-to help such students to achieve higher levels of learning and
94-development of their intellectual capacity and skills. It is also recognized
95-that Connecticut institutions for higher education should be provided
96-with appropriate additional means to assist qualified students
97-financially to achieve the required levels of learning and development
98-of their intellectual capacity and skills. It is the purpose of this chapter
99-and policy of the state to provide a measure of financial assistance to Substitute Senate Bill No. 103
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103-students in or from the state, their parents and others responsible for the
104-costs of their education and an alternative method to enable Connecticut
105-institutions for higher education to assist qualified students to attend
106-such institutions, all to the public benefit and good, to the extent and
107-manner provided herein.
108-Sec. 3. Section 10a-223 of the 2022 supplement to the general statutes,
109-as amended by section 273 of public act 21-2 of the June special session,
110-is repealed and the following is substituted in lieu thereof (Effective
111-October 1, 2022):
112-In this chapter, the following words and terms shall have the
113-following meanings unless the context indicates another or different
114-meaning or intent:
115-(1) "Authority" means the Connecticut Higher Education
116-Supplemental Loan Authority constituted as a subsidiary of the
117-Connecticut Health and Educational Facilities Authority as provided in
118-section 10a-179a;
119-(2) "Authorized officer" means an employee of the Connecticut
120-Health and Educational Facilities Authority or of the authority who is
121-authorized by the board of directors of the authority to execute and
122-deliver documents and papers and to act in the name of and on behalf
123-of the authority;
124-(3) "Authority loans" means education loans by the authority, or loans
125-by the authority from the proceeds of bonds for the purpose of funding
126-education loans;
127-(4) "Board" means the board of directors of the authority;
128-(5) "Bonds" or "revenue bonds" means revenue bonds or notes of the
129-authority issued under the provisions of this chapter, including revenue
130-refunding bonds or notes; Substitute Senate Bill No. 103
84+subject to the licensing requirements of chapter 368v and appurtenant 53
85+facilities, equipment and machinery and other similar items necessary 54
86+or convenient for the operation of a particular facility or structure in the 55
87+manner for which its use is intended or for the operation of a 56
88+participating nursing home, or any combination thereof, or a project for 57
89+any use or purpose approved by the authority, including, but not 58
90+limited to, working capital; 59
91+(c) "Cost" as applied to a project or any portion thereof financed under 60
92+the provisions of this chapter embraces all or any part of (1) the cost of 61
93+construction and acquisition of all lands, structures, real or personal 62
94+property, rights, rights-of-way, franchises, easements and interests 63
95+acquired or used for a project, (2) the cost of demolishing or removing 64
96+any buildings or structures on land so acquired, including the cost of 65
97+acquiring any lands to which such buildings or structures may be 66
98+moved, (3) the cost of all machinery and equipment, financing charges, 67
99+interest prior to, during and for a period after completion of such 68
100+construction, provisions for working capital, reserves for principal and 69
101+interest and for extensions, enlargements, additions, replacements, 70
102+renovations and improvements, (4) cost of engineering, financial and 71
103+legal services, plans, specifications, studies, surveys, estimates of cost 72
104+and of revenues, administrative expenses, expenses necessary or 73
105+incident to determining the feasibility or practicability of constructing 74
106+the project, [and] (5) such other expenses as may be necessary or 75
107+incident to the construction and acquisition of the project, the financing 76
108+of such construction and acquisition and the placing of the project in 77
109+operation, and (6) any other expenses necessary to finance a project; 78
110+Sec. 2. Subsection (k) of section 10a-179 of the general statutes is 79
111+repealed and the following is substituted in lieu thereof (Effective October 80
112+1, 2022): 81
113+(k) (1) The authority may form one or more subsidiaries to carry out 82
114+the public purposes of the authority and may transfer to any such 83
115+subsidiary or to any subsidiary established by the General Assembly 84
116+through public or special act any moneys and real or personal property 85 Substitute Bill No. 103
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134-(6) "Bond resolution" means the resolution or resolutions of the
135-authority and the trust agreement, if any, authorizing the issuance of
136-and providing for the terms and conditions applicable to bonds;
137-(7) "Borrower" means (A) an individual who has an outstanding loan
138-from the authority, (B) an individual who attends a Connecticut
139-institution for higher education, enrolls in a Connecticut high-value
140-certificate program, enrolls in a Connecticut postsecondary education
141-program or currently resides in the state, and has received or agreed to
142-pay an education loan, or (C) any parent who has received or agreed to
143-pay an education loan on behalf of an individual who attends a
144-Connecticut institution for higher education, enrolls in a Connecticut
145-postsecondary education program or currently resides in the state;
146-(8) "Connecticut Health and Educational Facilities Authority" means
147-the quasi-public authority established pursuant to section 10a-179, as
148-amended by this act;
149-(9) "Connecticut institution for higher education" means an
150-institution for higher education within the state;
151-(10) "Default insurance" means insurance insuring education loans,
152-authority loans or bonds against default;
153-(11) "Default reserve fund" means a fund established pursuant to a
154-bond resolution for the purpose of securing education loans, authority
155-loans or bonds;
156-(12) "Education loan" means a loan which is made to a student in or
157-from the state or a parent of such student to finance attendance at an
158-institution for higher education, [or] enrollment in a high-value
159-certificate program or enrollment in a postsecondary education
160-program, or to a borrower to refinance one or more eligible loans;
161-(13) "Loan funding deposit" means moneys or other property Substitute Senate Bill No. 103
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123+of any kind or nature. Any such subsidiary may be organized as a stock 86
124+or nonstock corporation or a limited liability company. Each such 87
125+subsidiary shall have and may exercise such powers of the authority as 88
126+are set forth in the resolution of the authority prescribing the purposes 89
127+for which such subsidiary is formed and such other powers provided to 90
128+it by law. Each such subsidiary shall be deemed a quasi-public agency 91
129+for purposes of chapter 12 and shall have all the privileges, immunities, 92
130+tax exemptions and other exemptions of the authority, including the 93
131+privileges, immunities, tax exemptions and other exemptions provided 94
132+under the general statutes for special capital reserve funds. Each such 95
133+subsidiary shall be subject to suit provided its liability shall be limited 96
134+solely to the assets, revenues and resources of the subsidiary and 97
135+without recourse to the general funds, revenues, resources or any other 98
136+assets of the authority. Each such subsidiary is authorized to assume or 99
137+take title to property subject to any existing lien, encumbrance or 100
138+mortgage and to mortgage, convey or dispose of its assets and pledge 101
139+its revenues in order to secure any borrowing, for the purpose of 102
140+refinancing, rehabilitating or improving its assets, provided each such 103
141+borrowing or mortgage shall be a special obligation of the subsidiary, 104
142+which obligation may be in the form of bonds, bond anticipation notes 105
143+and other obligations to the extent permitted under this chapter to fund 106
144+and refund the same and provide for the rights of the holders thereof, 107
145+and to secure the same by pledge of revenues, notes and other assets 108
146+and which shall be payable solely from the assets, revenues and other 109
147+resources of the subsidiary. The authority shall have the power to assign 110
148+to a subsidiary any rights, moneys or other assets it has under any 111
149+governmental program including the nursing home loan program. 112
150+(2) Each such subsidiary shall act through its board of directors at 113
151+least one-half of which shall be members of the board of directors of the 114
152+authority, or their designees or officers or employees of the authority. A 115
153+resolution of the authority shall prescribe the purposes for which each 116
154+such subsidiary is formed. 117
155+(3) The provisions of section 1-125, subsection (e) of section 10a-185 118 Substitute Bill No. 103
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165-deposited by a Connecticut institution for higher education with the
166-authority, a guarantor or a trustee for the purpose of (A) providing
167-security for bonds, (B) funding a default reserve fund, (C) acquiring
168-default insurance, or (D) defraying costs of the authority, such moneys
169-or properties to be in such amounts as deemed necessary by the
170-authority or guarantor as a condition for such institution's participation
171-in the authority's programs;
172-(14) "Institution for higher education" means a degree-granting
173-educational institution within the United States authorized by
174-applicable law to provide a program of education beyond the high
175-school level and (A) described in Section 501(c)(3) of the Internal
176-Revenue Code of 1986, or any subsequent corresponding internal
177-revenue code of the United States, as from time to time amended, and
178-exempt from taxation under Section 501(a) of said code with respect to
179-a trade or business carried on by such institution which is not an
180-unrelated trade or business, determined by applying Section 513(a) of
181-said code to such organization or a foundation established for its benefit,
182-or (B) exempt from taxation under said code as a governmental unit;
183-(15) "Participating institution for higher education" means a
184-Connecticut institution for higher education which, pursuant to the
185-provisions of this chapter, undertakes the financing directly or
186-indirectly of education loans as provided in this chapter;
187-(16) "Parent" means any parent, legal guardian or sponsor of a
188-student at an institution for higher education, [or] enrolled in a high-
189-value certificate program or enrolled in a postsecondary education
190-program;
191-(17) "Education loan series portfolio" means all education loans made
192-by the authority or by or on behalf of a specific participating institution
193-for higher education which are funded from the proceeds of a related
194-specific bond issue of the authority; Substitute Senate Bill No. 103
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198-(18) "Education assistance program" means a program to assist in
199-financing the costs of education through education loans or education
200-grants [, or both] or any other form of financial assistance;
201-(19) "Education grant" means a grant, scholarship, fellowship or other
202-nonrepayable assistance awarded by the authority to a student currently
203-residing in the state to finance the attendance of the student at a
204-Connecticut institution for higher education, [or] enrollment in a
205-Connecticut high-value certificate program or enrollment in a
206-Connecticut postsecondary education program, or a grant, scholarship,
207-fellowship or other nonrepayable assistance awarded by or on behalf of
208-a Connecticut institution for higher education from the proceeds of
209-funds provided by the authority to a student from the state to finance
210-the student's attendance at such institution;
211-(20) "Eligible loan" means any loan that is in repayment that was (A)
212-made by the authority, or (B) made to a borrower by any other private
213-or governmental lender to finance attendance at an institution for higher
214-education, [or] enrollment in a high-value certificate program or
215-enrollment in a postsecondary education program;
216-(21) "High-value certificate program" means a noncredit sub-
217-baccalaureate certificate program offered by an institution of higher
218-education or a private occupational school that the Chief Workforce
219-Officer determines to meet the needs of employers in the state; [and]
220-(22) "Connecticut high-value certificate program" means a high-value
221-certificate program offered by an institution of higher education or a
222-private occupational school in the state; [.]
223-(23) "Postsecondary education program" means a high -value
224-certificate program that is approved by the authority; and
225-(24) "Private occupational school" has the same meaning as provided
226-in section 10a-22a. Substitute Senate Bill No. 103
162+and this subsection shall apply to any officer, director, designee or 119
163+employee appointed as a member, director or officer of any such 120
164+subsidiary. Any such persons so appointed shall not be personally liable 121
165+for the debts, obligations or liabilities of any such subsidiary as provided 122
166+in said section 1-125. The subsidiary shall and the authority may provide 123
167+for the indemnification to protect, save harmless and indemnify such 124
168+officer, director, designee or employee as provided by said section 1-125
169+125. 126
170+(4) The authority or such subsidiary may take [,] such actions as are 127
171+necessary to comply with the provisions of the Internal Revenue Code 128
172+of 1986 or any subsequent corresponding internal revenue code of the 129
173+United States, as from time to time amended, to qualify and maintain 130
174+any such subsidiary as a corporation exempt from taxation under said 131
175+internal revenue code. 132
176+(5) The authority may make loans to each such subsidiary or to any 133
177+subsidiary established by the General Assembly through public or 134
178+special act, following standard authority procedures, from its assets and 135
179+the proceeds of its bonds, notes and other obligations, provided the 136
180+source and security for the repayment of such loans is derived from the 137
181+assets, revenues and resources of the subsidiary. 138
182+Sec. 3. Section 10a-221 of the general statutes is repealed and the 139
183+following is substituted in lieu thereof (Effective October 1, 2022): 140
184+It is declared that, for the benefit of the people of the state, the 141
185+increase of their commerce, welfare and prosperity and the 142
186+improvement of their health and living conditions, it is essential that this 143
187+and future generations of youths be given the fullest opportunity to 144
188+learn and to develop their intellectual capacity and skills. It is 145
189+recognized that costs connected with collegiate or postsecondary 146
190+education are increasingly burdensome and that it is essential that 147
191+students attending institutions for higher education or postsecondary 148
192+education programs, and parents and others responsible for paying the 149
193+costs thereof, be provided with lower cost financial assistance in order 150 Substitute Bill No. 103
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230-Sec. 4. Subdivision (9) of section 10a-204 of the general statutes is
231-repealed and the following is substituted in lieu thereof (Effective October
232-1, 2022):
233-(9) To distribute excess corporation funds to the Connecticut Health
234-and Educational Facilities Authority or any subsidiary of said authority
235-for the purpose of such recipient's provision of financial assistance to
236-qualified students attending institutions of higher education or enrolled
237-in postsecondary education programs, including, without limitation,
238-loans, scholarships or grants and financial literacy education.
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200+to help such students to achieve higher levels of learning and 151
201+development of their intellectual capacity and skills. It is also recognized 152
202+that Connecticut institutions for higher education should be provided 153
203+with appropriate additional means to assist qualified students 154
204+financially to achieve the required levels of learning and development 155
205+of their intellectual capacity and skills. It is the purpose of this chapter 156
206+and policy of the state to provide a measure of financial assistance to 157
207+students in or from the state, their parents and others responsible for the 158
208+costs of their education and an alternative method to enable Connecticut 159
209+institutions for higher education to assist qualified students to attend 160
210+such institutions, all to the public benefit and good, to the extent and 161
211+manner provided herein. 162
212+Sec. 4. Section 10a-223 of the 2022 supplement to the general statutes, 163
213+as amended by section 273 of public act 21-2 of the June special session, 164
214+is repealed and the following is substituted in lieu thereof (Effective 165
215+October 1, 2022): 166
216+In this chapter, the following words and terms shall have the 167
217+following meanings unless the context indicates another or different 168
218+meaning or intent: 169
219+(1) "Authority" means the Connecticut Higher Education 170
220+Supplemental Loan Authority constituted as a subsidiary of the 171
221+Connecticut Health and Educational Facilities Authority as provided in 172
222+section 10a-179a; 173
223+(2) "Authorized officer" means an employee of the Connecticut 174
224+Health and Educational Facilities Authority or of the authority who is 175
225+authorized by the board of directors of the authority to execute and 176
226+deliver documents and papers and to act in the name of and on behalf 177
227+of the authority; 178
228+(3) "Authority loans" means education loans by the authority, or loans 179
229+by the authority from the proceeds of bonds for the purpose of funding 180
230+education loans; 181 Substitute Bill No. 103
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237+(4) "Board" means the board of directors of the authority; 182
238+(5) "Bonds" or "revenue bonds" means revenue bonds or notes of the 183
239+authority issued under the provisions of this chapter, including revenue 184
240+refunding bonds or notes; 185
241+(6) "Bond resolution" means the resolution or resolutions of the 186
242+authority and the trust agreement, if any, authorizing the issuance of 187
243+and providing for the terms and conditions applicable to bonds; 188
244+(7) "Borrower" means (A) an individual who has an outstanding loan 189
245+from the authority, (B) an individual who attends a Connecticut 190
246+institution for higher education, enrolls in a Connecticut high-value 191
247+certificate program, enrolls in a Connecticut postsecondary education 192
248+program or currently resides in the state, and has received or agreed to 193
249+pay an education loan, or (C) any parent who has received or agreed to 194
250+pay an education loan on behalf of an individual who attends a 195
251+Connecticut institution for higher education, enrolls in a Connecticut 196
252+postsecondary education program or currently resides in the state; 197
253+(8) "Connecticut Health and Educational Facilities Authority" means 198
254+the quasi-public authority established pursuant to section 10a-179, as 199
255+amended by this act; 200
256+(9) "Connecticut institution for higher education" means an 201
257+institution for higher education within the state; 202
258+(10) "Default insurance" means insurance insuring education loans, 203
259+authority loans or bonds against default; 204
260+(11) "Default reserve fund" means a fund established pursuant to a 205
261+bond resolution for the purpose of securing education loans, authority 206
262+loans or bonds; 207
263+(12) "Education loan" means a loan which is made to a student in or 208
264+from the state or a parent of such student to finance attendance at an 209
265+institution for higher education, [or] enrollment in a high-value 210 Substitute Bill No. 103
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272+certificate program or enrollment in a postsecondary education 211
273+program, or to a borrower to refinance one or more eligible loans; 212
274+(13) "Loan funding deposit" means moneys or other property 213
275+deposited by a Connecticut institution for higher education with the 214
276+authority, a guarantor or a trustee for the purpose of (A) providing 215
277+security for bonds, (B) funding a default reserve fund, (C) acquiring 216
278+default insurance, or (D) defraying costs of the authority, such moneys 217
279+or properties to be in such amounts as deemed necessary by the 218
280+authority or guarantor as a condition for such institution's participation 219
281+in the authority's programs; 220
282+(14) "Institution for higher education" means a degree-granting 221
283+educational institution within the United States authorized by 222
284+applicable law to provide a program of education beyond the high 223
285+school level and (A) described in Section 501(c)(3) of the Internal 224
286+Revenue Code of 1986, or any subsequent corresponding internal 225
287+revenue code of the United States, as from time to time amended, and 226
288+exempt from taxation under Section 501(a) of said code with respect to 227
289+a trade or business carried on by such institution which is not an 228
290+unrelated trade or business, determined by applying Section 513(a) of 229
291+said code to such organization or a foundation established for its benefit, 230
292+or (B) exempt from taxation under said code as a governmental unit; 231
293+(15) "Participating institution for higher education" means a 232
294+Connecticut institution for higher education which, pursuant to the 233
295+provisions of this chapter, undertakes the financing directly or 234
296+indirectly of education loans as provided in this chapter; 235
297+(16) "Parent" means any parent, legal guardian or sponsor of a 236
298+student at an institution for higher education, [or] enrolled in a high-237
299+value certificate program or enrolled in a postsecondary education 238
300+program; 239
301+(17) "Education loan series portfolio" means all education loans made 240
302+by the authority or by or on behalf of a specific participating institution 241 Substitute Bill No. 103
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307+9 of 10
308+
309+for higher education which are funded from the proceeds of a related 242
310+specific bond issue of the authority; 243
311+(18) "Education assistance program" means a program to assist in 244
312+financing the costs of education through education loans or education 245
313+grants [, or both] or any other form of financial assistance; 246
314+(19) "Education grant" means a grant, scholarship, fellowship or other 247
315+nonrepayable assistance awarded by the authority to a student currently 248
316+residing in the state to finance the attendance of the student at a 249
317+Connecticut institution for higher education, [or] enrollment in a 250
318+Connecticut high-value certificate program or enrollment in a 251
319+Connecticut postsecondary education program, or a grant, scholarship, 252
320+fellowship or other nonrepayable assistance awarded by or on behalf of 253
321+a Connecticut institution for higher education from the proceeds of 254
322+funds provided by the authority to a student from the state to finance 255
323+the student's attendance at such institution; 256
324+(20) "Eligible loan" means any loan that is in repayment that was (A) 257
325+made by the authority, or (B) made to a borrower by any other private 258
326+or governmental lender to finance attendance at an institution for higher 259
327+education, [or] enrollment in a high-value certificate program or 260
328+enrollment in a postsecondary education program; 261
329+(21) "High-value certificate program" means a noncredit sub-262
330+baccalaureate certificate program offered by an institution of higher 263
331+education or a private occupational school that the Chief Workforce 264
332+Officer determines to meet the needs of employers in the state; [and] 265
333+(22) "Connecticut high-value certificate program" means a high-value 266
334+certificate program offered by an institution of higher education or a 267
335+private occupational school in the state; [.] 268
336+(23) "Postsecondary education program" means an educational 269
337+program as designated by the authority and offered by a private 270
338+occupational school that is authorized by the executive director of the 271
339+Office of Higher Education pursuant to sections 10a-22a to 10a-22o, 272 Substitute Bill No. 103
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346+inclusive, and 10a-22u to 10a-22w, inclusive; and 273
347+(24) "Private occupational school" has the same meaning as provided 274
348+in section 10a-22a. 275
349+Sec. 5. Subdivision (9) of section 10a-204 of the general statutes is 276
350+repealed and the following is substituted in lieu thereof (Effective October 277
351+1, 2022): 278
352+(9) To distribute excess corporation funds to the Connecticut Health 279
353+and Educational Facilities Authority or any subsidiary of said authority 280
354+for the purpose of such recipient's provision of financial assistance to 281
355+qualified students attending institutions of higher education or enrolled 282
356+in postsecondary education programs, including, without limitation, 283
357+loans, scholarships or grants and financial literacy education. 284
358+This act shall take effect as follows and shall amend the following
359+sections:
360+
361+Section 1 October 1, 2022 10a-178(b) and (c)
362+Sec. 2 October 1, 2022 10a-179(k)
363+Sec. 3 October 1, 2022 10a-221
364+Sec. 4 October 1, 2022 10a-223
365+Sec. 5 October 1, 2022 10a-204(9)
366+
367+HED Joint Favorable Subst.
239368