reglab/statecodes huggingface dataset:
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-41u. - High technology research and development program: Establishment and purpose.

(a) There is established a high technology research and development program to be administered by the corporation for the purpose of promoting collaboration between businesses and colleges and universities in this state in advanced materials, aerospace, bioscience, energy and environmental systems, information technology, applied optics, microelectronics and other high technology fields. The corporation may accept applications to the program from eligible participants in a form and manner prescribed by the corporation.
(b) In approving any application the corporation shall assess the collaborative nature of the proposal as well as scientific and economic factors, including, but not limited to, the following:
(1) The formal participation in the proposal by businesses actively engaged in the commercial use of advanced materials, aerospace, bioscience, energy and environmental systems, information technology, applied optics, microelectronics and other high technology fields;
(2) The likelihood that a proposal will result in the development or commercialization of high technology products or processes in this state; and
(3) The likelihood that a proposal will result in long-term, sustainable economic growth for this state.
(c) The corporation shall provide financial aid, as defined in subdivision (4) of section 32-34, to eligible participants whose proposals have been approved by the corporation as provided in subsections (a) and (b) of this section.
(d) The corporation may establish other programs, including financial programs, in order to attract and retain residents with postsecondary education in science, engineering, mathematics and other disciplines that are essential or advisable to the development and application of technology.
(P.A. 00-187, S. 56, 75.)
History: P.A. 00-187 effective July 1, 2000.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-41v. - Connecticut New Opportunities Fund.

(a) As used in this section:
(1) “Corporation” means Connecticut Innovations, Incorporated; and
(2) “Fund” means the Connecticut New Opportunities Fund.
(b) Connecticut Innovations, Incorporated shall establish a fund to be known as the Connecticut New Opportunities Fund, for the purpose of investing in seed stage and emerging growth companies in the state. The corporation, or a subsidiary created by the corporation for the purposes of this section, shall serve as general partner or managing member of the fund and shall determine whether the fund should be organized as a limited partnership or a limited liability company. The general partner or managing member of the fund shall be reimbursed from the fund for its management costs, which shall not exceed two per cent, annually, of the committed capital of the fund.
(c) Investors in the fund may include pension funds, foundations and private entities. Such investors shall participate as limited partners or nonmanaging members of the fund. The committed capital of the fund shall not exceed fifty million dollars.
(d) The moneys in the fund shall be invested as follows: (1) Not more than twenty-five per cent in seed stage companies, and (2) not more than seventy-five per cent in not more than twenty emerging growth companies. Not more than three million dollars shall be invested in any single seed stage or emerging growth company. Fund investments shall be in the form of equity or similar instruments. An emerging growth company may be eligible for an investment if the company projects high growth, has a strong management team, has current and prospective customers, has had difficulty raising early stage venture capital and is a strong market driver but is facing entry barriers.
(e) The fund shall have a term of ten years, provided it may be extended for three one-year periods if necessary to complete liquidation of the fund's investments. Upon such liquidation, each investor shall be entitled to a return of the investment made, plus eighty per cent of all net realized gains of the fund. The state shall provide a first loss guarantee at the end of the tenth year, if needed, of not more than twenty-five million dollars. The state shall be entitled to ten per cent of all net realized gains of the fund and the general partner or managing member of the fund shall also be entitled to ten per cent of all such net realized gains.
(P.A. 05-129, S. 1.)
History: P.A. 05-129 effective July 1, 2005.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-41w. - Early-stage venture capital program.

(a) There is established an early-stage venture capital program to be administered by Connecticut Innovations, Incorporated, to provide preseed financing, seed financing, start-up financing, early or first-stage financing and expansion financing to companies in the state.
(b) In support of the program established in subsection (a) of this section, the corporation shall establish criteria for awarding such financing and shall develop and implement a plan to market the program.
(c) The board of the corporation shall review and approve each application for such financing.
(d) Funds provided for this section shall be allocated as follows: (1) Not less than five per cent for preseed financing; (2) not less than ten per cent for seed financing; (3) not less than ten per cent for start-up financing; (4) not less than fifteen per cent for early or first stage financing; and (5) not less than forty per cent and not more than sixty per cent on expansion financing, as such terms are defined in section 32-34. The corporation shall use not more than three per cent of such funds for administration and marketing of such financial aid.
(e) The corporation shall adopt procedures, pursuant to section 1-121, to implement the provisions of this section.
(P.A. 06-83, S. 4.)
History: P.A. 06-83 effective July 1, 2006.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-41x. - Preseed financing account and program.

(a) There is established an account to be known as the “preseed financing account” which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by Connecticut Innovations, Incorporated, for the purposes of providing preseed financing pursuant to the program established in subsection (b) of this section.
(b) Connecticut Innovations, Incorporated, shall establish a program to provide preseed financing for Connecticut businesses, which shall include, but not be limited to, financial assistance for the development of proof of concepts and support services. Financial assistance shall not exceed one hundred fifty thousand dollars per eligible business. An eligible business shall (1) be principally located in Connecticut, (2) have not less than seventy-five per cent of its employees working in Connecticut, and (3) demonstrate private investment dollars of not less than fifty cents for every dollar of financial assistance sought from the program established pursuant to this section. For the purposes of this subsection, “private investment dollars” shall include funds from a public institution of higher education, except those funds derived from state appropriations or student tuition and fees, that are used to assist in the commercialization of technology owned by a public university.
(c) The corporation may enter into an agreement, pursuant to chapter 55a, with a nonprofit corporation providing services and resources to entrepreneurs and businesses to operate such program.
(P.A. 10-75, S. 12; P.A. 11-218, S. 1.)
History: P.A. 10-75 effective July 1, 2010; P.A. 11-218 amended Subsec. (b) by adding definition of “private investment dollars”, effective July 13, 2011.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-42. - Examination. Audits.

The corporation shall be subject to examination by the State Treasurer. The accounts of the corporation shall be subject to biennial audits by the State Auditors of Public Accounts.
(1972, P.A. 248, S. 11; P.A. 93-382, S. 8, 69; P.A. 21-145, S. 11.)
History: P.A. 93-382 deleted requirement that corporation report annually to governor, effective July 1, 1993; P.A. 21-145 changed annual audits to biennial audits.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-43. - State pledge.

The state of Connecticut does hereby pledge to and agree with any person with whom the corporation may enter into contracts pursuant to the provisions of this chapter that the state will not limit or alter the rights hereby vested in the corporation until such contracts and the obligations thereunder are fully met and performed on the part of the corporation, provided nothing herein contained shall preclude such limitation or alteration if adequate provision shall be made by law for the protection of such persons entering into contracts with the corporation.
(1972, P.A. 248, S. 12.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-44. - Powers to be interpreted broadly.

The powers enumerated in this chapter shall be interpreted broadly to effectuate the purposes thereof and shall not be construed as a limitation of powers.
(1972, P.A. 248, S. 13.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-45. - Inconsistent provisions of law.

To the extent that the provisions of this chapter are inconsistent with the provisions of any general statute or special act or parts thereof, the provisions of this chapter shall be deemed controlling.
(1972, P.A. 248, S. 14.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-46. - Tax exemption.

(a) The corporation shall have the tax exemptions provided under section 32-23h.
(b) Sales of and the storage, use or other consumption of any tangible personal property or services acquired for incorporation into or used and consumed in connection with the development, construction, rehabilitation, renovation or repair of a project, as defined in subsection (d) of section 32-23d, which project has been approved by the board of directors of the corporation for sales and use tax relief in accordance with procedures adopted by the board shall, subject to any limitations or conditions of such approval, be exempt from sales and use taxes imposed by chapter 219. The corporation may deliver a certificate to the effect that the sale of such tangible property or services is exempt from sales and use taxes imposed by said chapter 219, which certificate may be used in the purchase of such tangible personal property or services and on which certificate each seller of such tangible personal property or services may rely. The corporation shall develop any such certificate in collaboration and consultation with the Commissioner of Revenue Services.
(1972, P.A. 248, S. 15; P.A. 96-107, S. 1, 2; June 12 Sp. Sess. P.A. 12-1, S. 170.)
History: P.A. 96-107 exempted corporation from property taxes levied by the state or any municipality and from franchise, corporate business and income taxes levied by any municipality, effective July 1, 1996; June 12 Sp. Sess. P.A. 12-1 designated existing provisions as Subsec. (a) and amended same by replacing provisions re tax exemptions for corporation with reference to tax exemptions under Sec. 32-23h, and added Subsec. (b) re exemption from sales and use taxes, effective July 1, 2012.
Constitutionality of Secs. 32-32 to 32-46 upheld. 167 C. 111.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-47. - Personal liability of directors or persons acting on behalf of the corporation.

(a) Neither the directors of Connecticut Innovations, Incorporated nor any person acting on behalf of said corporation executing any notes, bonds, contracts, agreements or other obligations issued pursuant to this chapter shall be liable personally on such notes, bonds, contracts, agreements or obligations, or be subject to any personal liability or accountability by reason of the issuance thereof.
(b) No director shall be personally liable for damage or injury, not wanton or wilful, caused in the performance of his duties and within the scope of his employment. Any person having a complaint for such damage or injury shall present it as a claim against the state under the provisions of chapter 53.
(P.A. 78-357, S. 15, 16; P.A. 79-333; P.A. 88-266, S. 18, 46; P.A. 89-245, S. 17.)
History: P.A. 79-333 added Subsec. (b) re claims against the state and protection of directors from personal liability; P.A. 88-266 substituted “directors” for “members” in Subsec. (a); P.A. 89-245 changed Connecticut Product Development Corporation to Connecticut Innovations, Incorporated.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 582 - Surety Bond Guarantee Program for Small Contractors (Repealed) › Section 32-48 to 32-55. - Surety bond guarantee program for small contractors.

Sections 32-48 to 32-55, inclusive, are repealed.
(P.A. 79-611, S. 1–8; P.A. 80-483, S. 100–102, 186; P.A. 82-44, S. 2, 3; 82-358, S. 6, 10; P.A. 83-459, S. 1–4; P.A. 86-107, S. 10, 19; P.A. 88-265, S. 35, 36.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 582 - Surety Bond Guarantee Program for Small Contractors (Repealed) › Section 32-55a to 32-55i. - Definitions. Guarantee of surety; eligibility. Limits of guarantee. Subordination of working capital loans. Commissioner authorized to enter into agreements with insured parties and financial institutions re guarantee fund. Fees. Small Contractors' Surety Bond Guarantee Fund. Bond authorization. Regulations.

Sections 32-55a to 32-55i, inclusive, are repealed, effective July 1, 1993.
(P.A. 92-236, S. 32–39, 45, 48; P.A. 93-382, S. 67, 69; 93-435, S. 11, 95.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 583 - Defense Contracts › Section 32-57. - Determination by commissioner of severe impact of defense contract cutbacks on a business.

The Commissioner of Economic and Community Development may determine that the employment opportunities offered by a business in the state have been severely impacted by a prime defense contract cutback. The commissioner shall make such a determination only after a public hearing, at which hearing information shall be submitted to support findings required by this section. In making such determination the commissioner may require the submission by such business of all books, records, documents, drawings, specifications, certifications and other evidentiary items which it deems appropriate. In determining that employment opportunities offered by a business in this state have been severely impacted by a prime defense contract cutback the commissioner shall find that:
(1) The business derives, or derived at the period of time before a prime defense contract cutback occurred, over fifty per cent of its gross income, generated by operations within the state, from prime defense contracts or from subcontracts entered into in connection with prime defense contracts, and a significant portion of its facilities and equipment are designed for defense production and cannot be converted to nondefense production without substantial investment;
(2) The business has suffered a cancellation of one or more prime defense contracts or related subcontracts, or a significant reduction in prime defense contract or related subcontract awards or orders;
(3) The business has reduced its workforce substantially, or will reduce its workforce substantially, as a result of such cancellation of prime defense contracts or related subcontracts or of the reduction of prime defense contract or related subcontract awards or orders.
(P.A. 80-267, S. 8; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.)
History: P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 583 - Defense Contracts › Section 32-58. - Department to advise local governments.

The Department of Economic and Community Development shall advise and cooperate with any municipal or regional agency, commission or authority responsible for economic planning in order to formulate and implement plans to reduce the dependency of a municipal or regional economy on prime defense contracts and to alleviate the effects of a possible prime defense contract cutback.
(P.A. 80-267, S. 10; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; P.A. 17-219, S. 11.)
History: P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; P.A. 17-219 deleted provision re annual report.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 583 - Defense Contracts › Section 32-58a. - Reimbursement to state residents for travel to meeting of federal base relocation closure commission.

The Secretary of the Office of Policy and Management may, within available appropriations, reimburse state residents who are official state advocates before any federal base relocation closure commission for the reasonable expenses incurred for travel while attending meetings of said commission.
(June 30 Sp. Sess. P.A. 03-6, S. 172.)
History: June 30 Sp. Sess. P.A. 03-6 effective August 20, 2003.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 583 - Defense Contracts › Section 32-59. - Defense readjustment task force.

There is established within the Department of Economic and Community Development a defense readjustment task force which shall consist of the Commissioner of Economic and Community Development and the Labor Commissioner and the Secretary of the Office of Policy and Management, or their designees. The Commissioner of Economic and Community Development shall serve as chairman. The defense readjustment task force shall advise and assist the Governor and the Department of Economic and Community Development with respect to economic planning for any municipality or region which is or may be severely impacted by prime defense contract cutbacks. The defense readjustment task force shall design procedures for expedient and effective aid to businesses and their employees that are severely impacted by prime defense contract cutbacks. Such procedures shall include, but not be limited to: (1) Expediting unemployment claims; (2) finding alternative employment for affected employees; (3) recommending priority in such state assistance as job training programs; and (4) technical assistance. The procedures developed by the defense readjustment task force may be implemented at the direction of the Governor.
(P.A. 80-267, S. 11; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.)
History: P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development (Revisor's note: The phrase “Commissioners of Economic and Community Development and Labor” was changed editorially by the Revisors to “Commissioner of Economic and Community Development and the Labor Commissioner” for consistency with customary statutory usage).
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-60. - Legislative finding.

It is hereby found and declared that a continuing need exists to maintain and develop the state's economy; that there are significant barriers inhibiting access by the authority and eligible financial institutions to the public capital markets and inhibiting expansion of the secondary loan market to assist in financing economic development and other projects in the state; that the establishment of the Revenue Bond Mortgage Insurance Fund, financial assistance by the state in support of the insurance fund and the exercise by the authority of the powers granted in this chapter, will promote economic development by increasing access to the public capital markets for the authority; and that therefore the necessity in the public interest and for the public benefit and good for the provisions of this chapter and chapter 579, is hereby declared as a matter of legislative determination.
(P.A. 81-388, S. 1, 12; P.A. 88-265, S. 14, 36.)
History: P.A. 88-265 substituted economy for industrial plant, added language re barriers inhibiting access to public capital markets and expansion of the secondary loan market, changed industrial project to economic development and other projects, added provisions re increasing access to public capital markets and made other technical changes.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-61. - Definitions.

As used in this chapter, “corporation” means Connecticut Innovations, Incorporated created under subsection (a) of section 32-35; “chief executive officer” means the chief executive officer of Connecticut Innovations, Incorporated appointed pursuant to section 32-38; “project” means a project as defined in subsection (d) of section 32-23d; “insurance fund” means the Revenue Bond Mortgage Insurance Fund created under section 32-62; “eligible financial institution” means an eligible financial institution as defined in section 32-65; “state” means the state of Connecticut; and “loan” means loans, notes, bonds or other forms of indebtedness related to the financing or refinancing of a project by the corporation or an eligible financial institution, or any participation or other interest therein, however evidenced, or any pool or portion of the foregoing.
(P.A. 81-388, S. 2, 12; P.A. 88-265, S. 15, 36; June 12 Sp. Sess. P.A. 12-1, S. 152; P.A. 13-123, S. 27.)
History: P.A. 88-265 defined “project”, “insurance fund”, “eligible financial institution”, “state”, and “loan”; pursuant to June 12 Sp. Sess. P.A. 12-1, “Connecticut Development Authority” and “authority” were changed editorially by the Revisors to “Connecticut Innovations, Incorporated” and “corporation”, respectively, effective July 1, 2012; P.A. 13-123 replaced reference to Sec. 32-11a(a) with reference to Sec. 32-35(a), replaced definition of “executive director” with definition of “chief executive officer” and replaced reference to Sec. 32-11a(d) with reference to Sec. 32-38, effective June 18, 2013.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-62. - Revenue Bond Mortgage Insurance Fund.

There is created a Revenue Bond Mortgage Insurance Fund. The insurance fund shall be held by the corporation, a trustee or other fiduciary or custodian designated by the corporation. There shall be deposited in the insurance fund such revenues and assets as the corporation shall determine to be deposited therein in accordance with this chapter and chapter 579 and any applicable contract or agreement entered into by the corporation under section 32-65. Amounts in the insurance fund shall be used in accordance with this chapter to satisfy any valid insurance claim payable therefrom and may be used for any other purpose determined by the corporation in accordance with insurance contracts or contracts with eligible financial institutions entered into pursuant to this chapter and said subsections, including without limitation protecting the interest of the corporation or eligible financial institutions in projects during periods of loan delinquency or upon loan default. If the corporation determines from time to time that the addition of money to the fund is required to meet the obligations of the fund or to bid for and purchase mortgaged property at foreclosure sale or would otherwise serve to protect the interests of the state or the insurance fund, the corporation with the approval of the Secretary of the Office of Policy and Management may borrow temporarily from the General Fund for such purpose within the limitations of the bond authorization contained in section 32-68. Any amounts temporarily loaned to the insurance fund by the state pursuant to this section shall reduce the obligation of the state to provide moneys to the insurance fund pursuant to section 32-67 to the extent of the amounts so loaned, but such obligation shall be reinstated to the extent of any principal repayment made to the state. Such amounts may also be withdrawn by the corporation at any time for the payment or reimbursement of its reasonable costs of administering the insurance program established hereby. Any amounts in the insurance fund not currently needed to meet the obligations of the fund and the expenses of the corporation may be invested in obligations designated by the corporation, and all income from such investments shall become part of the insurance fund.
(P.A. 81-388, S. 3, 12; P.A. 88-265, S. 16, 36; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 88-265 changed industrial revenue bond mortgage insurance fund to revenue bond mortgage insurance fund, added provisions re temporary state loans to the insurance fund and made other technical changes; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-63. - Insurance of payments. Applications.

The corporation may insure and make advance commitments to insure all or any portion of the payment required by a loan or any portion of a loan upon such terms and conditions as the corporation may prescribe in accordance with this chapter. In administering the insurance program authorized by this chapter, the corporation may establish application fees and prescribe application, notification, contract and insurance forms, rules and regulations it deems necessary or appropriate. The chief executive officer shall, on the basis of the application and any other appropriate information, prepare a report to the corporation concerning the credit-worthiness of the proposed borrower, the manner in which the project will advance the purposes of state commerce and the soundness of the proposed loan.
(P.A. 81-388, S. 4, 12; P.A. 88-265, S. 17, 36; June 12 Sp. Sess. P.A. 12-1, S. 152; P.A. 13-123, S. 28.)
History: P.A. 88-265 authorized commitments to insure all or part of loan payments, deleted provisions re lenders' committee and made other technical changes; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012; P.A. 13-123 changed “executive director” to “chief executive officer”, effective June 18, 2013.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-64. - Eligibility.

Any loan insured by the corporation under this chapter shall (1) be made for a project; (2) be made to a borrower approved by the corporation as responsible and creditworthy; (3) in the case of real property, be secured by a mortgage on the property, be made in a principal amount not exceeding ninety per cent of the cost of the property, and have a maturity date not later than twenty-five years from the date of the mortgage; (4) in the case of machinery and equipment, be secured by a security interest in the machinery and equipment, be made in a principal amount not exceeding eighty per cent of the cost of the machinery and equipment, and have a maturity not later than ten years from the date of the loan; (5) contain amortization provisions satisfactory to the corporation; and (6) be in such principal amount and form, and contain such terms, conditions and provisions with respect to the payment of fees, expenses and other costs, property insurance, repairs, alterations, payment of taxes and assessments, delinquency charges, default remedies, additional security and other matters as the corporation may determine. Any contract of insurance executed by the corporation under this chapter shall be conclusive evidence of eligibility for such insurance, and the validity of any contract of insurance so executed or of an advance commitment to insure shall be incontestable in the hands of an approved borrower and an insured party from the date of execution and delivery of the contract or commitment, except for fraud or misrepresentation on the part of the borrower and, as to commitments to insure, noncompliance with the commitment or corporation rules or regulations in force at the time of issuance of the commitment.
(P.A. 81-388, S. 5, 12; P.A. 88-265, S. 18, 36; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 88-265 deleted provisions re initial financing from special obligation rate or bond proceeds, deleted provisions re lenders' committee and made other technical changes; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-65. - Eligible financial institutions.

The corporation is authorized from time to time to enter into guarantee agreements, letters of credit, insurance contracts, participations, collateral sharing agreements, servicing agreements, and any other agreements or contracts with insured parties and with eligible financial institutions with respect to the insurance fund and any loan insured thereunder. An eligible financial institution is one which is a trust company, bank, savings bank, building and loan association, savings and loan association, insurance company, investment company, trustee, executor, pension fund, retirement fund, or other fiduciary or financial institution, the state or, to the extent otherwise permitted by law, any municipality or any political subdivision, instrumentality, agency or body politic and corporate thereof which is approved by the corporation as eligible for participation taking into consideration the workability and market viability of the program of insuring loans for or related to projects authorized by this chapter. Any such agreement or contract may contain terms and provisions necessary or desirable in connection with the program subject to the requirements established by this chapter, including without limitation terms and provisions relating to loan documentation, review and approval procedures, origination and servicing rights and responsibilities, default conditions, procedures and obligations and obligations with respect to insurance contracts made under this chapter. The agreements or contracts may be executed on an individual, group or master contract basis with eligible financial institutions.
(P.A. 81-388, S. 6, 12; P.A. 88-265, S. 19, 36; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 88-265 authorized the Connecticut development authority to enter into guarantee agreements, participations, collateral sharing agreements and servicing agreements with insured parties and eligible financial institutions, added investment companies, trustees, executors, pension funds, retirement fund, other fiduciary or financial institutions, the state, municipalities, political subdivisions, instrumentalities, and agencies to the provisions re eligible financial institutions and made other technical changes; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-67. - Claims. Premiums.

Any contract of insurance made by the corporation under the authorization of this chapter shall provide that claims payable under such contract shall first be paid from any amounts readily available in the insurance fund before any amounts available from the bond authorization contained in section 32-68 are utilized for claim payment. The faith and credit of the state is hereby pledged, pursuant to said bond authorization and in accordance with section 3-20, to provide to the insurance fund up to a maximum of ten million dollars as and when necessary to make timely payments of all amounts required to be paid under the terms of any insurance contract executed by the corporation pursuant to this chapter. The aggregate outstanding principal balance of all loans insured, to the extent insured, under this chapter shall not exceed ten times the amount of bonds authorized in section 32-68. The obligation of the corporation to make payments under any such insurance contract shall be limited solely to such sources and shall not constitute a debt or liability of the corporation or the state. Any insurance contract and any rule or regulation of the corporation implementing the insurance program may contain such other terms, provisions or conditions as the corporation deems necessary or appropriate, including, without limitation, those relating to the payment of insurance premiums, the giving of notice, claim procedures, the sources of payment for claims, the priority of competing claims for payment, the release or termination of loan security and borrower liability, the timing of payment, the maintenance and disposition of industrial projects and the use of amounts received during periods of loan delinquency or upon default, and any other provision concerning the rights of insured parties or conditions to the payment of insurance claims. Any premiums for the insurance of loan payments under the provisions of this chapter may be determined on such basis, be payable by such person, in such amounts and at such times as the corporation shall determine, and the amount of the premium need not be uniform among the various insurance contracts.
(P.A. 81-388, S. 8, 12; P.A. 88-265, S. 20, 36; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 88-265 deleted provisions re payment of claims from amounts available under the terms of any applicable contract or agreement, added provisions pledging the full faith and credit of the state to provide the insurance fund up to $10,000,000 and made other technical changes; pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-68. - Bond issue.

Section 32-68 is repealed.
(P.A. 81-388, S. 9, 12; P.A. 88-265, S. 21, 36; P.A. 89-331, S. 29, 30.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 584 - Industrial Revenue Bond Mortgage Insurance Fund › Section 32-68a. - Pledge to insurance contract holders. Powers of Connecticut Innovations, Incorporated.

The state hereby pledges to and agrees with the holders of any insurance contracts issued under this chapter and with persons who may enter into other contracts or agreements with the corporation or its successor agency pursuant to the provisions of this chapter that the state will not limit or alter the rights granted to the corporation until such insurance contracts and other contracts or agreements are fully performed by the corporation, provided nothing contained in this section shall preclude any such limitation or alteration if and when adequate provision is made by the law for the protection of such insurance contracts or persons entering into other contracts or agreements with the corporation. The corporation may include the provisions of this section in any such insurance contracts and other contracts or agreements. In carrying out the program authorized by this chapter, the corporation shall have and may exercise all the powers granted to the corporation under chapter 579 provided no provision of chapter 579 shall be construed to limit any power specifically granted to the corporation under this chapter and no provision of this chapter shall be construed to limit the power specifically granted to the corporation under chapter 579.
(P.A. 88-265, S. 22, 36; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: Pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 585 - Enterprise Zones, Entertainment Districts, Enterprise Corridor Zones and Airport Development Zones › Section 32-70b. - Municipal enterprise zone revitalization plan.

On or before January 1, 1994, the legislative body of each municipality with an enterprise zone designated under section 32-70 shall authorize an existing board, commission or officer or may create a new board, commission or officer to adopt an enterprise zone revitalization plan. The plan shall specify goals and objectives for the enterprise zone, describe strategies to attain such goals and establish an implementation schedule. The municipality shall submit its plan to the Commissioner of Economic and Community Development for his review and comment.
(P.A. 93-323, S. 2, 4; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.)
History: P.A. 93-323 effective July 2, 1993; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 585 - Enterprise Zones, Entertainment Districts, Enterprise Corridor Zones and Airport Development Zones › Section 32-70c. - Municipal enterprise zone advisory committees.

The legislative body of each municipality with an enterprise zone designated under section 32-70 shall establish an enterprise zone advisory committee to assist in the planning and implementation of enterprise zone activities. Any such committee may consist of elected officials, representatives of municipal agencies performing functions such as public safety, planning housing, job training and economic development, school officials, representatives of community-based organizations and residents of and representatives of businesses located in the enterprise zone.
(P.A. 93-323, S. 3, 4.)
History: P.A. 93-323 effective July 2, 1993.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 585 - Enterprise Zones, Entertainment Districts, Enterprise Corridor Zones and Airport Development Zones › Section 32-70d. - Community enterprise zone boards.

Within thirty days after the Commissioner of Economic and Community Development approves the designation of an area as an enterprise zone in a municipality under subdivision (2) of subsection (c) of section 32-70, the municipality shall establish a community enterprise zone board. The board shall establish policy for the promotion and development of the zone, coordinate economic development programs in the zone with related job training and social services programs and adopt an enterprise zone revitalization plan. The plan shall specify goals and objectives for the enterprise zone, describe strategies to attain such goals and establish an implementation schedule. The municipality shall submit its plan to the Commissioner of Economic and Community Development for review and comment. The board shall consist of (1) the following officials of such municipality, or designees of such officials: The official responsible for economic development programs; the chief executive official, or his designee; a representative of the legislative body, who shall be appointed by such body; the chief of police, or his designee; the housing administrator, or his designee; and a representative of the school board, who shall be appointed by such board; (2) a representative of the regional community-technical college serving the region in which the municipality is located, if applicable, who shall be appointed by the chief executive officer of such college; (3) two representatives of the business community of the municipality, one of whom shall be a member of the chamber of commerce from the municipality; (4) two persons who own businesses located in the enterprise zone; and (5) two representatives of neighborhood community organizations serving the area in which the zone is located or, if no such organization exists, two residents of said area. The board members described in subdivisions (3), (4) and (5) of this section shall be appointed by the chief executive official of the municipality.
(P.A. 93-331, S. 2; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; P.A. 05-288, S. 141.)
History: P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; P.A. 05-288 made a technical change, effective July 13, 2005.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 585 - Enterprise Zones, Entertainment Districts, Enterprise Corridor Zones and Airport Development Zones › Section 32-70e. - Financial assistance for neighborhood development in enterprise zones.

(a) The Commissioner of Economic and Community Development shall establish a program of financial assistance for job development and creation, neighborhood revitalization and the promotion of business stability and development within enterprise zones designated under section 32-70.
(b) The Commissioner of Economic and Community Development shall solicit applications from community development organizations located within an enterprise zone for the operation of such program. Applicants shall indicate a strategy to achieve neighborhood economic development in the enterprise zone.
(c) The commissioner shall enter into a contract with and provide grants, within available funds, to qualified community development organizations to implement the program established under this section and section 32-70f. The grant may be used to pay the cost of activities that (1) assist in the expansion, retention and development of small businesses located within enterprise zones that have trained and employed or will train and employ, as part of their workforce, residents of an enterprise zone, (2) build or rehabilitate decent rental or owner-occupied housing located in an enterprise zone for persons of low and moderate income, or (3) assist organizations in job-training and career development training for existing or projected job opportunities. The community development organization may use such grant to provide grants, loans or deferred loans to eligible applicants.
(d) The Commissioner of Economic and Community Development shall adopt regulations in accordance with the provisions of chapter 54 to implement the provisions of this section. Such regulations shall provide criteria for eligible applicants and eligible activities.
(P.A. 94-195, S. 1, 3; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; P.A. 09-40, S. 1.)
History: P.A. 94-195 effective July 1, 1994; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; P.A. 09-40 amended Subsec. (c)(2) by replacing “affordable” housing with housing “for persons of low and moderate income”.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 585 - Enterprise Zones, Entertainment Districts, Enterprise Corridor Zones and Airport Development Zones › Section 32-70f. - Neighborhood economic development account.

(a) There is established an account to be known as the “neighborhood economic development account”. The account shall contain any moneys required by law to be deposited in the account. Any balance remaining in such account at the end of any fiscal year shall be carried forward in the account for the fiscal year next succeeding.
(b) All moneys received in consideration of financial assistance, including payments of principal and interest on any loans, shall be credited to the account.
(c) The commissioner shall provide financial assistance pursuant to section 32-70e from the account established under this section. Notwithstanding any provision of the general statutes, payment of any administrative expenses or other costs incurred by the department in carrying out the purpose of section 32-70e may be paid from the account, subject to the approval of the Governor.
(P.A. 94-195, S. 2, 3.)
History: P.A. 94-195 effective July 1, 1994.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 585 - Enterprise Zones, Entertainment Districts, Enterprise Corridor Zones and Airport Development Zones › Section 32-71b. - Treatment of certain electric generating facilities completed after July 1, 2002.

Any new electric generating facility, the construction of which is completed after July 1, 2002, may be treated for purposes of section 32-71 as if it were located in an enterprise zone and used for commercial or retail purposes, provided an application for a permanent electric generating facility has been submitted to the Connecticut Siting Council on or after January 1, 2002, and prior to April 1, 2002. Notwithstanding the provisions of section 32-71, upon approval of such municipality's legislative body, either before or after August 15, 2002, up to the full amount of either assessments or taxes may be fixed for the real and personal property of such electric generating facility both during and after the construction period, provided such assessments or taxes as so fixed represent an approximation of the commensurate portion of the projected tax liability of such facility based on a reasonable estimation of its fair market value as determined by the municipality upon the exercise of its best efforts.
(May 9 Sp. Sess. P.A. 02-4, S. 7.)
History: May 9 Sp. Sess. P.A. 02-4 effective August 15, 2002.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 585 - Enterprise Zones, Entertainment Districts, Enterprise Corridor Zones and Airport Development Zones › Section 32-72 to 32-74. - Small business and venture capital loans in enterprise zones. Enterprise Zone Capital Formation Revolving Loan Fund. Bond issues.

Sections 32-72 to 32-74, inclusive, are repealed.
(P.A. 81-445, S. 7–9, 11; P.A. 82-435, S. 5, 8; June Sp. Sess. P.A. 83-33, S. 1, 17; P.A. 86-107, S. 11, 19; 86-396, S. 22, 25; P.A. 87-416, S. 22, 24; P.A. 88-265, S. 35, 36.)