reglab/statecodes huggingface dataset:
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23cc. - Business Environmental Clean-Up Revolving Loan Fund and Environmental Assistance Revolving Loan Fund consolidated into Connecticut Growth Fund.

(a) Effective July 1, 2015, (1) the Business Environmental Clean-Up Revolving Loan Fund established under section 32-23z and in effect on June 30, 2015, and (2) the Environmental Assistance Revolving Loan Fund established under section 32-23qq and in effect on June 30, 2015, shall be combined with and become part of the Connecticut Growth Fund established under section 32-23v and in effect on June 30, 2015, provided all subfunds established under section 32-23qq shall become subfunds within the Connecticut Growth Fund. As of July 1, 2015, cash, notes, receivables and all other assets, liabilities, appropriations, authorizations, allocations and attributes then pertaining to the Business Environmental Clean-Up Revolving Loan Fund and the Environmental Assistance Revolving Loan Fund shall be transferred to the Connecticut Growth Fund. All loans, guarantees and lines of credit outstanding under sections 32-23z and 32-23qq on June 30, 2015, shall be treated as having been made, committed or extended from the Connecticut Growth Fund established under section 32-23v, and all payments received by the corporation on account thereof shall be credited or deposited to the Connecticut Growth Fund.
(b) On and after July 1, 2015, in addition to, and not in limitation of, the powers of the corporation in making loans from the Connecticut Growth Fund to eligible borrowers under section 32-23v, the corporation may make loans from the Connecticut Growth Fund to any person for any purpose as would have been permitted by, and subject to the same provisions in, section 32-23z or 32-23qq if made from the Business Environmental Clean-Up Revolving Loan Fund or the Environmental Assistance Revolving Loan Fund, respectively. The provisions of subsection (c) of section 32-23v shall not apply to the making of such loans.
(c) All applications for loans under sections 32-23z and 32-23qq pending on June 30, 2015, and authorized on or after July 1, 2015, shall be funded from the Connecticut Growth Fund established under section 32-23v.
(P.A. 15-222, S. 6.)
History: P.A. 15-222 effective July 1, 2015.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23g. - Disposition of authority funds.

Section 32-23g is repealed, effective July 1, 2012.
(1972, P.A. 195, S. 6; P.A. 73-599, S. 12; P.A. 78-303, S. 113, 136; P.A. 82-434, S. 4, 6; P.A. 84-512, S. 24, 30; P.A. 91-161, S. 5, 9; P.A. 01-179, S. 13; June 12 Sp. Sess. P.A. 12-1, S. 292.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23gg. - Legislative determination.

It is hereby found and declared that there exists in this state a great and growing need for additional forms of state financial assistance for Connecticut's manufacturing and other economic base firms to preserve and promote development and to create and maintain employment; that the availability of financial assistance is an important and increasingly critical consideration in the preservation and development of the state's economy; that there exists a serious risk of plant closing and relocations out-of-state; that there exists a shortage of risk capital and other forms of financial assistance for business which has had and will continue to have a serious effect on the development and preservation of important business enterprises and employment in this state, and therefore, it is necessary and in the public interest and for the public good that the provisions of sections 32-23hh to 32-23ll, inclusive, are hereby declared a matter of legislative determination.
(P.A. 91-319, S. 1, 7; June Sp. Sess. P.A. 91-3, S. 148, 168.)
History: June Sp. Sess. P.A. 91-3 removed the word “major” which had modified “plant closing”.
See Sec. 32-477 re priority for applicants establishing work environments consistent with criteria in Sec. 32-475.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23i. - Bonds as legal investments.

Bonds issued by the corporation under the provisions of section 32-23f are hereby made securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, credit unions, building and loan associations, investment companies, savings banks, banking associations, trust companies, executors, administrators, trustees and other fiduciaries and pension, profit-sharing and retirement funds may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are hereby made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or municipality of the state for any purpose for which the deposit of bonds or obligations of the state is now or may hereafter be authorized by law. The corporation and any subsidiary thereof may purchase and hold bonds or notes issued by the corporation or any such subsidiary.
(1972, P.A. 195, S. 8; P.A. 73-599, S. 14; P.A. 78-303, S. 115, 136; P.A. 84-512, S. 26, 30; P.A. 01-179, S. 15; June 12 Sp. Sess. P.A. 12-1, S. 175.)
History: P.A. 73-599 replaced Connecticut development commission with Connecticut development authority and “political subdivision” with “municipality” and authorized investments by savings banks; P.A. 78-303 deleted reference to Sec. 4-60a; P.A. 84-512 deleted references to Secs. 4-5 and 4-24a; (Revisor's note: In 1993 the obsolete reference to repealed Sec. 36-322 was deleted editorially by the Revisors); P.A. 01-179 replaced references to chapters 578 and 579 and Sec. 10-320b(a) with reference to authority legislation as defined in Sec. 32-23d(hh); June 12 Sp. Sess. P.A. 12-1 replaced “authority” with “corporation” and reference to Sec. 32-23d(hh) with reference to Sec. 32-23f, and added provision re purchasing and holding bonds or notes issued by the corporation or any subsidiary, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23jj. - Considerations in reviewing application.

In reviewing applications for financial assistance under sections 32-23gg to 32-23ll, inclusive, the corporation shall consider the following factors: (1) The status of the project as an economic development project; (2) the likelihood the project can be expected to create or retain private sector jobs in this state; (3) the contribution of the project to the economic activities in the state; (4) the significance of the financial assistance in either attracting to the state or preventing a closing, partial closing or relocation out of the state of an economic development project; (5) the commitment to Connecticut of the management, ownership, and employees of the project and their willingness and ability to operate the business and enhance its competitive position in Connecticut; (6) whether the project serves the interests of the community where it is located or will be located; (7) whether the project is located in a distressed municipality, as defined in section 32-9p; and (8) the appropriateness of the amount and form of the financial assistance and the level of risk or investment for the state not only in terms of the state's financial exposure, but also in terms of the overall objectives of sections 32-23gg to 32-23ll, inclusive.
(P.A. 91-319, S. 4, 7; June Sp. Sess. P.A. 91-3, S. 151, 168; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: June Sp. Sess. P.A. 91-3 changed references to major development projects to economic development projects; 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 579 - Connecticut Innovations, Incorporated › Section 32-23k. - State pledge to bond holders and contractors.

The state of Connecticut does hereby pledge to and agree with the holders of any bonds and notes issued under the provisions of section 32-23f, and with those parties who may enter into contracts with Connecticut Innovations, Incorporated, or its successor agency, that the state will not limit or alter the rights hereby vested in the corporation until such obligations, together with the interest thereon, are fully met and discharged and such contracts are fully performed on the part of the corporation, provided nothing contained herein shall preclude such limitation or alteration if and when adequate provision shall be made by law for the protection of the holders of such bonds and notes of the corporation or those entering into such contracts with the corporation. The corporation is authorized to include this pledge and undertaking for the state in such bonds and notes or contracts.
(1972, P.A. 195, S. 10; P.A. 73-599, S. 16; P.A. 78-303, S. 117, 136; P.A. 84-512, S. 28, 30; P.A. 01-179, S. 17; June 12 Sp. Sess. P.A. 12-1, S. 168.)
History: P.A. 73-599 replaced Connecticut development commission with Connecticut development authority; P.A. 78-303 deleted reference to Sec. 4-60a; P.A. 84-512 deleted references to Secs. 4-5 and 4-24a; (Revisor's note: In 1993 the obsolete reference to repealed Sec. 36-322 was deleted editorially by the Revisors); P.A. 01-179 replaced references to chapters 578 and 579 and Sec. 10-320b(a) with references to authority legislation as defined in Sec. 32-23d(hh); June 12 Sp. Sess. P.A. 12-1 replaced “Connecticut Development Authority” with “Connecticut Innovations, Incorporated”, replaced “authority” with “corporation” and made conforming changes, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23kk. - Contract of insurance.

Any contract of insurance made by the corporation under sections 32-23gg to 32-23ll, inclusive, shall provide that claims payable under such contract shall first be paid from any amounts readily available in the Connecticut Works Fund, established under section 32-23ii, before any amounts available from the bond authorization under section 32-23ll are utilized for payment of a claim. The faith and credit of the state is hereby pledged, pursuant to such bond authorization and in accordance with section 3-20, to provide to the Connecticut Works Fund moneys 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 sections 32-23gg to 32-23ll, inclusive. 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 procedure of the corporation implementing the insurance provisions of this section may contain such other terms, provisions or conditions as the corporation deems necessary or appropriate, including, but not limited to, the payment of insurance premiums, the giving of notice, claim procedures, the sources for payment of claims, the priority of competing claims for payment, the release or termination of loan security and borrower liability, the timing of payment, the maintenance or disposition of projects and the use of amounts received during periods of loan delinquency or upon default, and any other provisions concerning the rights of insured parties or conditions of the payment of insurance claims. Moneys in the fund not needed currently to meet the expenses and obligations of the corporation may be invested in the manner provided in section 3-31a and all income from such investments shall become part of the Connecticut Works Fund.
(P.A. 91-319, S. 5, 7; P.A. 93-360, S. 13, 19; June Sp. Sess. P.A. 93-1, S. 30, 45; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 93-360 changed name of fund from Connecticut economic stabilization fund to Connecticut Works Fund, effective June 14, 1993; June Sp. Sess. P.A. 93-1 reiterated fund name change and deleted provision which had allowed temporary borrowing from general fund to meet obligations, effective July 1, 1993; 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 579 - Connecticut Innovations, Incorporated › Section 32-23l. - Industrial and commercial development. Powers of Connecticut Innovations, Incorporated.

Sections 32-23d to 32-23k, inclusive, shall be deemed to provide a complete method for the doing of the things authorized thereby and shall be regarded as not in conflict with, or as restrictive of, powers conferred by any other laws, any other existing provisions of the general statutes notwithstanding. No proceedings, notice or approval shall be required for the issuance of any bonds or notes or any instrument as security therefor, except as is herein provided.
(1972, P.A. 195, S. 11; P.A. 73-177, S. 1; 73-599, S. 17; P.A. 13-123, S. 16.)
History: P.A. 73-177 clarified construction provision and stated that action may be taken upon affirmative vote of ex-officio member's designated deputy; P.A. 73-599 deleted provisions re construction of powers and re ex-officio members of commission; P.A. 13-123 made a technical change, effective June 18, 2013.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23n. - Economic assistance grants for the industrial projects in areas of high unemployment.

Section 32-23n is repealed.
(P.A. 77-370, S. 3, 13; P.A. 78-357, S. 3, 16; P.A. 86-107, S. 8, 19; P.A. 88-265, S. 12, 36; P.A. 94-95, S. 25.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23p. - Loans by the corporation in areas of high unemployment.

The corporation may determine to make long term loans approved on or after July 1, 1978, for any economic development project located in an area of high unemployment financed with the proceeds of bonds at an interest rate which is substantially equal to the interest rate payable on such bonds adjusted to reflect issuance costs. The corporation may also determine not to charge mortgage insurance premiums with respect to mortgage loans approved on or after July 1, 1978, for any economic development project located in an area of high unemployment the payments on which are insured pursuant to section 32-16. Any such determination shall apply to all loans made and mortgages insured during the period the determination is in force and, once applicable to a loan or mortgage, shall remain applicable for the full term of the loan or mortgage. The corporation may rescind any such determination at any time if the corporation finds in its sole judgment that the rescinding of the determination may be necessary in order to preserve the financial integrity of the corporation or the insurance fund. This section shall not apply to any other fees or charges imposed by the corporation, including without limitation application, acceptance, commitment, special purpose, bond issuance and attorney's fees, which may be charged without regard to the location of the proposed economic development project.
(P.A. 78-357, S. 4, 16; P.A. 88-265, S. 13, 36; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 88-265 changed industrial project to economic development project and deleted reference to capital reserve fund bonds; 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 579 - Connecticut Innovations, Incorporated › Section 32-23pp. - Policy to encourage pollution prevention and remediation.

It shall be the policy of the state to encourage the practice of pollution prevention and remediation activities, thereby reducing risks to the environment and the health of workers and consumers. As used in this section, pollution prevention includes the change of or use of production processes, practices, raw materials or products that reduce or eliminate the generation of by-products without creating new risks of concern or that protect natural resources through their conservation.
(P.A. 91-376, S. 1, 10; P.A. 98-253, S. 8.)
History: P.A. 98-253 added remediation activities to the policy.
See Sec. 32-477 re priority for applicants establishing work environments consistent with criteria in Sec. 32-475.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23q. - Exemption from maximum interest and charges on loans.

The provisions of sections 37-4 and 37-6 shall not apply to any bond, note or other obligation issued by Connecticut Innovations, Incorporated, or any loan, lease, sale agreement, note or other obligation evidencing a financial obligation to the corporation.
(P.A. 81-384, S. 10, 13; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: 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.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23r. - Preference in employment by borrowers and mortgagees.

Connecticut Innovations, Incorporated shall require in all instances that a borrower or mortgagee shall enter into an agreement with the corporation to give preference in employment to persons as set forth herein:
(1) Where the funds involved are to be used for the purchase, lease or alteration of an existing facility which has been inoperative and the borrower or mortgagee intends to make, assemble or produce products and or services comparable to those previously made, assembled, or produced at such facility, preference shall be given to those previously employed at such facility within the twelve-month period immediately preceding its closing in the order of their total length of employment at the closed facility, provided that they can perform the work required by the borrower or mortgagee at such existing facility;
(2) Where the funds involved are to be used for the purchase, lease or alteration of an existing facility which has been inoperative and the borrower or mortgagee intends to make, assemble or produce products different from those previously made, assembled or produced at the facility, preference in employment and training shall be given to those previously employed at such facility within the twelve-month period immediately preceding its closing in the order of their total length of employment at the closed facility, provided such training shall not exceed twelve weeks; and
(3) Where the borrower or mortgagee is not the operating or producing entity at the facility being financed, the borrower or mortgagee shall be required to enter into an irrevocable agreement with the operating or producing entity containing the above requirements and proof of such agreement shall be provided to the corporation before approval of any funds or insurance.
(P.A. 81-384, S. 11, 13; P.A. 06-196, S. 163; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 06-196 made a technical change in Subdiv. (2), effective June 7, 2006; 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.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23rr. - Definitions.

As used in sections 32-23pp and 32-23qq and this section:
(1) “Pollution prevention activities” means changes within a plant in production processes, product or raw materials that reduce, avoid or eliminate the generation of hazardous by-products per unit of product or the use of toxic or hazardous substances per unit of product without creating new risks of concern, but shall not be construed to promote or require (A) incineration, (B) transfer from one medium of exposure, release or discharge to another medium, (C) off-site or out-of-production process recycling or (D) methods of end-of-pipe treatment of toxic or hazardous substances as waste;
(2) “Production process” means a process, line method, activity or technique or combination or series thereof, which is integral to and necessary for the production of a product or the provision of a service;
(3) “Hazardous by-product” means any nonproduct output, waste or residue, including fugitive emissions, of hazardous substance from a production process; and
(4) “Remediation activities” means any activity to stimulate, encourage and carry out the identification, assessment, evaluation, acquisition, remediation, development or financing of contaminated property in this state.
(P.A. 91-376, S. 3, 10; P.A. 98-253, S. 10.)
History: P.A. 98-253 added Subdiv. (4) defining “remediation activities”.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23s. - Interpretation of certain amendments.

The amendments to sections 32-11a, 32-16, 32-23c, 32-23d, 32-23e, 32-23f and 32-23j effective on June 29, 1981, are intended and shall be construed as a clarification and expansion of the powers of Connecticut Innovations, Incorporated, and shall not limit or impair any obligation incurred or right exercised by the corporation under its powers prior to said date.
(P.A. 81-384, S. 12, 13; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: 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.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23t. - Legislative finding.

It is hereby found and declared as a matter of legislative determination that there is a continuing need for stimulation and encouragement of the growth and development of the state economy through the provision of two comprehensive loan programs and the establishment of a locally administered business outreach center challenge grant program which address the economic needs of a wide variety of business enterprises located throughout the state, including, but not limited to, development corporations, small contractors, small manufacturers, small business investment companies, employee groups, small water companies, small exporters, businesses affected by emergencies or disasters, small farmers, small retailers or service firms, high risk small businesses, start-up businesses, businesses located in various regions of the state, and other businesses that may be unable to obtain adequate financing from conventional sources. It is further found and declared that consolidating many of the separate loan programs currently administered by the Department of Economic and Community Development into two revolving loan funds to be administered by Connecticut Innovations, Incorporated will enhance such programs for all borrowers, permit better targeting of state assistance to firms important to the economic base of the state, improve marketing, accounting and administration, alleviate certain administrative and technical problems created by changes in federal tax law, permit more effective use of existing resources and better enable the state to protect itself from losses through the establishment of a loan loss reserve and an improved loan work-out capability. It is further found and declared that major changes in the financial markets have altered the availability of capital to small and medium firms in the state, that assistance to high risk small and start-up businesses is important to the state economy and that such loan consolidation will better enable Connecticut Innovations, Incorporated to leverage state assistance through active participation of private sector investments in small businesses.
(P.A. 88-265, S. 23, 36; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; June 12 Sp. Sess. P.A. 12-1, S. 152.)
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; pursuant to June 12 Sp. Sess. P.A. 12-1, “Connecticut Development Authority” was changed editorially by the Revisors to “Connecticut Innovations, Incorporated”, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23tt. - Definitions.

As used in section 32-23ll, this section, and sections 32-23uu, 32-23vv and 32-235:
(1) “Corporation” means Connecticut Innovations, Incorporated established under the provisions of this chapter;
(2) “Educational upgrades” means (A) programs designed to increase the basic skills of workers and production workers including, but not limited to training, in written and oral communication, mathematics or science, or (B) training in innovative production methods and workplace oriented computer technical skills;
(3) “Financial assistance” means grants, loans, loan guarantees or interest rate subsidies or any combination thereof;
(4) “Manufacturing or economic base business” means a business defined under subsection (l) of section 32-222*;
(5) “Production worker” means an employee of a manufacturer whose principal duties are located within the state, and consist of the assembly or construction of the manufacturer's product or a portion thereof; and
(6) “Worker” means an employee of a manufacturing or economic-based business whose principal duties are located within the state.
(P.A. 93-433, S. 3, 26; P.A. 98-203, S. 8, 13; P.A. 99-236, S. 2; June 12 Sp. Sess. P.A. 12-1, S. 152.)
*Note: Former Subsec. (l) of Sec. 32-222 was deleted by section 2 of public act 08-34.
History: P.A. 93-433 effective July 1, 1993; P.A. 98-203 amended Subdiv. (4) to make a technical adjustment to an internal reference, effective June 8, 1998; P.A. 99-236 added Subdiv. (6) defining “worker” and made technical changes; 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, in Subdiv. (1), effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23u. - Consolidation of financial assistance programs.

Effective July 1, 1988, the Small Contractors and Manufacturers Revolving Loan Fund established under section 32-82, revision of 1958, revised to 1987 and in effect on June 30, 1988, the Employee Ownership Trust Fund established under section 32-151, revision of 1958, revised to 1987 and in effect on June 30, 1988, the Loan Incentives for Employment Fund established under section 32-130, revision of 1958, revised to 1987 and in effect on June 30, 1988, the small business redevelopment loan program, used to provide state financial assistance for any industrial or business project, established under section 8-168, revision of 1958, revised to 1987 and in effect on June 30, 1988, the Northeast Connecticut Capital Assistance Fund established under section 32-156, revision of 1958, revised to 1987 and in effect on June 30, 1988, and the Exporters Revolving Loan Fund established under section 32-162, revision of 1958, revised to 1987 and in effect on June 30, 1988, are consolidated into the Connecticut Growth Fund established under section 32-23v. As of July 1, 1988, cash, notes, receivables and all other assets, liabilities, appropriations, authorizations, allocations and attributes then applicable or attributable to each of said funds and programs and three-quarters of the amount of cash existing by virtue of subsection (d) of section 16a-43, revision of 1958, revised to 1987 and in effect on June 30, 1988, shall be transferred to the Connecticut Growth Fund established under said section 32-23v. All loans and guarantees made or committed and lines of credit extended under said sections 8-168, 32-82, 32-130, 32-151, 32-156 and 32-162 shall be treated as having been made, committed or extended under section 32-23v and all payments received by the state on account thereof, excluding any payments which have been deposited into the General Fund prior to July 1, 1988, shall be credited or deposited to the Connecticut Growth Fund. Any and all bonds issued and any and all bonds authorized by the State Bond Commission prior to July 1, 1988, for the purposes contained in said sections 8-168, 32-82, 32-130, 32-151, 32-156 and 32-162 are deemed issued or authorized, as the case may be, for the purposes of section 32-23v and shall be charged against the maximum bond authorization permitted under subsection (i) of said section, and the proceeds from bonds authorized under sections 8-169, 32-82, 32-131, 32-157 and 32-163, revision of 1958, revised to 1987 and in effect on June 30, 1988, shall be credited or deposited to the Connecticut Growth Fund established under section 32-23v when issued. The repeal of said sections 8-169, 32-82, 32-131, 32-157 and 32-163 shall not affect the validity, enforceability or binding nature of any bonds of the state issued pursuant to said sections.
(P.A. 88-265, S. 24, 36.)
See Sec. 8-168a re transfer of funds to the Connecticut Growth Fund.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23uu. - Connecticut job training finance program.

There is established within the corporation a Connecticut job training finance program for the purpose of providing financial assistance to manufacturing or economic base businesses seeking to provide educational upgrades to their workers and production workers. Assistance under this program shall be provided in accordance with a contract between the corporation and the manufacturing or economic base business or an intermediary, including, but not limited to, a state agency, with an expertise in job training or a private nonprofit business association or a labor organization. Such contract shall include a provision requiring that educational upgrades supported under sections 32-23ll and 32-235 shall be carried out, in whole or in part, by training providers which may include, but shall not be limited to, institutions of higher education, trade and technical and other qualified providers.
(P.A. 93-433, S. 4, 26; P.A. 94-175, S. 19, 32; May Sp. Sess. P.A. 94-4, S. 80, 85; P.A. 95-160, S. 64, 69; P.A. 99-236, S. 3; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 93-433 effective July 1, 1993; P.A. 94-175 made a technical change in the statutory internal reference, effective June 2, 1994; May Sp. Sess. P.A. 94-4 and P.A. 95-160 revised effective date of P.A. 94-175 but without affecting this section; P.A. 99-236 included employees of economic base businesses in the job training finance program; 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 579 - Connecticut Innovations, Incorporated › Section 32-23vv. - Connecticut job training finance demonstration program.

Not later than thirty days from July 1, 1993, the corporation may enter into a demonstration program with a manufacturing or economic base business employing more than seven thousand five hundred production workers and operating manufacturing facilities located in more than one municipality within the state. The terms of such demonstration program shall include: (1) A five-million dollar loan to such manufacturing or economic base business for educational upgrades for its production workers which loan is either (A) provided by the corporation from funds provided under section 32-235, or (B) provided by a third party with a loan guarantee of two million dollars provided by the corporation from funds provided under said section 32-235; (2) an agreement under which, if, after five years from the date of such agreement, either: (A) Not less than seventy per cent of the production workers receiving educational upgrades under this section continue to be employed within the state by the manufacturing or economic base business, then (i) in the case of a loan made by the corporation, forty per cent of the remaining payments on any such loan shall be forgiven, or (ii) in the case of a loan from a third party, forty per cent of the remaining debt service on such loan shall be assumed by the corporation from funds provided under said section 32-235, or (B) not less than forty per cent but less than seventy per cent of the production workers receiving educational upgrades under this section continue to be employed within the state by the manufacturing or economic base business then (i) in the case of a loan made by the corporation, twenty per cent of the remaining payment on any such loan shall be forgiven, or (ii) in the case of a loan from a third party, twenty per cent of the remaining debt service on such loan shall be assumed by the corporation from funds provided under said section 32-235.
(P.A. 93-433, S. 5, 26; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: P.A. 93-433 effective July 1, 1993; 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 579 - Connecticut Innovations, Incorporated › Section 32-23xx. - Electronic Superhighway Act of 1994.

(a) This section shall be known and may be cited as the “Electronic Superhighway Act of 1994”.
(b) As used in this section, “information technology assistance” means the supplying of goods and services in the fields of computer hardware and software, computer networking, telecommunications, communications and distance learning for the purpose of enhancing the technological literacy of Connecticut students preparing for careers in an increasingly knowledge-based job market.
(c) There is established a grant program to be administered by the commissioner, in consultation with the Commissioner of Education, for the purpose of awarding grants under section 32-327 to agencies seeking to contract to provide information technology assistance to Connecticut public elementary and secondary schools.
(d) An application for an eligible project under such grant program shall include a plan for competitive bids to be used by the agency in selecting a provider of information technology assistance to such schools.
(May Sp. Sess. P.A. 94-2, S. 193, 203.)
History: May Sp. Sess. P.A. 94-2, S. 193, effective June 21, 1994.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 579 - Connecticut Innovations, Incorporated › Section 32-23y. - Pending applications for financial assistance under consolidated programs funded from Connecticut Growth Fund or Comprehensive Business Assistance Fund.

All applications for loans, grants, guarantees or extension of lines of credit under section 8-168, subsection (d) of section 16a-43, sections 32-9aa, 32-9oo, 32-53, 32-73, 32-82, 32-130, 32-151, 32-156 and 32-162, revision of 1958, revised to 1987, and in effect on June 30, 1988, pending on that date and authorized on or after July 1, 1988, shall be funded from the Connecticut Growth Fund created under section 32-23v or the Comprehensive Business Assistance Fund created under section 32-23x, as determined by the corporation in its discretion.
(P.A. 88-265, S. 31, 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 580 - Connecticut Research Commission (Repealed) › Section 32-24 to 32-31. - Connecticut Research Commission.

Sections 32-24 to 32-31, inclusive, are repealed.
(February, 1965, P.A. 459, S. 1–8; 1967, P.A. 251, S. 1, 2; P.A. 73-599, S. 39.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-32. - Short title: Innovation Capital Act of 1989.

This chapter shall be known as and may be cited as the “Innovation Capital Act of 1989”.
(1972, P.A. 248, S. 1; P.A. 89-245, S. 6.)
History: P.A. 89-235 renamed chapter as the Innovation Capital Act of 1989.
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 32-36. - Perpetual succession. Termination.

The corporation shall have perpetual succession and shall adopt, amend and repeal bylaws for the conduct of its affairs. Such succession shall continue until the existence of the corporation is terminated by law, provided no such termination shall affect any outstanding contractual obligation of the corporation to assist any person and the state shall succeed to the obligations of the corporation under such contract. Upon termination of the corporation its rights and properties shall pass to and be vested in the state.
(1972, P.A. 248, S. 5; P.A. 86-255, S. 2; P.A. 88-266, S. 15, 46.)
History: P.A. 86-255 repealed provision requiring corporation to adopt, amend and repeal regulations; P.A. 88-266 specified that corporation rights and properties are vested in state upon corporation's termination.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-37. - Board of directors.

(a) The powers of the corporation shall be vested in and exercised by the board of directors. Eight members of the board shall constitute a quorum and the affirmative vote of a majority of the members present at a meeting of the board shall be necessary and sufficient for any action taken by the board. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the rights and perform all the duties of the board. Any action taken by the board may be authorized by resolution at any regular or special meeting and shall take effect immediately unless otherwise provided in the resolution. Notice of any regular meeting shall be given in writing, by telephone or orally, not less than forty-eight hours prior to the meeting. Notice of any special meeting shall be given in accordance with subsection (d) of section 1-225.
(b) The board may delegate to three or more of its members such board powers and duties as it may deem proper. At least one of such members shall not be a state employee. The board shall establish such committees, subcommittees or other entities as it deems necessary to further the purposes of the corporation including, but not limited to, a finance committee and one or more technical peer review committees.
(1972, P.A. 248, S. 6; P.A. 88-266, S. 16, 46; P.A. 89-245, S. 10; June Sp. Sess. P.A. 93-1, S. 43, 45; P.A. 00-66, S. 30.)
History: P.A. 88-266 divided section into Subsecs. and, in Subsec. (b) authorized board to delegate powers and duties to three or more of its members, at least one of whom shall not be a state employee, instead of to one or more of its members or its officers, agents and employees; P.A. 89-245 changed the quorum requirement from four to six members, added provisions re notice of special meetings, and added provisions re establishment of committees, subcommittees or other entities, including finance committee and technical peer review committees; June Sp. Sess. P.A. 93-1 amended Subsec. (a) by increasing number of members required for quorum from six to eight, reflecting increase in number of board members, effective July 1, 1993; P.A. 00-66 made a technical change in Subsec. (a).
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-38. - Chief executive officer.

The board shall appoint a chief executive officer of the corporation who shall not be a member of the board and who shall serve at the pleasure of the board and shall receive such compensation as shall be determined by the board. The chief executive officer shall direct and supervise administrative affairs and the general management of the corporation. The chief executive officer may employ such other employees as shall be designated by the board of directors; shall attend all meetings of the board; keep a record of all proceedings and maintain and be custodian of all books, documents and papers filed with the corporation and of the minute book of the corporation and of its official seal. The chief executive officer may cause copies to be made of all minutes and other records and documents of the corporation and may give certificates under the official seal of the corporation to the effect that such copies are true copies, and all persons dealing with the corporation may rely upon such certificates. The chief executive officer or the chief executive officer's designee may serve as a member of such other boards or committees as may be necessary or desirable to carry out the purposes of the corporation.
(1972, P.A. 248, S. 7; P.A. 89-245, S. 11; P.A. 01-153; June 12 Sp. Sess. P.A. 12-1, S. 177.)
History: P.A. 89-245 changed the designation of the chief administrative officer of the corporation from president to executive director and gave the executive director or his designee the power to serve as a member of other boards or committees; P.A. 01-153 eliminated requirement that the executive director be the chief administrative and operational officer of the corporation and made technical changes for purposes of gender neutrality; June 12 Sp. Sess. P.A. 12-1 replaced “executive director” with “chief executive officer”, effective July 1, 2012.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-39a and 32-39b. - Powers re investments during early stage of ventures. Powers re financial aid for marketing innovative services.

Sections 32-39a and 32-39b are repealed.
(P.A. 86-255, S. 1; P.A. 88-154, S. 2, 3; P.A. 89-245, S. 20.)
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-39c. - Limitation on liability of Connecticut Innovations, Incorporated and certain officers with respect to affiliates of the corporation.

(a) With respect to any affiliate created pursuant to section 32-39, liability shall be limited solely to the assets and revenues or other resources of any such affiliate and without recourse liability to Connecticut Innovations, Incorporated, its other funds or any other assets of the corporation, except to the extent of any express written guarantees by the corporation or any investments made or committed to by the corporation.
(b) The provisions of sections 32-47 and 1-125 shall apply to any officer, director, designee or employee serving at the request of the corporation as a member, director or officer or advisor of any such affiliate. Any such person so appointed shall not be personally liable for the debts, obligations or liabilities of any such affiliate as provided in said section 1-125. Any affiliate shall and the corporation may provide the indemnification to protect, save harmless and indemnify such officer, director, designee or employee as provided in said section 1-125.
(P.A. 98-203, S. 5, 13.)
History: P.A. 98-203 effective June 8, 1998.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-39d. - Guarantees of corporation made investment securities.

Guarantees issued by Connecticut Innovations, Incorporated, and all equity instruments and obligations, any of which include a guarantee of a return of capital or principal by the corporation, under the provisions of this chapter, are hereby made securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, state banks and trust companies, national banking associations, savings banks, savings and loan associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such instruments and obligations are hereby made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or obligations of the state is now or may hereafter be authorized by law.
(P.A. 98-203, S. 6, 13.)
History: P.A. 98-203 effective June 8, 1998.
2023 Connecticut General Statutes › Title 32 - Commerce and Economic and Community Development › Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated › Section 32-39h. - CTNext. Procedures.

The members of the CTNext board of directors shall adopt written procedures, in accordance with the provisions of section 1-121, for: (1) Adopting an annual budget and plan of operations, including a requirement of board approval before the budget or plan may take effect; (2) hiring, dismissing, promoting and compensating employees of CTNext, provided such procedures may be in accordance with those of Connecticut Innovations, Incorporated and shall include an affirmative action policy and a requirement of board approval before a position may be created or a vacancy filled; (3) acquiring personal property and personal services, including a requirement of board approval for any nonbudgeted expenditure in excess of an amount to be determined by the board; (4) contracting for financial, legal and other professional services, including a requirement that CTNext solicit proposals at least once every three years for each such service which it uses; (5) awarding grants and other financial assistance, including eligibility criteria, the application process and the role played by CTNext's staff and board of directors; (6) the use of surplus funds to the extent authorized under this section or section 32-39g or other provisions of the general statutes; and (7) the disclosure of conflicts of interest at board meetings pursuant to section 32-39f.
(May Sp. Sess. P.A. 16-3, S. 3.)
History: May Sp. Sess. P.A. 16-3 effective June 2, 2016.