Section 10a-247d - Police Officer Loan Subsidy Program. Eligibility criteria and administrative guidelines. Account and use of funds(a) As used in this section: (1) "Police officer" means a sworn member of a municipal police department;(2) "Distressed municipality" has the same meaning as provided in section 32-9p;(3) "Authority loans" has the same meaning as provided in section 10a-223; and(4) "Eligible loans" has the same meaning as provided in section 10a-223.(b) On and after July 1, 2024, the Connecticut Higher Education Supplemental Loan Authority shall establish, subject to available funding pursuant to subsection (d) of this section, a Police Officer Loan Subsidy Program for the purpose of subsidizing interest rates on authority loans to police officers who are employed in a distressed municipality and who meet the eligibility criteria as established by the authority.(c) The Connecticut Higher Education Supplemental Loan Authority shall, in consultation with the Police Officer Standards Training Council, establish the eligibility criteria and administrative guidelines for the Police Officer Loan Subsidy Program. Such eligibility criteria and guidelines shall include, but need not be limited to, (1) applicant eligibility, (2) interest rate subsidies and principal limits on authority loans subject to the Police Officer Loan Subsidy Program, (3) the process for verifying the employment of applicants, and (4) the requirement that an interest rate subsidy through the Police Officer Loan Subsidy Program shall terminate for any subsidy recipient who ceases to meet the employment requirements of such program during the term of such recipient's loan from the authority.(d) The Connecticut Higher Education Supplemental Loan Authority shall maintain a separate, nonlapsing account to hold funds for the Police Officer Loan Subsidy Program. The account shall contain any moneys required by law to be deposited in the account, including, but not limited to, any state appropriation or the proceeds from the sale of bonds issued for the purpose of the program. Moneys in the account shall be used (1) for the purposes of the Police Officer Loan Subsidy Program and for reasonable and necessary expenses for the administration of such program, (2) for the issuance of authority loans to refinance one or more eligible loans, and (3) to maintain a reserve held by the authority to cover any losses incurred by the authority from the issuance of such authority loans.Conn. Gen. Stat. § 10a-247d
Added by P.A. 23-0070,S. 6 of the Connecticut Acts of the 2023 Regular Session, eff. 1/1/2024.