Conn. Gen. Stat. § 32-41b

Current with legislation from the 2024 Regular and Special Sessions.

Section 32-41b - Bond issue for high technology products. Loan interest rates

The State Bond Commission shall have power in accordance with the provisions of section 3-20 to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate sixty-one million four hundred forty-five thousand six hundred dollars, to carry out the purposes of this section as follows:

(1) Loans for the development and marketing of products in the high technology field within the state, not exceeding thirty-four million dollars;

(2) royalty financing for start-up costs and product development costs of high technology products and procedures in the state, not exceeding seven million four hundred forty-five thousand six hundred dollars; and

(3) financial aid for biotechnology and other high technology laboratories, facilities and equipment, not exceeding twenty million dollars. Any loans originated under subdivision (1) of this section shall bear interest at a rate to be determined in accordance with subsection (t) of said section 3-20. The principal and interest of said bonds shall be payable at such place or places as may be determined by the State Treasurer and shall bear such date or dates, mature at such time or times, bear interest at such rate or different or varying rates, be payable at such time or times, be in such denominations, be in such form with or without interest coupons attached, carry such registration and transfer privileges, be payable in such medium of payment and be subject to such terms of redemption with or without premium as, irrespective of the provisions of said section 3-20, may be provided by the authorization of the State Bond Commission or fixed in accordance therewith. The proceeds of the sale of said bonds, after deducting therefrom all expenses of issuance and sale, shall be paid to the Connecticut Innovations, Incorporated Fund created under section 32-41a. When the State Bond Commission has acted to issue such bonds or a portion thereof, the Treasurer may, pending the issue of such bonds, issue, in the name of the state, temporary notes in anticipation of the money to be received from the sale of such bonds. In issuing the bonds authorized hereunder, the State Bond Commission may require repayment of such bonds by the corporation as shall seem desirable consistent with the purposes of this section and section 32-41a. Such terms for repayment may include a forgiveness of interest, a holiday in the repayment of interest or principal or both.

Conn. Gen. Stat. § 32-41b

(P.A. 83-492, S. 9, 11; P.A. 84-443, S. 13, 20; P.A. 85-558, S. 16, 17; P.A. 86-396, S. 21, 25; P.A. 87-405, S. 20, 26; 87-416, S. 23, 24; P.A. 88-343, S. 16, 32; P.A. 89-245, S. 16; 89-331, S. 25, 30; P.A. 90-297, S. 19, 24; June Sp. Sess. P.A. 91-4, S. 21, 25; May Sp. Sess. P.A. 92-7, S. 23, 36; June Sp. Sess. P.A. 93-1, S. 19, 45; P.A. 95-272, S. 17, 29; June 5 Sp. Sess. P.A. 97-1, S. 17, 20; P.A. 98-203, S. 10, 13.)