Conn. Gen. Stat. § 32-235

Current with legislation from 2024 effective through June 6, 2024.

Section 32-235 - Bond authorization for the Economic Development and Manufacturing Assistance Act of 1990, the Connecticut job training finance demonstration program, the United States Naval Submarine Base-New London, the CTNext Fund and various other purposes

(a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate one billion seven hundred fifty-five million three hundred thousand dollars, provided (1) one hundred forty million dollars of said authorization shall be effective July 1, 2011, and twenty million dollars of said authorization shall be made available for small business development; (2) two hundred eighty million dollars of said authorization shall be effective July 1, 2012, and forty million dollars of said authorization shall be made available for the Small Business Express program established pursuant to section 32-7g and not more than twenty million dollars of said authorization may be made available for businesses that commit to relocating one hundred or more jobs that are outside of the United States to the state; and (3) seventy-five million dollars of said authorization shall be effective July 1, 2018. Any amount of said authorizations that are made available for small business development or businesses that commit to relocating one hundred or more jobs that are outside of the United States to the state, but are not exhausted for such purpose by the first day of the fiscal year subsequent to the fiscal year in which such amount was made available, shall be used for the purposes described in subsection (b) of this section. For purposes of this subsection, a "small business" is one employing not more than one hundred employees.

(b) The proceeds of the sale of said bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by the Department of Economic and Community Development (1) for the purposes of sections 32-220 to 32-234, inclusive, including economic cluster-related programs and activities, and for the Connecticut job training finance demonstration program pursuant to sections 32-23uu and 32-23vv, provided (A) three million dollars shall be used by said department solely for the purposes of section 32-23uu, (B) not less than one million dollars shall be used for an educational technology grant to the deployment center program and the nonprofit business consortium deployment center approved pursuant to section 32-41l, (C) not less than two million dollars shall be used by said department for the establishment of a pilot program to make grants to businesses in designated areas of the state for construction, renovation or improvement of small manufacturing facilities, provided such grants are matched by the business, a municipality or another financing entity. The Commissioner of Economic and Community Development shall designate areas of the state where manufacturing is a substantial part of the local economy and shall make grants under such pilot program which are likely to produce a significant economic development benefit for the designated area, (D) five million dollars may be used by said department for the manufacturing competitiveness grants program, (E) one million dollars shall be used by said department for the purpose of a grant to the Connecticut Center for Advanced Technology, for the purposes of subdivision (5) of subsection (a) of section 32-7f, (F) fifty million dollars shall be used by said department for the purpose of grants to the United States Department of the Navy, the United States Department of Defense or eligible applicants for projects related to the enhancement of infrastructure for long-term, on-going naval operations at the United States Naval Submarine Base-New London, located in Groton, which will increase the military value of said base. Such projects shall not be subject to the provisions of sections 4a-60 and 4a-60a, (G) two million dollars shall be used by said department for the purpose of a grant to the Connecticut Center for Advanced Technology, Inc., for manufacturing initiatives, including aerospace and defense, and (H) four million dollars shall be used by said department for the purpose of a grant to companies adversely impacted by the construction at the Quinnipiac Bridge, where such grant may be used to offset the increase in costs of commercial overland transportation of goods or materials brought to the port of New Haven by ship or vessel, (2) for the purposes of the small business assistance program established pursuant to section 32-9yy, provided fifteen million dollars shall be deposited in the small business assistance account established pursuant to said section 32-9yy, (3) to deposit twenty million dollars in the small business express assistance account established pursuant to section 32-7h, (4) to deposit four million nine hundred thousand dollars per year in each of the fiscal years ending June 30, 2017, to June 30, 2019, inclusive, and June 30, 2021, and nine million nine hundred thousand dollars in the fiscal year ending June 30, 2020, in the CTNext Fund established pursuant to section 32-39i, which shall be used by CTNext to provide grants-in-aid to designated innovation places, as defined in section 32-39j, planning grants-in-aid pursuant to section 32-39l, and grants-in-aid for projects that network innovation places pursuant to subsection (b) of section 32-39m, provided not more than three million dollars be used for grants-in-aid for such projects, and further provided any portion of any such deposit that remains unexpended in a fiscal year subsequent to the date of such deposit may be used by CTNext for any purpose described in subsection (e) of section 32-39i, (5) to deposit two million dollars per year in each of the fiscal years ending June 30, 2019, to June 30, 2021, inclusive, in the CTNext Fund established pursuant to section 32-39i, which shall be used by CTNext for the purpose of providing higher education entrepreneurship grants-in-aid pursuant to section 32-39g, provided any portion of any such deposit that remains unexpended in a fiscal year subsequent to the date of such deposit may be used by CTNext for any purpose described in subsection (e) of section 32-39i, (6) for the purpose of funding the costs of the Technology Talent Advisory Committee established pursuant to section 32-7p, provided not more than ten million dollars may be used on or after July 1, 2023, for such purpose, (7) to provide (A) a grant-in-aid to the Connecticut Supplier Connection in an amount equal to two hundred fifty thousand dollars in each of the fiscal years ending June 30, 2017, to June 30, 2021, inclusive, and (B) a grant-in-aid to the Connecticut Procurement Technical Assistance Program in an amount equal to three hundred thousand dollars in each of the fiscal years ending June 30, 2017, to June 30, 2021, inclusive, (8) to deposit four hundred fifty thousand dollars per year, in each of the fiscal years ending June 30, 2017, to June 30, 2021, inclusive, in the CTNext Fund established pursuant to section 32-39i, which shall be used by CTNext to provide growth grants-in-aid pursuant to section 32-39g, provided any portion of any such deposit that remains unexpended in a fiscal year subsequent to the date of such deposit may be used by CTNext for any purpose described in subsection (e) of section 32-39i, (9) to transfer fifty million dollars to the Labor Department which shall be used by said department for the purpose of funding workforce pipeline programs selected pursuant to section 31-11rr, provided, notwithstanding the provisions of section 31-11rr, (A) not less than five million dollars shall be provided to the workforce development board in Bridgeport serving the southwest region, for purposes of such program, and the board shall distribute such money in proportion to population and need, and (B) not less than five million dollars shall be provided to the workforce development board in Hartford serving the north central region, for purposes of such program, (10) to transfer twenty million dollars to Connecticut Innovations, Incorporated, provided ten million dollars shall be used by Connecticut Innovations, Incorporated for the purpose of the proof of concept fund established pursuant to subsection (b) of section 32-39x and ten million dollars shall be used by Connecticut Innovations, Incorporated for the purpose of the venture capital fund program established pursuant to section 32-41oo, (11) to provide a grant to The University of Connecticut of eight million dollars for the establishment, development and operation of a center for sustainable aviation pursuant to subsection (a) of section 10a-110o , and (12) for up to twenty million dollars in investments in federally designated opportunity zones through an impact investment firm including, subject to the approval of the Governor, funding from the Economic Assistance Revolving Fund, established pursuant to section 32-231 . Not later than thirty days prior to any use of unexpended funds under subdivision (4), (5) or (8) of this subsection, the CTNext board of directors shall provide notice of and the reason for such use to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and finance, revenue and bonding.

(c) All provisions of section 3-20, or the exercise of any right or power granted thereby which are not inconsistent with the provisions of this section are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to this section, and temporary notes in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with said section 3-20 and from time to time renewed. Such bonds shall mature at such time or times not exceeding twenty years from their respective dates as may be provided in or pursuant to the resolution or resolutions of the State Bond Commission authorizing such bonds. None of said bonds shall be authorized except upon a finding by the State Bond Commission that there has been filed with it a request for such authorization, which is signed by or on behalf of the Secretary of the Office of Policy and Management and states such terms and conditions as said commission, in its discretion, may require. Said bonds issued pursuant to this section shall be general obligations of the state and the full faith and credit of the state of Connecticut are pledged for the payment of the principal of and interest on said bonds as the same become due, and accordingly and as part of the contract of the state with the holders of said bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the Treasurer shall pay such principal and interest as the same become due.

Conn. Gen. Stat. § 32-235

(P.A. 90-270, S. 33, 38; P.A. 91-340 , S. 5 , 8 ; June Sp. Sess. P.A. 91-4 , S. 22 , 25 ; May Sp. Sess. P.A. 92-7 , S. 24 , 36 ; P.A. 93-394 , S. 2 , 3 ; 93-433 , S. 7 , 26 ; June Sp. Sess. P.A. 93-1 , S. 20 , 45 ; May Sp. Sess. P.A. 94-2 , S. 196 , 203 ; P.A. 95-250 , S. 1 ; 95-272 , S. 20 , 29 ; P.A. 96-211 , S. 1 , 5 , 6 ; June 5 Sp. Sess. P.A. 97-1 , S. 18 , 20 ; P.A. 98-259 , S. 16 , 17 ; P.A. 99-241 , S. 16 , 66 ; 99-242 , S. 89 , 90 ; P.A. 00-167 , S. 66 , 69 ; June Sp. Sess. P.A. 01-7 , S. 10 , 28 ; May 9 Sp. Sess. P.A. 02-5 , S. 14 ; May Sp. Sess. P.A. 04-1 , S. 11 , 12 ; P.A. 05-143 , S. 1 ; June Sp. Sess. 05-5 , S. 12 ; P.A. 07-205 , S. 3 ; June Sp. Sess. P.A. 07-4 , S. 4 ; June Sp. Sess. P.A. 07-7 , S. 52 ; P.A. 09-234 , S. 10 ; P.A. 10-44 , S. 39 ; 10-75 , S. 7 ; P.A. 11-57 , S. 74 ; 11-61 , S. 163 ; Oct. Sp. Sess. P.A. 11-1 , S. 47; P.A. 12-189 , S. 38 ; June 12 Sp. Sess. P.A. 12-1 , S. 210 ; P.A. 13-2 , S. 1 ; 13-239 , S. 67 ; P.A. 14-98 , S. 45 ; June Sp. Sess. P.A. 15-1 , S. 66 ; May Sp. Sess. P.A. 16-3 , S. 10 ; May Sp. Sess. P.A. 16-4 , S. 258 ; P.A. 17-212 , S. 5 ; June Sp. Sess. P.A. 17-2 , S. 454 ; P.A. 18-46 , S. 1 ; 18-178 , S. 51 .)

Amended by P.A. 24-0151,S. 30 of the Connecticut Acts of the 2024 Regular Session, eff. 6/6/2024.

Amended by P.A. 23-0205,S. 65 of the Connecticut Acts of the 2023 Regular Session, eff. 7/1/2023.

Amended by P.A. 23-0001, S. 5 of the Connecticut Acts of the 2023 Regular Session, eff. 2/14/2023.

Amended by P.A. 21-0040, S. 38 of the Connecticut Acts of the 2021 Regular Session, eff. 10/1/2021.

Amended by P.A. 21-0002, S. 252 of the Connecticut Acts of the 2021 Special Session, eff. 7/1/2021.

Amended by P.A. 20-0001, S. 87 of the Connecticut Acts of the 2020 Regular Session, eff. 3/12/2020.

Amended by P.A. 18-0178, S. 51 of the Connecticut Acts of the 2018 Regular Session, eff. 7/1/2018.

Amended by P.A. 18-0046, S. 1 of the Connecticut Acts of the 2018 Regular Session, eff. 7/1/2018.

Amended by P.A. 17-0002, S. 454 of the Connecticut Acts of the 2017 Special Session, eff. 10/31/2017.

Amended by P.A. 17-0212, S. 5 of the Connecticut Acts of the 2017 Regular Session, eff. 7/10/2017.

Amended by P.A. 16-0004, S. 258 of the Connecticut Acts of the 2016 Special Session, eff. 7/1/2016.

Amended by P.A. 16-0003, S. 10 of the Connecticut Acts of the 2016 Special Session, eff. 6/2/2016.

Amended by P.A. 15-0001, S. 66 of the Connecticut Acts of the 2015 Special Session, eff. 7/1/2015.

Amended by P.A. 14-0098, S. 45 of the Connecticut Acts of the 2014 Regular Session, eff. 7/1/2014.

See Sec. 8-240o re definitions.