Bill Text: CT HB05018 | 2012 | General Assembly | Introduced
Bill Title: An Act Concerning Connecticut Innovations, Incorporated, And The Connecticut Development Authority.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Introduced - Dead) 2012-04-18 - Tabled for the Calendar, House [HB05018 Detail]
Download: Connecticut-2012-HB05018-Introduced.html
General Assembly |
Governor's Bill No. 5018 | |||
February Session, 2012 |
LCO No. 547 | |||
*00547__________* |
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Referred to Committee on Commerce |
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Introduced by: |
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REP. DONOVAN, 84th Dist. REP. SHARKEY, 88th Dist. SEN. WILLIAMS, 29th Dist. SEN. LOONEY, 11th Dist. |
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AN ACT CONCERNING CONNECTICUT INNOVATIONS, INCORPORATED, AND THE CONNECTICUT DEVELOPMENT AUTHORITY.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective from passage) As used in sections 2 to 4, inclusive, of this act, "authority" means the Connecticut Development Authority established pursuant to section 32-11a of the general statutes, as amended by this act, and "corporation" means Connecticut Innovations, Incorporated, established pursuant to section 32-35 of the general statutes, as amended by this act.
Sec. 2. (NEW) (Effective July 1, 2012) (1) In accordance with the provisions of section 4-38d of the general statutes, which shall be deemed applicable to the transfers provided for herein, all powers and duties of the authority under the provisions of chapter 579 of the general statutes, and under any other provisions of the general statutes setting forth powers or duties of the authority, shall be transferred to the corporation. On and after the effective date of this section, the Connecticut Brownfields Redevelopment Authority, a subsidiary of the authority created pursuant to subsection (l) of section 32-11a of the general statutes, as amended by this act, shall be a subsidiary of the corporation.
(2) All notes, bonds or other obligations issued by the authority for the financing of any project or projects, including any general obligation bonds of the authority, shall be in accordance with their terms of full force and effect and valid and binding upon the corporation as the successor to the authority, and with respect to any resolution, contract, deed, trust agreement, mortgage, conditional sale or loan agreement, pledge, security arrangement, commitment, obligation or liability or other such document, public record, right, remedy, special act or public act, obligation, liability or responsibility pertaining thereto, the corporation shall be, and shall be deemed to be, the successor to the authority. All properties, rights in land, buildings and equipment and any funds, moneys, revenues and receipts or assets of such authority pledged or otherwise securing any such notes, bonds or other obligations shall belong to the corporation as successor to the authority, subject to such pledges and other security arrangements and to agreements with the holders of the outstanding notes, bonds or other obligations. Any resolution with respect to the issuance of bonds of the authority, and any other action taken by the authority with respect to assisting in the financing of any project shall be, or shall be deemed to be, a resolution of the corporation or an action taken by the corporation subject only to any agreements with the holders of outstanding notes, bonds or other obligations of such authority.
(3) To carry out the purposes of the authority as defined in subsection (t) of section 32-23a of the general statutes and the purposes of the corporation as set forth in section 32-39 of the general statutes, as amended by this act, the corporation shall have and may exercise all of the powers of the authority set forth in chapter 579 of the general statutes as of the effective date of this section and all of the powers of the corporation set forth in chapter 581 of the general statutes.
(4) Whenever the term "Connecticut Development Authority" is used or referred to in the general statutes, the term "Connecticut Innovations, Incorporated" shall be substituted in lieu thereof.
(5) The procedures of the authority, adopted pursuant to section 1-121 of the general statutes, shall remain in full force and effect with respect to any matter before the corporation.
(6) Nothing in this act shall be deemed to limit the powers exercised by the authority or the corporation before the effective date of this section.
Sec. 3. (NEW) (Effective from passage) (a) From the effective date of this section to July 1, 2012, the authority and the corporation may enter into any agreements, including agreements with third parties, that are necessary or convenient to facilitate the assignment to and assumption by the corporation of the rights and responsibilities of the authority pursuant to section 2 of this act, provided no consent of the third party and no instrument of assumption or assignment shall be required to give effect to the transfers provided in section 2 of this act.
(b) The authority shall provide to the corporation such professional and clerical support, facilities, equipment and supplies during the period from the passage of this section to July 1, 2012, as may be necessary to prepare for and complete the transfers contemplated by section 2 of this act.
Sec. 4. (NEW) (Effective July 1, 2012) (a) The corporation may form one or more subsidiaries to carry out the public purposes of the corporation and may transfer to any such subsidiary any moneys and real or personal property of any kind or nature. Any such subsidiary may be organized as a stock or nonstock corporation or a limited liability company. Each such subsidiary shall have and may exercise such powers of the corporation as are set forth in the resolution of the corporation prescribing the purposes for which such subsidiary is formed and such other powers provided to it by law.
(b) (1) Without limiting the authority of the corporation with respect to establishing other subsidiaries pursuant to subsection (a) of this section, the corporation may establish one or more subsidiaries to stimulate, encourage and carry out the remediation, development and financing of contaminated property within this state, in coordination with the Department of Energy and Environmental Protection, and to provide financial, developmental and environmental expertise to others including, but not limited to, municipalities, interested in or undertaking such remediation, development or financing which are determined to be public purposes for which public funds may be expended. The corporation may transfer to any such subsidiary any moneys and real or personal property.
(2) Neither the Connecticut Brownfields Redevelopment Authority nor any other subsidiary formed under this subsection may provide for any bonded indebtedness of the state for the cost of any liability or contingent liability for the remediation of contaminated real property unless such indebtedness is specifically authorized by an act of the General Assembly. Each such subsidiary may do all things necessary or convenient to carry out the purposes of this subsection, section 12-81r of the general statutes, subsection (h) of section 22a-133m of the general statutes, subsection (a) of section 22a-133x of the general statutes, sections 22a-133aa, 22a-133bb and 22a-133dd of the general statutes, subsection (l) of section 22a-134a of the general statutes, and sections 22a-452f, 32-7e and 32-23pp to 32-23rr, inclusive, of the general statutes, including, but not limited to, (A) solicit, receive and accept aid, grants or contributions from any source of money, property or labor or other things of value, to be held, used and applied to carry out the purposes of this subsection, section 12-81r of the general statutes, subsection (h) of section 22a-133m of the general statutes, subsection (a) of section 22a-133x of the general statutes, sections 22a-133aa, 22a-133bb and 22a-133dd of the general statutes, subsection (l) of section 22a-134a of the general statutes, and sections 22a-452f, 32-7e and 32-23pp to 32-23rr, inclusive, of the general statutes, subject to the conditions upon which such grants and contributions may be made, including, but not limited to, gifts, grants or loans, from any department, agency or quasi-public agency of the United States or the state; (B) enter into agreements with persons upon such terms and conditions as are consistent with the purposes of such subsidiary to acquire or facilitate the remediation, development or financing of contaminated real or personal property; (C) to acquire, take title, lease, purchase, own, manage, hold and dispose of real and personal property and lease, convey or deal in or enter into agreements with respect to such property; (D) examine, inspect, rehabilitate, remediate or improve real or personal property or engage others to do so on such subsidiary's behalf, or enter into contracts therefor; (E) mortgage, convey or dispose of its assets and pledge its revenues to secure any borrowing, for the purpose of financing, refinancing, rehabilitating, remediating, improving or developing its assets, provided each such borrowing or mortgage shall be a special obligation of such subsidiary, which obligation may be in the form of notes, bonds, bond anticipation notes and other obligations issued by or to such subsidiary to the extent permitted under sections 2 to 9, inclusive, of this act to fund and refund the same and provide for the rights of the holders thereof, and to secure the same by pledge of revenues, notes or other assets and which shall be payable solely from the assets, revenues and other resources of such subsidiary; (F) to create real estate investment trusts or similar entities or to become a member of a limited liability company or to become a partner in limited or general partnerships or establish other contractual arrangements with private and public sector entities as such subsidiary deems necessary to remediate, develop or finance environmentally contaminated property in the state; and (G) any other powers necessary or appropriate to carry out the purposes of this subsection, subsection (h) of section 22a-133m of the general statutes, subsection (a) of section 22a-133x of the general statutes, sections 22a-133aa, 22a-133bb and 22a-133dd of the general statutes, subsection (l) of section 22a-134a of the general statutes, and sections 22a-452f, 32-7e and 32-23pp to 32-23rr, inclusive, of the general statutes. The board of directors, executive director, officers and staff of the authority may serve as members of any advisory or other board which may be established to carry out the purposes of this subsection, subsection (h) of section 22a-133m of the general statutes, subsection (a) of section 22a-133x of the general statutes, sections 22a-133aa, 22a-133bb and 22a-133dd of the general statutes, subsection (l) of section 22a-134a of the general statutes, and sections 22a-452f, 32-7e and 32-23pp to 32-23rr, inclusive, of the general statutes.
(c) Each subsidiary of the corporation shall be deemed a quasi-public agency for purposes of chapter 12 of the general statutes and shall have all the privileges, immunities, tax exemptions and other exemptions of the corporation. Each such subsidiary shall be subject to suit, provided its liability shall be limited solely to the assets, revenues and resources of the subsidiary and without recourse to the general funds, revenues, resources or any other assets of the corporation. Each such subsidiary is authorized to assume or take title to property subject to any existing lien, encumbrance or mortgage and to mortgage, convey or dispose of its assets and pledge its revenues to secure any borrowing, provided each such borrowing or mortgage shall be a special obligation of the subsidiary, which obligation may be in the form of bonds, bond anticipation notes and other obligations to fund and refund the same and provide for the rights of the holders thereof, and to secure the same by pledge or revenues, notes and other assets and which shall be payable solely from the assets, revenues and other resources of the subsidiary. The corporation may assign to a subsidiary any rights, moneys or other assets it has under any governmental program. No subsidiary of the corporation shall borrow without the approval of the corporation.
(d) Each such subsidiary shall act through its board of directors, at least one-half of which shall be members of the board of directors of the corporation or their designees or officers or employees of the corporation. A resolution of the corporation shall prescribe the purposes for which each such subsidiary is formed.
(e) The provisions of section 1-125 of the general statutes, as amended by this act, and this subsection shall apply to any officer, director, designee or employee appointed as a member, director or officer of any such subsidiary. Any such persons so appointed shall not be personally liable for the debts, obligations or liabilities of any such subsidiary as provided in said section 1-125. The subsidiary shall, and the corporation may, save harmless and indemnify such officer, director, designee or employee as provided by said section 1-125.
(f) The corporation, or such subsidiary, may take such actions as are necessary to comply with the provisions of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, to qualify and maintain any such subsidiary as a corporation exempt from taxation under said code.
(g) The corporation may make loans to each such subsidiary from its assets and the proceeds of its bonds, notes and other obligations, provided the source and security for the repayment of such loans is derived from the assets, revenues and resources of the subsidiary.
Sec. 5. Subsection (l) of section 1-79 of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(l) "Quasi-public agency" means [the Connecticut Development Authority,] Connecticut Innovations, Incorporated, Connecticut Health and Education Facilities Authority, Connecticut Higher Education Supplemental Loan Authority, Connecticut Housing Finance Authority, Connecticut Housing Authority, Connecticut Resources Recovery Authority, Lower Fairfield County Convention Center Authority, Capital City Economic Development Authority, Connecticut Lottery Corporation, Connecticut Airport Authority, Health Information Technology Exchange of Connecticut and Connecticut Health Insurance Exchange.
Sec. 6. Section 1-120 of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
As used in sections 1-120 to 1-123, inclusive:
(1) "Quasi-public agency" means [the Connecticut Development Authority,] Connecticut Innovations, Incorporated, Connecticut Health and Educational Facilities Authority, Connecticut Higher Education Supplemental Loan Authority, Connecticut Housing Finance Authority, Connecticut Housing Authority, Connecticut Resources Recovery Authority, Capital City Economic Development Authority, Connecticut Lottery Corporation, Connecticut Airport Authority, Health Information Technology Exchange of Connecticut and Connecticut Health Insurance Exchange.
(2) "Procedure" means each statement, by a quasi-public agency, of general applicability, without regard to its designation, that implements, interprets or prescribes law or policy, or describes the organization or procedure of any such agency. The term includes the amendment or repeal of a prior regulation, but does not include, unless otherwise provided by any provision of the general statutes, (A) statements concerning only the internal management of any agency and not affecting procedures available to the public, and (B) intra-agency memoranda.
(3) "Proposed procedure" means a proposal by a quasi-public agency under the provisions of section 1-121 for a new procedure or for a change in, addition to or repeal of an existing procedure.
Sec. 7. Section 1-125 of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
The directors, officers and employees of [the Connecticut Development Authority,] Connecticut Innovations, Incorporated, Connecticut Higher Education Supplemental Loan Authority, Connecticut Housing Finance Authority, Connecticut Housing Authority, Connecticut Resources Recovery Authority, including ad hoc members of the Connecticut Resources Recovery Authority, Connecticut Health and Educational Facilities Authority, Capital City Economic Development Authority, the Health Information Technology Exchange of Connecticut, Connecticut Airport Authority, Connecticut Lottery Corporation and Connecticut Health Insurance Exchange and any person executing the bonds or notes of the agency shall not be liable personally on such bonds or notes or be subject to any personal liability or accountability by reason of the issuance thereof, nor shall any director or employee of the agency, including ad hoc members of the Connecticut Resources Recovery Authority, be personally liable for damage or injury, not wanton, reckless, wilful or malicious, caused in the performance of his or her duties and within the scope of his or her employment or appointment as such director, officer or employee, including ad hoc members of the Connecticut Resources Recovery Authority. The agency shall protect, save harmless and indemnify its directors, officers or employees, including ad hoc members of the Connecticut Resources Recovery Authority, from financial loss and expense, including legal fees and costs, if any, arising out of any claim, demand, suit or judgment by reason of alleged negligence or alleged deprivation of any person's civil rights or any other act or omission resulting in damage or injury, if the director, officer or employee, including ad hoc members of the Connecticut Resources Recovery Authority, is found to have been acting in the discharge of his or her duties or within the scope of his or her employment and such act or omission is found not to have been wanton, reckless, wilful or malicious.
Sec. 8. Subsection (b) of section 32-35 of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(b) The corporation shall be governed by a board of [fifteen] seventeen directors. [Eight] Nine members shall be appointed by the Governor, [at least] six of whom shall be knowledgeable, and have favorable reputations for skill, knowledge and experience, in the development of innovative [technology and technological processes] start-up businesses, including, but not limited to, expertise in academic research, technology transfer and application, the development of technological invention and new enterprise development and three of whom shall be knowledgeable, and have favorable reputations for skill, knowledge and experience, in the field of financial lending or the development of commerce, trade and business. [Three] Four members shall be the Commissioner of Economic and Community Development, the president of the Board of Regents for Higher Education, the Treasurer and the Secretary of the Office of Policy and Management, who shall serve ex officio and shall have all of the powers and privileges of a member of the board of directors. Each ex-officio member may designate his deputy or any member of his staff to represent him at meetings of the corporation with full power to act and vote in his behalf. Four members shall be appointed as follows: One by the president pro tempore of the Senate, one by the minority leader of the Senate, one by the speaker of the House of Representatives and one by the minority leader of the House of Representatives. Each member appointed by the Governor shall serve at the pleasure of the Governor but no longer than the term of office of the Governor or until the member's successor is appointed and qualified, whichever is longer. Each member appointed by a member of the General Assembly shall serve in accordance with the provisions of section 4-1a. A director shall be eligible for reappointment. The Governor shall fill any vacancy for the unexpired term of a member appointed by the Governor. The appropriate legislative appointing authority shall fill any vacancy for the unexpired term of a member appointed by such authority.
Sec. 9. (NEW) (Effective July 1, 2012) (a) (1) Wherever the term "Connecticut Development Authority" is used in the following sections of the general statutes, the term "Connecticut Innovations Incorporated" shall be substituted in lieu thereof: 3-24d, 3-24f, 3-99d, 8-134, 8-134a, 8-192, 8-192a, 8-240m, 13b-79w, 16-243v, 22a-134, 22a-173, 22a-259, 22a-264, 25-33a, 32-1l, 32-3, 32-4l, 32-5a, 32-6j, 32-9c, 32-9n, 32-9cc, 32-9kk, 32-9ll, 32-9qq, 32-22b, 32-23d, 32-23l, 32-23o, 32-23q, 32-23r, 32-23s, 32-23t, 32-23v, 32-23x, 32-23z, 32-23aa, 32-23hh, 32-23qq, 32-23ss, 32-23tt, 32-23yy, 32-23zz, 32-31a, 32-61, 32-68a, 32-141, 32-222, 32-223, 32-227, 32-244, 32-244a, 32-261, 32-262, 32-263, 32-265, 32-266, 32-285, 32-341, 32-477, 32-500, 32-503 and 32-609.
(2) Wherever the term "authority" is used in the following sections of the general statutes, the term "corporation" shall be substituted in lieu thereof: 32-14, 32-15, 32-16, 32-16a, 32-17a, 32-18, 32-19, 32-22, 32-22a, 32-23a, 32-23d, 32-23e, 32-23f, 32-23g, 32-23h, 32-23i, 32-23j, 32-23o, 32-23p, 32-23q, 32-23r, 32-23s, 32-23v, 32-23x, 32-23y, 32-23z, 32-23bb, 32-23hh, 32-23ii, 32-23jj, 32-23kk, 32-23ll, 32-23qq, 32-23ss, 32-23tt, 32-23uu, 32-23vv, 32-23yy, 32-23zz, 32-31a, 32-61, 32-62, 32-63, 32-64, 32-65, 32-67, 32-68a, 32-261, 32-262, 32-263, 32-265, 32-267, 32-269, 32-270, 32-271, 32-272, 32-280, 32-282, 32-285, 32-341, 32-356, 32-500, 32-503, 32-717 and 32-718.
(b) The Legislative Commissioners' Office shall, in codifying the provisions of this section, make such technical, grammatical and punctuation changes as are necessary to carry out the purposes of this section.
Sec. 10. Subsection (b) of section 4-124ff of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(b) There is established a Council of Advisors on Strategies for the Knowledge Economy to promote the formation of university-industry partnerships, identify benchmarks for technology-based workforce innovation and competitiveness and advise the award process (1) for innovation challenge grants to public postsecondary schools and their business partners, and (2) grants under section 4-124hh. The council shall be chaired by the Commissioner of Economic and Community Development and shall include the Secretary of the Office of Policy and Management, the president of the Board of Regents for Higher Education, the Labor Commissioner, the executive [directors] director of Connecticut Innovations, Incorporated [and the Connecticut Development Authority] and four representatives from the technology industry, one of whom shall be appointed by the president pro tempore of the Senate, one of whom shall be appointed by the speaker of the House of Representatives, one of whom shall be appointed by the minority leader of the Senate and one of whom shall be appointed by the minority leader of the House of Representatives.
Sec. 11. Subdivision (42) of section 8-250 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(42) To accept from the department: (A) Financial assistance, (B) revenues or the right to receive revenues with respect to any program under the supervision of the department, and (C) loan assets or equity interests in connection with any program under the supervision of the department; to make advances to and reimburse the department for any expenses incurred or to be incurred by it in the delivery of such assistance, revenues, rights, assets, interests or amounts; to enter into agreements with the department for the delivery of services by the authority in consultation with the department [, the Connecticut Development Authority] and Connecticut Innovations, Incorporated, to third parties which agreements may include provisions for payment by the department to the authority for the delivery of such services; and to enter into agreements with the department [or with the Connecticut Development Authority] or Connecticut Innovations, Incorporated, for the sharing of assistants, agents and other consultants, professionals and employees, and facilities and other real and personal property used in the conduct of the authority's affairs;
Sec. 12. Subsection (a) of section 32-1c of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(a) In addition to any other powers, duties and responsibilities provided for in this chapter, chapter 131, chapter 579 and section 4-8 and subsection (a) of section 10-409, the commissioner shall have the following powers, duties and responsibilities: (1) To administer and direct the operations of the Department of Economic and Community Development; (2) to report annually to the Governor, as provided in section 4-60; (3) to conduct and administer the research and planning functions necessary to carry out the purposes of said chapters and sections; (4) to encourage and promote the development of industry and business in the state and to investigate, study and undertake ways and means of promoting and encouraging the prosperous development and protection of the legitimate interest and welfare of Connecticut business, industry and commerce, within and outside the state; (5) to serve, ex officio as a director on the board of Connecticut Innovations, Incorporated; (6) to serve as a member of the Committee of Concern for Connecticut Jobs; (7) to promote and encourage the location and development of new business in the state as well as the maintenance and expansion of existing business and for that purpose to cooperate with state and local agencies and individuals both within and outside the state; (8) to plan and conduct a program of information and publicity designed to attract tourists, visitors and other interested persons from outside the state to this state and also to encourage and coordinate the efforts of other public and private organizations or groups of citizens to publicize the facilities and attractions of the state for the same purposes; (9) to advise and cooperate with municipalities, persons and local planning agencies within the state for the purpose of promoting coordination between the state and such municipalities as to plans and development; (10) by reallocating funding from other agency accounts or programs, to assign adequate and available staff to provide technical assistance to businesses in the state in exporting, manufacturing and cluster-based initiatives and to provide guidance and advice on regulatory matters; (11) [to provide all necessary staff, services, accounting and office space and equipment required by the Connecticut Development Authority subject to the provisions of section 4b-23, where real estate acquisitions are involved; (12)] to aid minority businesses in their development; [(13)] (12) to appoint such assistants, experts, technicians and clerical staff, subject to the provisions of chapter 67, as are necessary to carry out the purposes of said chapters and sections; [(14)] (13) to employ other consultants and assistants on a contract or other basis for rendering financial, technical or other assistance and advice; [(15)] (14) to acquire or lease facilities located outside the state subject to the provisions of section 4b-23; [(16)] (15) to advise and inform municipal officials concerning economic development and collect and disseminate information pertaining thereto, including information about federal, state and private assistance programs and services pertaining thereto; [(17)] (16) to inquire into the utilization of state government resources and coordinate federal and state activities for assistance in and solution of problems of economic development and to inform and advise the Governor about and propose legislation concerning such problems; [(18)] (17) to conduct, encourage and maintain research and studies relating to industrial and commercial development; [(19)] (18) to prepare and review model ordinances and charters relating to these areas; [(20)] (19) to maintain an inventory of data and information and act as a clearinghouse and referral agency for information on state and federal programs and services relative to the purpose set forth herein. The inventory shall include information on all federal programs of financial assistance for defense conversion projects and other projects consistent with a defense conversion strategy and shall identify businesses which would be eligible for such assistance and provide notification to such business of such programs; [(21)] (20) to conduct, encourage and maintain research and studies and advise municipal officials about forms of cooperation between public and private agencies designed to advance economic development; [(22)] (21) to promote and assist the formation of municipal and other agencies appropriate to the purposes of this chapter; [(23)] (22) to require notice of the submission of all applications by municipalities and any agency thereof for federal and state financial assistance for economic development programs as relate to the purposes of this chapter; [(24)] (23) with the approval of the Commissioner of Administrative Services, to reimburse any employee of the department, including the commissioner, for reasonable business expenses, including but not limited to, mileage, travel, lodging, and entertainment of business prospects and other persons to the extent necessary or advisable to carry out the purposes of subdivisions (4), (7), (8) and (11) of this subsection and other provisions of this chapter; [(25)] (24) to assist in resolving solid waste management issues; [(26)] (25) (A) to serve as an information clearinghouse for various public and private programs available to assist businesses, (B) to identify specific micro businesses, as defined in section 32-344, whose growth and success could benefit from state or private assistance and contact such small businesses in order to (i) identify their needs, (ii) provide information about public and private programs for meeting such needs, including, but not limited to, technical assistance, job training and financial assistance, and (iii) arrange for the provision of such assistance to such businesses; [(27)] (26) to enhance and promote the digital media and motion picture industries in the state; [(28)] (27) by reallocating funding from other agency accounts or programs, to develop a marketing campaign that promotes Connecticut as a place of innovation; and [(29)] (28) by reallocating funding from other agency accounts or programs, to execute the steps necessary to implement the knowledge corridor agreement with Massachusetts to promote the biomedical device industry.
Sec. 13. Subsection (a) of section 32-1e of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(a) The Commissioner of Economic and Community Development, in consultation with the Connecticut Resources Recovery Authority and the Commissioner of Energy and Environmental Protection, shall prepare a plan for the support and promotion of industries that use, process or transport recycled materials. The plan shall outline ways existing programs of the Department of Economic and Community Development, the Connecticut Resources Recovery Authority and agencies such as the Department of Energy and Environmental Protection [, the Connecticut Development Authority] and Connecticut Innovations, Incorporated will be used to promote such industries.
Sec. 14. Section 32-1k of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
As used in sections 8-244b to 8-244d, inclusive, this section and section 32-1l, the following terms shall have the following meanings unless the context clearly indicates another meaning and intent:
(1) "Department" means the Department of Economic and Community Development;
(2) "Commissioner" means the Commissioner of Economic and Community Development;
[(3) "CDA" means the Connecticut Development Authority, as created under chapter 579;]
[(4)] (3) "CHFA" means the Connecticut Housing Finance Authority, as created under chapter 134;
[(5)] (4) "CII" means Connecticut Innovations, Incorporated, as created under chapter 581; and
[(6)] (5) "SHA" means the State Housing Authority as created under section 8-244b.
Sec. 15. Subsection (a) of section 32-1o of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(a) On or before July 1, 2009, and every five years thereafter, the Commissioner of Economic and Community Development, within available appropriations, shall prepare an economic strategic plan for the state in consultation with the Secretary of the Office of Policy and Management, the Commissioners of Energy and Environmental Protection and Transportation, the Labor Commissioner, the chairperson of the Culture and Tourism Advisory Committee, the executive directors of the Connecticut Housing Finance Authority, [the Connecticut Development Authority,] Connecticut Innovations, Incorporated, and the Connecticut Health and Educational Facilities Authority, or their respective designees, and any other agencies the Commissioner of Economic and Community Development deems appropriate.
Sec. 16. Section 32-4h of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
Not later than August 1, 1997, and annually thereafter, [the chairperson of the board of directors of the Connecticut Development Authority and] the chairperson of the board of directors of Connecticut Innovations, Incorporated shall submit a report to the joint standing committee of the General Assembly having cognizance of matters relating to the Department of Economic and Community Development, in accordance with the provisions of section 11-4a, which details the amount of bond funds expended during the previous fiscal year on each economic cluster in the state by the quasi-public agency administered by such chairperson.
Sec. 17. Section 32-23e of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
To accomplish the purposes of the [authority] corporation, as defined in subsection (t) of section 32-23d, which are hereby determined to be public purposes for which public funds may be expended, and in addition to any other powers provided by law, the [authority] corporation shall have power to: (1) Determine the location and character of any project to be financed under the provisions of said chapters and sections, provided any financial assistance shall be approved in accordance with written procedures prepared pursuant to subdivision (14) of this section; (2) purchase, receive, by gift or otherwise, lease, exchange, or otherwise acquire, and construct, reconstruct, improve, maintain, equip and furnish one or more projects, including all real and personal property which the [authority] corporation may deem necessary in connection therewith, and to enter into a contract with a person therefor upon such terms and conditions as the [authority] corporation shall determine to be reasonable, including but not limited to reimbursement for the planning, designing, financing, construction, reconstruction, improvement, equipping, furnishing, operation and maintenance of the project and any claims arising therefrom and establishment and maintenance of reserve and insurance funds with respect to the financing of the project; (3) insure any or all payments to be made by the borrower under the terms of any agreement for the extension of credit or making of a loan by the [authority] corporation in connection with any economic development project to be financed, wholly or in part, through the issuance of bonds or mortgage payments of any mortgage which is given by a mortgagor to the mortgagee who has provided the mortgage for an economic development project upon such terms and conditions as the [authority] corporation may prescribe and as provided herein, and the faith and credit of the state are pledged thereto; (4) in connection with the insuring of payments of any mortgage, request for its guidance a finding of the municipal planning commission, or, if there is no planning commission, a finding of the municipal officers, of the municipality in which the economic development project is proposed to be located, or of the regional planning agency of which such municipality is a member, as to the expediency and advisability of the economic development project; (5) sell or lease to any person, all or any portion of a project, purchase from eligible financial institutions mortgages with respect to economic development projects, purchase or repurchase its own bonds, and sell, pledge or assign to any person any such bonds, mortgages, or other loans, notes, revenues or assets of the [authority] corporation, or any interest therein, for such consideration and upon such terms as the [authority] corporation may determine to be reasonable; (6) mortgage or otherwise encumber all or any portion of a project whenever it shall find such action to be in furtherance of the purposes of said chapters and sections; (7) enter into agreements with any person, including prospective mortgagees and mortgagors, for the purpose of planning, designing, constructing, acquiring, altering and financing projects, providing liquidity or a secondary market for mortgages or other financial obligations incurred with respect to facilities which would qualify as a project under this chapter, purchasing loans made by regional corporations under section 32-276, or for any other purpose in furtherance of any other power of the [authority] corporation; (8) grant options to purchase or renew a lease for any of its projects on such terms as the [authority] corporation may determine to be reasonable; (9) employ or retain attorneys, accountants and architectural, engineering and financial consultants and such other employees and agents and to fix their compensation and to employ the Connecticut Development Credit Corporation on a cost basis as it shall deem necessary to assist it in carrying out the purposes of said [authority] corporation legislation; (10) borrow money or accept gifts, grants or loans of funds, property or service from any source, public or private, and comply, subject to the provisions of said [authority] corporation legislation, with the terms and conditions thereof; (11) accept from a federal agency loans, grants or loan guarantees or otherwise participate in any loan, grant, loan guarantee or other financing or economic or project development program of a federal agency in furtherance of, and consistent with, the purposes of the [authority] corporation, and enter into agreements with such agency respecting any such loans, grants, loan guarantees or federal agency programs; (12) provide tenant lease guarantees and performance guarantees, invest in, extend credit or make loans to any person for the planning, designing, financing, acquiring, constructing, reconstructing, improving, expanding, continuing in operation, equipping and furnishing of a project and for the refinancing of existing indebtedness with respect to any facility or part thereof which would qualify as a project in order to facilitate substantial improvements thereto, which guarantees, investments, credits or loans may be secured by loan agreements, lease agreements, installment sale agreements, mortgages, contracts and all other instruments or fees and charges, upon such terms and conditions as the [authority] corporation shall determine to be reasonable in connection with such loans, including provision for the establishment and maintenance of reserve and insurance funds and in the exercise of powers granted in this section in connection with a project for such person, to require the inclusion in any contract, loan agreement or other instrument, such provisions for the construction, use, operation and maintenance and financing of a project as the [authority] corporation may deem necessary or desirable; (13) in connection with any application for assistance under said [authority] corporation legislation, or commitments therefor, to make and collect such fees and charges as the [authority] corporation shall determine to be reasonable; (14) adopt procedures, in accordance with the provisions of section 1-121, to carry out the provisions of said [authority] corporation legislation, which may give priority to applications for financial assistance based upon the extent the project will materially contribute to the economic base of the state by creating or retaining jobs, providing increased wages or benefits to employees, promoting the export of products or services beyond the boundaries of the state, encouraging innovation in products or services, encouraging defense-dependent business to diversify to nondefense production, promoting standards of participation adopted by the Connecticut partnership compact pursuant to section 33-374g of the general statutes, revision of 1958, revised to 1991, or will otherwise enhance existing activities that are important to the economic base of the state, provided regulation-making proceedings commenced before January 1, 1989, shall be governed by sections 4-166 to 4-174, inclusive; (15) adopt an official seal and alter the same at pleasure; (16) maintain an office at such place or places within the state as it may designate; (17) sue and be sued in its own name and plead and be impleaded, service of process in any action to be made by service upon the executive director of said [authority] corporation either in hand or by leaving a copy of the process at the office of the [authority] corporation with some person having charge thereof; (18) employ such assistants, agents and other employees as may be necessary or desirable for its purposes, which employees shall be exempt from the classified service and shall not be employees as defined in subsection (b) of section 5-270; establish all necessary or appropriate personnel practices and policies, including those relating to hiring, promotion, compensation, retirement and collective bargaining, which need not be in accordance with chapter 68 and the [authority] corporation shall not be an employer as defined in subsection (a) of section 5-270; contract for and engage appraisers of industrial machinery and equipment, consultants and property management services, and utilize the services of other governmental agencies; (19) when it becomes necessary or feasible for the [authority] corporation to safeguard itself from losses, acquire, purchase, manage and operate, hold and dispose of real and personal property, take assignments of rentals and leases and make and enter into all contracts, leases, agreements and arrangements necessary or incidental to the performance of its duties; (20) in order to further the purposes of said [authority] corporation legislation, or to assure the payment of the principal and interest on bonds or notes of the [authority] corporation or to safeguard the mortgage insurance fund, purchase, acquire and take assignments of notes, mortgages and other forms of security and evidences of indebtedness, purchase, acquire, attach, seize, accept or take title to any project by conveyance or, by foreclosure, and sell, lease or rent any project for a use specified in said chapters and sections or in this chapter; (21) adopt rules for the conduct of its business; (22) invest any funds not needed for immediate use or disbursement, including any funds held in reserve, in obligations issued or guaranteed by the United States of America or the state of Connecticut and in other obligations which are legal investments for savings banks in this state; (23) do, or delegate, any and all things necessary or convenient to carry out the purposes and to exercise the powers given and granted in said [authority] corporation legislation; provided, in all matters concerning the internal administrative functions of the [authority] corporation which are funded by amounts appropriated by the state to the [authority] corporation or to the department, the procedures of the state relating to office space, supplies, facilities, materials, equipment and professional services shall be followed, and provided further, that in the acquisition by the [authority] corporation of real estate involving the use of appropriated funds or bonds supported by the full faith and credit of the state, the [authority] corporation shall be subject to the provisions of section 4b-23; (24) to accept from the department: (A) Financial assistance, (B) revenues or the right to receive revenues with respect to any program under the supervision of the department, and (C) loan assets or equity interests in connection with any program under the supervision of the department; to make advances to and reimburse the department for any expenses incurred or to be incurred by it in the delivery of such assistance, revenues, rights, assets or amounts; to enter into agreements for the delivery of services by the [authority] corporation, in consultation with the department [,] and the Connecticut Housing Finance Authority, [and Connecticut Innovations, Incorporated,] to third parties which agreements may include provisions for payment by the department to the [authority] corporation for the delivery of such services; and to enter into agreements with the department or with the Connecticut Housing Finance Authority [or Connecticut Innovations, Incorporated] for the sharing of assistants, agents and other consultants, professionals and employees, and facilities and other real and personal property used in the conduct of the [authority's] corporation's affairs; and (25) to transfer to the department: (A) Financial assistance, (B) revenues or the right to receive revenues with respect to any program under the supervision of the [authority] corporation, and (C) loan assets or equity interests in connection with any program under the supervision of the [authority] corporation, provided the transfer of such financial assistance, revenues, rights, assets or interests is determined by the [authority] corporation to be practicable, within the constraints and not inconsistent with the fiduciary obligations of the [authority] corporation imposed upon or established upon the [authority] corporation by any provision of the general statutes, the [authority's] corporation's bond resolutions or any other agreement or contract of the authority and to have no adverse effect on the tax-exempt status of any bonds of the [authority] corporation or the state.
Sec. 18. Subdivision (34) of section 32-39 of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(34) To accept from the department: (A) Financial assistance, (B) revenues or the right to receive revenues with respect to any program under the supervision of the department, and (C) loan assets or equity interests in connection with any program under the supervision of the department; to make advances to and reimburse the department for any expenses incurred or to be incurred by it in the delivery of such assistance, revenues, rights, assets, or interests; to enter into agreements for the delivery of services by the corporation, in consultation with the department [,] and the Connecticut Housing Finance Authority, [and the Connecticut Development Authority,] to third parties, which agreements may include provisions for payment by the department to the corporation for the delivery of such services; and to enter into agreements with the department or with the [Connecticut Development Authority or] Connecticut Housing Finance Authority for the sharing of assistants, agents and other consultants, professionals and employees, and facilities and other real and personal property used in the conduct of the corporation's affairs;
Sec. 19. Subdivision (1) of section 32-450 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(1) "Awarding authority" means the Commissioner of Economic and Community Development, the board of directors of [the Connecticut Development Authority and the board of directors of] Connecticut Innovations, Incorporated.
Sec. 20. Subdivision (1) of subsection (a) of section 32-462 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(1) "Agency" means the Department of Economic and Community Development [, the Connecticut Development Authority] or Connecticut Innovations, Incorporated.
Sec. 21. Section 32-479 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
Not later than July 1, 1996, the Commissioner of Economic and Community Development, the Labor Commissioner [, the Connecticut Development Authority] and Connecticut Innovations, Incorporated shall jointly develop goals and objectives and quantifiable outcome measures related to the percentage of financial assistance which is being provided to high performance work organizations. The Labor Commissioner [, the Connecticut Development Authority] and Connecticut Innovations, Incorporated shall submit an annual report concerning such goals, objectives and measures to the joint standing committee of the General Assembly having cognizance of matters relating to labor and public employees and the joint standing committee having cognizance of matters relating to commerce.
Sec. 22. Section 32-480 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
The Department of Economic and Community Development, the Labor Department [, the Connecticut Development Authority] and Connecticut Innovations, Incorporated shall, when appropriate, encourage persons, firms and corporations which contact said departments or authorities for financial assistance to utilize high performance work practices in their business operations.
Sec. 23. Subdivision (1) of section 32-700 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(1) "Awarding authority" means the Commissioner of Economic and Community Development, [the board of directors of the Connecticut Development Authority,] the board of directors of Connecticut Innovations, Incorporated, and the head of any other quasi-public agency, as defined in section 1-120, as amended by this act, and any state agency authorized to award state assistance, as defined in subdivision (2) of this section.
Sec. 24. Subsection (a) of section 32-701 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(a) The terms and conditions of any agreement for state assistance under any program of the general statutes to a business entity operated for profit administered by the Department of Economic and Community Development [, Connecticut Development Authority] and Connecticut Innovations, Incorporated, shall include provisions for (1) specific goals for the creation and retention of full-time and part-time jobs and for periodic reports by the recipient on progress in achieving such goals if the primary purpose of the state assistance is job creation or retention, and (2) a requirement that an applicant for any type of state assistance, except grants and loans of a term of less than one year, provide the agency with appropriate security for such financial assistance, including, but not limited to, a letter of credit, a lien on real property or a security interest in goods, equipment, inventory or other property of any kind and that the recipient of such state assistance will remain in substantial material compliance with state and federal law.
Sec. 25. Section 32-11a of the 2012 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
(a) There is hereby created as a body politic and corporate, constituting a public instrumentality and political subdivision of the state created for the performance of an essential public and governmental function, the Connecticut Development Authority which is empowered to carry out the purposes of the authority, as defined in subsection (t) of section 32-23d, which are hereby determined to be public purposes for which public funds may be expended. The Connecticut Development Authority shall not be construed to be a department, institution or agency of the state.
(b) All notes, bonds or other obligations issued by the Connecticut Development Authority or the Connecticut Development Commission for the financing of any project or projects shall be in accordance with their terms of full force and effect and valid and binding upon [the authority] Connecticut Innovations, Incorporated, as the successor to the Connecticut Development [Commission] Authority and with respect to any resolution, contract, deed, trust agreement, mortgage, conditional sale or loan agreement, commitment, obligation or liability or other such document, public record, right, remedy, special act or public act, obligation, liability or responsibility pertaining thereto, the [authority] corporation shall be, and shall be deemed to be, the successor to the Connecticut Development [Commission] Authority. All properties, rights in land, buildings and equipment and any funds, moneys, revenues and receipts or assets of such commission pledged or otherwise securing any such notes, bonds or other obligations shall belong to the [authority] corporation as successor to the Connecticut Development [Commission] Authority, subject to such pledges and other security arrangements and to agreements with the holders of the outstanding notes, bonds or other obligations. Any resolution with respect to the issuance of bonds of the commission for the purposes of the act and any other action taken by the commission with respect to assisting in the financing of any project shall be, or shall be deemed to be, a resolution of the [authority] corporation or an action taken by the [authority] corporation subject only to any agreements with the holders of outstanding notes, bonds or other obligations of the commission.
[(c) The board of directors of the authority shall consist of the Commissioner of Economic and Community Development, the State Treasurer and the Secretary of the Office of Policy and Management, each serving ex officio, four members appointed by the Governor who shall be experienced in the field of financial lending or the development of commerce, trade and business and four members appointed as follows: One by the president pro tempore of the Senate, one by the minority leader of the Senate, one by the speaker of the House of Representatives and one by the minority leader of the House of Representatives. Each ex-officio member may designate a deputy or any member of the agency staff to represent the member at meetings of the authority with full powers to act and vote on the member's behalf. The chairperson of the board shall be the Commissioner of Economic and Community Development. The board shall annually elect one of its members as vice chairperson. Each member appointed by the Governor shall serve at the pleasure of the Governor but no longer than the term of office of the Governor or until the member's successor is appointed and qualified, whichever is longer. Each member appointed by a member of the General Assembly shall serve in accordance with the provisions of section 4-1a. Members shall receive no compensation but shall be reimbursed for necessary expenses incurred in the performance of their duties under the authority legislation, as defined in subsection (hh) of section 32-23d. The Governor shall fill any vacancy for the unexpired term of a member appointed by the Governor. The appropriate legislative appointing authority shall fill any vacancy for the unexpired term of a member appointed by such authority. A member of the board shall be eligible for reappointment. Any member of the board may be removed by the Governor for misfeasance, malfeasance or wilful neglect of duty. Each member of the authority before entering upon his or her duties shall take and subscribe the oath or affirmation required by article XI, section 1, of the State Constitution. A record of each such oath shall be filed in the office of the Secretary of the State. Meetings of the board shall be held at such times as shall be specified in the bylaws adopted by the board and at such other time or times as the chairperson deems necessary. The board is empowered to adopt bylaws and regulations for putting into effect the provisions of said chapters and sections. Not later than November first, annually, the authority shall submit a report to the Commissioner of Economic and Community Development, the Auditors of Public Accounts and the joint standing committees of the General Assembly having cognizance of matters relating to the Department of Economic and Community Development, appropriations and capital bonding, which shall include the following information with respect to new and outstanding financial assistance provided by the authority during the twelve-month period ending on June thirtieth next preceding the date of the report for each financial assistance program administered by the authority: (1) A list of the names, addresses and locations of all recipients of such assistance, (2) for each recipient: (A) The business activities, (B) the North American Industrial Classification System codes, (C) the gross revenues during the recipient's most recent fiscal year if the recipient is an organization that makes such information public in the normal course of business, or, if the recipient does not make such information public in the normal course of business, the gross revenue information shall be provided for a recipient separately, using a system in which no recipient is listed by name but each is given a separate identity in a manner consistent with the provisions of subsection (a) of section 32-244, (D) the number of employees at the time of application, (E) whether the recipient is a minority or woman-owned business, (F) a summary of the terms and conditions for the assistance, including the type and amount of state financial assistance, job creation or retention requirements, and anticipated wage rates, and (G) the amount of investments from private and other nonstate sources that have been leveraged by the assistance, (3) the economic benefit criteria used in determining which applications have been approved or disapproved, and (4) for each recipient of assistance on or after July 1, 1991, a comparison between the number of jobs to be created, the number of jobs to be retained and the average wage rates for each such category of jobs, as projected in the recipient's application, versus the actual number of jobs created, the actual number of jobs retained and the average wage rates for each such category. The Governor and the chairpersons and ranking members of the joint standing committees of the General Assembly having cognizance of matters relating to the Department of Economic and Community Development, appropriations and capital bonding may, after a request to the Connecticut Development Authority by any of said persons, examine, in confidence, the detailed data, including the specific revenue data for each recipient not listed by name, submitted pursuant to subparagraph (C) of subdivision (2) of this subsection. The chairpersons and ranking members of said committees may disclose such data to the members of said committees, who shall also keep such data confidential. The report shall also indicate the actual number of full-time jobs and the actual number of part-time jobs in each such category and the benefit levels for each such subcategory. In addition, the report shall state (A) for each final application approved during the twelve-month period covered by the report, (i) the date that the final application was received by the authority, and (ii) the date of such approval; (B) for each final application withdrawn during the twelve-month period covered by the report, (i) the municipality in which the applicant is located, (ii) the North American Industrial Classification System code for the applicant, (iii) the date that the final application was received by the authority, and (iv) the date of such withdrawal; (C) for each final application disapproved during the twelve-month period covered by the report, (i) the municipality in which the applicant is located, (ii) the North American Industrial Classification System code for the applicant, (iii) the date that the final application was received by the authority, and (iv) the date of such disapproval; and (D) for each final application on which no action has been taken by the applicant or the agency in the twelve-month period covered by the report and for which no report has been submitted under this subsection, (i) the municipality in which the applicant is located, (ii) the North American Industrial Classification System code for the applicant, and (iii) the date that the final application was received by the authority. The November first report shall include a summary of the activities of the authority, including all activities to assist small businesses and minority business enterprises, as defined in section 4a-60g, a complete operating and financial statement and recommendations for legislation to promote the purposes of the authority. The authority shall furnish such additional reports upon the written request of any such committee at such times and containing such information as the committee may request. The accounts of the authority shall be subject to annual audit by the state Auditors of Public Accounts. The authority may cause an audit of its books and accounts to be made at least once each fiscal year by certified public accountants. The powers of the authority shall be vested in and exercised by not less than six of the members of the board of directors then in office. Such number of members shall constitute a quorum and the affirmative vote of a majority of the members present at a meeting of the board shall be necessary for any action taken by the authority. No vacancy in the membership of the board shall impair the right to exercise all the rights and perform all the duties of the authority. Any action taken by the board under the provisions of said chapters and sections may be authorized by resolution at any regular or special meeting, and each such resolution shall take effect immediately and need not be published or posted. The authority shall be exempt from the provisions of section 4-9a.
(d) The board of directors of the authority 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.
(e) The board of directors of the authority 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 the authority, including an affirmative action policy and a requirement of board approval before a position may be created or a vacancy filled; (3) acquiring real and personal property and personal services, including a requirement of board approval for any nonbudgeted expenditure in excess of five thousand dollars; (4) contracting for financial, legal, bond underwriting and other professional services, including a requirement that the authority solicit proposals at least once every three years for each such service which it uses; (5) issuing and retiring bonds, bond anticipation notes and other obligations of the authority; (6) awarding loans, grants and other financial assistance, including eligibility criteria, the application process and the role played by the authority's staff and board of directors and including deadlines for the approval or disapproval of applications for such assistance by the authority on and after July 1, 1996; and (7) the use of surplus funds to the extent authorized under this chapter or other provisions of the general statutes.
(f) The board of directors of the authority shall appoint an executive director who shall not be a member of the board and who shall serve at the pleasure of the board and receive such compensation as shall be fixed by the board. The executive director may but need not be the deputy appointed under section 32-1d. He shall be the chief administrative officer of the authority and shall direct and supervise administrative affairs and technical activities in accordance with the directives of the board. He shall perform such other duties as may be directed by the board in carrying out the purposes of said chapters and sections. The executive director shall be exempt from the classified service. The executive director shall attend all meetings of the board, keep a record of the proceedings of the board and shall maintain and be custodian of all books, documents and papers filed with the authority and of the minute book or journal of the authority and of its official seal. He may cause copies to be made of all minutes and other records and documents of the authority and may give certificates under the official seal of the authority to the effect that such copies are true copies, and all persons dealing with the authority may rely upon such certificates.
(g) Each member of the board of directors of the authority shall execute a surety bond in the penal sum of fifty thousand dollars, or, in lieu thereof, the chairman of the board shall execute a blanket position bond covering each member and the executive director and the employees of the authority, each surety bond to be conditioned upon the faithful performance of the duties of the office or offices covered, to be executed by a surety company authorized to transact business in this state as surety and to be approved by the Attorney General and filed in the office of the Secretary of the State. The cost of each such bond shall be paid by the authority.
(h) Notwithstanding any provision of the law to the contrary, it shall not constitute a conflict of interest for a trustee, director, partner, officer, stockholder, proprietor, counsel or employee of any person, or for any other individual having a financial interest in any person, to serve as a member of the board of directors of the authority; provided such trustee, director, partner, officer, stockholder, proprietor, counsel, employee or individual shall file with the authority a record of his capacity with or interest in such person and abstain and absent himself from any deliberation, action and vote by the board in specific respect to such person.
(i) The authority shall continue, as long as it shall have bonds or other obligations outstanding and until its existence is terminated by law. Upon the termination of the existence of the authority, all its rights and properties shall pass to and be vested in the state of Connecticut.
(j) Neither members of the board of directors of the authority nor any person executing the notes and bonds shall be liable personally on the notes or bonds or be subject to any personal liability or accountability by reason of the issuance thereof.]
(k) Repealed by P.A. 00-136, S. 9.
[(l) (1) The authority may establish one or more subsidiaries to stimulate, encourage and carry out the remediation, development and financing of contaminated property within this state, in coordination with the Department of Energy and Environmental Protection, and to provide financial, development and environmental expertise to others including, but not limited to, municipalities, interested in or undertaking such remediation, development or financing which are determined to be public purposes for which public funds may be expended. Each subsidiary shall be deemed a quasi-public agency for purposes of chapter 12. The authority may transfer to any such subsidiary any moneys and real or personal property. Each such subsidiary shall have all the privileges, immunities, tax exemptions and other exemptions of the authority.
(2) Each such subsidiary may sue and shall be subject to suit provided the liability of each such subsidiary shall be limited solely to the assets, revenues and resources of such subsidiary and without recourse to the general funds, revenues, resources or any other assets of the authority or any other subsidiary. No such subsidiary may provide for any bonded indebtedness of the state for the cost of any liability or contingent liability for the remediation of contaminated real property unless such indebtedness is specifically authorized by an act of the General Assembly. Each such subsidiary shall have the power to do all acts and things necessary or convenient to carry out the purposes of this subsection, section 12-81r, subsection (h) of section 22a-133m, subsection (a) of section 22a-133x, sections 22a-133aa, 22a-133bb and 22a-133dd, subsection (l) of section 22a-134, and sections 22a-452f, 32-7e and 32-23pp to 32-23rr, inclusive, including, but not limited to, (i) solicit, receive and accept aid, grants or contributions from any source of money, property or labor or other things of value, to be held, used and applied to carry out the purposes of this subsection, section 12-81r, subsection (h) of section 22a-133m, subsection (a) of section 22a-133x, sections 22a-133aa, 22a-133bb and 22a-133dd, subsection (l) of section 22a-134, and sections 22a-452f, 32-7e and 32-23pp to 32-23rr, inclusive, subject to the conditions upon which such grants and contributions may be made, including but not limited to, gifts, grants or loans, from any department, agency or quasi-public agency of the United States or the state; (ii) enter into agreements with persons upon such terms and conditions as are consistent with the purposes of such subsidiary to acquire or facilitate the remediation, development or financing of contaminated real or personal property; (iii) to acquire, take title, lease, purchase, own, manage, hold and dispose of real and personal property and lease, convey or deal in or enter into agreements with respect to such property; (iv) examine, inspect, rehabilitate, remediate or improve real or personal property or engage others to do so on such subsidiary's behalf, or enter into contracts therefor; (v) mortgage, convey or dispose of its assets and pledge its revenues in order to secure any borrowing, for the purpose of financing, refinancing, rehabilitating, remediating, improving or developing its assets, provided each such borrowing or mortgage shall be a special obligation of such subsidiary, which obligation may be in the form of notes, bonds, bond anticipation notes and other obligations issued by or to such subsidiary to the extent permitted under this chapter to fund and refund the same and provide for the rights of the holders thereof, and to secure the same by pledge of revenues, notes or other assets and which shall be payable solely from the assets, revenues and other resources of such subsidiary; (vi) to create real estate investment trusts or similar entities or to become a member of a limited liability company or to become a partner in limited or general partnerships or establish other contractual arrangements with private and public sector entities as such subsidiary deems necessary to remediate, develop or finance environmentally contaminated property in the state; and (vii) any other powers enumerated in subsection (e) of section 32-23 necessary or appropriate to carry out the purposes of this subsection, subsection (h) of section 22a-133m, subsection (a) of section 22a-133x, sections 22a-133aa, 22a-133bb and 22a-133dd, subsection (l) of section 22a-134, and sections 22a-452f, 32-7e, and 32-23pp to 32-23rr, inclusive. The board of directors, executive director, officers and staff of the authority may serve as members of any advisory or other board which may be established to carry out the purposes of this subsection, subsection (h) of section 22a-133m, subsection (a) of section 22a-133x, sections 22a-133aa, 22a-133bb and 22a-133dd, subsection (l) of section 22a-134, and sections 22a-452f, 32-7e, and 32-23pp to 32-23rr, inclusive.
(3) Each such subsidiary shall act through its board of directors at least one-half of which shall be members of the board of directors of the authority or their designees or officers or employees of the authority. A resolution of the authority shall prescribe the purposes for which each such subsidiary is formed.
(4) The provisions of section 1-125 and this subsection shall apply to any officer, director, designee, or employee appointed as a member, director, or officer of any such subsidiary. Neither any such persons so appointed nor the directors, officers or employees of the authority shall be personally liable for the debts, obligations, or liabilities of any such subsidiary as provided in said section 1-125. Each subsidiary shall and the authority may provide for the indemnification to protect, save harmless and indemnify such officer, director, designee or employee as provided by said section 1-125.
(5) The authority or any such subsidiary may take such actions as are necessary to comply with the provisions of the Internal Revenue Code of 1986 or any subsequent corresponding internal revenue code of the United States, as from time to time amended, to qualify and maintain any such subsidiary as a corporation exempt from taxation under said Internal Revenue Code.
(6) The authority may make loans or grants to, and may guarantee specified obligations of, any such subsidiary, following standard authority procedures, from the authority's assets and the proceeds of its bonds, notes, and other obligations, provided however, that the source and security, if any, for the repayment of any such loans or guarantees is derived from the assets, revenues and resources of such subsidiary.
(7) Notwithstanding any other provisions of law, the Commissioner of Energy and Environmental Protection shall issue to the authority or any subsidiary a covenant not to sue, pursuant to section 22a-133aa or section 22a-133bb, as applicable, without fee, as otherwise required in subsection (c) of said section 22a-133aa for the remediation of a facility in accordance with an approved remediation plan.]
Sec. 26. Section 32-23k of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2012):
The state of Connecticut does hereby pledge to and agree with the holders of any bonds and notes issued under the provisions of the authority legislation, as defined in subsection (hh) of section 32-23d, and with those parties who may enter into contracts with the Connecticut Development Authority or its successor agency, Connecticut Innovations, Incorporated, pursuant to the provisions of such authority legislation, that the state will not limit or alter the rights hereby vested in the authority or 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 authority or 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 authority or the corporation or those entering into such contracts with the authority or the corporation. The authority or the corporation is authorized to include this pledge and undertaking for the state in such bonds and notes or contracts.
Sec. 27. Section 32-23c of the general statutes is repealed. (Effective July 1, 2012)
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
from passage |
New section |
Sec. 2 |
July 1, 2012 |
New section |
Sec. 3 |
from passage |
New section |
Sec. 4 |
July 1, 2012 |
New section |
Sec. 5 |
July 1, 2012 |
1-79(l) |
Sec. 6 |
July 1, 2012 |
1-120 |
Sec. 7 |
July 1, 2012 |
1-125 |
Sec. 8 |
July 1, 2012 |
32-35(b) |
Sec. 9 |
July 1, 2012 |
New section |
Sec. 10 |
July 1, 2012 |
4-124ff(b) |
Sec. 11 |
July 1, 2012 |
8-250(42) |
Sec. 12 |
July 1, 2012 |
32-1c(a) |
Sec. 13 |
July 1, 2012 |
32-1e(a) |
Sec. 14 |
July 1, 2012 |
32-1k |
Sec. 15 |
July 1, 2012 |
32-1o(a) |
Sec. 16 |
July 1, 2012 |
32-4h |
Sec. 17 |
July 1, 2012 |
32-23e |
Sec. 18 |
July 1, 2012 |
32-39(34) |
Sec. 19 |
July 1, 2012 |
32-450(1) |
Sec. 20 |
July 1, 2012 |
32-462(a)(1) |
Sec. 21 |
July 1, 2012 |
32-479 |
Sec. 22 |
July 1, 2012 |
32-480 |
Sec. 23 |
July 1, 2012 |
32-700(1) |
Sec. 24 |
July 1, 2012 |
32-701(a) |
Sec. 25 |
July 1, 2012 |
32-11a |
Sec. 26 |
July 1, 2012 |
32-23k |
Sec. 27 |
July 1, 2012 |
Repealer section |
Statement of Purpose:
To implement the Governor's budget recommendations.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]