Bill Text: CT HB05330 | 2010 | General Assembly | Introduced

---

Bill Title: An Act Concerning Connecticut's Economic Future.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2010-02-25 - Public Hearing 03/04 [HB05330 Detail]

Download: Connecticut-2010-HB05330-Introduced.html

---

General Assembly		Raised Bill No. 5330
February Session, 2010		LCO No. 1631
		*01631_______LAB*
Referred to Committee on Labor and Public Employees
Introduced by:
(LAB)

AN ACT CONCERNING CONNECTICUT'S ECONOMIC FUTURE.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective July 1, 2010) (a) There is established a Connecticut Economic Future Council which shall be within the Department of Economic and Community Development. The council shall consist of thirteen members appointed as follows: Four shall be appointed by the Governor and nine shall be appointed by members of the General Assembly. Of the members appointed by the General Assembly: (1) Two shall be appointed by the president pro tempore of the Senate, one of whom shall be a representative of the state employee bargaining agent coalition; (2) two shall be appointed by the majority leader of the Senate, one of whom shall be a representative of the state employee bargaining agent coalition; (3) one shall be appointed by the minority leader of the Senate; (4) two shall be appointed by the speaker of the House of Representatives, one of whom shall be a representative of the state employee bargaining agent coalition; (5) one shall be appointed by the majority leader of the House of Representatives; and (6) one shall be appointed by the minority leader of the House of Representatives.

(b) The Treasurer shall be an ex-officio member of the Connecticut Economic Future Council without vote and shall attend its meetings.

(c) Appointed members of the council shall serve for four-year terms which shall commence July 1, 2010. The appointing authority shall fill any vacancy by appointment for the unexpired portion of the term vacated. A majority of the council shall constitute a quorum for the transaction of any business. The members of the council shall serve without compensation except for necessary expenses incurred in performing their duties.

(d) The Governor shall schedule and convene the first meeting of the council after the initial appointment of members under subsection (a) of this section. Such meeting shall be held not later than August 1, 2010.

(e) The Governor shall designate a chairperson from among the appointees, and the council shall appoint annually, from among its members, a chairperson, vice chairperson and secretary. The council may make rules for the conduct of its affairs. The council shall meet at least quarterly and at other times upon the call of the chair or the written request of any four members.

(f) The Department of Economic and Community Development shall provide support staff and other resources to the council. Upon request of the council, the Legislative Program Review and Investigations Committee, the Auditors of Public Accounts, the Office of Fiscal Analysis and the Office of Legislative Research shall provide additional assistance.

(g) The council shall be responsible for the development of a strategic plan to reallocate authorized state bonding and to use state employee pension funds from the Connecticut Economic Future Fund, established pursuant to section 2 of this act, to invest in private and municipal job creation programs. Such strategic plan shall include, but not be limited to, (1) the identification of specific allotments in authorized state bonding to be reallocated to create grants up to twenty thousand dollars per job created for businesses in the state, (2) the identification of specific allotments in authorized state bonding to be reallocated to provide grants to individuals to perform civic improvements in municipalities, (3) the identification of geographic areas of the state with the highest population and unemployment rates for priority in the award of job creation grants, (4) the creation of an application process for state businesses and municipalities to apply for available grants for job creation purposes, and (5) the development of a scoring system to award grants to businesses and municipalities which shall take into account the potential permanency of the jobs created by the grant.

(h) Not later than October 1, 2010, the council shall submit a report to the Governor, the Commissioner of Economic and Community Development and the General Assembly identifying the specific allotments in authorized state bonding to be reallocated for deposit in the Connecticut Economic Future Fund, established pursuant to section 2 of this act, for purposes of job creation as well as the application process and criteria to be used for the award of grants from said fund.

Sec. 2. (NEW) (Effective July 1, 2010) (a) The Commissioner of Economic and Community Development shall implement the grant program recommended in the strategic plan created by the Connecticut Economic Future Council established in section 1 of this act. In accordance with written guidelines developed by the council, the Department of Economic and Community Development may provide grants to Connecticut businesses that have been in operation in the state for more than one year and to municipalities. Grants made pursuant to this section shall be used by such businesses for job creation.

(b) A business or municipality shall submit an application for a grant pursuant to this section in the manner prescribed by the commissioner.

(c) There is established an account to be known as the "Connecticut Economic Future Fund" account, which shall be a separate, nonlapsing account within the General Fund. The account shall contain (1) any funds required or permitted by law to be deposited in the account, (2) interest or other income earned on the investment of funds in said account, and (3) any additional funds made available from any sources, public or private, for the purposes for which said account was established and for the purpose of deposit in said account. The chairperson of the Connecticut Economic Future Council may use funds from the account to provide administrative expenses and grants pursuant to this section.

Sec. 3. (Effective July 1, 2010) Notwithstanding the provisions of chapter 66 of the general statutes, the sum of $75,000,000 shall be transferred from the State Employees Retirement Fund to the Connecticut Economic Future Fund account established in section 2 of this act, for the fiscal year ending June 30, 2011, for the purpose of providing grants in accordance with section 2 of this act.

This act shall take effect as follows and shall amend the following sections:
Section 1	July 1, 2010	New section
Sec. 2	July 1, 2010	New section
Sec. 3	July 1, 2010	New section

Statement of Purpose:

To establish the Connecticut Economic Future Council to take state employee pension funds and to identify state bond allotments to fund state job creation.

[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.]