Bill Text: CT HB05590 | 2018 | General Assembly | Chaptered
Bill Title: An Act Authorizing And Adjusting Bonds Of The State For Capital Improvements, Transportation And Other Purposes, Concerning The Bond Caps, Establishing The Apprenticeship Connecticut Initiative And Concerning The Functions Of Ctnext And Connecticut Innovations, Incorporated.
Spectrum: Committee Bill
Status: (Passed) 2018-06-14 - Signed by the Governor [HB05590 Detail]
Download: Connecticut-2018-HB05590-Chaptered.html
Substitute House Bill No. 5590
AN ACT AUTHORIZING AND ADJUSTING BONDS OF THE STATE FOR CAPITAL IMPROVEMENTS, TRANSPORTATION AND OTHER PURPOSES, CONCERNING THE BOND CAPS, ESTABLISHING THE APPRENTICESHIP CONNECTICUT INITIATIVE AND CONCERNING THE FUNCTIONS OF CTNEXT AND CONNECTICUT INNOVATIONS, INCORPORATED.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (Effective July 1, 2018) The State Bond Commission shall have power, in accordance with the provisions of this section and sections 2 to 7, inclusive, of this act, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate not exceeding $16,000,000.
Sec. 2. (Effective July 1, 2018) The proceeds of the sale of bonds described in sections 1 to 7, inclusive, of this act, to the extent hereinafter stated, shall be used for the purpose of acquiring, by purchase or condemnation, undertaking, constructing, reconstructing, improving or equipping, or purchasing land or buildings or improving sites for the projects hereinafter described, including payment of architectural, engineering, demolition or related costs in connection therewith, or of payment of the cost of long-range capital programming and space utilization studies as hereinafter stated: For the Capital Region Development Authority: Design and construction of parking garages to support development in Hartford, not exceeding $16,000,000.
Sec. 3. (Effective July 1, 2018) All provisions of section 3-20 of the general statutes or the exercise of any right or power granted thereby which is not inconsistent with the provisions of sections 1 to 7, inclusive, of this act are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to sections 1 to 7, inclusive, of this act, and temporary notes issued in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with section 3-20 of the general statutes 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.
Sec. 4. (Effective July 1, 2018) None of the bonds described in sections 1 to 7, inclusive, of this act 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 the Secretary of the Office of Policy and Management or by or on behalf of such state officer, department or agency and stating such terms and conditions as said commission, in its discretion, may require.
Sec. 5. (Effective July 1, 2018) For the purposes of sections 1 to 7, inclusive, of this act, "state moneys" means the proceeds of the sale of bonds authorized pursuant to sections 1 to 7, inclusive, of this act or of temporary notes issued in anticipation of the moneys to be derived from the sale of such bonds. Each request filed as provided in section 4 of this act for an authorization of bonds shall identify the project for which the proceeds of the sale of such bonds are to be used and expended and, in addition to any terms and conditions required pursuant to section 4 of this act, shall include the recommendation of the person signing such request as to the extent to which federal, private or other moneys then available or thereafter to be made available for costs in connection with any such project should be added to the state moneys available or becoming available hereunder for such project. If the request includes a recommendation that some amount of such federal, private or other moneys should be added to such state moneys, then, if and to the extent directed by the State Bond Commission at the time of authorization of such bonds, such amount of such federal, private or other moneys then available, or thereafter to be made available for costs in connection with such project, may be added to any state moneys available or becoming available hereunder for such project and shall be used for such project. Any other federal, private or other moneys then available or thereafter to be made available for costs in connection with such project shall, upon receipt, be used by the State Treasurer, in conformity with applicable federal and state law, to meet the principal of outstanding bonds issued pursuant to sections 1 to 7, inclusive, of this act or to meet the principal of temporary notes issued in anticipation of the money to be derived from the sale of bonds theretofore authorized pursuant to sections 1 to 7, inclusive, of this act for the purpose of financing such costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal, private or other moneys so received with respect to such project are used to meet the principal of such temporary notes or whenever principal of any such temporary notes is retired by application of revenue receipts of the state, the amount of bonds theretofore authorized in anticipation of which such temporary notes were issued, and the aggregate amount of bonds which may be authorized pursuant to section 1 of this act, shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet principal as hereinabove directed, the amount thereof may be invested by the State Treasurer in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States shall be deemed to be part of the debt retirement funds of the state and net earnings on such investments shall be used in the same manner as the moneys so invested.
Sec. 6. (Effective July 1, 2018) Any balance of proceeds of the sale of the bonds authorized for any project described in section 2 of this act in excess of the cost of such project may be used to complete any other project described in section 2 of this act, if the State Bond Commission shall so determine and direct. Any balance of proceeds of the sale of said bonds in excess of the costs of all the projects described in section 2 of this act shall be deposited to the credit of the General Fund.
Sec. 7. (Effective July 1, 2018) The bonds issued pursuant to this section and sections 1 to 6, inclusive, of this act 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 State Treasurer shall pay such principal and interest as the same become due.
Sec. 8. (Effective July 1, 2018) The State Bond Commission shall have power, in accordance with the provisions of this section and sections 9 to 15, inclusive, of this act, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate, not exceeding $25,000,000.
Sec. 9. (Effective July 1, 2018) The proceeds of the sale of the bonds described in sections 8 to 15, inclusive, of this act shall be used for the purpose of providing grants-in-aid and other financing for the projects, programs and purposes hereinafter stated: For the Office of Policy and Management: Grants-in-aid for dredging and navigational improvements for economic development, not exceeding $25,000,000.
Sec. 10. (Effective July 1, 2018) All provisions of section 3-20 of the general statutes or the exercise of any right or power granted thereby which are not inconsistent with the provisions of sections 8 to 15, inclusive, of this act are hereby adopted and shall apply to all bonds authorized by the State Bond Commission pursuant to sections 8 to 15, inclusive, of this act, and temporary notes issued in anticipation of the money to be derived from the sale of any such bonds so authorized may be issued in accordance with said sections 8 to 15, inclusive, 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.
Sec. 11. (Effective July 1, 2018) None of the bonds described in sections 8 to 15, inclusive, of this act 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 the Secretary of the Office of Policy and Management or by or on behalf of such state officer, department or agency and stating such terms and conditions as said commission, in its discretion, may require.
Sec. 12. (Effective July 1, 2018) For the purposes of sections 8 to 15, inclusive, of this act, "state moneys" means the proceeds of the sale of bonds authorized pursuant to said sections 8 to 15, inclusive, or of temporary notes issued in anticipation of the moneys to be derived from the sale of such bonds. Each request filed as provided in section 11 of this act for an authorization of bonds shall identify the project for which the proceeds of the sale of such bonds are to be used and expended and, in addition to any terms and conditions required pursuant to said section 11, include the recommendation of the person signing such request as to the extent to which federal, private or other moneys then available or thereafter to be made available for costs in connection with any such project should be added to the state moneys available or becoming available under said sections 8 to 15, inclusive, for such project. If the request includes a recommendation that some amount of such federal, private or other moneys should be added to such state moneys, then, if and to the extent directed by the State Bond Commission at the time of authorization of such bonds, such amount of such federal, private or other moneys then available or thereafter to be made available for costs in connection with such project may be added to any state moneys available or becoming available hereunder for such project and be used for such project. Any other federal, private or other moneys then available or thereafter to be made available for costs in connection with such project upon receipt shall, in conformity with applicable federal and state law, be used by the State Treasurer to meet the principal of outstanding bonds issued pursuant to said sections 8 to 15, inclusive, or to meet the principal of temporary notes issued in anticipation of the money to be derived from the sale of bonds theretofore authorized pursuant to said sections 8 to 15, inclusive, for the purpose of financing such costs, either by purchase or redemption and cancellation of such bonds or notes or by payment thereof at maturity. Whenever any of the federal, private or other moneys so received with respect to such project are used to meet the principal of such temporary notes or whenever the principal of any such temporary notes is retired by application of revenue receipts of the state, the amount of bonds theretofore authorized in anticipation of which such temporary notes were issued, and the aggregate amount of bonds which may be authorized pursuant to section 8 of this act shall each be reduced by the amount of the principal so met or retired. Pending use of the federal, private or other moneys so received to meet the principal as directed in this section, the amount thereof may be invested by the State Treasurer in bonds or obligations of, or guaranteed by, the state or the United States or agencies or instrumentalities of the United States, shall be deemed to be part of the debt retirement funds of the state, and net earnings on such investments shall be used in the same manner as the moneys so invested.
Sec. 13. (Effective July 1, 2018) The bonds issued pursuant to sections 8 to 15, inclusive, of this act 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 State Treasurer shall pay such principal and interest as the same become due.
Sec. 14. (Effective July 1, 2018) In accordance with section 9 of this act, the state, through the state agencies specified in said section 9, may provide grants-in-aid and other financings to or for the agencies for the purposes and projects as described in said section 9. All financing shall be made in accordance with the terms of a contract at such time or times as shall be determined within authorization of funds by the State Bond Commission.
Sec. 15. (Effective July 1, 2018) (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 five million five hundred thousand dollars.
(b) The proceeds of the sale of such bonds, to the extent of the amount stated in subsection (a) of this section, shall be used by the Office of Policy and Management for the purposes described in section 32-9s of the general statutes.
(c) All provisions of section 3-20 of the general statutes, or the exercise of any right or power granted thereby, that 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. 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 section 3-20 of the general statutes 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 such 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 that 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. Such 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 such bonds as the same become due, and accordingly and as part of the contract of the state with the holders of such bonds, appropriation of all amounts necessary for punctual payment of such principal and interest is hereby made, and the State Treasurer shall pay such principal and interest as the same become due.
Sec. 16. Subsection (f) of section 3-21 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(f) (1) (A) On and after July 1, 2018, the Treasurer may not issue general obligation bonds or notes pursuant to section 3-20 or credit revenue bonds pursuant to section 3-20j that exceed in the aggregate one billion nine hundred million dollars in any fiscal year. Commencing July 1, 2019, and each fiscal year thereafter, the aggregate limit shall be adjusted in accordance with any change in the consumer price index for all urban consumers for the preceding calendar year, less food and energy, as published by the United States Department of Labor, Bureau of Labor Statistics.
(B) Any calculation made pursuant to subparagraph (A) of this subdivision shall not include (i) any general obligation bonds issued as part of CSCU 2020, as defined in subdivision (3) of section 10a-91c, or UConn 2000, as defined in subdivision (25) of section 10a-109c, (ii) any bonds, notes or other evidences of indebtedness for borrowed money which are issued for the purpose of refunding other bonds, notes or other evidences of indebtedness, (iii) obligations in anticipation of revenues to be received by the state during the twelve calendar months next following their issuance, or (iv) any indebtedness authorized pursuant to section 41 of this act.
(2) (A) Not later than January 1, 2018, and January first annually thereafter, the Treasurer shall provide the Governor with a list of allocated but unissued bonds. The Governor shall post such list on the Internet web site of the office of the Governor.
(B) Notwithstanding section 4-85, the Governor shall not approve allotment requisitions pursuant to said section that would result in the issuance of general obligation bonds or notes pursuant to section 3-20 or credit revenue bonds pursuant to section 3-20j that exceed in the aggregate one billion nine hundred million dollars in any fiscal year. Commencing July 1, 2019, and each fiscal year thereafter, the aggregate limit shall be adjusted in accordance with any change in the consumer price index for all urban consumers for the preceding calendar year, less food and energy, as published by the United States Department of Labor, Bureau of Labor Statistics. Not later than April 1, 2018, and April first annually thereafter, the Governor shall provide the Treasurer with a list of general obligation bond and credit revenue bond expenditures that can be made July first commencing the next fiscal year totaling not more than one billion nine hundred million dollars. Commencing July 1, 2019, and each fiscal year thereafter, the aggregate limit shall be adjusted in accordance with any change in the consumer price index for all urban consumers for the preceding calendar year, less food and energy, as published by the United States Department of Labor, Bureau of Labor Statistics. The Governor shall post such list on the Internet web site of the office of the Governor.
(C) Any calculation made pursuant to subparagraph (B) of this subdivision shall not include (i) any general obligation bonds issued as part of CSCU 2020, as defined in subdivision (3) of section 10a-91c, or UConn 2000, as defined in subdivision (25) of section 10a-109c, (ii) any bonds, notes or other evidences of indebtedness for borrowed money which are issued for the purpose of refunding other bonds, notes or other evidences of indebtedness, (iii) obligations in anticipation of revenues to be received by the state during the twelve calendar months next following their issuance, or (iv) any indebtedness authorized pursuant to section 41 of this act.
Sec. 17. Subsections (a) and (b) of section 4-66c of the 2018 supplement to the general statutes are repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(a) For the purposes of subsection (b) of this section, the State Bond Commission shall have 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 six hundred eighty-four million four hundred eighty-seven thousand five hundred forty-four dollars] one billion seven hundred eighty-four million four hundred eighty-seven thousand five hundred forty-four dollars, provided [fifty million dollars] one hundred million dollars of said authorization shall be effective July 1, 2018. 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 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.
(b) (1) The proceeds of the sale of said bonds, to the extent hereinafter stated, shall be used, subject to the provisions of subsections (c) and (d) of this section, for the purpose of redirecting, improving and expanding state activities which promote community conservation and development and improve the quality of life for urban residents of the state as hereinafter stated: (A) For the Department of Economic and Community Development: Economic and community development projects, including administrative costs incurred by the Department of Economic and Community Development, not exceeding sixty-seven million five hundred ninety-one thousand six hundred forty-two dollars, one million dollars of which shall be used for a grant to the development center program and the nonprofit business consortium deployment center approved pursuant to section 32-411; (B) for the Department of Transportation: Urban mass transit, not exceeding two million dollars; (C) for the Department of Energy and Environmental Protection: Recreation development and solid waste disposal projects, not exceeding one million nine hundred ninety-five thousand nine hundred two dollars; (D) for the Department of Social Services: Child day care projects, elderly centers, shelter facilities for victims of domestic violence, emergency shelters and related facilities for the homeless, multipurpose human resource centers and food distribution facilities, not exceeding thirty-nine million one hundred thousand dollars, provided four million dollars of said authorization shall be effective July 1, 1994; (E) for the Department of Economic and Community Development: Housing projects, not exceeding three million dollars; (F) for the Office of Policy and Management: (i) Grants-in-aid to municipalities for a pilot demonstration program to leverage private contributions for redevelopment of designated historic preservation areas, not exceeding one million dollars; (ii) grants-in-aid for urban development projects including economic and community development, transportation, environmental protection, public safety, children and families and social services projects and programs, including, in the case of economic and community development projects administered on behalf of the Office of Policy and Management by the Department of Economic and Community Development, administrative costs incurred by the Department of Economic and Community Development, not exceeding [one billion five hundred sixty-nine million eight hundred thousand dollars] one billion six hundred sixty-nine million eight hundred thousand dollars, provided [fifty] one hundred million dollars of said authorization shall be effective July 1, 2018.
(2) (A) Five million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection may be made available to private nonprofit organizations for the purposes described in said subparagraph (F)(ii). (B) Twelve million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection may be made available for necessary renovations and improvements of libraries. (C) Five million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for small business gap financing. (D) Ten million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection may be made available for regional economic development revolving loan funds. (E) One million four hundred thousand dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for rehabilitation and renovation of the Black Rock Library in Bridgeport. (F) Two million five hundred thousand dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for site acquisition, renovation and rehabilitation for the Institute for the Hispanic Family in Hartford. (G) Three million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for the acquisition of land and the development of commercial or retail property in New Haven. (H) Seven hundred fifty thousand dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for repairs and replacement of the fishing pier at Cummings Park in Stamford. (I) Ten million dollars of the grants-in-aid authorized in subparagraph (F)(ii) of subdivision (1) of this subsection shall be made available for development of an intermodal transportation facility in northeastern Connecticut.
Sec. 18. Section 10-287d of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
For the purposes of funding (1) grants to projects that have received approval of the Department of Administrative Services pursuant to sections 10-287 and 10-287a, subsection (a) of section 10-65 and section 10-76e, (2) grants to assist school building projects to remedy safety and health violations and damage from fire and catastrophe, and (3) technical education and career school projects pursuant to section 10-283b, the State Treasurer is authorized and directed, subject to and in accordance with the provisions of section 3-20, to issue bonds of the state from time to time in one or more series in an aggregate amount not exceeding [twelve billion one hundred sixteen million one hundred sixty thousand dollars] eleven billion seven hundred fifty-six million one hundred sixty thousand dollars, provided [four hundred fifty million dollars] ninety million dollars of said authorization shall be effective July 1, 2018, and provided not more than five million dollars shall be made available for school security projects administered by the School Safety Infrastructure Council established pursuant to section 10-292r that involve multimedia interoperable communication systems. Bonds of each series shall bear such date or dates and mature at such time or times not exceeding thirty years from their respective dates and be subject to such redemption privileges, with or without premium, as may be fixed by the State Bond Commission. They shall be sold at not less than par and accrued interest and the full faith and credit of the state is pledged for the payment of the interest thereon and the principal thereof as the same shall 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 State Treasurer shall pay such principal and interest as the same become due. The State Treasurer is authorized to invest temporarily in direct obligations of the United States, United States agency obligations, certificates of deposit, commercial paper or bank acceptances such portion of the proceeds of such bonds or of any notes issued in anticipation thereof as may be deemed available for such purpose.
Sec. 19. Subsection (a) of section 23-103 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(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 [seven] ten million dollars.
Sec. 20. Subdivision (1) of subsection (h) of section 17 of special act 02-1 of the May 9 special session, as amended by section 114 of special act 04-2 of the May special session and section 82 of public act 15-1 of the June special session, is amended to read as follows (Effective July 1, 2018):
(1) [Development of Criminal/Juvenile courthouse in New Haven, not exceeding $5,000,000 and necessary repairs] Repairs to existing Judicial Branch facilities in New Haven, not exceeding [$4,500,000] $9,500,000.
Sec. 21. Subsection (e) of section 27 of public act 09-2 of the September special session is amended to read as follows (Effective July 1, 2018):
(e) For Charter Oak State College: [Planning, design and construction of a new facility] Design, construction, renovations and improvements related to the relocation of Charter Oak State College, not exceeding $2,500,000.
Sec. 22. Section 12 of public act 11-57, as amended by section 133 of public act 13-239, section 136 of public act 16-4 of the May special session and section 478 of public act 17-2 of the June special session, is amended to read as follows (Effective July 1, 2018):
The State Bond Commission shall have power, in accordance with the provisions of sections 12 to 19, inclusive, of public act 11-57, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate, not exceeding [$58,615,072] $58,934,047.
Sec. 23. Subsection (e) of section 13 of public act 11-57, as amended by section 480 of public act 17-2 of the June special session, is amended to read as follows (Effective July 1, 2018):
(e) For the Department of Mental Health and Addiction Services: Grants-in-aid to private, non-profit organizations that are exempt under Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time, for community-based residential and outpatient facilities for purchases, repairs, alterations, and improvements, not exceeding [$3,956,164] $4,275,139.
Sec. 24. Section 8 of public act 12-189, as amended by section 211 of public act 15-1 of the June special session, section 154 of public act 16-4 of the May special session and section 487 of public act 17-2 of the June special session, is amended to read as follows (Effective July 1, 2018):
The State Bond Commission shall have power, in accordance with the provisions of sections 8 to 15, inclusive, of public act 12-189, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate, not exceeding [$156,137,861] $162,472,061.
Sec. 25. Subdivision (2) of subsection (e) of section 9 of public act 12-189, as amended by section 103 of public act 13-239, section 159 of public act 16-4 of the May special session and section 489 of public act 17-2 of the June special session, is amended to read as follows (Effective July 1, 2018):
(2) Grants-in-aid for alterations, repairs, improvements, technology, equipment and capital start-up costs, including acquisition costs, to expand the availability of high-quality school models, and assist in the implementation of common CORE state standards and assessments, in accordance with procedures established by the Commissioner of Education, not exceeding [$18,554,746] $24,888,946;
Sec. 26. Section 85 of public act 13-3, as amended by section 74 of public act 14-98 and section 67 of public act 15-1 of the June special session, is amended to read as follows (Effective July 1, 2018):
(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 [forty-seven] fifty-seven million dollars.
(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 Education for the purpose of the school security infrastructure competitive grant program, established pursuant to section 84 of public act 13-3, as amended by section 15 of public act 13-122, section 191 of public act 13-247, [and] section 73 of public act 14-98, section 1 of public act 15-5, section 1 of public act 16-171, section 1 of public act 17-68 and section 490 of public act 17-2 of the June special session.
(c) All provisions of section 3-20 of the general statutes, 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 State Treasurer shall pay such principal and interest as the same become due.
Sec. 27. Subdivision (4) of subsection (l) of section 2 of public act 13-239 is amended to read as follows (Effective July 1, 2018):
(4) At Middlesex Community College: [Planning, design and construction of a new academic building] Renovations and additions to the Wheaton and Snow Classroom Buildings, not exceeding $4,800,000.
Sec. 28. Section 8 of public act 14-98, as amended by section 189 of public act 16-4 of the May special session and section 517 of public act 17-2 of the June special session, is amended to read as follows (Effective July 1, 2018):
The State Bond Commission shall have power, in accordance with the provisions of this section and sections 9 to 15, inclusive, of public act 14-98, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate, not exceeding [$164,100,000] $162,765,800.
Sec. 29. Subsection (j) of section 9 of public act 14-98 is amended to read as follows (Effective July 1, 2018):
(j) For the Department of Education: Grants-in-aid for alterations, repairs, improvements, technology, equipment and capital start-up costs, including acquisition costs, to expand the availability of high-quality school models and assist in the implementation of common core state standards and assessments, in accordance with procedures established by the Commissioner of Education, not exceeding [$10,000,000] $8,665,800.
Sec. 30. Section 31 of public act 15-1 of the June special session, as amended by section 219 of public act 16-4 of the May special session and section 537 of public act 17-2 of the June special session, is amended to read as follows (Effective July 1, 2018):
The State Bond Commission shall have power, in accordance with the provisions of this section and sections 32 to 38, inclusive, of public act 15-1 of the June special session, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate, not exceeding [$282,750,000] $277,750,000.
Sec. 31. Subdivision (3) of subsection (k) of section 32 of public act 15-1 of the June special session is repealed. (Effective July 1, 2018)
Sec. 32. Section 385 of public act 17-2 of the June special session is amended to read as follows (Effective July 1, 2018):
The proceeds of the sale of bonds described in sections 384 to 387, inclusive, of [this act] public act 17-2 of the June special session shall be used by the Department of Housing for the purposes hereinafter stated: Housing development and rehabilitation, including moderate cost housing, moderate rental, congregate and elderly housing, urban homesteading, community housing development corporations, housing purchase and rehabilitation, housing for the homeless, housing for low-income persons, limited equity cooperatives and mutual housing projects, abatement of hazardous material including asbestos and lead-based paint in residential structures, emergency repair assistance for senior citizens, housing land bank and land trust, housing and community development, predevelopment grants and loans, reimbursement for state and federal surplus property, private rental investment mortgage and equity program, housing infrastructure, demolition, renovation or redevelopment of vacant buildings or related infrastructure, septic system repair loan program, acquisition and related rehabilitation including loan guarantees for private developers of rental housing for the elderly, projects under the program established in section 8-37pp of the general statutes, and participation in federal programs, including administrative expenses associated with those programs eligible under the general statutes, not exceeding $125,000,000, provided in using such proceeds, the department shall prioritize areas of the state with low homeownership rates, and provided not more than $30,000,000 shall be used for revitalization of state moderate rental housing units on the Connecticut Housing Finance Authority's State Housing Portfolio and provided not more than $12,000,000 shall be used to capitalize the Down Payment Assistance Program established pursuant to sections 8-283 to 8-289, inclusive, of the general statutes, including providing financial assistance under such program to families and persons with incomes up to and including one hundred twenty per cent of the area median income.
Sec. 33. Section 396 of public act 17-2 of the June special session is amended to read as follows (Effective July 1, 2018):
The State Bond Commission shall have power, in accordance with the provisions of this section and sections 397 to 402, inclusive, of [this act] public act 17-2 of the June special session, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate, not exceeding [$149,896,250] $169,896,250.
Sec. 34. Subdivision (2) of subsection (a) of section 397 of public act 17-2 of the June special session is amended to read as follows (Effective July 1, 2018):
(2) For an information technology capital investment program, not exceeding [$25,000,000] $45,000,000.
Sec. 35. Section 407 of public act 17-2 of the June special session is amended to read as follows (Effective July 1, 2018):
The State Bond Commission shall have power, in accordance with the provisions of this section and sections 408 to 414, inclusive, of [this act] public act 17-2 of the June special session, from time to time to authorize the issuance of bonds of the state in one or more series and in principal amounts in the aggregate, not exceeding [$213,500,000] $216,000,000.
Sec. 36. Subsection (g) of section 408 of public act 17-2 of the June special session is amended to read as follows (Effective July 1, 2018):
(g) For the State Library: Grants-in-aid to public libraries for construction, renovations, expansions, energy conservation and handicapped accessibility, not exceeding [$2,500,000] $5,000,000.
Sec. 37. Subsection (j) of section 408 of public act 17-2 of the June special session is amended to read as follows (Effective July 1, 2018):
(j) For the Department of Housing: Funding for the Department of Housing and Connecticut Children's Medical Center's Healthy Homes Program, [for the abatement of lead in homes in the state,] not exceeding $10,000,000, provided (1) not more than $7,000,000 shall be made available to residents in any municipality in the state for the abatement of lead in such residents' homes, and (2) not more than $3,000,000 shall be made available to first-time homebuyers in the state in an amount not to exceed $40,000 per residential home to remediate conditions that constitute housing blight under a municipal ordinance or regulation of the municipality in which such residential home is located, and provided a person may only be eligible to receive one grant in an amount not to exceed $40,000.
Sec. 38. Subdivision (9) of subsection (a) of section 422 of public act 17-2 of the June special session is amended to read as follows (Effective July 1, 2018):
(9) Local Transportation Capital Program, including, but not limited to, projects at Grumman Hill Road in Wilton, not exceeding $64,000,000;
Sec. 39. Subsection (b) of section 432 of public act 17-2 of the June special session is amended to read as follows (Effective from passage):
(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 Office of Policy and Management for grants-in-aid to municipalities for the purposes set forth in subsection (a) of section 13a-175a of the general statutes, for the fiscal years ending June 30, 2018, and June 30, 2018. Such grant payments shall be made purposes set forth in subsection (a) of section 13a-175a of the general statutes, for the fiscal years ending June 30, 2018, and June 30, [2018] 2019. Such grant payments shall be made annually as follows:
|
Municipalities |
FY 18 |
FY 19 |
|
Andover |
$ 2,620 |
$ 2,620 |
|
Ansonia |
85,419 |
85,419 |
|
Ashford |
3,582 |
3,582 |
|
Avon |
261,442 |
261,442 |
|
Barkhamsted |
41,462 |
41,462 |
|
Beacon Falls |
43,809 |
43,809 |
|
Berlin |
786,396 |
786,396 |
|
Bethany |
67,229 |
67,229 |
|
Bethel |
282,660 |
282,660 |
|
Bethlehem |
7,945 |
7,945 |
|
Bloomfield |
1,701,347 |
1,701,347 |
|
Bolton |
24,859 |
24,859 |
|
Bozrah |
138,521 |
138,521 |
|
Branford |
374,850 |
374,850 |
|
Bridgeport |
1,031,564 |
1,031,564 |
|
Bridgewater |
587 |
587 |
|
Bristol |
2,486,925 |
2,486,925 |
|
Brookfield |
118,281 |
118,281 |
|
Brooklyn |
10,379 |
10,379 |
|
Burlington |
15,300 |
15,300 |
|
Canaan |
20,712 |
20,712 |
|
Canterbury |
2,022 |
2,022 |
|
Canton |
7,994 |
7,994 |
|
Chaplin |
601 |
601 |
|
Cheshire |
736,700 |
736,700 |
|
Chester |
89,264 |
89,264 |
|
Clinton |
191,674 |
191,674 |
|
Colchester |
39,009 |
39,009 |
|
Colebrook |
550 |
550 |
|
Columbia |
26,763 |
26,763 |
|
Cornwall |
- |
- |
|
Coventry |
10,533 |
10,533 |
|
Cromwell |
31,099 |
31,099 |
|
Danbury |
1,726,901 |
1,726,901 |
|
Darien |
- |
- |
|
Deep River |
104,136 |
104,136 |
|
Derby |
14,728 |
14,728 |
|
Durham |
153,897 |
153,897 |
|
Eastford |
54,564 |
54,564 |
|
East Granby |
537,454 |
537,454 |
|
East Haddam |
1,696 |
1,696 |
|
East Hampton |
18,943 |
18,943 |
|
East Hartford |
4,447,536 |
4,447,536 |
|
East Haven |
43,500 |
43,500 |
|
East Lyme |
22,442 |
22,442 |
|
Easton |
2,660 |
2,660 |
|
East Windsor |
295,024 |
295,024 |
|
Ellington |
223,527 |
223,527 |
|
Enfield |
256,875 |
256,875 |
|
Essex |
74,547 |
74,547 |
|
Fairfield |
96,747 |
96,747 |
|
Farmington |
545,804 |
545,804 |
|
Franklin |
23,080 |
23,080 |
|
Glastonbury |
240,799 |
240,799 |
|
Goshen |
2,648 |
2,648 |
|
Granby |
35,332 |
35,332 |
|
Greenwich |
89,022 |
89,022 |
|
Griswold |
31,895 |
31,895 |
|
Groton (Town of) |
1,240,819 |
1,240,819 |
|
Guilford |
64,848 |
64,848 |
|
Haddam |
3,554 |
3,554 |
|
Hamden |
286,689 |
286,689 |
|
Hampton |
- |
- |
|
Hartford |
1,419,161 |
1,419,161 |
|
Hartland |
955 |
955 |
|
Harwinton |
21,506 |
21,506 |
|
Hebron |
2,216 |
2,216 |
|
Kent |
- |
- |
|
Killingly |
706,717 |
706,717 |
|
Killingworth |
5,148 |
5,148 |
|
Lebanon |
30,427 |
30,427 |
|
Ledyard |
421,085 |
421,085 |
|
Lisbon |
3,683 |
3,683 |
|
Litchfield |
3,432 |
3,432 |
|
Lyme |
- |
- |
|
Madison |
6,795 |
6,795 |
|
Manchester |
1,072,449 |
1,072,449 |
|
Mansfield |
6,841 |
6,841 |
|
Marlborough |
7,313 |
7,313 |
|
Meriden |
893,641 |
893,641 |
|
Middlebury |
84,264 |
84,264 |
|
Middlefield |
248,652 |
248,652 |
|
Middletown |
1,987,145 |
1,987,145 |
|
Milford |
1,344,868 |
1,344,868 |
|
Monroe |
179,106 |
179,106 |
|
Montville |
528,644 |
528,644 |
|
Morris |
3,528 |
3,528 |
|
Naugatuck |
341,656 |
341,656 |
|
New Britain |
1,383,881 |
1,383,881 |
|
New Canaan |
200 |
200 |
|
New Fairfield |
1,149 |
1,149 |
|
New Hartford |
139,174 |
139,174 |
|
New Haven |
1,369,123 |
1,369,123 |
|
Newington |
917,869 |
917,869 |
|
New London |
33,169 |
33,169 |
|
New Milford |
674,203 |
674,203 |
|
Newtown |
235,371 |
235,371 |
|
Norfolk |
7,207 |
7,207 |
|
North Branford |
301,074 |
301,074 |
|
North Canaan |
359,719 |
359,719 |
|
North Haven |
1,445,730 |
1,445,730 |
|
North Stonington |
- |
- |
|
Norwalk |
402,915 |
402,915 |
|
Norwich |
187,132 |
187,132 |
|
Old Lyme |
1,888 |
1,888 |
|
Old Saybrook |
46,717 |
46,717 |
|
Orange |
104,962 |
104,962 |
|
Oxford |
84,313 |
84,313 |
|
Plainfield |
144,803 |
144,803 |
|
Plainville |
541,936 |
541,936 |
|
Plymouth |
152,434 |
152,434 |
|
Pomfret |
27,820 |
27,820 |
|
Portland |
90,840 |
90,840 |
|
Preston |
- |
- |
|
Prospect |
70,942 |
70,942 |
|
Putnam |
171,800 |
171,800 |
|
Redding |
1,329 |
1,329 |
|
Ridgefield |
561,986 |
561,986 |
|
Rocky Hill |
221,199 |
221,199 |
|
Roxbury |
602 |
602 |
|
Salem |
4,699 |
4,699 |
|
Salisbury |
83 |
83 |
|
Scotland |
7,681 |
7,681 |
|
Seymour |
281,186 |
281,186 |
|
Sharon |
- |
- |
|
Shelton |
584,121 |
584,121 |
|
Sherman |
- |
- |
|
Simsbury |
77,648 |
77,648 |
|
Somers |
82,324 |
82,324 |
|
Southbury |
20,981 |
20,981 |
|
Southington |
820,795 |
820,795 |
|
South Windsor |
1,338,190 |
1,338,190 |
|
Sprague |
386,528 |
386,528 |
|
Stafford |
437,917 |
437,917 |
|
Stamford |
416,142 |
416,142 |
|
Sterling |
24,398 |
24,398 |
|
Stonington |
100,332 |
100,332 |
|
Stratford |
3,507,689 |
3,507,689 |
|
Suffield |
180,663 |
180,663 |
|
Thomaston |
395,346 |
395,346 |
|
Thompson |
76,733 |
76,733 |
|
Tolland |
85,064 |
85,064 |
|
Torrington |
605,345 |
605,345 |
|
Trumbull |
189,309 |
189,309 |
|
Union |
- |
- |
|
Vernon |
151,598 |
151,598 |
|
Voluntown |
2,002 |
2,002 |
|
Wallingford |
1,948,455 |
1,948,455 |
|
Warren |
288 |
288 |
|
Washington |
158 |
158 |
|
Waterbury |
2,516,158 |
2,516,158 |
|
Waterford |
34,255 |
34,255 |
|
Watertown |
642,281 |
642,281 |
|
Westbrook |
267,405 |
267,405 |
|
West Hartford |
805,784 |
805,784 |
|
West Haven |
147,516 |
147,516 |
|
Weston |
453 |
453 |
|
Westport |
- |
- |
|
Wethersfield |
21,785 |
21,785 |
|
Willington |
20,018 |
20,018 |
|
Wilton |
307,058 |
307,058 |
|
Winchester |
306,204 |
306,204 |
|
Windham |
454,575 |
454,575 |
|
Windsor |
1,321,000 |
1,321,000 |
|
Windsor Locks |
1,907,971 |
1,907,971 |
|
Wolcott |
234,916 |
234,916 |
|
Woodbridge |
29,920 |
29,920 |
|
Woodbury |
56,908 |
56,908 |
|
Woodstock |
68,767 |
68,767 |
|
|
- |
- |
|
Jewett City (Bor. ) |
4,195 |
4,195 |
|
|
- |
- |
|
Barkhamsted FD |
2,500 |
2,500 |
|
Berlin - Kensington FD |
11,389 |
11,389 |
|
Berlin - Worthington FD |
941 |
941 |
|
Bloomfield: Center FD |
4,173 |
4,173 |
|
Bloomfield Blue Hills FD |
103,086 |
103,086 |
|
Cromwell FD |
1,832 |
1,832 |
|
Enfield FD 1 |
14,636 |
14,636 |
|
Enfield: Thompsonville FD 2 |
3,160 |
3,160 |
|
Enfield: Hazardville Fire #3 |
1,374 |
1,374 |
|
Enfield: N Thompsonville FD 4 |
69 |
69 |
|
Enfield: Shaker Pines FD 5 |
6,403 |
6,403 |
|
Groton City |
164,635 |
164,635 |
|
Groton Sewer |
1,688 |
1,688 |
|
Groton Old Mystic FD 5 |
1,695 |
1,695 |
|
Groton: Poq. Bridge FD |
22,300 |
22,300 |
|
Killingly Attawaugan FD |
1,836 |
1,836 |
|
Killingly Dayville FD |
42,086 |
42,086 |
|
Killingly Dyer Manor |
1,428 |
1,428 |
|
E. Killingly FD |
95 |
95 |
|
So. Killingly FD |
189 |
189 |
|
Killingly Williamsville FD |
6,710 |
6,710 |
|
Manchester Eighth Util. |
68,425 |
68,425 |
|
Middletown: South FD |
207,081 |
207,081 |
|
Middletown Westfield FD |
10,801 |
10,801 |
|
Middletown City Fire |
33,837 |
33,837 |
|
New Htfd. Village FD #1 |
7,128 |
7,128 |
|
New Htfd Pine Meadow #3 |
131 |
131 |
|
New Htfd South End FD |
10 |
10 |
|
Plainfield Central Village FD |
1,466 |
1,466 |
|
Plainfield - Moosup FD |
2,174 |
2,174 |
|
Plainfield: Plainfield FD |
1,959 |
1,959 |
|
Plainfield Wauregan FD |
5,136 |
5,136 |
|
Pomfret FD |
1,031 |
1,031 |
|
Putnam: E. Putnam FD |
10,110 |
10,110 |
|
Simsbury FD |
2,638 |
2,638 |
|
Stafford Springs Service Dist. |
15,246 |
15,246 |
|
Sterling FD |
1,293 |
1,293 |
|
Stonington Mystic FD |
601 |
601 |
|
Stonington Old Mystic FD |
2,519 |
2,519 |
|
Stonington Pawcatuck FD |
5,500 |
5,500 |
|
Stonington Quiambaug FD. |
72 |
72 |
|
Stonington Wequetequock FD |
73 |
73 |
|
Trumbull Center |
555 |
555 |
|
Trumbull Long Hill FD |
1,105 |
1,105 |
|
Trumbull Nichols FD |
3,435 |
3,435 |
|
W. Haven: West Shore FD |
34,708 |
34,708 |
|
W. Haven: Allingtown FD |
21,514 |
21,514 |
|
West Haven First Ctr FD 1 |
4,736 |
4,736 |
|
Windsor Wilson FD |
214 |
214 |
|
Windsor FD |
14 |
14 |
|
Windham First |
8,929 |
8,929 |
|
Grand Totals |
$60,000,000 |
$60,000,000 |
Sec. 40. Section 552 of public act 17-2 of the June special session is repealed. (Effective July 1, 2018)
Sec. 41. (NEW) (Effective July 1, 2018) (a) The State Bond Commission shall authorize bond issuances each calendar year for transportation projects up to the amounts specified under subsection (b) of this section.
(b) For the calendar years commencing January 1, 2018, to January 1, 2019, inclusive, the State Bond Commission shall authorize general obligation bonds for transportation projects, capped at the following amounts:
Calendar Year Commencing |
Up to | |
January 1, |
||
2018 |
$250,000,000 | |
2019 |
250,000,000 |
(c) Whenever any general statute or public or special act, whether enacted before, on or after the effective date of this section, authorizes special tax obligation bonds or general obligation bonds of the state to be issued for any purpose, such general statute or public or special act shall be deemed to have authorized such bonds to be issued as either special tax obligation bonds or general obligation bonds under this section. In no event shall the total of the principal amount of special tax obligation bonds and general obligation bonds issued pursuant to the authority of any general statute or public or special act exceed the amount authorized thereunder.
Sec. 42. Subsection (d) of section 3-20 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(d) (1) (A) All bonds of the state, authorized by the State Bond Commission acting prior to July 1, 1972, pursuant to any bond act taking effect prior to such date, shall be issued in accordance with such bond act or this section.
(B) All bonds of the state authorized to be issued by the State Bond Commission acting on or after July 1, 1972, pursuant to any bond act taking effect before, on or after such date shall be authorized and shall be issued in accordance with this section.
(2) For the calendar year commencing January 1, 2017, and for each calendar year thereafter, the State Bond Commission may not authorize bond issuances or credit revenue bond issuances of more than two billion dollars in the aggregate in any calendar year. Commencing January 1, 2018, and each calendar year thereafter, the aggregate limit shall be adjusted in accordance with any change in the consumer price index for all urban consumers for the preceding calendar year, less food and energy, as published by the United States Department of Labor, Bureau of Labor Statistics. In computing such aggregate amount at any time, there shall be excluded or deducted, as the case may be, any indebtedness authorized pursuant to section 41 of this act.
Sec. 43. Subsection (a) of section 3-21 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(a) No bonds, notes or other evidences of indebtedness for borrowed money payable from General Fund tax receipts of the state shall be authorized by the General Assembly or issued except such as shall not cause the aggregate amount of the total amount of bonds, notes or other evidences of indebtedness payable from General Fund tax receipts authorized by the General Assembly but which have not been issued and the total amount of such indebtedness which has been issued and remains outstanding to exceed one and six-tenths times the total General Fund tax receipts of the state for the fiscal year in which any such authorization will become effective or in which such indebtedness is issued, as estimated for such fiscal year by the joint standing committee of the General Assembly having cognizance of finance, revenue and bonding in accordance with section 2-35. Credit revenue bonds issued pursuant to section 3-20j shall be considered as payable from General Fund tax receipts of the state for purposes of this subsection. In computing such aggregate amount of indebtedness at any time, there shall be excluded or deducted, as the case may be, (1) the principal amount of all such obligations as may be certified by the Treasurer (A) as issued in anticipation of revenues to be received by the state during the period of twelve calendar months next following their issuance and to be paid by application of such revenue, or (B) as having been refunded or replaced by other indebtedness the proceeds and projected earnings on which or other funds are held in escrow to pay and are sufficient to pay the principal, interest and any redemption premium until maturity or earlier planned redemption of such indebtedness, or (C) as issued and outstanding in anticipation of particular bonds then unissued but fully authorized to be issued in the manner provided by law for such authorization, provided, as long as any of such obligations are outstanding, the entire principal amount of such particular bonds thus authorized shall be deemed to be outstanding and be included in such aggregate amount of indebtedness, or (D) as payable solely from revenues of particular public improvements, (2) the amount which may be certified by the Treasurer as the aggregate value of cash and securities in debt retirement funds of the state to be used to meet principal of outstanding obligations included in such aggregate amount of indebtedness, (3) every such amount as may be certified by the Secretary of the Office of Policy and Management as the estimated payments on account of the costs of any public work or improvement thereafter to be received by the state from the United States or agencies thereof and to be used, in conformity with applicable federal law, to meet principal of obligations included in such aggregate amount of indebtedness, (4) all authorized and issued indebtedness to fund any budget deficits of the state for any fiscal year ending on or before June 30, 1991, (5) all authorized indebtedness to fund the program created pursuant to section 32-285, (6) all authorized and issued indebtedness to fund any budget deficits of the state for any fiscal year ending on or before June 30, 2002, (7) all indebtedness authorized and issued pursuant to section 1 of public act 03-1 of the September 8 special session, (8) all authorized indebtedness issued pursuant to section 3-62h, (9) any indebtedness represented by any agreement entered into pursuant to subsection (b) or (c) of section 3-20a as certified by the Treasurer, provided the indebtedness in connection with which such agreements were entered into shall be included in such aggregate amount of indebtedness, [and] (10) all indebtedness authorized and issued pursuant to section 3-20g, and (11) any indebtedness authorized pursuant to section 41 of this act. In computing the amount of outstanding indebtedness, only the accreted value of any capital appreciation obligation or any zero coupon obligation which has accreted and been added to the stated initial value of such obligation as of the date of any computation shall be included.
Sec. 44. Subsection (a) of section 13b-74 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(a) (1) Whenever the General Assembly has empowered the State Bond Commission to authorize special tax obligation bonds of the state for specific transportation projects and uses and has found that such projects and uses are for any of the purposes set forth under subsection (b) of this section, and whenever the State Bond Commission finds that the authorization of such bonds will be in the best interests of the state, the State Bond Commission shall authorize the issuance of such bonds from time to time in one or more series and in principal amounts not exceeding the aggregate amount authorized therefor by the General Assembly.
(2) For the fiscal years that end July 1, 2019, and July 1, 2020, the Treasurer may not issue special tax obligation bonds for transportation projects pursuant to sections 13b-74 to 13b-77, inclusive, that exceed in the aggregate seven hundred fifty million dollars in each such fiscal year.
Sec. 45. (NEW) (Effective July 1, 2018) (a) There is established the Apprenticeship Connecticut initiative to develop work force pipeline programs to train qualified entry-level workers for job placement with manufacturers and employers in other industry sectors in the state that are experiencing sustained work force shortages. The initiative shall include, where practicable, outreach to underserved populations, including youths, to achieve success in the program and support the state's economic development progress.
(b) (1) Not later than January 1, 2019, the Labor Commissioner shall issue a request for qualifications to solicit proposals from regional industry partnerships for a work force pipeline program to serve the work force needs of manufacturers and other employers in the region. To be eligible to submit a proposal, a regional industry partnership shall include as members of such partnership (A) entities and organizations with expertise in regional economic and work force development, including, but not limited to, entities offering apprenticeship or other work force training programs, (B) the regional work force development board, established pursuant to section 31-3k of the general statutes, for the applicable work force region, and (C) at least one educational institution such as a vocational-technical school or an institution of higher education or at least one employer located in the work force region. A regional industry partnership may include other entities, organizations or institutions that support the goals of the partnership and initiative.
(2) Prior to the date established by the commissioner for the submission of responses to such request for qualifications, each regional work force development board shall submit a report to the General Assembly, in accordance with the provisions of section 11-4a of the general statutes, that sets forth the most pressing work force needs within such board's region and identifies the industry sector or sectors in which such needs are the greatest.
(c) Each proposal shall be submitted by the partnership through the regional work force development board and shall demonstrate the targeted goal of preparing qualified entry-level workers for careers that provide a living wage. Each proposal shall include plans for the following core program components:
(1) Identification of the region's most pressing work force needs and the industry sector or sectors in which such needs are the greatest, as reported to the General Assembly pursuant to subdivision (2) of subsection (b) of this section, and including a detailed plan of how the partnership's proposal will serve the employment needs of workers residing in all towns within the region served by the applicable regional work force development board, focusing on those areas within such region with the most concentrated employment needs;
(2) Recruitment in the program of, and outreach efforts to, potential job seekers;
(3) (A) Screening and assessment of individuals interested in manufacturing work or employment in other sectors proposed to be targeted by the partnership, by which individuals will be assessed for work readiness, aptitude for the relevant work skills and on other metrics as specified by the partnership or as recommended by the Labor Department;
(B) Redirecting or connecting individuals determined through the screening and assessment process not to be suited for participation in the program to or with alternative career resources or services available to residents of the state that may be better suited to such individuals;
(C) Placement of individuals screened and assessed who are selected to participate in a training program, with an employer identified by the partnership, upon such individual's successful completion of the training program. Such identified employer shall commit to hire one or more individuals who successfully complete the training program and may further offer related on-the-job training or other in-house training opportunities to such individual or individuals. The partnership shall seek to leverage any such training or opportunities, apprenticeship programs, the Labor Department's subsidized training and employment program and other wage-subsidy programs with employers who commit to hiring individuals, and may seek program funding for retention services;
(4) (A) Separate training programs for participants (i) in the eleventh or twelfth grade, and (ii) eighteen years of age or older who are not currently enrolled in eleventh or twelfth grade. Such training programs shall be provided by partnership members or with the assistance of other parties as identified in the proposal;
(B) Training programs shall be not less than five consecutive weeks and not more than twenty-six consecutive weeks in duration. At least one training program offered for each age group shall be provided through a certified preapprenticeship program offered by the Labor Department. Any other training program may include a preapprenticeship component or award industry-recognized certificates, as proposed by the partnership;
(C) Training programs shall be developed and revised periodically through ongoing consultation with employers targeted for job placement of program participants;
(5) The duration of a work force pipeline program shall be not less than four years from the date of its establishment;
(6) For each core program component, identification of specific existing resources available to such partnership through the regional work force development board, the United States Department of Labor's American Job Center system, the state Labor Department, employers, apprenticeship or other work force training programs, educational institutions in the state or other public or private funds. If the partnership proposes using program funds for the purposes of core program components, it shall demonstrate for each such component that there will be leveraged funding support from existing resources and that the use of program funds for such purposes will not affect the availability of such existing resources; and
(7) The following limits shall apply to the use of any program funds awarded to a partnership: (A) Not more than seventy per cent of such funds shall be used for the training programs set forth in subdivision (4) of this subsection; (B) not more than twenty per cent of such funds shall be used for supporting services for the program, including recruitment and outreach efforts, screening and assessment, transportation, stipends, workplace tools or equipment and preemployment supports; and (C) not more than ten per cent of such funds shall be used for any other purpose, including administrative costs.
(d) (1) The commissioner shall review all qualifying responses to the request for qualifications and select as many proposals as the commissioner deems to be well-planned and the partnership to be capable of implementing its proposal. The commissioner shall select proposals so as to achieve a goal of not fewer than ten thousand individuals placed into new jobs over the first four years of a program, with one-third of such individuals from the group under subparagraph (A)(i) of subdivision (4) of subsection (c) of this section and two-thirds of such individuals from the group under subparagraph (A)(ii) of subdivision (4) of subsection (c) of this section.
(2) (A) The commissioner shall award funds to the partnerships selected under subdivision (1) of this subsection in proportion to the magnitude of the work force needs within the work force region proposed to be served, relative to the comparable work force needs within other work force regions of the state, provided no partnership shall receive more than twenty million dollars in total funding. The commissioner may further weight such distribution according to any total cost per program participant proposed by a partnership that the commissioner deems reasonable, and may give preference to a partnership with a lower total cost per program participant.
(B) The commissioner shall reserve from any funds awarded under subparagraph (A) of this subdivision sufficient funds to support the use of the certified preapprenticeship program offered by the Labor Department and shall transfer such reserved funds to the appropriate departmental account to be used for such purpose.
(e) Any regional industry partnership may seek (1) to leverage tuition or financial assistance programs for purposes of the program and for the benefit of individuals participating in the program, and (2) philanthropic and employer investments to meet the goal set forth in subdivision (1) of subsection (d) of this section and to support retention of individuals participating in the program.
Sec. 46. Section 32-39f of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(a) Connecticut Innovations, Incorporated shall establish a subsidiary, to be known as CTNext.
(1) The [purposes] primary purpose of CTNext shall be to foster [innovation, start-up and growth stage businesses and entrepreneur community building; to serve as a catalyst to protect and enhance the innovation ecosystem;] and oversee the growth and continuous improvement of a state-wide entrepreneurial ecosystem that is supportive of Connecticut innovators and entrepreneurs and to initiate changes to practices that the CTNext board of directors deems to be outdated to improve such ecosystem; to maintain an active and conspicuous presence at all nodes of such ecosystem and continuously increase connections between such nodes; and to regularly reassess the health of such ecosystem, identify its changing needs, adopt initiatives or adapt existing initiatives to meet such needs and regularly inform the General Assembly of such needs by proposing recommended legislation deemed necessary or desirable by the CTNext board of directors.
(2) The further purposes of CTNext shall be to support the growth of start-up and growth stage businesses; to promote entrepreneur community-building; to connect start-up and growth stage entrepreneurs with other start-up and growth stage entrepreneurs and with state, federal and private resources; to facilitate the establishment of innovation places and the development, growth and evolution of innovation places individually and in mutually supportive connections to other innovation places; to facilitate mentorship for start-up and growth stage entrepreneurs; to provide technical training and resources to start-up and growth stage businesses and entrepreneurs; [and] to facilitate innovation and entrepreneurship at institutions of higher education; and to identify areas in which current practices and policies at such institutions are not realizing their full potential.
(3) CTNext shall do all things necessary and proper to carry out the purposes set forth in subdivisions (1) and (2) of this subsection.
(4) CTNext shall not be an employer, as defined in section 5-270. Connecticut Innovations, Incorporated shall establish CTNext pursuant to the provisions of section 32-11e, except that at least half of the members of the CTNext board of directors shall not be required to be members of the board of directors of Connecticut Innovations, Incorporated or their designees or officers or employees of the corporation. No further action is required for the establishment of the subsidiary, except the adoption of a resolution for the subsidiary. CTNext shall constitute a successor authority to Connecticut Innovations, Incorporated in accordance with the provisions of sections 4-38d, 4-38e and 4-39, for the purposes of the powers in subdivisions (22), (28) and (40) of section 32-39 transferred from Connecticut Innovations, Incorporated to CTNext pursuant to section 32-39.
(b) CTNext shall be overseen by a board of directors, which shall be known as the CTNext board of directors or the CTNext board. The CTNext board of directors shall consist of eleven members, a majority of whom shall be serial entrepreneurs representing a diverse range of growth sectors of the Connecticut economy. By education or experience, such members shall be qualified in one or more of the following: Start-up business development, growth stage business development, investment, innovation place development, urban planning and technology commercialization in higher education. The CTNext board shall consist of the following members: (1) One appointed by the Governor for an initial term of two years; (2) one appointed by the speaker of the House of Representatives for an initial term of two years; (3) one appointed by the president pro tempore of the Senate for an initial term of two years; (4) one appointed by the majority leader of the House of Representatives for an initial term of one year; (5) one appointed by the majority leader of the Senate for an initial term of one year; (6) one appointed by the minority leader of the House of Representatives for an initial term of one year; (7) one appointed by the minority leader of the Senate for an initial term of one year; (8) two jointly appointed by the chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding for an initial term of two years; and (9) the executive director of Connecticut Innovations, Incorporated and the Commissioner of Economic and Community Development, both of whom shall serve ex officio. Thereafter, all members shall be appointed by the original appointing authority for two-year terms. Any member of the board shall be eligible for reappointment. Any vacancy occurring other than by expiration of term shall be filled in the same manner as the original appointment for the balance of the unexpired term. The appointing authority for any member may remove such member for misfeasance, malfeasance, wilful neglect of duty or failure to attend three consecutive board meetings. For the purposes of this section, "serial entrepreneur" means an entrepreneur having brought one or more start-up businesses to venture capital funding by an institutional investor and "growth stage business" means a business (A) that has been incorporated for ten years or less, (B) that has raised private capital, and (C) whose annual gross revenue has increased by twenty per cent for each of the three previous income years of such business.
(c) All initial appointments to the board of directors shall be made not later than September 1, 2016. [The chief executive officer of Connecticut Innovations, Incorporated shall schedule the first meeting of the board, which shall be held not later than October 15, 2016.] The chief executive officer of Connecticut Innovations, Incorporated shall be the chairperson of the board until January 1, 2019. On and after January 1, 2019, the chairperson of the board shall be a member of the CTNext board of directors elected by said board to serve for two-year terms. The chief executive officer of Connecticut Innovations, Incorporated shall remain a member of said board. The CTNext board shall meet at least quarterly, and at such other times as the chairperson deems necessary.
(d) Members of the CTNext board of directors may not designate a representative to perform in their absence their respective duties under this section or section 32-39g, as amended by this act.
(e) The chairperson shall, with the approval of the members of the CTNext board of directors, appoint an executive director of CTNext who shall be an employee of CTNext and paid a salary prescribed by the members. The executive director shall supervise the administrative affairs and technical activities of CTNext in accordance with the directives of the board.
(f) Each member of the CTNext board of directors shall serve without compensation but shall be entitled to reimbursement for such member's actual and necessary expenses incurred in the performance of such member's official duties.
(g) Members may engage in private employment, or in a profession or business, subject to any applicable laws, rules and regulations of the state regarding official ethics or conflict of interest.
(h) A majority of the directors of the CTNext board then seated shall constitute a quorum for the transaction of any business or the exercise of any power of CTNext. For the transaction of any business or the exercise of any power of the authority, and except as otherwise provided in this section or section 32-39g, as amended by this act, the CTNext board may act by a majority of the members present at any meeting at which a quorum is in attendance.
(i) CTNext shall continue as long as it has obligations outstanding and until its existence is terminated by law, provided no such termination shall affect any outstanding contractual obligation of CTNext and the state shall succeed to the obligations of CTNext under any contract. Upon the termination of the existence of CTNext, all its rights and properties shall pass to and be vested in Connecticut Innovations, Incorporated.
(j) [It] Notwithstanding any provision of the general statutes, it shall not constitute a conflict of interest for a trustee, director, partner or officer of any person, firm or corporation, or any individual having a financial interest in a person, firm or corporation, to serve as a member of the CTNext board of directors, provided such trustee, director, partner, officer or individual [complies with all applicable provisions of chapter 10, except as provided in this subsection] shall abstain from deliberation, action or vote by the board in specific respect to such person, firm or corporation. All members shall be deemed public officials and shall otherwise adhere to the code of ethics for public officials set forth in chapter 10, except that no member shall be required to file a statement of financial interest as described in section 1-83.
Sec. 47. Subsection (a) of section 32-39g of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(a) For the purposes enumerated in subsection (a) of section 32-39f, as amended by this act, CTNext is authorized and empowered to:
(1) (A) Employ such assistants, agents and other employees as may be necessary or desirable who shall not be employees, as defined in subsection (b) of section 5-270; (B) establish all necessary or appropriate personnel practices and policies, including personnel practices and policies relating to hiring, promotion, compensation, retirement and collective bargaining, which need not be in accordance with chapter 68 but may be in accordance with the personnel practices and policies of Connecticut Innovations, Incorporated; and (C) engage consultants, attorneys and appraisers as may be necessary or desirable to carry out its purposes in accordance with this section;
(2) Receive and accept grants or contributions from any source of money, property, labor or other things of value, to be held, used and applied to carry out the purposes of this section subject to such conditions upon which such grants and contributions may be made, including, but not limited to, grants or contributions from any department, agency or instrumentality of the United States or this state for any purpose consistent with this section;
(3) Make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this section, including contracts and agreements for such professional services as CTNext deems necessary, including, but not limited to, financial consultant and technical specialists;
(4) Procure insurance against any liability or loss in connection with its property and other assets, in such amounts and from such insurers as it deems desirable, and procure insurance for employees;
(5) Account for and audit funds of CTNext and funds of any recipients of funds from CTNext;
(6) Establish advisory committees to assist in accomplishing its duties under this section, which may include one or more members of the CTNext board of directors and persons other than members;
(7) Serve as a resource to start-up and growth stage entrepreneurs in this state by (A) providing counseling and technical assistance in the areas of entrepreneurial business planning and management, financing and marketing for start-up and growth stage businesses; and (B) conducting business workshops, seminars and conferences with local partners, including, but not limited to, in-state public and independent institutions of higher education, municipal governments, regional economic development districts, private industry, chambers of commerce, small business development organizations and economic development organizations;
(8) Facilitate partnerships between innovative start-up and growth stage businesses, research institutions and venture capitalists or financial institutions;
(9) Increase the quantity and availability of capital for start-up and growth stage businesses and entrepreneurs including, but not limited to, angel investors and venture capitalists;
(10) Promote technology-based development in the state;
(11) Encourage and promote the establishment of and, within available resources, provide financial aid to advanced technology centers;
(12) Maintain an inventory of data and information concerning state and federal programs that are related to the purposes of this section and serve as a clearinghouse and referral service for such data and information;
(13) Promote and encourage and, within available resources, provide financial aid for the establishment, maintenance and operation of incubator facilities;
(14) Promote and encourage the coordination of public and private resources and activities within the state in order to assist technology-based business entrepreneurs and business enterprises;
(15) Promote science, engineering, mathematics and other disciplines that are essential to the development and application of technology;
(16) Coordinate its efforts with existing business outreach centers, as described in section 32-9qq;
(17) Provide financial aid to persons developing smart buildings, as defined in section 32-23d, incubator facilities or other information technology intensive office and laboratory space;
(18) Coordinate the development and implementation of strategies regarding technology-based talent and innovation among state and quasi-public agencies, including the creation and administration of the Connecticut Small Business Innovation Research Office to act as a centralized clearinghouse and provide technical assistance to applicants in developing small business innovation research programs in conformity with the federal program established pursuant to the Small Business Research and Development Enhancement Act of 1992, P.L. 102-564, as amended from time to time, and other proposals;
(19) Encourage the retention of younger generation start-up entrepreneurs in the state;
(20) Promote entrepreneurship among students, faculty and alumni of institutions of higher education;
(21) Make planning grants to entities seeking to apply for innovation place designation pursuant to section 32-39l, provided each such entity demonstrates that its proposed innovation place meets the purposes set forth in section 32-39k;
(22) Encourage and promote the establishment of business accelerators, including, but not limited to, a satellite of a major national business accelerator;
(23) Make higher education entrepreneurship grants-in-aid recommended by the Higher Education Entrepreneurship Advisory Committee pursuant to section 32-39t; [and]
(24) Develop and operate a state-wide service hub to deliver entrepreneurial support services to facilitate the implementation of any recommendations included in a report by the grant recipient under section 32-39q;
(25) Implement the provisions of section 48 of this act; and
[(24)] (26) Do all acts and things necessary or convenient to carry out the purposes of this section and the powers expressly granted by this section.
Sec. 48. (NEW) (Effective July 1, 2018) (a) The executive director of CTNext may establish and operate an Entrepreneurs-in-Residence program that may replace and incorporate any similar program run by CTNext prior to July 1, 2018. Such program may identify highly experienced entrepreneurs who have been involved in the successful creation of innovation-based start-up companies and early-state venture deals and retain their services to match them with entrepreneurs and companies in the CTNext network to provide advice and assistance. Such retention may be on a paid or volunteer basis, as agreed to by the entrepreneur-in-residence and the CTNext board of directors, except that an employee of CTNext who serves as an entrepreneur-in-residence shall serve on a voluntary basis.
(b) The executive director of CTNext may establish jointly with the chief executive officer of Connecticut Innovations, Incorporated a proof of concept fund to make investments or provide grants of up to one hundred thousand dollars to support commercialization activities that are relevant to key industries in the state. Preference may be given to (A) such activities that are based on research conducted at institutions of higher education in the state, (B) making investments in companies involved in such research or commercialization efforts, or (C) both. Such investments or grants shall be awarded on a competitive basis and any applicant for an investment or a grant under this subdivision shall demonstrate, in a form and manner prescribed by the executive director in consultation with the chief executive officer, such applicant's intent to commercialize aspects of such research. A grant under this subdivision may be awarded directly to the applicant or to a company involved in such research or commercialization efforts.
Sec. 49. (NEW) (Effective July 1, 2018) The chief executive officer of Connecticut Innovations, Incorporated may establish a program to incentivize the formation of at least one new venture capital fund in the state. Connecticut Innovations, Incorporated may invest up to ten million dollars only if private investors invest at least one and one-half times the amount Connecticut Innovations, Incorporated pledges to invest in a new fund. Any such fund shall be subject to the following requirements:
(1) The amounts invested by Connecticut Innovations, Incorporated pursuant to this section shall be invested in start-up and growth stage companies located in the state. Such requirement shall not apply to the amounts invested by private investors pursuant to this section;
(2) The investor or the managing venture capital firm managing such fund shall have an office located in the state; and
(3) Any partner in a fund established under this subdivision may buy, after five years from the date of the establishment of the fund, Connecticut Innovations, Incorporated's equity stake in the fund plus interest at an annual rate agreed upon by the partner and the executive director.
Sec. 50. Section 12-217bbb of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(a) As used in this section, (1) "accumulated credits" means credits allowed under sections 12-217j and 12-217n that have not been taken through the last income year completed prior to the date of an auction under this section, (2) "commissioner" means the Commissioner of Economic and Community Development, and (3) "chief executive officer" means the chief executive officer of Connecticut Innovations, Incorporated.
(b) (1) The commissioner, in consultation with the Commissioner of Revenue Services and the chief executive officer, shall hold an innovation investment fund tax credit auction, at such time and as frequently as the commissioner deems appropriate and effective, to allow taxpayers with accumulated credits to utilize such credits in exchange for making an investment as provided under subsection (c) of this section.
(2) For each tax credit auction, the commissioner shall specify, in consultation with the chief executive officer, the deadline for submitting a bid, the minimum number of cents for each dollar of accumulated credit that may be bid and the information required to be included with such bid. Each bidder shall submit a sealed bid and the commissioner shall select, in consultation with the chief executive officer, the winning bid or bids based upon the amounts of accumulated credits the bidder proposes to exchange, the amounts the bidder proposes to invest for such exchange and any other criteria the commissioner and the chief executive officer deem appropriate to evaluate the bids.
(c) The commissioner shall invest the amounts received from the winning bidder or bidders in the winning bidder's corporate venture fund, subject to the following requirements:
(1) All investments shall be made under the advisement of a representative of Connecticut Innovations, Incorporated, who is a member of the corporate venture fund's investment committee;
(2) The amount invested in a corporate venture fund pursuant to this subsection shall be not less than five million dollars and not more than ten million dollars;
(3) All such amounts invested shall be invested in (A) start-up businesses located in the state, or (B) spin-off companies located in the state from the bidder's research and development department;
(4) The portion of profits attributable to such investments shall be divided equally between the state and the bidder and the state's share shall be deposited in the General Fund; and
(5) The bidder agrees to reinvest the bidder's profits attributable to such investments in the bidder's corporate venture fund.
(d) In lieu of holding a tax credit auction under subsection (b) of this section, the commissioner, in consultation with the chief executive officer, may enter into an agreement with a taxpayer with accumulated credits to allow such taxpayer to utilize such credits in exchange for making an investment as provided under subsection (c) of this section. The requirements applicable to investments under said subsection (c) shall apply to investments made pursuant to an agreement under this subsection, except that the number of cents for each dollar of accumulated credit may be negotiated by the commissioner, in consultation with the Commissioner of Revenue Services, and the taxpayer.
(e) The commissioner shall continue to hold tax credit auctions pursuant to subsection (b) of this section or proactively seek agreements under subsection (d) of this section, or both, until a minimum of two deals with different corporate venture funds are reached, provided nothing in this subsection shall be construed to prohibit the commissioner from continuing to hold such auctions or enter into such agreements after two deals have been reached.
(f) The total amount of investments made under this section and the accumulated credits used under section 12-217aaa, at full value, shall not exceed fifty million dollars in the aggregate.
(g) (1) On and after July 1, 2020, the credits allowed [under] to be used pursuant to subsection (b) or (d) of this section may be claimed against the tax imposed under chapter 219 or, notwithstanding the limits imposed under section 12-217zz, this chapter, with respect to the following income years of the taxpayer: (A) With respect to the income year in which the taxpayer made the investment required under this section and the next succeeding income year, zero per cent; and (B) with respect to the second full income year succeeding the year in which the taxpayer made the investment required under this section, an amount and on a schedule for such second full income year and next succeeding income years as agreed to by the commissioner, in consultation with the Commissioner of Revenue Services, and the taxpayer that made the investment.
(2) Credits allowed [under] to be used pursuant to subsection (b) or (d) of this section may be sold, assigned or otherwise transferred, in whole or in part.
(h) Tax credit auctions and agreements under this section may be held or entered into for five years after the date the first such auction or agreement is held or entered into, whichever is earlier.
(i) Any taxpayer with accumulated credits may sell, assign or otherwise transfer such accumulated credits, in whole or in part, to one or more taxpayers for the sole purpose of exchanging such accumulated credits in accordance with the provisions of subsections (b) to (d), inclusive, of this section. Such accumulated credits may not be sold, assigned or otherwise transferred, in whole or in part, more than once.
Sec. 51. Subsection (b) of section 32-235 of the 2018 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2018):
(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 and not more than five million two hundred fifty thousand dollars of the amount stated in said subsection (a) may be used by said department for the purposes of section 31-3u, (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, (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, (6) for the purpose of funding the costs of the Technology Talent Advisory Committee established pursuant to section 32-7p, provided two million dollars per year in each of the fiscal years ending June 30, 2017, to June 30, 2021, inclusive, shall be used 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 four hundred fifty thousand dollars in each of the fiscal years ending June 30, 2017, to June 30, 2021, inclusive, for the purposes of growth grants-in-aid pursuant to section 32-39g, (9) to transfer fifty million dollars to the Labor Department which shall be used by said department for the purpose of funding work force pipeline programs selected pursuant to section 45 of this act, (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 48 of this act and ten million dollars shall be used by Connecticut Innovations, Incorporated for the purpose of the venture capital fund program established pursuant to section 49 of this act.