Bill Text: CT SB00022 | 2010 | General Assembly | Comm Sub
Bill Title: An Act Concerning Small Business Assistance.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2010-04-14 - Referred by Senate to Committee on Finance, Revenue and Bonding [SB00022 Detail]
Download: Connecticut-2010-SB00022-Comm_Sub.html
General Assembly |
Governor's Bill No. 22 | ||
February Session, 2010 |
LCO No. 427 | ||
*_____SB00022CE____032310____* | |||
Referred to Committee on Commerce |
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Introduced by: |
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SEN. MCKINNEY, 28th Dist. REP. CAFERO, 142nd Dist. |
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AN ACT CONCERNING SMALL BUSINESS ASSISTANCE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2010) (a) As used in this section, "qualified business" means a business employing less than two hundred fifty people.
(b) Subject to the availability of funds, the Commissioner of Economic and Community Development may establish a small business assistance program to provide direct loans and loan guarantees to qualified businesses.
(c) As part of the program established pursuant to subsection (b) of this section, the commissioner may: (1) (A) Guarantee, make an advance commitment to guarantee or cause to be guaranteed loans to qualified businesses, provided the cumulative guarantees (i) to any business shall not exceed three million dollars, and (ii) to all businesses shall not exceed seventy-five million dollars, (B) in the case that loans are not made available in connection with such guarantees, make or cause to be made direct loans to any qualified business, provided the cumulative total of outstanding loans (i) to any business at any time shall not exceed three million dollars, and (ii) to all businesses at any time shall not exceed seventy-five million dollars, or (C) transfer funds to the Connecticut Development Authority for deposit in the Investment and Loan Guaranty Fund, provided the authority shall only use such transferred funds for loan guarantees to qualified businesses made pursuant to this section; (2) make or cause to be made direct loans to any qualified business, provided the cumulative total of outstanding loans (A) to any business at any time shall not exceed five hundred thousand dollars, and (B) to all businesses at any time shall not exceed twenty-five million dollars; and (3) enter into participation agreements with the authority, provided such agreements shall be limited to loans and loan guarantees that meet the requirements of this section.
Sec. 2. (Effective July 1, 2010) (a) For the purposes described in subsection (b) of this section, the State Bond Commission shall have the power, from time to time, to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate one hundred 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 Economic and Community Development for the purpose of the small business assistance program established pursuant to section 1 of this act.
(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.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2010 |
New section |
Sec. 2 |
July 1, 2010 |
New section |
CE |
Joint Favorable |