State Codes and Statutes

Statutes > Connecticut > Title32 > Chap579 > Sec32-23bb

      Sec. 32-23bb. Comprehensive Business Assistance Fund consolidated into Connecticut Growth Fund. (a) Effective July 1, 1993, the Comprehensive Business Assistance Fund established under section 32-23x and in effect on June 30, 1993, shall be combined with and become part of the Connecticut Growth Fund established under section 32-23v and in effect on June 30, 1993. As of July 1, 1993, cash, notes, receivables and all other assets, liabilities, appropriations, authorizations, allocations and attributes then pertaining to the Comprehensive Business Assistance Fund shall be transferred to the Connecticut Growth Fund. All loans, guarantees and lines of credit outstanding under said section 32-23x on June 30, 1993, shall be treated as having been made, committed or extended from the Connecticut Growth Fund established under said section 32-23v, and all payments received by the authority on account thereof shall be credited or deposited to the Connecticut Growth Fund. Any and all bonds issued or authorized, and any grants made by the department to the authority from the proceeds thereof, prior to July 1, 1993, for the purposes of said section 32-23x are deemed issued, authorized or made, as the case may be, for purposes of said section 32-23v. The bond authorization under subsection (i) of section 32-23x shall be available for purposes of said section 32-23v, and the proceeds of any such bonds issued, and any grant by the department to the authority from such proceeds made, on or after July 1, 1993, shall be for purposes of, and shall be credited or deposited to, the Connecticut Growth Fund.

      (b) In addition to, and not in limitation of, the powers of the authority in making loans from the Connecticut Growth Fund to eligible borrowers under section 32-23v, on and after July 1, 1993, the authority may make loans from the Connecticut Growth Fund to any person for any purpose and otherwise in the same manner as would have been permitted by section 32-23x if made from the Comprehensive Business Assistance Fund.

      (c) All applications for loans under section 32-23x pending on June 30, 1993, and authorized on or after July 1, 1993, shall be funded from the Connecticut Growth Fund established under section 32-23v.

      (P.A. 93-360, S. 9, 19.)

      History: P.A. 93-360 effective July 1, 1993.