State Codes and Statutes
Statutes > Connecticut > Title32 > Chap579 > Sec32-23yySec. 32-23yy. High-Technology Infrastructure Fund. (a) As used in this section, the following terms shall have the following meanings unless the context indicates another meaning and intent:
(1) "Authority" means the Connecticut Development Authority, created under section 32-11a, and any of its subsidiaries or affiliates;
(2) "Executive Director" means the executive director of the Connecticut Development Authority;
(3) "Financial assistance" means any and all forms of grants, loans, extensions of credit, guarantees, equity investments or other forms of financing or refinancing to persons for the purchase, acquisition, leasing, construction, expansion, continued operation, reconstruction, financing, refinancing or placing in operation of an information technology project, including, but not limited to, fixed assets, working capital, equity participations and acquisitions, employee buyouts, refinancing, lease guarantees, financial restructuring and other purposes which the authority determines further the purposes of this section. For purposes of this section financial assistance shall not be considered financial assistance under the provisions of section 32-462;
(4) "Information technology project" means an information technology project, as defined in section 32-23d;
(5) "Person" means a person, as defined in subsection (s) of section 32-23d;
(6) "Return on investment" means any and all forms of principal or interest payments, guarantee fees, equity participations, options, warrants, debentures and any or all other forms of remuneration to the authority in return for any financial assistance provided or offered.
(b) There is created within the authority the High-Technology Infrastructure Fund. The state, acting through the authority, may provide financial assistance from said fund that enables the development of information technology projects. Such financial assistance may be provided directly or in participation with any other financial institutions, funds or other persons or other sources of financing, public or private, and the authority may enter into any agreements or contracts it deems necessary or convenient in connection therewith. Payments of principal, interest or other forms of return on investment received by the authority shall be deposited in or held on behalf of said fund.
(c) The authority may provide financial assistance in such amounts, in such form and under such terms and conditions as the authority shall prescribe, in written procedures adopted in accordance with section 1-121. Such procedures shall provide, in the case of financial assistance in a form other than a grant, for returns on investment as the authority deems appropriate to reflect the nature of the risk, provided a single project shall not receive an amount in excess of fifteen million dollars and shall not be for a term longer than thirty years.
(d) The authority may take all reasonable steps and exercise all reasonable remedies necessary or desirable to protect the obligations or interests of the authority, including, but not limited to, the purchase or redemption in foreclosure proceedings, bankruptcy proceedings or in other judicial proceedings, of any property on which it holds a mortgage or other lien or in which it has an interest, and for such purposes and any other purposes provided in this section payment may be made from the High-Technology Infrastructure Fund upon certification by the executive director that payment is authorized under the provisions of this section, or other sections of the general statutes, applicable procedures or other programs of the authority.
(e) Applicants for financial assistance shall pay the costs the authority deems reasonable and necessary incurred in processing applications made under this section, including application and commitment fees, closing costs or other costs. In carrying out the provisions of this section, any administrative expenses incurred by the authority, to the extent not paid by the borrower or from moneys appropriated to the authority for such purposes, may be paid from the High-Technology Infrastructure Fund.
(P.A. 00-178, S. 7, 8; June Sp. Sess. P.A. 00-1, S. 43, 46; P.A. 01-96, S. 4; P.A. 03-19, S. 77.)
History: June Sp. Sess. P.A. 00-1 changed effective date of P.A. 00-178 from October 1, 2000, to July 1, 2000, effective July 1, 2000; P.A. 01-96 amended Subsec. (a)(3) and (d) by making technical changes; P.A. 03-19 made technical changes in Subsec. (b), effective May 12, 2003.
