State Codes and Statutes
Statutes > Connecticut > Title32 > Chap588l > Sec32-235Sec. 32-235. Bond issue for the Economic Development and Manufacturing Act of 1990, the Connecticut job training finance demonstration program and the United States Naval Submarine Base-New London. (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 hundred ninety-five million three hundred thousand dollars, provided forty-five million dollars of said authorization shall be effective July 1, 2008.
(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 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, (1) 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, (2) 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, (3) 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, (4) five million dollars may be used by said department for the manufacturing competitiveness grants program, (5) 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 section 32-237, (6) fifty million dollars shall be used by said department for the purpose of grants to the United States Navy 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, and (7) 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.
(c) 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 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 Treasurer shall pay such principal and interest as the same become due.
(P.A. 90-270, S. 33, 38; P.A. 91-340, S. 5, 8; June Sp. Sess. P.A. 91-4, S. 22, 25; May Sp. Sess. P.A. 92-7, S. 24, 36; P.A. 93-394, S. 2, 3; 93-433, S. 7, 26; June Sp. Sess. P.A. 93-1, S. 20, 45; May Sp. Sess. P.A. 94-2, S. 196, 203; P.A. 95-250, S. 1; 95-272, S. 20, 29; P.A. 96-211, S. 1, 5, 6; June 5 Sp. Sess. P.A. 97-1, S. 18, 20; P.A. 98-259, S. 16, 17; P.A. 99-241, S. 16, 66; 99-242, S. 89, 90; P.A. 00-167, S. 66, 69; June Sp. Sess. P.A. 01-7, S. 10, 28; May 9 Sp. Sess. P.A. 02-5, S. 14; May Sp. Sess. P.A. 04-1, S. 11, 12; P.A. 05-143, S. 1; June Sp. Sess. 05-5, S. 12; P.A. 07-205, S. 3; June Sp. Sess. P.A. 07-4, S. 4; June Sp. Sess. P.A. 07-7, S. 52.)
History: P.A. 91-340 amended Subsec. (a) by increasing the maximum amount of state bonds the bond commission may authorize for the purposes of Secs. 32-220 to 32-234, inclusive, from $40,000,000 to $50,000,000 and amended Subsec. (b) by providing that $10,000,000 of said total amount the bond commission may authorize shall be used solely for defense diversification projects as defined in Secs. 32-222 and 32-222a; June Sp. Sess. P.A. 91-4 increased the bond authorization to $70,000,000; May Sp. Sess. P.A. 92-7 amended Subsec. (a) to increase the bond authorization to $117,500,000 and amended Subsec. (b) to increase amount set aside for defense diversification projects from $10,000,000 to $22,500,000; P.A. 93-394 amended Subsec. (b) to set aside not more than $4,250,000 for purposes of Sec. 31-3(t), effective July 1, 1993; P.A. 93-433 raised aggregate total of bonds 122,500,000 and authorized bonds proceeds to be used for the Connecticut job training finance demonstration program, effective July 1, 1993; June Sp. Sess. P.A. 93-1 amended Subsec. (a) to increase bond authorization to $237,500,000, effective July 1, 1993, provided $40,000,000 of said authorization shall be effective July 1, 1994, and amended Subsec. (b) to increase bond authorization from $24,500,000 to $42,500,000, effective July 1, 1993, provided $10,000,000 of said authorization shall be effective July 1, 1994 (Revisor's note: The language enacted in Subsec. (b) by P.A. 93-433 and inadvertently omitted from this act through clerical error was restored editorially by the Revisors); May Sp. Sess. P.A. 94-2 in Subsec. (a) increased total bond authorization to $267,500,000 and increased bond authorization from $40,000,000 to $70,000,000, effective June 21, 1994; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; P.A. 95-272 amended Subsec. (a) to increase authorization to 302,500,000, effective July 1, 1995, provided $25,000,000 shall be effective July 1, 1996; June 5 Sp. Sess. P.A. 97-1 amended Subsec. (a) to increase bond authorization to $325,300,000 provided $5,000,000 of the authorization is effective July 1, 1998, effective July 31, 1997; P.A. 98-259, effective July 1, 1998, amended Subsec. (a) to increase authorization to $329,300,000, provided $9,000,000 of said authorization was effective July 1, 1998; P.A. 99-241 amended Subsec. (a) to increase authorization to $399,300,000, provided $35,000,000 is effective July 1, 2000, and Subsec. (b) to add proviso that not less than $2,000,000 be used for a pilot program to make grants to small manufacturing facilities in designated areas of the state effective July 1, 1999; P.A. 99-242 added Subsec. (b)(2) re $1,000,000 to be used for an educational technology grant to the deployment center program and the nonprofit business consortium deployment center, effective July 1, 1999; P.A. 00-167 amended Subsec. (a) to increase the aggregate bond authorization to $465,300,000, effective July 1, 2000, of which $101,000,000 is effective July 1, 2000; June Sp. Sess. P.A. 01-7 amended Subsec. (a) to increase authorization to $525,300,000 provided $30,000,000 is effective July 1, 2002, effective July 1, 2001; May 9 Sp. Sess. P.A. 02-5 amended Subsec. (a) to make a technical change and decrease authorization to $505,300,000, provided that $10,000,000 is effective July 1, 2003, effective July 1, 2002; May Sp. Sess. P.A. 04-1 amended Subsec. (a) to decrease the aggregate authorization to $495,300,000 and delete provision re funds authorized in 2003, and amended Subsec. (b) to authorize expenditures for economic cluster-related programs and to authorize $5,000,000 for the manufacturing competitiveness grants program, effective July 1, 2004; P.A. 05-143 added Subsec. (b)(5) requiring $1,000,000 to be used for grant to Connecticut Center for Advanced Technology for purposes of Sec. 32-237 and (b)(6) requiring $10,000,000 to be used for grants to United States Navy or eligible applicants for projects at United States Naval Submarine Base-New London, effective July 1, 2005; June Sp. Sess. P.A. 05-5 amended Subsec. (a) to increase the aggregate authorization to $505,300,000, of which $5,000,000 is effective July 1, 2006, effective July 1, 2005; P.A. 07-205 made a technical change in Subsec. (b)(3) and amended Subsec. (b)(6) to increase amount from $10,000,000 to $50,000,000, to name improvements permitted, to make grant conditional on a multiyear lease with Department of the Navy and to provide for reimbursement to the state if department operations cease, effective July 1, 2007; June Sp. Sess. P.A. 07-4 amended Subsec. (b)(6) by repealing changes enacted in P.A. 07-205 re submarine base in New London, effective July 1, 2007; June Sp. Sess. P.A. 07-7 amended Subsec. (a) by increasing aggregate authorization from $505,300,000 to $595,300,000, of which $45,000,000 is effective July 1, 2008, and amended Subsec. (b) by increasing authorization in Subdiv. (6) for infrastructure for naval operations from $10,000,000 to $50,000,000, and adding Subdiv. (7) authorizing $2,000,000 for a grant to Connecticut Center for Advanced Technology, Inc., effective November 2, 2007.
See Sec. 8-240o re definitions.
