Connecticut General Statutes
Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated
Section 32-41dd. - Bond authorization for Connecticut Bioscience Innovation Fund.

(a)(1) The State Bond Commission shall authorize the issuance of bonds of the state, in accordance with the provisions of section 3-20, in principal amounts not exceeding in the aggregate two hundred four million dollars for the Connecticut Bioscience Innovation Fund established pursuant to section 32-41cc. The amount authorized for the issuance and sale of such bonds in each of the following fiscal years shall not exceed the following corresponding amount for each such fiscal year, provided, to the extent the advisory committee does not provide for the use of all or a portion of such amount in any such fiscal year, such amount not provided for shall be carried forward and added to the authorized amount for the next succeeding fiscal year, and provided further, the costs of issuance and capitalized interest, if any, may be added to the capped amount in each fiscal year, and each of the authorized amounts shall be effective on July first of the fiscal year indicated as follows:



(2) For each fiscal year ending June 30, 2018, June 30, 2019, and June 30, 2020, not less than three million dollars of the amount for each such fiscal year authorized in accordance with subdivision (1) of this subsection shall be made available as a grant-in-aid to the Yale Connecticut Precision Medicine Initiative.
(b) The State Bond Commission shall approve a memorandum of understanding between the administrator and the state, acting by and through the Secretary of the Office of Policy and Management and the Treasurer, providing for the issuance of said bonds for the purposes of the Connecticut Bioscience Innovation Fund, including provisions regarding the extent to which federal, private or other moneys then available or thereafter to be made available for costs should be added to the proceeds of the bonds authorized pursuant to this section for such project or program. The memorandum of understanding shall be deemed to satisfy the provisions of section 3-20 and the exercise of any right or power granted thereby that is not inconsistent with the provisions of this section.
(c) All provisions of section 3-20, 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 said section, and from time to time renewed. All 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.
(d) Subject to the amount of limitations of the capping provisions in subsection (a) of this section, the principal amount of the bonds authorized under this section shall be deemed to be an appropriation and allocation of such amount, and such approval of such request shall be deemed the allotment by the Governor of such capital outlays within the meaning of section 4-85.
(P.A. 13-239, S. 73; May Sp. Sess. P.A. 16-4, S. 257; June Sp. Sess. P.A. 17-2, S. 451.)
History: P.A. 13-239 effective July 1, 2013; May Sp. Sess. P.A. 16-4 amended Subsec. (a) by decreasing authorization for fiscal year 2017 from $25,000,000 to $0 and adding authorization of $25,000,000 for fiscal year 2023, effective July 1, 2016; June Sp. Sess. P.A. 17-2 amended Subsec. (a) by designating existing provisions re authorization for Connecticut Bioscience Innovation Fund as Subdiv. (1), increasing total authorization from $200,000,000 to $204,000,000, decreasing authorization for fiscal year 2018 from $25,000,000 to $15,000,000, and for fiscal year 2019 from $25,000,000 to $15,000,000, adding authorization of $24,000,000 for fiscal year 2024 and making a conforming change, and adding Subdiv. (2) re fiscal years 2018, 2019 and 2020, effective October 31, 2017.

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