With the concurrence of the Secretary of the Office of Policy and Management and the State Treasurer, the Capital Region Development Authority may submit an application to Connecticut Innovations, Incorporated on behalf of the convention center project, as defined in subdivision (3) of section 32-600, for a loan or loans consistent with the requirements of chapter 579 and Connecticut Innovations, Incorporated is hereby authorized to review such application as a package for the purposes of its requirements, including eligibility for federal or state funding in addition to the financing applied for. Any loan by Connecticut Innovations, Incorporated to the Capital Region Development Authority shall be evidenced by the general obligation bond of Connecticut Innovations, Incorporated, in fully marketable form, duly executed and accompanied by an approving legal opinion with respect to validity, security and tax matters as would otherwise be required in a public offering. Any loan with respect to the hotel or other portions of private investment pertaining to the convention center project shall be on such terms and conditions as Connecticut Innovations, Incorporated requires to satisfy its eligibility for financing of a loan from the proceeds of its general obligation program bonds.
(P.A. 98-179, S. 10, 30; P.A. 12-147, S. 18; June 12 Sp. Sess. 12-1, S. 152; P.A. 13-123, S. 33.)
History: P.A. 98-179 effective June 1, 1998; P.A. 12-147 replaced “Capital City Economic Development Authority” with “Capital Region Development Authority”, effective June 15, 2012; pursuant to June 12 Sp. Sess. P.A. 12-1, “Connecticut Development Authority” was changed editorially by the Revisors to “Connecticut Innovations, Incorporated”, effective July 1, 2012; P.A. 13-123 changed “such authority” to “Connecticut Innovations, Incorporated” and made a technical change, effective June 18, 2013.
Structure Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 588x - Capital Region Development Authority
Section 32-600. - Definitions.
Section 32-601. - Capital Region Development Authority. Operations.
Section 32-602a. - Assistance to science center.
Section 32-603. - Adoption of procedures.
Section 32-604. - Feasibility and implementation study.
Section 32-605. - Reports. Audits. Compliance of operations.
Section 32-607. - Bonds, notes and other obligations. Special capital reserve funds.
Section 32-608. - State contract assistance.
Section 32-609. - Loans from Connecticut Innovations, Incorporated.
Section 32-610. - Exemptions from taxes.
Section 32-610a. - Assessment of apartment property.
Section 32-611. - State pledge to bond holders and contractors.
Section 32-612. - Downtown higher education center project development.
Section 32-613. - Applications for licenses, permits, approvals and administrative actions.
Section 32-614. - Bond authorization for the convention center project.
Section 32-615. - Bond authorization for the downtown higher education center project.
Section 32-617. - Indemnification of officials of Capital Region Development Authority.
Section 32-617a. - Limitation on liability of state officials.
Section 32-617g. - Bond authorization for residential housing development.