Connecticut § 32-39i - CTNext Fund established. Uses.

§ 32-39i. CTNext Fund established. Uses.

Sec. 32-39i. CTNext Fund established. Uses. (a) For the purposes of this section, “administrator” means Connecticut Innovations, Incorporated in its capacity as administrator of the CTNext Fund established pursuant to this section.

(b) There is established a CTNext Fund, to be held, administered, invested and disbursed by the administrator. The fund shall contain any moneys required or permitted by law to be deposited in the fund, returns on loans or investments, recoveries of grants-in-aid made from the fund and moneys received from any public or private contributions, gifts, grants, donations, bequests or devises to the fund. Any balance remaining in the fund shall be carried forward in the fund for the fiscal year next succeeding.

(c) Any return on investment attributable to the investment of the fund by the administrator shall be deposited and held for the use and benefit of the fund. Moneys in or received for the fund may be deposited with and invested by any institution as may be designated by the administrator at its sole discretion and paid as the administrator shall direct. The administrator may make payments from deposit and investment accounts for use in accordance with the provisions of this section.

(d) The CTNext Fund shall not be deemed an account within the General Fund and shall be used exclusively for the purposes provided in this section.

(e) The CTNext Fund may be used (1) to provide grants-in-aid to innovation entities, as defined in section 32-39f, pursuant to section 32-39m, (2) to provide planning grants-in-aid to entities pursuant to section 32-39l, (3) to initiate projects or provide grants-in-aid to projects that network innovation places pursuant to section 32-39m, (4) for the purposes enumerated in sections 32-39f and 32-39g, (5) for providing higher education entrepreneurship grants-in-aid pursuant to section 32-39g, (6) to provide growth grants-in-aid pursuant to section 32-39g, (7) to terminate the operations and activities of CTNext, (8) to pay to employees of CTNext any reasonable and appropriate severance compensation that was approved by the former CTNext board of directors prior to July 1, 2024, and (9) for any other purposes expressly provided by law.

(f) All expenditures from the CTNext Fund shall be approved by the commissioner. Any such approval shall be specific to an individual expenditure to be made or for budgeted expenditures with such variations as the commissioner may authorize at the time of such budget approval.

(g) Connecticut Innovations, Incorporated shall provide any necessary staff, office space, office systems and administrative support for the administration of the CTNext Fund in accordance with this section. In acting as administrator of the fund, the administrator shall have and may exercise all of the powers of Connecticut Innovations, Incorporated set forth in section 32-39, provided expenditures from the fund shall be approved by the commissioner pursuant to subsection (f) of this section.

(May Sp. Sess. P.A. 16-3, S. 4; P.A. 24-149, S. 7.)

History: May Sp. Sess. P.A. 16-3 effective June 2, 2016; P.A. 24-149 amended Subsec. (b) to add “, returns on loans or investments, recoveries of grants-in-aid made from the fund”, change “and any moneys received” to “and moneys received” and make a technical change, amended Subsec. (c) to add “and investment”, amended Subsec. (e) to replace “shall” with “may” in the introductory language, “32-39j” with “32-39f” in Subdiv. (1), provision re providing grants-in-aid for program evaluations with provision re terminating CTNext in Subdiv. (7) and provision re providing grants-in-aid to start-up businesses with provision re paying severance compensation in Subdiv. (8), amended Subsecs. (f) and (g) to replace references to “CTNext board of directors” with references to “commissioner”, deleted former Subsec. (h) re plan and budget and deleted former Subsec. (i) re report, effective July 1, 2024.