Connecticut § 32-41a - Connecticut Innovations, Incorporated Fund. Use of funds or revenues of the corporation.

§ 32-41a. Connecticut Innovations, Incorporated Fund. Use of funds or revenues of the corporation.

Sec. 32-41a. Connecticut Innovations, Incorporated Fund. Use of funds or revenues of the corporation. (a) There is hereby created a “Connecticut Innovations, Incorporated Fund”. Proceeds from the sale of bonds authorized by the State Bond Commission in accordance with section 32-41 and section 32-41b shall be paid directly to the Treasurer of the state as agent of the corporation and the Treasurer shall deposit all such amounts in the Connecticut Innovations, Incorporated Fund. The moneys in said fund shall be paid by checks signed by the Treasurer of the state or by his deputy appointed pursuant to section 3-12 on requisition of the chief executive officer of the corporation or his designee.

(b) Any funds or revenues of Connecticut Innovations, Incorporated derived from application fees, royalty payments, investment income, sale and disposition of investments, license fees, lease payments, application, commitment or financing fees, loan repayments or any other source received by the corporation in connection with its programs shall, subject to the applicable terms of any indenture, resolution or other agreement pursuant to which notes, bonds or other obligations of the corporation or its predecessor, the Connecticut Development Authority, were issued or of any pledge or assignment of such funds or revenues granted in connection therewith, be held, administered and invested by the corporation or deposited with and invested by any institution as may be designated by the corporation at its sole discretion and paid as the corporation shall direct. All moneys in such accounts shall be used and applied to carry out the purposes of the corporation. Any such funds, revenues or other income which are pledged or assigned for the benefit of holders of notes, bonds or other obligations of the corporation, shall be received, administered, held, invested and applied subject to and in accordance with the applicable terms of the indenture, resolution or other agreement pursuant to which such notes, bonds or other obligations were issued or such pledge or assignment granted. Any such funds, revenues or other income of the corporation not so pledged or assigned, and any such funds, revenues or other income of the corporation remaining after all covenants relating to any such pledge or assignment have been satisfied, shall be deemed unrestricted funds of the corporation. The corporation may make payments from such accounts to the Treasurer of the state for deposit in the Connecticut Innovations, Incorporated Fund for use in accordance with subsection (c) of this section.

(c) The moneys in the Connecticut Innovations, Incorporated Fund (1) shall be used to carry out the purposes of the corporation and for the repayment of state bonds in such amounts as may be required by the State Bond Commission pursuant to said section 32-41 and section 32-41b and (2) may be used as state matching funds for federal funds available to the state for defense conversion projects or other projects consistent with a defense conversion strategy.

(P.A. 79-476, S. 1; P.A. 83-492, S. 10, 11; P.A. 84-408, S. 1, 2; P.A. 87-273, S. 2; P.A. 89-245, S. 15; P.A. 94-95, S. 12; P.A. 95-78, S. 3, 5; June 12 Sp. Sess. P.A. 12-1, S. 178.)

History: P.A. 83-492 inserted references to funds authorized in accordance with Sec. 32-41b; P.A. 84-408 divided section into Subsecs. and added provisions relative to use of funds outside of the Connecticut Product Development Corporation Fund as Subsec. (b); P.A. 87-273 amended Subsec. (b) to authorize the corporation to invest funds in any institution at its sole discretion; P.A. 89-245 changed Connecticut Product Development Corporation Fund to Connecticut Innovations, Incorporated Fund, changed president to executive director and made certain technical changes; P.A. 94-95 in Subsec. (b) eliminated the requirement that the moneys in the account be held and invested; P.A. 95-78 added Subsec. (c)(2), authorizing use of fund moneys to match federal defense conversion funds, effective July 1, 1995; June 12 Sp. Sess. P.A. 12-1 amended Subsec. (a) to replace “executive director” with “chief executive officer”, amended Subsec. (b) to add provision re funds received through sale and disposition of investments, license fees, lease payments, applications, commitment or financing fees or other source, add provision re terms of indenture, resolution or agreement pursuant to which notes, bonds or other obligations were issued by the corporation or its predecessor, and add provisions re funds, revenues or other income pledged or assigned for the benefit of holders of notes, bonds or other obligations of the corporation, effective July 1, 2012.