§ 32-23e — Powers of the corporation.

Connecticut § 32-23e

• Jurisdiction: Connecticut
• Title 32: Commerce and Economic and Community Development
• Ch. 579: Connecticut Innovations, Incorporated

Text

To accomplish the purposes of the corporation, which are hereby determined to be public purposes for which public funds may be expended, and in addition to any other powers provided by law, the corporation shall have power to: (1) Determine the location and character of any project to be financed by the corporation, provided any financial assistance shall be approved in accordance with written procedures prepared pursuant to subdivision (14) of this section; (2) purchase, receive, by gift or otherwise, lease, exchange, or otherwise acquire, and construct, reconstruct, improve, maintain, equip and furnish one or more projects, including all real and personal property which the corporation may deem necessary in connection therewith, and to enter into a contract with a person therefor upon such terms and conditions as the corporation shall determine to be reasonable, including but not limited to reimbursement for the planning, designing, financing, construction, reconstruction, improvement, equipping, furnishing, operation and maintenance of the project and any claims arising therefrom and establishment and maintenance of reserve and insurance funds with respect to the financing of the project; (3) insure any or all payments to be made by the borrower under the terms of any agreement for the extension of credit or making of a loan by the corporation in connection with any economic development project to be financed, wholly or in part, through the issuance of bonds or mortgage payments of any mortgage which is given by a mortgagor to the mortgagee who has provided the mortgage for an economic development project upon such terms and conditions as the corporation may prescribe and as provided herein, and the faith and credit of the state are pledged thereto; (4) in connection with the insuring of payments of any mortgage, request for its guidance a finding of the municipal planning commission, or, if there is no planning commission, a finding of the municipal officers, of the municipality in which the economic development project is proposed to be located, or of the regional council of governments of which such municipality is a member, as to the expediency and advisability of the economic development project; (5) sell or lease to any person, all or any portion of a project, purchase from eligible financial institutions mortgages with respect to economic development projects, purchase or repurchase its own bonds, and sell, pledge or assign to any person any such bonds, mortgages, or other loans, notes, revenues or assets of the corporation, or any interest therein, for such consideration and upon such terms as the corporation may determine to be reasonable; (6) mortgage or otherwise encumber all or any portion of a project whenever it shall find such action to be in furtherance of the purposes of the corporation; (7) enter into agreements with any person, including prospective mortgagees and mortgagors, for the purpose of planning, designing, constructing, acquiring, altering and financing projects, providing liquidity or a secondary market for mortgages or other financial obligations incurred with respect to facilities that would qualify as a project under this chapter, purchasing loans made by regional corporations under section 32-276, or for any other purpose in furtherance of any other power of the corporation; (8) grant options to purchase or renew a lease for any of its projects on such terms as the corporation may determine to be reasonable; (9) employ or retain attorneys, accountants and architectural, engineering and financial consultants and such other employees and agents and to fix their compensation as it shall deem necessary to assist it in carrying out the purposes of the corporation; (10) accept from a federal agency loans, grants or loan guarantees or otherwise participate in any loan, grant, loan guarantee or other financing or economic or project development program of a federal agency in furtherance of, and consistent with, the purposes of the corporation, and enter into agreements with such agency respecting any such loans, grants, loan guarantees or federal agency programs; (11) provide tenant lease guarantees and performance guarantees, invest in, extend credit or make loans to any person for the planning, designing, financing, acquiring, constructing, reconstructing, improving, expanding, continuing in operation, equipping and furnishing of a project and for the refinancing of existing indebtedness with respect to any facility or part thereof which would qualify as a project in order to facilitate substantial improvements thereto, which guarantees, investments, credits or loans may be secured by loan agreements, lease agreements, installment sale agreements, mortgages, contracts and all other instruments or fees and charges, upon such terms and conditions as the corporation shall determine to be reasonable in connection with such loans, including provision for the establishment and maintenance of reserve and insurance funds and in the exercise of powers granted in this section in connection with a project for such person, to require the inclusion in any contract, loan agreement or other instrument, such provisions for the construction, use, operation and maintenance and financing of a project as the corporation may deem necessary or desirable; (12) in connection with any application for assistance, or commitments therefor, to make and collect such fees and charges as the corporation shall determine to be reasonable; (13) adopt procedures, in accordance with the provisions of section 1-121, to carry out the purposes of the corporation, which may give priority to applications for financial assistance based upon the extent the project will materially contribute to the economic base of the state by creating or retaining jobs, providing increased wages or benefits to employees, promoting the export of products or services beyond the boundaries of the state, encouraging innovation in products or services, encouraging defense-dependent business to diversify to nondefense production, promoting standards of participation adopted by the Connecticut partnership compact pursuant to section 33-374g of the general statutes, revision of 1958, revised to 1991, or will otherwise enhance existing activities that are important to the economic base of the state, provided regulation-making proceedings commenced before January 1, 1989, shall be governed by sections 4-166 to 4-174, inclusive; (14) maintain an office at such place or places within the state as it may designate; (15) when it becomes necessary or feasible for the corporation to safeguard itself from losses, acquire, purchase, manage and operate, hold and dispose of real and personal property, take assignments of rentals and leases and make and enter into all contracts, leases, agreements and arrangements necessary or incidental to the performance of its duties; (16) in order to further the purposes of the corporation, or to assure the payment of the principal and interest on bonds or notes of the corporation or to safeguard the mortgage insurance fund, purchase, acquire and take assignments of notes, mortgages and other forms of security and evidences of indebtedness, purchase, acquire, attach, seize, accept or take title to any project by conveyance or by foreclosure, and sell, lease or rent any project for a use specified for the corporation; (17) do, or delegate, any and all things necessary or convenient to carry out the purposes and to exercise the powers given and granted to the corporation; (18) to accept from the department: (A) Financial assistance, (B) revenues or the right to receive revenues with respect to any program under the supervision of the department, and (C) loan assets or equity interests in connection with any program under the supervision of the department; to make advances to and reimburse the department for any expenses incurred or to be incurred by it in the delivery of such assistance, revenues, rights, assets or amounts; to enter into agreements for the delivery of services by the corporation, in consultation with the department and the Connecticut Housing Finance Authority, to third parties which agreements may include provisions for payment by the department to the corporation for the delivery of such services; and to enter into agreements with the department or with the Connecticut Housing Finance Authority for the sharing of assistants, agents and other consultants, professionals and employees, and facilities and other real and personal property used in the conduct of the corporation's affairs; and (19) to transfer to the department: (A) Financial assistance, (B) revenues or the right to receive revenues with respect to any program under the supervision of the corporation, and (C) loan assets or equity interests in connection with any program under the supervision of the corporation, provided the transfer of such financial assistance, revenues, rights, assets or interests is determined by the corporation to be practicable, within the constraints and not inconsistent with the fiduciary obligations of the corporation imposed upon or established upon the corporation by any provision of the general statutes, the corporation's bond resolutions or any other agreement or contract of the authority and to have no adverse effect on the tax-exempt status of any bonds of the corporation or the state. See Sec. 32-23s re interpretation of amendments to this section effective on June 29, 1981.

Legislative History

(1972, P.A. 195, S. 4; P.A. 73-599, S. 10; P.A. 75-425, S. 54, 57; 75-461, S. 5, 6; P.A. 78-303, S. 109, 136; P.A. 81-384, S. 5, 13; P.A. 82-434, S. 3, 6; P.A. 84-512, S. 20, 30; P.A. 88-265, S. 10, 36; 88-266, S. 12, 46; 88-317, S. 93, 107; P.A. 90-270, S. 24, 38; P.A. 91-190, S. 6, 9; P.A. 93-217, S. 4, 5; P.A. 95-250, S. 10, 42; 95-309, S. 2, 11, 12; P.A. 00-178, S. 5; June Sp. Sess. P.A. 00-1, S. 43, 46; P.A. 01-179, S. 10; P.A. 04-193, S. 2; P.A. 10-147, S. 2; June 12 Sp. Sess. P.A. 12-1, S. 159; P.A. 13-123, S. 14; 13-247, S. 307; P.A. 14-79, S. 4.) History: P.A. 73-599 replaced Connecticut development commission and its secretary with Connecticut development authority and its executive director; P.A. 75-425 made authority subject to Sec. 4-26b when acquiring real estate involving use of public funds or bonds supported by full faith and credit of state; P.A. 75-461 authorized authority to insure “any or all payments to be made by the borrower under the terms of any agreement” for the extension of credit or making of a loan by the authority ... through the issuance of capital reserve fund bonds; P.A. 78-303 deleted reference to Sec. 4-60a; P.A. 81-384 included references to refinancing in Subsec. (12), to exemption from classified services in Subsec. (18) and to exemption from state office procedures in areas not funded by the state in Subsec. (22); P.A. 82-434 amended Subdiv. (18) to clarify that authority employees were outside the state collective bargaining process; P.A. 84-512 deleted references to Secs. 4-5 and 4-24a; P.A. 88-265 changed industrial project to economic development project, deleted reference to capital reserve fund bonds, deleted reference to first mortgage, empowered the Connecticut development authority to purchase, sell, pledge or assign economic development project mortgages, empowered the authority to provide liquidity or secondary markets for economic development project mortgages or other obligations, empowered the authority to borrow money and deleted provisions re Connecticut Development Credit Corporation; P.A. 88-266 amended Subdiv. (14) to substitute “procedures” for “amend and repeal regulations”, to require such procedures to be adopted in accordance with Sec. 1-121 instead of Secs. 4-166 to 4-174, inclusive, and to provide that regulation-making proceedings commenced before January 1, 1989, shall be governed by Secs. 4-166 to 4-74, inclusive, added new Subdiv. (22) re investment of funds and relettered former Subdiv. (22) as Subdiv. (23); P.A. 88-317 amended reference to Secs. 4-166 to 4-174 in Subdiv. (14) to include new sections added to Ch. 54, effective July 1, 1989, and applicable to all agency proceedings commencing on or after that date; P.A. 90-270 amended Subdiv. (1) to require approval of assistance in accordance with written procedures prepared pursuant to Subdiv. (14) and amended Subdiv. (14) to specify basis for establishing priorities in approving financial assistance; P.A. 91-190 amended Subdiv. (14) to change reference to “section 33-374g” to “section 33-374g of the general statutes, revision of 1958, revised to 1991” to reflect repeal of said section; (Revisor's note: In 1993 the obsolete reference to repealed Sec. 36-322 was deleted editorially by the Revisors); P.A. 93-217 amended Subdiv. (7) to authorize the authority to enter into agreements for purchasing loans made by regional corporations, effective June 23, 1993; P.A. 95-250 added Subdivs. (24) and (25) re participation in programs administered by the Department of Economic and Community Development; P.A. 95-309 amended Subdiv. (24) to add provision re adverse effect on tax-exempt status of bonds and changed effective date of P.A. 95-250 but did not affect this section; P.A. 00-178 amended Subdiv. (12) to authorize providing tenant lease guarantees and performance guarantees; June Sp. Sess. P.A. 00-1 changed effective date of P.A. 00-178 from October 1, 2000, to July 1, 2000, effective July 1, 2000; P.A. 01-179 replaced references to chapters 578 and 579 and Sec. 10-320b(a) with references to Sec. 32-23d(t) and “authority legislation”, authorized the authority to purchase or repurchase its own bonds and sell, pledge or assign such bonds and made a technical change; P.A. 04-193 amended Subdiv. (12) to include investment in projects and the expanding and continuing in operation of a project, effective June 3, 2004; P.A. 10-147 amended Subdiv. (11) to delete provision re use of loans and grants, include loan guarantees and allow participation in loan, grant or other financing or economic or project development program of a federal agency, effective June 8, 2010; June 12 Sp. Sess. P.A. 12-1 replaced “authority” with “corporation”, deleted former Subdiv. (10), redesignated existing Subdivs. (11) to (14) as Subdivs. (10) to (13), replaced “provisions of said authority legislation” with “purposes of the corporation” in redesignated Subdiv. (13), deleted former Subdiv. (15), redesignated existing Subdiv. (16) as Subdiv. (14), deleted former Subdivs. (17) and (18), redesignated existing Subdivs. (19) and (20) as Subdivs. (15) and (16), replaced “said authority legislation” with “the corporation” in redesignated Subdiv. (16), deleted former Subdivs. (21) and (22), redesignated existing Subdivs. (23) to (25) as Subdivs. (17) to (19) and made conforming changes, effective July 1, 2012; P.A. 13-123 made technical changes, effective June 18, 2013; P.A. 13-247 changed “regional planning agency” to “regional council of governments” in Subdiv. (4), effective January 1, 2015; P.A. 14-79 made technical changes, effective January 1, 2015.