§ 32-23w — Consolidation of financial assistance programs.

Connecticut § 32-23w

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

Text

Effective July 1, 1988, the Business Emergency Relief Revolving Loan Fund established under subsection (d) of section 16a-43, revision of 1958, revised to 1987 and in effect on June 30, 1988, the Enterprise Zone Capital Formation Revolving Loan Fund established under section 32-73, revision of 1958, revised to 1987 and in effect on June 30, 1988, the Investor-Owned Water Companies Revolving Loan Fund established under section 25-33a, revision of 1958, revised to 1987 and in effect on June 30, 1988, the Dam Repair Revolving Fund established under section 32-9aa, revision of 1958, revised to 1987 and in effect on June 30, 1988, the Small Contractors' Surety Bond Guarantee Fund established under section 32-53, revision of 1958, revised to 1987 and in effect on June 30, 1988, the Road and Bridge Repair Business Disruption Trust Fund established under section 32-9oo, revision of 1958, revised to 1987 and in effect on June 30, 1988, and the program of loans to minority business enterprises established under section 3 of public act 87-577* and in effect on June 30, 1988, are hereby consolidated into the Comprehensive Business Assistance Fund established under section 32-23x. As of July 1, 1988, cash, notes, receivables and all other assets, liabilities, appropriations, authorizations, allocations and attributes then applicable or attributable to each of said funds and programs, except three-quarters of the amount of cash existing by virtue of said subsection (d) of section 16a-43, shall be transferred to the Comprehensive Business Assistance Fund established under said section 32-23x. All loans and guarantees made or committed and lines of credit extended under said subsection (d) of section 16a-43, said sections 25-33a, 32-9aa, 32-53, 32-73, 32-9oo and section 3 of public act 87-577* shall be treated as having been made, committed or extended under section 32-23x and all payments received by the state on account thereof, excluding any payments which have been deposited into the General Fund prior to July 1, 1988 shall be credited or deposited to the Comprehensive Business Assistance Fund. Any and all bonds issued and any and all bonds authorized by the State Bond Commission prior to July 1, 1988, for the purposes contained in said subsection (d) of section 16a-43, said sections 25-33a, 32-9aa, 32-53, 32-73, 32-9oo and section 3 of public act 87-577* are deemed issued or authorized, as the case may be, for the purposes of section 32-23x and shall be charged against the maximum bond authorization permitted under subsection (i) of said section, and the proceeds from bonds authorized under sections 25-33a, 32-9aa, 32-54, 32-74, and 32-9pp, revision of 1958, revised to 1987 and in effect on June 30, 1988, shall be credited or deposited to the Comprehensive Business Assistance Fund established under section 32-23x when issued. The repeal of said sections 25-33a, 32-9aa, 32-54, 32-74, and 32-9pp and section 3 of public act 87-577* shall not affect the validity, enforceability or binding nature of any bonds of the state issued pursuant to said sections. *Note: Section 3 of public act 87-577 was repealed effective July 1, 1988, by section 35 of public act 88-265.

Legislative History

(P.A. 88-265, S. 26, 36.)