Sec. 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 executive director of the corporation or his designee.
(b) Any funds or revenues of Connecticut Innovations, Incorporated derived from
application fees, royalty payments, investment income and loan repayments received
by the corporation in connection with its programs shall 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. 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.)
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.