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Connecticut Laws | Title 32 Commerce And Economic And Community Development
CHAPTER 581* INNOVATION CAPITAL ACT OF 1989.       CONNECTICUT INNOVATIONS, INCORPORATED
Sec. 32-40a. Advanced technology centers; purposes. Applications to Connecticut Innovations, Incorporated for state funding.

Sec. 32-40a. Advanced technology centers; purposes. Applications to Connecticut Innovations, Incorporated for state funding. (940)(Text)

Any advanced technology center, as defined in section 32-34, shall be established for purposes of conducting research characterized by reasonable prospects of stimulating development of new business and industry utilizing such advanced technology and augmenting the application of advanced technology by existing business and industry in the state. Connecticut Innovations, Incorporated, hereinafter referred to as "the corporation" shall require any applicant for state funding with respect to a proposed advanced technology center to submit a complete description of the organization of such center, plans for research and proposed funding from sources other than the state of Connecticut, subject to the provisions of section 32-40c, including but not limited to the following: (941)

(1) The specific technological research to be undertaken and the proposed business and industry involvement in the development and application of such research; (942)

(2) A detailed description of the organization of such center for administrative and research purposes, including (A) name and qualifications of the person to serve as director of the center and (B) a proposed advisory board for such center which shall include members from the academic institution involved and private business; (943)

(3) Proposed arrangements with the corporation, concerning financial benefits to the state of Connecticut as a result of patents, royalty payments or similar rights developing from research at such center; and (944)

(4) Details concerning the organization and content of an annual report to be submitted to the corporation by such center reviewing the progress of research, with the understanding that funding shall be contingent upon satisfactory performance evaluations. (945)

Sec. 32-40b. State funding for advanced technology centers; considerations in approval process by Connecticut Innovations, Incorporated. (946)(Text)

In approving the application of an advanced technology center, as defined in section 32-34, for state funding, Connecticut Innovations, Incorporated, shall assess scientific, economic, management and financial factors, including, but not limited to the following: (947)

(1) The likelihood that the research proposal will result in fundamental technological advances transferable to commercial application and the means that the center proposes to make these transfers; (948)

(2) The potential of the research proposal to stimulate technological advances in existing businesses, new business creation and long-term job growth in Connecticut; (949)

(3) Evidence of significant financial commitment by academic and industrial participants and the likelihood that the center will become self-sufficient by the end of the state's financial commitment period; (950)

(4) Evidence that the state will receive a financial return commensurate with its investment in the center; (951)

(5) The level of representation by all financial participants in the center's proposed management structure; (952)

(6) The planned involvement of small businesses and academic institutions in the center's activities; (953)

(7) The center's plan to involve minority students and minority-owned businesses in its activities; and (954)

(8) The adequacy of the center's proposed mechanisms for evaluating its progress. (955)

Sec. 32-40c. State funding for any advanced technology center to be approved only when funds from other sources are at least equal to the state funds. (956)(Text)

Funds from the state of Connecticut for purposes of any advanced technology center, as defined in section 32-34, shall not be allotted for such purpose unless documentation, satisfactory to the Secretary of the Office of Policy and Management, has been submitted to Connecticut Innovations, Incorporated, certifying that such funds are accepted in accordance with a plan of proposed funding for such advanced technology center during a period of five years, commencing with the year of the initial state grant for such purpose. Such proposed funding shall include, in addition to the proposed amounts from the state of Connecticut, funds from other sources in an amount not less than the total proposed funds from the state during such five-year period. (957)

Sec. 32-41. Bond issue. (958)(Text)

The State Bond Commission shall have power in accordance with the provisions of section 3-20 to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate forty-seven million eight hundred fifty-four thousand nine hundred dollars to carry out the purposes of sections 32-32 to 32-41, inclusive. The principal and interest of said bonds shall be payable at such place or places as may be determined by the State Treasurer and shall bear such date or dates, mature at such time or times, bear interest at such rate or different or varying rates, be payable at such time or times, be in such denominations, be in such form with or without interest coupons attached, carry such registration and transfer privileges, be payable in such medium of payment and be subject to such terms of redemption with or without premium as, irrespective of the provisions of said section 3-20, may be provided by the authorization of the State Bond Commission or fixed in accordance therewith. The proceeds of the sale of such bonds, after deducting therefrom all expenses of issuance and sale, shall be paid to the Connecticut Innovations, Incorporated Fund created under section 32-41a. When the State Bond Commission has acted to issue such bonds or a portion thereof, the Treasurer may, pending the issue of such bonds, issue, in the name of the state, temporary notes in anticipation of the money to be received from the sale of such bonds. In issuing the bonds authorized hereunder, the State Bond Commission may require repayment of such bonds by the corporation as shall seem desirable consistent with the purposes of sections 32-32 to 32-41, inclusive. Such terms for repayment may include a forgiveness of interest, a holiday in the repayment of interest or principal or both. (959)

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