Connecticut General Statutes 10-265dd – Funding to further the purposes of the collaboration
(a) In furtherance of its commitment to carry out the public purposes described in § 10-265aa, the philanthropic enterprise shall provide twenty million dollars to the corporation for the fiscal year commencing July 1, 2019. The participants to the collaboration shall endeavor to secure an additional twenty million dollars from other private sector sources in furtherance of the purposes of the collaboration, provided participation by private sector sources other than the philanthropic enterprise shall not be a condition of the state or the philanthropic enterprise’s funding.
Terms Used In Connecticut General Statutes 10-265dd
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- succeeding: when used by way of reference to any section or sections, mean the section or sections next preceding, next following or next succeeding, unless some other section is expressly designated in such reference. See Connecticut General Statutes 1-1
(b) For the fiscal year commencing July 1, 2019, the state shall transfer the sum of twenty million dollars to the Philanthropic Match account established in § 10-265ff, upon certification by the philanthropic enterprise to the Secretary of the Office of Policy and Management that it has transferred twenty million dollars to the corporation. The transfer of such state sum shall be in furtherance of the corporation’s purposes described in § 10-265aa.
(c) For the fiscal year commencing July 1, 2020, and the three succeeding fiscal years, the state and the philanthropic enterprise shall evaluate the funding needs of the collaboration and each endeavor to maintain at least the level of financial commitment which it made to the collaboration during the fiscal year commencing July 1, 2019, with the same match and certification requirements as set forth in subsections (a) and (b) of this section.