Connecticut General Statutes 32-609 – Loans from Connecticut Innovations, Incorporated
With the concurrence of the Secretary of the Office of Policy and Management and the State Treasurer, the Capital Region Development Authority may submit an application to Connecticut Innovations, Incorporated on behalf of the convention center project, as defined in subdivision (3) of § 32-600, for a loan or loans consistent with the requirements of chapter 579 and Connecticut Innovations, Incorporated is hereby authorized to review such application as a package for the purposes of its requirements, including eligibility for federal or state funding in addition to the financing applied for. Any loan by Connecticut Innovations, Incorporated to the Capital Region Development Authority shall be evidenced by the general obligation bond of Connecticut Innovations, Incorporated, in fully marketable form, duly executed and accompanied by an approving legal opinion with respect to validity, security and tax matters as would otherwise be required in a public offering. Any loan with respect to the hotel or other portions of private investment pertaining to the convention center project shall be on such terms and conditions as Connecticut Innovations, Incorporated requires to satisfy its eligibility for financing of a loan from the proceeds of its general obligation program bonds.
Terms Used In Connecticut General Statutes 32-609
- Authority: means the Capital Region Development Authority created pursuant to §. See Connecticut General Statutes 32-600
- Capital region: means the towns contiguous to the city of Hartford, including the town of East Hartford. See Connecticut General Statutes 32-600
- Convention center: means a convention facility constructed and operated in the capital city economic development district, including parking for such facility, in conjunction with a privately developed hotel, including ancillary facilities and infrastructure improvements as more particularly described in the master development plan. See Connecticut General Statutes 32-600
- Convention center project: means the development, design, construction, finishing, furnishing and equipping of the convention center facilities and related site acquisition and site preparation. See Connecticut General Statutes 32-600
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.