(a) There is established a fund to be known as the “Regional Economic Development Assistance Revolving Fund”. Repayment of principal and interest on loans made for regional economic development activities pursuant to chapters 130, 132, 588a and § 4-66c shall be credited to the fund and shall become part of the assets of the fund. The Regional Economic Development Assistance Revolving Fund may include other separate accounts. Any balance remaining in the fund at the end of any fiscal year shall be carried forward in the fund for the next fiscal year succeeding.

Terms Used In Connecticut General Statutes 32-7e

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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) All moneys received in consideration of financial assistance for regional economic development activities, including payments of principal and interest on any loans, shall be credited to the fund. The Commissioner of Economic and Community Development, with the approval of the Secretary of the Office of Policy and Management, may deposit any federal, private or other moneys received by the state in connection with regional economic development activities into the fund. The Commissioner of Economic and Community Development may allow funds to be retained by regional entities and not repaid to the fund.

(c) The commissioner may provide financial assistance from the assets of the fund to regional entities in the form of individual loans or grants. Regional entities may provide loans to nonprofit businesses or communities, not to exceed two hundred fifty thousand dollars per individual loan, from a regional fund established by the entity. Notwithstanding any provision of the general statutes, payment of any administrative expenses or other costs incurred by the department in carrying out the purposes of chapters 130, 132, 588a and § 4-66c, with respect to regional economic development activities, may be paid from the fund established in this section.

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