(a) There is hereby created as a body politic and corporate, constituting a public instrumentality and political subdivision of the state created for the performance of an essential public and governmental function, Connecticut Innovations, Incorporated, which is empowered to carry out the purposes of the corporation, which are hereby determined to be public purposes for which public funds may be expended. Connecticut Innovations, Incorporated, shall not be construed to be a department, institution or agency of the state.

(b) All notes, bonds or other obligations issued by the Connecticut Development Authority or the Connecticut Development Commission for the financing of any project or projects shall be in accordance with their terms of full force and effect and valid and binding upon Connecticut Innovations, Incorporated, as the successor to the Connecticut Development Authority, and with respect to any resolution, contract, deed, trust agreement, mortgage, conditional sale or loan agreement, commitment, obligation or liability or other such document, public record, right, remedy, special act or public act, obligation, liability or responsibility pertaining thereto, the corporation shall be, and shall be deemed to be, the successor to the Connecticut Development Authority. All properties, rights in land, buildings and equipment and any funds, moneys, revenues and receipts or assets of the Connecticut Development Commission pledged or otherwise securing any such notes, bonds or other obligations shall belong to the corporation as successor to the Connecticut Development Authority, subject to such pledges and other security arrangements and to agreements with the holders of the outstanding notes, bonds or other obligations. Any resolution with respect to the issuance of bonds of the commission for the purposes of the act and any other action taken by the commission with respect to assisting in the financing of any project shall be, or shall be deemed to be, a resolution of the corporation or an action taken by the corporation subject only to any agreements with the holders of outstanding notes, bonds or other obligations of the commission.

(c)–(j) Repealed by June 12 Sp. Sess. P.A. 12-1, S. 292.

(k) Repealed by P.A. 00-136, S. 9.

(l) Repealed by June 12 Sp. Sess. P.A. 12-1, S. 292.

(P.A. 73-599, S. 5; P.A. 75-60, S. 1, 2; P.A. 77-370, S. 8, 13; 77-614, S. 19, 284, 610; P.A. 78-303, S. 106, 107, 136; P.A. 81-384, S. 1, 13; P.A. 84-512, S. 17, 18, 30; P.A. 88-225, S. 8, 14; 88-265, S. 1, 2, 36; 88-266, S. 11, 46; P.A. 93-382, S. 2, 69; June Sp. Sess. P.A. 93-1, S. 41, 45; P.A. 95-249, S. 2, 4; 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; P.A. 97-219, S. 1; P.A. 98-253, S. 7; P.A. 99-30, S. 2; P.A. 00-136, S. 9; P.A. 01-179, S. 4–6; P.A. 03-19, S. 74, 75; P.A. 11-48, S. 123; 11-80, S. 1; 11-140, S. 12; June 12 Sp. Sess. P.A. 12-1, S. 167, 292; P.A. 13-123, S. 11.)

History: P.A. 75-60 included references to stockholders in Subsec. (f); P.A. 77-370 added Subsec. (i) re disclosure of information; P.A. 77-614 replaced commissioner of finance and control with secretary of the office of policy and management and, effective January 1, 1979, replaced commissioner and department of commerce with commissioner and department of economic development; P.A. 78-303 deleted references to Sec. 4-60a in Subsecs. (a) and (c); P.A. 81-384 added “proprietor” to Subsec. (f) concerning conflicts of interest; P.A. 84-512 deleted references to Secs. 4-5 and 4-24a in Subsecs. (a) and (c); P.A. 88-225 amended Subsec. (f) to apply provisions to individuals “having financial interest in any person”; P.A. 88-265 made technical changes and removed the Connecticut development authority from the department of economic development in Subsec. (a) and made technical changes re appointment of members, added reporting requirements and exempted the authority from the requirements of Sec. 4-9a in Subsec. (c); P.A. 88-266 amended Subsec. (a) by inserting reference to governmental function and providing that the authority shall not be construed to be department, institution or agency of state, amended Subsec. (c) by inserting reference to board of directors of the authority, requiring chairperson of board to be appointed by governor with advice and consent of general assembly instead of requiring that commissioner of economic development be chairman and substituting “board” for “authority”, designated provisions in Subsec. (c) re delegation of powers and duties as Subsec. (d) and in that Subsec. authorized board to delegate powers and duties to three or more of its members, at least one of whom shall not be a state employee, instead of to one or more its members, or its officers, agent or employees, added Subsec. (e) re adoption of written procedures, relettered former Subsecs. (d), (e), (f), (g), (h) and (i) as Subsecs. (f), (g), (h), (i), (j) and (k), respectively, and, in said Subsecs., added “board of directors of the” and substituted “board” for “authority”; (Revisor's note: In 1993 the obsolete references in Subsecs. (a) and (c) to repealed Sec. 36-322 were deleted editorially and the wording adjusted accordingly); P.A. 93-382 amended Subsec. (c) to require authority to report semiannually instead of annually and also submit reports to auditors of public accounts and general assembly committee having cognizance of matters relating to appropriations and to substantially revise content of reports, effective July 1, 1993; June Sp. Sess. P.A. 93-1 amended Subsec. (c) to add four legislative appointments to the board of directors, to revise length of terms of gubernatorial appointees and to specify term length for legislative appointees and to clarify procedure for filling unexpired terms, effective July 1, 1993; P.A. 95-249 amended Subsec. (e)(6) to require board to adopt procedures for deadlines for approving or disapproving assistance applications, effective July 1, 1995; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development; P.A. 97-219 amended Subsec. (c) to require semiannual reports to include data re final applications approved, withdrawn, disapproved and not acted on; P.A. 98-253 added Subsec. (l) re establishment of subsidiaries for redevelopment of contaminated real property (Revisor's note: In Subsec. (l)(2)(iv) the Revisors editorially changed the phrase “... or enter into contracts therefore” to “... or enter into contracts therefor”); P.A. 99-30 changed a requirement for a biannual report regarding financial assistance provided by the authority to an annual report; P.A. 00-136 repealed Subsec. (k) which had exempted information contained in applications for financial assistance and all information obtained by the authority or the department from provisions of Sec. 1-210(a); P.A. 01-179 amended Subsec. (a) to redefine the purposes of the authority by deleting former references and adding reference to Sec. 32-23d(t), amended Subsec. (c) by making technical changes for purposes of gender neutrality and, re duties for which the members of the authority may be reimbursed, by deleting former references and adding provision re authority legislation as defined in Sec. 32-23d(hh) and amended Subsec. (l)(6) to add provisions authorizing the authority to make grants to or guarantee obligations of subsidiaries; P.A. 03-19 made technical changes in Subsecs. (c) and (l)(6), effective May 12, 2003; P.A. 11-48 amended Subsec. (c) by replacing provision re chairperson of board appointed by Governor with advice and consent of both houses of General Assembly with provision re chairperson of board to be Commissioner of Economic and Community Development and by replacing “Standard Industrial Classification Manual” with “North American Industrial Classification System”, effective July 1, 2011; pursuant to P.A. 11-80, “Commissioner of Environmental Protection” and “Department of Environmental Protection” were changed editorially by the Revisors to “Commissioner of Energy and Environmental Protection” and “Department of Energy and Environmental Protection”, respectively, in Subsec. (l), effective July 1, 2011; P.A. 11-140 amended Subsec. (c) to specify that chairperson of board shall be Commissioner of Economic and Community Development, rather than appointed by Governor, to add provisions re confidentiality for gross revenue information of recipients that do not make such information public and to add provisions allowing Governor and specific legislators to examine revenue data in confidence and permitting disclosure of such data to legislative committee members, effective July 1, 2011; June 12 Sp. Sess. P.A. 12-1 replaced references to Connecticut Development Authority with references to Connecticut Innovations, Incorporated and made conforming changes in Subsecs. (a) and (b) and repealed Subsecs. (c) to (j) and (l), effective July 1, 2012; P.A. 13-123 made technical changes in Subsec. (b), effective June 18, 2013.

Cited. 230 C. 24.