Sec. 32-7e. Regional Economic Development Assistance Revolving Fund.
Sec. 32-7e. Regional Economic Development Assistance Revolving Fund. (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 section 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.
(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 section 4-66c, with respect to regional economic development
activities, may be paid from the fund established in this section.
(P.A. 98-253, S. 11.)