Sec. 32-23c. Legislative finding.
Sec. 32-23c. Legislative finding. It is hereby found and declared that there is a
continuing need in the state for: (1) Economic development and activity to provide and
maintain employment and tax revenues, promote the export of products and services
beyond state boundaries, encourage innovation in products and services, and support
or broaden the economic base of the state, the control, abatement and prevention of
pollution to protect the public health and safety, and the development and use of indigenous and renewable energy resources to assist industrial and commercial businesses in
meeting their energy requirements; (2) the development of recreation facilities to promote tourism, to provide and maintain employment and tax revenues and to promote
the public welfare; (3) the development of commercial and retail sales and services
facilities in urban areas to provide and maintain construction, permanent employment
and tax revenues, to improve conditions of deteriorated physical development, slow
economic growth and eroded financial health of the public and private sectors in urban
areas and to revitalize the economy of urban areas; (4) assistance to public service
businesses providing transportation and utility services in the state; (5) development of
the commercial fishing industry to provide and maintain employment and tax revenues;
(6) the development of high-technology businesses and business incubators that assist
high-technology businesses; (7) assistance to consortia consisting of businesses creating
partnerships with higher education facilities; and (8) assistance to nonprofit and governmental entities in financing facilities providing health, educational, charitable, community, cultural, agricultural, consumer or other services benefiting the citizens of the
state; that the availability of financial assistance and suitable facilities are important
inducements to industrial, commercial and nonprofit enterprises to remain or locate in
this state and to provide economic development projects, recreation projects, urban
projects, public service projects, commercial fishing projects, health care projects and
nonprofit projects; that there are significant barriers inhibiting access by the authority
and eligible financial institutions to the public capital markets and expansion of the
secondary loan market to assist in financing economic development and other projects
in the state; that the exercise by the authority of the powers in this chapter will promote
economic development by increasing access to the public capital markets for the authority and eligible financial institutions; and that therefore the necessity in the public interest
and for the public benefit and good for the provisions of this chapter is hereby declared
as a matter of legislative determination. It is further found and declared that there is a
necessity in the state of creating a Department of Economic and Community Development to coordinate and be responsible for matters affecting the growth of business and
industry in the state and the maintenance and development of industry in the state as
well as the promotion of tourism in the state and for the establishment and creation of
an authority to assist the department and the state to carry out the needs and policies of
the state as set forth in this section. It is further found and declared that existing, pending
and proposed federal legislation has limited and restricted and may further limit and
restrict the power of the authority to issue obligations the interest on which is exempt
from federal income taxation; that the ability of the authority to issue obligations to
provide financing for projects is essential to the maintenance and expansion of employment and the tax base in the state and to the economic development and health, education
and general welfare of the state; and that the issuance of obligations the interest on which
may be includable in the holder's gross income for the purposes of federal income
taxation serves a needed public purpose; and therefore the necessity in the public interest
and for the public benefit and good for the provisions of this chapter is hereby declared
as a matter of legislative determination.
(1972, P.A. 195, S. 2; P.A. 73-599, S. 8; P.A. 75-513, S. 2, 5; P.A. 76-140, S. 1, 4; P.A. 77-155, S. 1; 77-299, S. 1; 77-614, S. 284, 610; P.A. 79-520, S. 1; P.A. 80-267, S. 6; 80-465, S. 1; P.A. 81-384, S. 3, 13; P.A. 82-434, S. 1, 6; P.A. 88-265, S. 8, 36; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6; P.A. 00-178, S. 2; June Sp. Sess. P.A. 00-1, S. 43, 46.)
History: P.A. 73-599 included creation of department of commerce and authority to assist it in legislative finding; P.A.
75-513 included provisions re construction of facilities by private water companies in legislative finding; P.A. 76-140
included provisions re ferry facilities in legislative finding; P.A. 77-155 included provisions re railroad facilities in finding;
P.A. 77-299 added provisions re municipal civic and cultural centers; P.A. 77-614 replaced department of commerce with
department of economic development, effective January 1, 1979; P.A. 79-520 included provisions re development and
use of indigenous and renewable energy resources in finding; P.A. 80-267 added provisions re dependency of state economy
on defense contracts; P.A. 80-465 added provisions re depressed economic conditions in distressed municipalities; P.A.
81-384 completely rewrote legislative finding; P.A. 82-434 inserted language concerning issuance of taxable bonds; P.A.
88-265 changed industrial development to economic development, added provisions re promoting expert of products and
services, encouraging innovation and broadening the state's economic base in Subdiv. (1), added Subdiv. (6) re assistance
to nonprofit and governmental entities, added findings re barriers inhibiting access to capital markets and expansion of
the secondary loan market and made technical changes; 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.
00-178 renumbered former Subdiv. (6) as Subdiv. (8) and added new Subdivs. (6) and (7) re development of high-technology
businesses and business incubators and assistance to consortia of businesses and higher education facilities; June Sp. Sess.
P.A. 00-1 changed effective date of P.A. 00-178 from October 1, 2000, to July 1, 2000, effective July 1, 2000.
See Sec. 32-23s re interpretation of amendments to this section effective on June 29, 1981.