Sec. 32-23e. Powers of authority.
Sec. 32-23e. Powers of authority. To accomplish the purposes of the authority,
as defined in subsection (t) of section 32-23d, which are hereby determined to be public
purposes for which public funds may be expended, and in addition to any other powers
provided by law, the authority shall have power to: (1) Determine the location and
character of any project to be financed under the provisions of said chapters and sections,
provided any financial assistance shall be approved in accordance with written procedures prepared pursuant to subdivision (14) of this section; (2) purchase, receive, by gift
or otherwise, lease, exchange, or otherwise acquire, and construct, reconstruct, improve,
maintain, equip and furnish one or more projects, including all real and personal property
which the authority may deem necessary in connection therewith, and to enter into a
contract with a person therefor upon such terms and conditions as the authority shall
determine to be reasonable, including but not limited to reimbursement for the planning,
designing, financing, construction, reconstruction, improvement, equipping, furnishing,
operation and maintenance of the project and any claims arising therefrom and establishment and maintenance of reserve and insurance funds with respect to the financing of
the project; (3) insure any or all payments to be made by the borrower under the terms
of any agreement for the extension of credit or making of a loan by the authority in
connection with any economic development project to be financed, wholly or in part,
through the issuance of bonds or mortgage payments of any mortgage which is given
by a mortgagor to the mortgagee who has provided the mortgage for an economic development project upon such terms and conditions as the authority may prescribe and as
provided herein, and the faith and credit of the state are pledged thereto; (4) in connection
with the insuring of payments of any mortgage, request for its guidance a finding of the
municipal planning commission, or, if there is no planning commission, a finding of
the municipal officers, of the municipality in which the economic development project
is proposed to be located, or of the regional planning agency of which such municipality
is a member, as to the expediency and advisability of the economic development project;
(5) sell or lease to any person, all or any portion of a project, purchase from eligible
financial institutions mortgages with respect to economic development projects, purchase or repurchase its own bonds, and sell, pledge or assign to any person any such
bonds, mortgages, or other loans, notes, revenues or assets of the authority, or any interest
therein, for such consideration and upon such terms as the authority may determine to
be reasonable; (6) mortgage or otherwise encumber all or any portion of a project whenever it shall find such action to be in furtherance of the purposes of said chapters and
sections; (7) enter into agreements with any person, including prospective mortgagees
and mortgagors, for the purpose of planning, designing, constructing, acquiring, altering
and financing projects, providing liquidity or a secondary market for mortgages or other
financial obligations incurred with respect to facilities which would qualify as a project
under this chapter, purchasing loans made by regional corporations under section 32-276, or for any other purpose in furtherance of any other power of the authority; (8)
grant options to purchase or renew a lease for any of its projects on such terms as the
authority may determine to be reasonable; (9) employ or retain attorneys, accountants
and architectural, engineering and financial consultants and such other employees and
agents and to fix their compensation and to employ the Connecticut Development Credit
Corporation on a cost basis as it shall deem necessary to assist it in carrying out the
purposes of said authority legislation; (10) borrow money or accept gifts, grants or loans
of funds, property or service from any source, public or private, and comply, subject to
the provisions of said authority legislation, with the terms and conditions thereof; (11)
accept from a federal agency loans or grants for use in carrying out its purpose, and
enter into agreements with such agency respecting any such loans or grants; (12) provide
tenant lease guarantees and performance guarantees, invest in, extend credit or make
loans to any person for the planning, designing, financing, acquiring, constructing, reconstructing, improving, expanding, continuing in operation, equipping and furnishing
of a project and for the refinancing of existing indebtedness with respect to any facility
or part thereof which would qualify as a project in order to facilitate substantial improvements thereto, which guarantees, investments, credits or loans may be secured by loan
agreements, lease agreements, installment sale agreements, mortgages, contracts and
all other instruments or fees and charges, upon such terms and conditions as the authority
shall determine to be reasonable in connection with such loans, including provision for
the establishment and maintenance of reserve and insurance funds and in the exercise
of powers granted in this section in connection with a project for such person, to require
the inclusion in any contract, loan agreement or other instrument, such provisions for
the construction, use, operation and maintenance and financing of a project as the authority may deem necessary or desirable; (13) in connection with any application for assistance under said authority legislation, or commitments therefor, to make and collect such
fees and charges as the authority shall determine to be reasonable; (14) adopt procedures,
in accordance with the provisions of section 1-121, to carry out the provisions of said
authority legislation, which may give priority to applications for financial assistance
based upon the extent the project will materially contribute to the economic base of the
state by creating or retaining jobs, providing increased wages or benefits to employees,
promoting the export of products or services beyond the boundaries of the state, encouraging innovation in products or services, encouraging defense-dependent business to
diversify to nondefense production, promoting standards of participation adopted by
the Connecticut partnership compact pursuant to section 33-374g of the general statutes,
revision of 1958, revised to 1991, or will otherwise enhance existing activities that are
important to the economic base of the state, provided regulation-making proceedings
commenced before January 1, 1989, shall be governed by sections 4-166 to 4-174,
inclusive; (15) adopt an official seal and alter the same at pleasure; (16) maintain an
office at such place or places within the state as it may designate; (17) sue and be sued
in its own name and plead and be impleaded, service of process in any action to be made
by service upon the executive director of said authority either in hand or by leaving a
copy of the process at the office of the authority with some person having charge thereof;
(18) employ such assistants, agents and other employees as may be necessary or desirable for its purposes, which employees shall be exempt from the classified service and
shall not be employees as defined in subsection (b) of section 5-270; establish all necessary or appropriate personnel practices and policies, including those relating to hiring,
promotion, compensation, retirement and collective bargaining, which need not be in
accordance with chapter 68 and the authority shall not be an employer as defined in
subsection (a) of section 5-270; contract for and engage appraisers of industrial machinery and equipment, consultants and property management services, and utilize the services of other governmental agencies; (19) when it becomes necessary or feasible for
the authority to safeguard itself from losses, acquire, purchase, manage and operate,
hold and dispose of real and personal property, take assignments of rentals and leases
and make and enter into all contracts, leases, agreements and arrangements necessary
or incidental to the performance of its duties; (20) in order to further the purposes of
said authority legislation, or to assure the payment of the principal and interest on bonds
or notes of the authority or to safeguard the mortgage insurance fund, purchase, acquire
and take assignments of notes, mortgages and other forms of security and evidences
of indebtedness, purchase, acquire, attach, seize, accept or take title to any project by
conveyance or, by foreclosure, and sell, lease or rent any project for a use specified in
said chapters and sections or in said chapter 579; (21) adopt rules for the conduct of its
business; (22) invest any funds not needed for immediate use or disbursement, including
any funds held in reserve, in obligations issued or guaranteed by the United States of
America or the state of Connecticut and in other obligations which are legal investments
for savings banks in this state; (23) do, or delegate, any and all things necessary or
convenient to carry out the purposes and to exercise the powers given and granted in
said authority legislation; provided, in all matters concerning the internal administrative
functions of the authority which are funded by amounts appropriated by the state to the
authority or to the department, the procedures of the state relating to office space, supplies, facilities, materials, equipment and professional services shall be followed, and
provided further, that in the acquisition by the authority of real estate involving the use
of appropriated funds or bonds supported by the full faith and credit of the state, the
authority shall be subject to the provisions of section 4b-23; (24) to accept from the
department: (A) Financial assistance, (B) revenues or the right to receive revenues with
respect to any program under the supervision of the department, and (C) loan assets or
equity interests in connection with any program under the supervision of the department;
to make advances to and reimburse the department for any expenses incurred or to be
incurred by it in the delivery of such assistance, revenues, rights, assets or amounts; to
enter into agreements for the delivery of services by the authority, in consultation with
the department, the Connecticut Housing Finance Authority and Connecticut Innovations, Incorporated, to third parties which agreements may include provisions for payment by the department to the authority for the delivery of such services; and to enter
into agreements with the department or with the Connecticut Housing Finance Authority
or Connecticut Innovations, Incorporated for the sharing of assistants, agents and other
consultants, professionals and employees, and facilities and other real and personal
property used in the conduct of the authority's affairs; and (25) to transfer to the department: (A) Financial assistance, (B) revenues or the right to receive revenues with respect
to any program under the supervision of the authority, and (C) loan assets or equity
interests in connection with any program under the supervision of the authority, provided
the transfer of such financial assistance, revenues, rights, assets or interests is determined
by the authority to be practicable, within the constraints and not inconsistent with the
fiduciary obligations of the authority imposed upon or established upon the authority
by any provision of the general statutes, the authority's bond resolutions or any other
agreement or contract of the authority and to have no adverse effect on the tax-exempt
status of any bonds of the authority or the state.
(1972, P.A. 195, S. 4; P.A. 73-599, S. 10; P.A. 75-425, S. 54, 57; 75-461, S. 5, 6; P.A. 78-303, S. 109, 136; P.A. 81-384, S. 5, 13; P.A. 82-434, S. 3, 6; P.A. 84-512, S. 20, 30; P.A. 88-265, S. 10, 36; 88-266, S. 12, 46; 88-317, S. 93, 107;
P.A. 90-270, S. 24, 38; P.A. 91-190, S. 6, 9; P.A. 93-217, S. 4, 5; P.A. 95-250, S. 10, 42; 95-309, S. 2, 11, 12; P.A. 00-178, S. 5; June Sp. Sess. P.A. 00-1, S. 43, 46; P.A. 01-179, S. 10; P.A. 04-193, S. 2.)
History: P.A. 73-599 replaced Connecticut development commission and its secretary with Connecticut development
authority and its executive director; P.A. 75-425 made authority subject to Sec. 4-26b when acquiring real estate involving
use of public funds or bonds supported by full faith and credit of state; P.A. 75-461 authorized authority to insure "any or
all payments to be made by the borrower under the terms of any agreement" for the extension of credit or making of a loan
by the authority ... through the issuance of capital reserve fund bonds; P.A. 78-303 deleted reference to Sec. 4-60a; P.A.
81-384 included references to refinancing in Subsec. (12), to exemption from classified services in Subsec. (18) and to
exemption from state office procedures in areas not funded by the state in Subsec. (22); P.A. 82-434 amended Subdiv.
(18) to clarify that authority employees were outside the state collective bargaining process; P.A. 84-512 deleted references
to Secs. 4-5 and 4-24a; P.A. 88-265 changed industrial project to economic development project, deleted reference to
capital reserve fund bonds, deleted reference to first mortgage, empowered the Connecticut development authority to
purchase, sell, pledge or assign economic development project mortgages, empowered the authority to provide liquidity
or secondary markets for economic development project mortgages or other obligations, empowered the authority to borrow
money and deleted provisions re Connecticut Development Credit Corporation; P.A. 88-266 amended Subdiv. (14) to
substitute "procedures" for "amend and repeal regulations", to require such procedures to be adopted in accordance with
Sec. 1-121 instead of Secs. 4-166 to 4-174, inclusive, and to provide that regulation-making proceedings commenced
before January 1, 1989, shall be governed by Secs. 4-166 to 4-74, inclusive, added new Subdiv. (22) re investment of funds
and relettered former Subdiv. (22) as Subdiv. (23); P.A. 88-317 amended reference to Secs. 4-166 to 4-174 in Subdiv. (14)
to include new sections added to Ch. 54, effective July 1, 1989, and applicable to all agency proceedings commencing on
or after that date; P.A. 90-270 amended Subdiv. (1) to require approval of assistance in accordance with written procedures
prepared pursuant to Subdiv. (14) and amended Subdiv. (14) to specify basis for establishing priorities in approving financial
assistance; P.A. 91-190 amended Subdiv. (14) to change reference to "section 33-374g" to "section 33-374g of the general
statutes, revision of 1958, revised to 1991" to reflect repeal of said section; (Revisor's note: In 1993 the obsolete reference
to repealed Sec. 36-322 was deleted editorially by the Revisors); P.A. 93-217 amended Subdiv. (7) to authorize the authority
to enter into agreements for purchasing loans made by regional corporations, effective June 23, 1993; P.A. 95-250 added
Subdivs. (24) and (25) re participation in programs administered by the Department of Economic and Community Development; P.A. 95-309 amended Subdiv. (24) to add provision re adverse effect on tax-exempt status of bonds and changed
effective date of P.A. 95-250 but did not affect this section; P.A. 00-178 amended Subdiv. (12) to authorize providing
tenant lease guarantees and performance guarantees; 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; P.A. 01-179 replaced references to chapters 578 and 579 and Sec.
10-320b(a) with references to Sec. 32-23d(t) and "authority legislation", authorized the authority to purchase or repurchase
its own bonds and sell, pledge or assign such bonds and made a technical change; P.A. 04-193 amended Subdiv. (12) to
include investment in projects and the expanding and continuing in operation of a project, effective June 3, 2004.
See Sec. 32-23s re interpretation of amendments to this section effective on June 29, 1981.