Sec. 32-23qq. Environmental Assistance Revolving Loan Fund. Subfunds.
Sec. 32-23qq. Environmental Assistance Revolving Loan Fund. Subfunds. (a)
An Environmental Assistance Revolving Loan Fund is created. The state, acting through
the Connecticut Development Authority, or any subsidiary of the authority may provide
grants, loans, lines of credit or loan guarantees to municipalities or businesses from the
Environmental Assistance Revolving Loan Fund for the purposes of pollution prevention activities, as defined in section 32-23rr, for purchases and the costs associated with
compliance with the Clean Air Act Amendments of 1990 (42 USC 7401, et seq.), as
amended, or for remediation of contaminated real property. Within the Environmental
Assistance Revolving Loan Fund, a loan subfund is created solely to provide loans and
lines of credit as provided in this section, a guarantee subfund is created solely to provide
loan guarantees as provided in this section and a grant subfund is created solely to provide
grants as provided under this section. No financial assistance, nor any commitment to
provide financial assistance, shall be provided by or entered into by the authority or any
subsidiary of the authority pursuant to sections 32-23pp to 32-23ss, inclusive, which
would cause the aggregate amount of all such financial assistance and commitments
then outstanding to exceed the sum of the amounts in the applicable subfund of the
Environmental Assistance Revolving Loan Fund plus the amount of any unpaid grants
authorized to be made by the Department of Economic and Community Development
to the authority or any subsidiary of the authority for deposit in the applicable subfund
of the Environmental Assistance Revolving Loan Fund, provided the amount of financial
assistance in the form of any guarantee shall be measured by the portion of unpaid loan
principal which is guaranteed by the authority. Notwithstanding the above, the aggregate
amount of financial assistance in the form of guarantees and commitments with respect
thereto, calculated as above, may be up to four times the sum of the amounts available
in the guarantee subfund of the Environmental Assistance Revolving Loan Fund plus
the amount of any unpaid grants which remain available and are specifically designated
by the department for purposes of such subfund pursuant to the bond authorization in
section 32-23ss. For the purposes of this section, "business" means any business which
(1) has gross revenues of less than twenty-five million dollars in its fiscal year ending
prior to the application for any such loans, lines of credit or loan guarantees or (2) has
fewer than one hundred fifty employees. The Connecticut Development Authority or
any subsidiary of the authority shall charge and collect interest on each such loan or
line of credit at a rate to be determined in accordance with procedures adopted pursuant
to subsection (b) of this section. Payments made by businesses on all loans, lines of
credit and loan guarantees shall be paid to the authority or any subsidiary of the authority
for deposit in the Environmental Assistance Revolving Loan Fund.
(b) The Connecticut Development Authority and any subsidiary of the authority
shall adopt written procedures, in accordance with the provisions of section 1-121, to
carry out the provisions of this section. Such procedures shall establish requirements
for grants, loans, guarantees, interest, repayment terms, security requirements, default
and remedies and such other terms and conditions as the authority or any subsidiary of
the authority shall deem appropriate.
(c) Each such grant, loan, guarantee or extension of credit shall be authorized by
the Connecticut Development Authority or any subsidiary of the authority or, if the
authority or any subsidiary of the authority so determines, by a committee of the authority
or any subsidiary of the authority consisting of the chairman and either one other member
of the authority or subsidiary or its executive director, as specified in the determination
of the authority or subsidiary. Any administrative expenses incurred in carrying out the
provisions of this section, to the extent not paid by the authority or any subsidiary of
the authority or from moneys appropriated to the authority or any subsidiary of the
authority, shall be paid from the Environmental Assistance Revolving Loan Fund. Payments from the Environmental Assistance Revolving Loan Fund to businesses or municipalities or to pay such administrative expenses shall be made by the authority or any
subsidiary of the authority upon certification by the chairman of the authority or such
subsidiary that the payment is authorized under the provisions of this section, under the
applicable rules and regulations of the authority or subsidiary, and, if made to a business
or municipality under the terms and conditions established by the authority or subsidiary
or the duly appointed committee thereof in authorizing the making of the grant, loan or
the extension of credit.
(P.A. 91-376, S. 2, 10; P.A. 93-360, S. 8, 19; 93-382, S. 11, 69; P.A. 94-198, S. 11, 13; P.A. 95-250, S. 1; 95-334, S.
4, 13; P.A. 96-132, S. 3, 5; 96-211, S. 1, 5, 6; P.A. 97-124, S. 5, 16; P.A. 98-92; 98-253, S. 9.)
History: P.A. 93-360 amended Subsec. (a) to create a loan subfund and a guarantee subfund and to limit the amount
of financial assistance provided pursuant to Secs. 32-23pp to 32-23ss, inclusive, effective June 14, 1993; P.A. 93-382
deleted former Subsec. (d) re annual report to general assembly committee re commerce and exportation and relettered
former Subsec. (e) accordingly, effective July 1, 1993; P.A. 94-198 provided for use of the fund for installation of stage
II vapor recovery systems, effective June 7, 1994; 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. 95-334 substituted "Connecticut Development Authority" for "Department of Economic Development" in Subsec. (a) and
"authority" for "Treasurer" in Subsecs. (a) and (c), effective July 13, 1995 (Revisor's note: An erroneous reference in
Subsec. (a) to "sections 32-23pp to 32-33ss" was changed editorially by the Revisors to "sections 32-23pp to 32-23ss");
P.A. 96-132 amended Subsec. (a) to expand uses of the fund to costs associated with compliance with the Clean Air Act
where previously limited to use for installation of stage II vapor recovery systems, effective July 1, 1996; P.A. 97-124
amended Subsec. (d) to exempt loans issued for compliance with the federal Clean Air Act from eligibility determination
by the Connecticut Hazardous Waste Management Service, effective June 6, 1997; P.A. 98-92 and 98-253 both deleted
former Subsec. (d) re role of Connecticut Hazardous Waste Management Service in determining eligibility of loan applicants; P.A. 98-253 further authorized making grants from the fund, authorized subsidiaries of the authority to provide
assistance from the fund and authorized municipalities to receive assistance.