Bill Summary: HB 5590 (Public Act 18-178)

• Authorizes $16 million in state bonds for Capital Region Development Authority parking garage construction in Hartford and $25 million for dredging and navigational improvements for economic development.

• Increases bond authorization caps: raises general obligation bonds limit from $1.9 billion to $1.9 billion annually (adjusted for inflation), and establishes $250 million annual transportation project bond cap for calendar years 2018-2019.

• Establishes Apprenticeship Connecticut Initiative requiring Labor Commissioner to solicit work force pipeline program proposals from regional industry partnerships to train entry-level workers for manufacturers and employers; targets 10,000 job placements over four years with $50 million in funding.

• Restructures CTNext governance by establishing independent board of directors with majority serial entrepreneurs; expands CTNext's mission to oversee state-wide entrepreneurial ecosystem and identify policy improvements; authorizes proof-of-concept fund ($100,000 grants) and venture capital fund program ($10 million investment).

• Modifies school construction bond authorization from $450 million to $90 million effective July 1, 2018; increases various other bond amounts for libraries, housing, information technology, and dredging projects across state agencies.