CT SB00865

Connecticut Higher Education Supplemental Loan Authority shall establish a STEM Loan Subsidy Program effective July 1, 2019, to reduce interest rates on authority loans for individuals employed in science, technology, engineering, or math industries who commit to live in Connecticut for at least five years.

The authority must maintain a separate, nonlapsing account for the STEM Loan Subsidy Program funded by state appropriations and proceeds from bond sales authorized under the act.

The Secretary of the Office of Policy and Management may enter into a memorandum of agreement with the authority to establish administrative guidelines including applicant eligibility, qualifying positions, interest rate and principal limits, and processes for verifying residency and employment.

State Bond Commission is authorized to issue bonds not exceeding $15 million in aggregate principal to fund the STEM Loan Subsidy Program, with bonds maturing within twenty years and backed by the full faith and credit of Connecticut.

State Treasurer shall pay all principal and interest on authorized bonds as they become due, with appropriations made automatically to cover these payments.