Bill Summary: Raised Bill No. 305

• Expands the definition of "health care institution" eligible for Connecticut Health and Educational Facilities Authority financing to include out-of-state health care institutions that are subsidiaries of or under common ownership with in-state health care institutions in New York, Rhode Island, or Massachusetts, provided they are jointly obligated on authority bonds.

• Authorizes the Connecticut Health and Educational Facilities Authority to form subsidiaries and transfer funds and property to them, with subsidiaries having quasi-public agency status and limited liability to their own assets.

• Permits the Connecticut Higher Education Supplemental Loan Authority to fund Special Capital Reserve Funds with bank letters of credit rated "AA" or better and increases the aggregate bond limit secured by such funds from $300 million to $500 million.

• Expands "education assistance program" definition to include any financial assistance beyond education loans and grants made by the authority to individuals attending or residing in Connecticut.

• Adds state pledge to bond holders that Connecticut will not alter the authority's rights until all obligations and contracts are fully discharged, with exception only if adequate protection is provided by law; effective October 1, 2020.