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CT SB00852
Bill
Status
2/9/2021
Primary Sponsor
Higher Education and Employment Advancement Committee
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AI Summary
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Expands the definition of "project" for higher education, health care, and nonprofit institutions to include "any use or purpose approved by the authority," removing previous restrictions that excluded items like books, fuel, and supplies
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Creates a new category of "related health care institution" allowing CHEFA to finance projects for qualifying health care institutions located in New York, Rhode Island, or Massachusetts that share common ownership or control with Connecticut health care institutions
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Authorizes CHEFA to make loans to subsidiaries established by the General Assembly through public or special act, and allows subsidiaries to take title to property subject to existing liens and mortgages
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Increases the bond cap for the Connecticut Higher Education Supplemental Loan Authority (CHESLA) special capital reserve funds from $300 million to $500 million
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Adds state pledge language protecting bondholders' rights and expands education assistance program definition to include "any other form of financial assistance" beyond loans and grants; effective October 1, 2021
Legislative Description
An Act Concerning The Connecticut Health And Educational Facilities Authority And The Connecticut Higher Education Supplemental Loan Authority.
Last Action
Referred by Senate to Committee on Finance, Revenue and Bonding
4/28/2021