CT SB01099

University of Connecticut Board of Trustees shall develop and maintain a program to recruit eminent faculty and research staff to support economic development through applied research and commercialization of discoveries.

Board must submit a biennial recruitment and hiring plan to the General Assembly by April 1, 2020 and every two years thereafter, including operating and capital costs and hiring goals.

University shall use the program to hire qualified faculty and support their compensation, construction, renovation, and equipment costs, while encouraging creation of new business ventures through proof of concept, technology maturation, and venture capital funding support.

State Bond Commission is authorized to issue $46.1 million in general obligation bonds across five fiscal years: $6.46 million (July 1, 2021), $11.729 million (July 1, 2022), $14.489 million (July 1, 2023), $9.22 million (July 1, 2024), and $4.202 million (July 1, 2025).

University president must submit annual reports to joint standing committees on higher education and finance regarding progress on hiring goals and program implementation.