Summary of Substitute Senate Bill No. 103

• Connecticut Health and Educational Facilities Authority may form subsidiaries organized as stock, nonstock corporations or limited liability companies to carry out public purposes and transfer moneys and property to them.

• Subsidiaries are deemed quasi-public agencies with same privileges, immunities, and tax exemptions as the authority, with liability limited solely to subsidiary assets and revenues without recourse to authority funds.

• Connecticut Higher Education Supplemental Loan Authority is constituted as a subsidiary of the Connecticut Health and Educational Facilities Authority, with at least half its board composed of authority board members or their designees.

• Authority and its subsidiaries may issue bonds, notes and other obligations secured by pledge of revenues and assets to fund education loans for students attending Connecticut institutions or enrolled in postsecondary education programs.

• Excess corporation funds may be distributed to the Connecticut Health and Educational Facilities Authority or its subsidiaries for financial assistance to qualified students including loans, scholarships, grants, and financial literacy education.