Connecticut SB 179: AN ACT CONCERNING THE CONNECTICUT GREEN BANK.

Bill Text

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General Assembly Raised Bill No. 179
February Session, 2020 LCO No. 763

Referred to Committee on ENERGY AND TECHNOLOGY

Introduced by:
(ET)

AN ACT CONCERNING THE CONNECTICUT GREEN BANK.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

Section 1. Subsection (d) of section 16-245n of the general statutes is 1
repealed and the following is substituted in lieu thereof (Effective October 2
1, 2020): 3
(d) (1) (A) The Connecticut Green Bank is hereby established and 4
created as a body politic and corporate, constituting a public 5
instrumentality and political subdivision of the state of Connecticut 6
established and created for the performance of an essential public and 7
governmental function. The Connecticut Green Bank shall not be 8
construed to be a department, institution or agency of the state. 9
(B) The Connecticut Green Bank shall (i) develop separate programs 10
to finance and otherwise support clean energy investment in residential, 11
municipal, small business and larger commercial projects and such 12
others as the Connecticut Green Bank may determine; (ii) support 13
financing or other expenditures that promote investment in clean 14
energy sources in accordance with a comprehensive plan developed by 15

Raised Bill No. 179

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it to foster the growth, development and commercialization of clean 16
energy sources and related enterprises; and (iii) stimulate demand for 17
clean energy and the deployment of clean energy sources within the 18
state that serve end use customers in the state. 19
(C) The Clean Energy Finance and Investment Authority shall 20
constitute a successor agency to Connecticut Innovations, Incorporated, 21
for the purposes of administering the Clean Energy Fund in accordance 22
with section 4-38d. The Connecticut Green Bank shall constitute a 23
successor agency to the Clean Energy Finance and Investment Authority 24
for purposes of administering the Clean Energy Fund in accordance 25
with section 4-38d. The Connecticut Green Bank shall have all the 26
privileges, immunities, tax exemptions and other exemptions of 27
Connecticut Innovations, Incorporated, with respect to said fund. The 28
Connecticut Green Bank shall be subject to suit and liability solely from 29
the assets, revenues and resources of said bank and without recourse to 30
the general funds, revenues, resources or other assets of Connecticut 31
Innovations, Incorporated. The Connecticut Green Bank may provide 32
financial assistance in the form of grants, loans, loan guarantees or debt 33
and equity investments, as approved in accordance with written 34
procedures adopted pursuant to section 1-121. The Connecticut Green 35
Bank may assume or take title to any real property, convey or dispose 36
of its assets and pledge its revenues to secure any borrowing, convey or 37
dispose of its assets and pledge its revenues to secure any borrowing, 38
for the purpose of developing, acquiring, constructing, refinancing, 39
rehabilitating or improving its assets or supporting its programs, 40
provided each such borrowing or mortgage, unless otherwise provided 41
by the board or said bank, shall be a special obligation of said bank, 42
which obligation may be in the form of bonds, bond anticipation notes 43
or other obligations which evidence an indebtedness to the extent 44
permitted under this chapter to fund, refinance and refund the same and 45
provide for the rights of holders thereof, and to secure the same by 46
pledge of revenues, notes and mortgages of others, and which shall be 47
payable solely from the assets, revenues and other resources of said 48
bank and such bonds may be secured by a special capital reserve fund 49

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contributed to by the state. The Connecticut Green Bank shall have the 50
purposes as provided by resolution of said bank's board of directors, 51
which purposes shall be consistent with this section. No further action 52
is required for the establishment of the Connecticut Green Bank, except 53
the adoption of a resolution for said bank. 54
(D) In addition to, and not in limitation of, any other power of the 55
Connecticut Green Bank set forth in this section or any other provision 56
of the general statutes, said bank shall have and may exercise the 57
following powers in furtherance of or in carrying out its purposes: 58
(i) To have perpetual succession as a body corporate and to adopt 59
bylaws, policies and procedures for the regulation of its affairs and the 60
conduct of its business; 61
(ii) To make and enter into all contracts and agreements that are 62
necessary or incidental to the conduct of its business; 63
(iii) To invest in, acquire, lease, purchase, own, manage, hold, sell and 64
dispose of real or personal property or any interest therein; 65
(iv) To borrow money or guarantee a return to investors or lenders; 66
(v) To hold patents, copyrights, trademarks, market