Section 10a-109f - Financing transactions. Submission of resolutions to the Governor(a) The university may, when directed by vote of its board of trustees, borrow money and enter into financing transactions proceedings in anticipation of assured revenues, project revenues or other funding sources in the name of the university, on behalf of the state, and issue securities in connection with such proceedings, as follows: (1) To finance the cost of UConn 2000 or any one project thereof, or more than one, or any combination of projects thereof; (2) to refund securities issued pursuant to sections 10a-109a to 10a-109y, inclusive; and (3) to refund any such refunding borrowings. All securities issued in connection with assured revenues, project revenues, or other funding sources financing transaction proceedings entered into pursuant to this section shall be authorized by a resolution approved by not less than a majority vote of its board of trustees. Nothing in this subsection shall increase the annual or aggregate cap on the amount of securities the special debt service requirements of which are secured by the state debt service commitment pursuant to section 10a-109g.(b) The board of trustees shall submit each resolution for the issuance of securities approved pursuant to subsection (a) of this section, to the Governor accompanied by a summary report of the estimated total completion costs of projects that will not be completed within the issuance which is the subject of the resolution. The Governor may, not later than thirty days after such submission, disapprove such resolution by notifying the board in writing of his disapproval and the reasons for it. If the Governor does not act within such thirty-day period, the resolution is deemed approved.(c)(1) For purposes of this subsection, "UConn 2000 philanthropic commitments and gifts" means commitments or gifts received by the university or the foundation of the university operating pursuant to section 4-37f designated to support the construction or renovation of a new life sciences building to replace the George Stafford Torrey Life Sciences Building, the North Wing of the Edward V. Gant Science Complex, the Harry A. Gampel Pavilion, the Hugh S. Greer Field House, the Volleyball Center, the Boathouse or the Tennis Courts, or to support operational expenses associated with departments or programs housed in such facilities. "UConn 2000 philanthropic commitments and gifts" shall not include more than twenty million dollars of commitments or gifts made prior to July 1, 2024.(2) Not later than June 30, 2031, the university or the foundation of the university operating pursuant to section 4-37f shall raise one hundred million dollars of UConn 2000 philanthropic commitments and gifts, at least ten million dollars of which shall be endowed. At least sixty million dollars of such commitments and gifts shall be designated for construction or renovation expenses.(3) For the fiscal years ending June 30, 2025, to June 30, 2031, inclusive, if the cumulative amount of UConn 2000 philanthropic commitments and gifts received during a specified period in subdivision (4) of this subsection is less than the target milestone applicable to such period as set forth in subdivision (4) of this subsection, the total amount of securities requested by the board of trustees in resolutions during the fiscal year ending June 30, 2025, and each subsequent fiscal year through June 30, 2031, inclusive, pursuant to this subsection for such year, shall not exceed an amount which shall be calculated by: (A) Taking the sum of the annual caps provided in subdivision (1) of subsection (a) of section 10a-109g for the fiscal years ending June 30, 2025, to the then current fiscal year, inclusive, and(B) Multiplying such sum by a fraction equal to the UConn 2000 philanthropic commitments and gifts received during the specified period divided by the target milestone for the then current fiscal year.(4) The university shall meet the following target milestones for UConn 2000 philanthropic commitments and gifts during the following periods: Fiscal Year Ending | Cumulative Target Milestone for UConn 2000 Philanthropic Commitments and Gifts | Specified Period to Achieve Target Milestone |
June 30, 2025 | $20,000,000 | July 1, 2022, to June 30, 2024 |
June 30, 2026 | $31,500,000 | July 1, 2022, to June 30, 2025 |
June 30, 2027 | $43,000,000 | July 1, 2022, to June 30, 2026 |
June 30, 2028 | $54,500,000 | July 1, 2022, to June 30, 2027 |
June 30, 2029 | $66,000,000 | July 1, 2022, to June 30, 2028 |
June 30, 2030 | $77,500,000 | July 1, 2022, to June 30, 2029 |
June 30, 2031 | $89,000,000 | July 1, 2022, to June 30, 2030 |
June 30, 2032 | $100,000,000 | July 1, 2022, to June 30, 2031 |
(5) On or before September 1, 2024, and annually thereafter, the university shall submit a report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to higher education and employment advancement and finance, revenue and bonding. Such report shall include the total amount of philanthropic commitments and gifts, including UConn 2000 philanthropic commitments and gifts, received during the prior fiscal year.Conn. Gen. Stat. § 10a-109f
( P.A. 95-230 , S. 6 , 45 ; May 9 Sp. Sess. P.A. 02-3 , S. 3 ; P.A. 14-98 , S. 29 .)
Amended by P.A. 24-0151,S. 21 of the Connecticut Acts of the 2024 Regular Session, eff. 7/1/2024.Amended by P.A. 14-0098, S. 29 of the Connecticut Acts of the 2014 Regular Session, eff. 5/22/2014.