Substitute Senate Bill No. 1104, known as Public Act No. 23-11, expands the definition of "project" for participating institutions such as higher education, health care institutions, qualified nonprofit organizations, and nursing homes to include not only physical structures and facilities but also programs or services that align with their organizational missions. The bill also revises the definition of "cost" to include all aspects of construction, acquisition, operation, and financing of a project. It modifies the provisions for creating special capital reserve funds by the Connecticut Health and Educational Facilities Authority, detailing their use for bond-related payments and removing certain language to streamline the financing process for projects and equipment at participating nursing homes and health care institutions.

The bill specifies that the authority may establish special capital reserve funds to secure bonds, requiring a "required minimum capital reserve" for the payment of bond-related costs and allowing for state appropriations to maintain these reserves. It prohibits bond issuance unless project revenues are deemed sufficient for repayment and maintenance. The bill also amends the statutes to authorize the University of Connecticut to borrow from the authority for projects at The University of Connecticut Health Center, with bonds issued for such projects being eligible for special capital reserve fund benefits. The bill includes the repeal of subsection (a) of section 10a-114a and several other sections of the general statutes, effective July 1, 2023, with insertions and deletions to reflect these changes.

Statutes affected:
Raised Bill:
HED Joint Favorable:
File No. 117:
Public Act No. 23-11: