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CTNext shall not be an employer as defined in section 5-270 of the general statutes.Connecticut Innovations, Incorporated shall establish CTNext pursuant to the provisions of section 32-11e of the general statutes, except that at least half of the members of the CTNext board of directors shall not be required to be members of the board of directors of Connecticut Innovations, Incorporated or their designees or officers or employees of the corporation.(j) It shall not constitute a conflict of interest for a trustee, director, partner or officer of any person, firm or corporation, or any individual having a financial interest in a person, firm or corporation, to serve as a member of the CTNext board of directors, provided such trustee, director, partner, officer or individual complies with all applicable provisions of chapter 10 of the general statutes, except as provided in this subsection.All members shall be deemed public officials and shall adhere to the code of ethics for public officials set forth in chapter 10 of the general statutes, except that no member shall be required to file a statement of financial interest as described in section 1-83 of the general statutes.(b) CTNext shall be overseen by a board of directors, which shall be known as the CTNext board of directors or the CTNext board.The CTNext board of directors shall consist of eleven members, a majority of whom shall be serial entrepreneurs representing a diverse range of growth sectors of the Connecticut economy.By education or experience, such members shall be qualified in one or more of the following: Start-up business development, growth stage business development, investment, innovation place development, urban planning and technology commercialization in higher education.The CTNext board shall consist of the following members: (1) One appointed by the Governor for an initial term of two years; (2) one appointed by the speaker of the House of Representatives for an initial term of two years; (3) one appointed by the president pro tempore of the Senate for an initial term of two years; (4) one appointed by the majority leader of the House of Representatives for an initial term of one year; (5) one appointed by the majority leader of the Senate for an initial term of one year; (6) one appointed by the minority leader of the House of Representatives for an initial term of one year; (7) one appointed by the minority leader of the Senate for an initial term of one year; (8) two jointly appointed by the chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding for an initial term of two years; and (9) the executive director of Connecticut Innovations, Incorporated and the Commissioner of Economic and Community Development, both of whom shall serve ex officio.
(f) All expenditures from the CTNext Fund shall be approved by the CTNext board of directors.
Moneys in or received for the fund may be deposited with and invested by any institution as may be designated by the administrator at its sole discretion and paid as the administrator shall direct.
The administrator may make payments from deposit accounts for use in accordance with the provisions of this section.
CTNext shall establish an application process for such grants-in-aid and shall prioritize such grants-in-aid for uses most likely to facilitate the growth of such businesses, including, but not limited to, sales assistance, marketing, strategy, organizational development, technology assistance, bid assistance, beta testing of products for new purchasers and prototype development. (NEW) (Effective from passage) The members of the CTNext board of directors shall adopt written procedures, in accordance with the provisions of section 1-121 of the general statutes, for: (1) Adopting an annual budget and plan of operations, including a requirement of board approval before the budget or plan may take effect; (2) hiring, dismissing, promoting and compensating employees of CTNext, provided such procedures may be in accordance with those of Connecticut Innovations, Incorporated and shall include an affirmative action policy and a requirement of board approval before a position may be created or a vacancy filled; (3) acquiring personal property and personal services, including a requirement of board approval for any nonbudgeted expenditure in excess ofan amount to be determined by the board; (4) contracting for financial, legal and other professional services, including a requirement that CTNext solicit proposals at least once every three years for each such service which it uses; (5) awarding grants and other financial assistance, including eligibility criteria, the application process and the role played by CTNext's staff and board of directors; (6) the use of surplus funds to the extent authorized under this section or section 2 of this act or other provisions of the general statutes; and (7) the disclosure of conflicts of interest at board meetings pursuant to section 1 of this act. (b) There is established a CTNext Fund, to be held, administered, invested and disbursed by the administrator.
Such grants-in-aid shall not exceed twenty-five thousand dollars per applicant and shall be conditioned upon a one-third match from the applicant; (9) Adopt a comprehensive program evaluation and measurement process to ensure that CTNext's programs are administered appropriately and efficiently, comply with statutory requirements, are cost effective and are achieving the purposes set forth in section 1 of this act. The fund shall contain any moneys required or permitted by law to be deposited in the fund and any moneys received from any public or private contributions, gifts, grants, donations, bequests or devises to the fund.