As used in this section and sections 32-7n and 32-7o:

(1) “Administrative costs” means the costs paid or incurred by the administrator, including, but not limited to, peer review costs, professional fees, allocated staff costs and other out-of-pocket costs attributable to the administration and operation of the Connecticut Manufacturing Innovation Fund;

(2) “Administrator” means the Department of Economic and Community Development;

(3) “Advisory board” means the Manufacturing Innovation Advisory Board established pursuant to section 32-7n;

(4) “Eligible recipient” means (A) an aerospace, medical device or other company or nonprofit organization specializing in or providing technologically advanced commercial products or services; (B) an entity desiring to leverage federal grant funds to support advancements in manufacturing; or (C) a state or federally certified education and training program designed to meet an anticipated demand for appropriately skilled and trained workers;

(5) “Financial assistance” means any and all forms of grants, extensions of credit, loans or loan guarantees, equity investments or other forms of financing; and

(6) “Return on investment” means any and all forms of principal or interest payments, guarantee fees, returns on equity investments, royalties, options, warrants and debentures and all other forms of remuneration to the administrator in return for any financial assistance offered or provided.

(P.A. 14-98, S. 47.)

History: P.A. 14-98 effective May 22, 2014.