Conn. Gen. Stat. § 10a-109f
This is the official text of Conn. Gen. Stat. § 10a-109f, part of Connecticut’s Gen. Stat — part of the compiled statutory law of Connecticut, published by the state as "Gen. Stat." Browse the sections below, each linked to its official government source.
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Sec. 10a-109f. Financing transactions. Submission of resolutions to the Governor. UConn 2000 philanthropic commitment and gift requirements.
Official statutory text
(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:
(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:
Status: in_force · Read it on the official government site
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