(a) In furtherance of its commitment to carry out the public purposes described in section 10-265aa, the philanthropic enterprise shall provide twenty million dollars to the corporation for the fiscal year commencing July 1, 2019. The participants to the collaboration shall endeavor to secure an additional twenty million dollars from other private sector sources in furtherance of the purposes of the collaboration, provided participation by private sector sources other than the philanthropic enterprise shall not be a condition of the state or the philanthropic enterprise's funding.
(b) For the fiscal year commencing July 1, 2019, the state shall transfer the sum of twenty million dollars to the Philanthropic Match account established in section 10-265ff, upon certification by the philanthropic enterprise to the Secretary of the Office of Policy and Management that it has transferred twenty million dollars to the corporation. The transfer of such state sum shall be in furtherance of the corporation's purposes described in section 10-265aa.
(c) For the fiscal year commencing July 1, 2020, and the three succeeding fiscal years, the state and the philanthropic enterprise shall evaluate the funding needs of the collaboration and each endeavor to maintain at least the level of financial commitment which it made to the collaboration during the fiscal year commencing July 1, 2019, with the same match and certification requirements as set forth in subsections (a) and (b) of this section.
(P.A. 19-117, S. 186.)
History: P.A. 19-117 effective June 26, 2019.