Connecticut General Statutes Title 10A. State System of Higher Education § 10a-109f. Financing transactions. Submission of resolutions to the Governor

(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:

(4) The university shall meet the following target milestones for UConn 2000 philanthropic commitments and gifts during the following periods:

(5) On or before September 1, 2024, and annually thereafter, the university shall submit a report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to higher education and employment advancement and finance, revenue and bonding. Such report shall include the total amount of philanthropic commitments and gifts, including UConn 2000 philanthropic commitments and gifts, received during the prior fiscal year.