Section 7-572-1 - Notification and documentation to secretary regarding the issuance of deficit obligations(a) The municipality, through its chief executive officer, shall notify the Secretary of its intent to issue deficit obligations at least ninety (90) days prior to issuance. Such notification shall include the following: (1) The anticipated amount of the deficit obligations to be issued, the most recent audited financial statements of the municipality, and a general description of any other measures, in addition to issuing the deficit obligation, that will be implemented to eliminate the deficit.(2) A letter from the municipality's chief executive officer certifying that, and an opinion from its bond counsel to the effect that, the proposed issuance of the deficit obligation will comply with Public Act 93-421, that such municipality has authorized the issuance of such obligations in accordance with the General Statutes, any applicable charter, special act or home rule ordinance and the provisions of Public Act 93-421, and that the municipality has no outstanding deficit obligations and that it has not issued a deficit obligation in the past five years.(3) Written assurance that such municipality will establish a property tax intercept procedure and a debt service payment fund with a trustee in accordance with the provisions of Public Act 93-421.(4) Written assurance that such property tax intercept procedure will assure that the property tax receipts transferred to the trustee and deposited in the debt service payment fund shall be in an amount at least equal to and deposited by such dates so as to satisfy the debt service payment fund requirement.(5) Any other information required by Public Act 93-421. The Secretary may, upon the request of the municipality's chief executive officer, reduce the ninety (90) day notice requirement for some or all of the items of information outlined above if sufficient cause is found.
(b) Prior to the date of closing on the deficit obligation, the municipality's chief executive officer shall provide such additional information related to such issuance as may be requested by the Secretary, including, but not limited to, a copy of the Preliminary Official Statement (the "POS").(c) Within ninety (90) days after the date of closing on the deficit obligation, the chief executive officer shall submit to the Secretary a copy of all the final closing documents related to the issuance, which documentation shall include the agreements and language related to the property tax intercept procedure and the debt service payment fund.(d) The Secretary shall refer to the Municipal Finance Advisory Commission, pursuant to Section 7-395 of the General Statutes, any municipality which notifies the Secretary that it intends to issue deficit obligations under Section 9 of Public Act 93-421.Conn. Agencies Regs. § 7-572-1