Conn. Gen. Stat. § 7-573

Current with legislation from 2024 effective through June 5, 2024.

Section 7-573 - Requirements for general obligations by tier I certified or designated municipality

Any tier I certified municipality or designated tier I municipality that meets the eligibility requirements of subdivisions (1) to (3), inclusive, of section 7-572, may issue general obligations with a term of more than one year which are supported by a special capital reserve fund, but not general obligations to fund a general fund deficiency, as provided in sections 7-560 to 7-579, inclusive. Any such tier I municipality shall, within the time and in the manner prescribed by written procedures adopted by the secretary, in consultation with the Treasurer:

(1) Notify the secretary of its intent to issue such obligations,

(2) provide the secretary with the documentation required under sections 7-560 to 7-579, inclusive,

(3) establish a property tax intercept procedure and debt service payment fund in accordance with the provisions of sections 7-560 to 7-579, inclusive, and

(4) comply with sections 7-569 to 7-571, inclusive. The secretary shall refer to the Municipal Finance Advisory Commission, pursuant to the provisions of section 7-395, any tier I certified municipality which notifies the secretary that it intends to issue obligations under this section.

Conn. Gen. Stat. § 7-573

( P.A. 93-421, S. 14, 22; June Sp. Sess. P.A. 17-2, S. 361.)

Amended by P.A. 17-0002, S. 361 of the Connecticut Acts of the 2017 Special Session, eff. 10/31/2017.