Section 7-576f - Retention of designation as tier I or II municipality. Requirements for ending designation(a) A municipality designated as a tier I municipality in accordance with section 7-576a , , tier II municipality in accordance with section 7-576b , tier III municipality in accordance with section 7-576c, or tier IV municipality in accordance with section 7-576e, shall retain such designation, notwithstanding any positive changes in the factors leading to its current designation, until, in the fiscal years following such designation, (1) there have been no audited operating deficits in the general fund of the municipality for two consecutive fiscal years, (2) the municipality's bond rating has either improved or remained unchanged since its most current designation, (3) the municipality has presented and the commission or board has approved a financial plan that projects a positive fund balance for the three succeeding consecutive fiscal years covered by such financial plan, where a positive fund balance of at least five per cent is projected in the third such fiscal year, and (4) the municipality's audits for such consecutive fiscal years have been completed and contain no general fund deficit. (b) Notwithstanding subsection (a) of this section, the Municipal Finance Advisory Commission may, by unanimous vote, end the designation of a municipality designated as a tier I municipality, based on an evaluation of such municipality's financial condition.Conn. Gen. Stat. § 7-576f
( June Sp. Sess. P.A. 17-2 , S. 369 .)
Amended by P.A. 22-0035, S. 13 of the Connecticut Acts of the 2022 Regular Session, eff. 10/1/2022.Added by P.A. 17-0002, S. 369 of the Connecticut Acts of the 2017 Special Session, eff. 10/31/2017.