Sec. 7-482. Definitions.
Sec. 7-482. Definitions. As used in this chapter:
(a) "Annual sinking fund payment" means the amount of money specified in the
resolution authorizing term bonds secured by a capital reserve fund as payable into a
sinking fund during a particular fiscal year for the retirement of term bonds secured by
a capital reserve fund which mature after such fiscal year, but shall not include any
amount payable by reason only of the maturity of a bond;
(b) "Bonds", "notes", "other obligations" means any bonds, notes or other evidences
of indebtedness, respectively, issued by a municipality pursuant to this chapter;
(c) "Capital reserve fund" means any capital reserve fund established by a municipality in accordance with section 7-492;
(d) "Development property" means any real or personal property, interest therein,
improvements thereon, appurtenances thereto and air or other rights in connection therewith, including land, buildings, plants, structures, systems, works, machinery and equipment acquired or to be acquired by purchase, gift or otherwise by a sponsor or by a
municipality and dedicated by resolution to the purposes of this chapter;
(e) "Facility charges" means tolls, rents, rates, fees or other charges in this chapter,
in connection with, or for the use or services of, or otherwise relating to, any development
property owned or controlled by the municipality in furtherance of the purposes of this
chapter;
(f) "Governmental unit" means the United States of America or the state or any city,
town, consolidated town and city or consolidated town and borough or any subdivision,
department, agency, instrumentality, authority, board, commission, bureau, division or
legal entity heretofore or hereafter created, designated or established by or for the United
States of America or the state or any city or town;
(g) "Legislative body" means the council, commission, board, body or town meeting, by whatever name it may be known, having or exercising the general legislative
powers and functions of a municipality;
(h) "Maximum capital reserve fund requirement" applies only to bonds secured by
a capital reserve fund and means, as of any particular date of computation, an amount
of money equal to the greatest of the respective amounts, for the then current or any
future fiscal year of the municipality, of annual debt service secured by a capital reserve
fund of the municipality, such annual debt service secured by a capital reserve fund for
any fiscal year, being the amount of money equal to the aggregate of (1) all interest
payable during such fiscal year on all such bonds of the municipality outstanding on said
date of computation, plus (2) the principal amount of all such bonds of the municipality
outstanding on said date of computation which matures during such fiscal year, plus (3)
the amount of all annual sinking fund payments payable during such fiscal year with
respect to any such bonds of the municipality outstanding on said date of computation;
(i) "Municipality" means any city, town, consolidated town and city or consolidated
town and borough in the state which shall by resolution make the findings and determinations required by section 7-485 and which shall exercise all powers granted and make
all findings and determinations required under this chapter by means of resolution;
(j) "Operating expenses" means all costs and expenses of a municipality or its delegate incurred in connection with any action taken pursuant to this chapter, including
but not limited to salaries and wages, expenses of administering staff functions, fees of
professional consultants, legal fees, charges incurred for servicing of mortgage loans
or loans to sponsors, money management, office rents, utility charges, costs of supplies,
furnishings, equipment, machinery and apparatus, maintenance and repair of property
and other expenses incurred in connection with the foregoing;
(k) "Purposes of this chapter" means ameliorating the deterioration of municipalities by preserving and expanding employment opportunities and the tax base of municipalities by undertaking or assisting in the financing, development or construction of
housing, industrial, commercial, parking, retail, office, hotel, warehouse, recreational
or transportation facilities or any combination thereof and any service facilities related
thereto or supportive thereof;
(l) "Resolution" means any resolution adopted by the legislative body of a municipality or by the governing body of any governmental unit or nonprofit corporation to
which a municipality has delegated powers under the provisions of section 7-486, after
(1) notice of the proposed resolution has been placed on record in the office of the
municipal clerk for public inspection and (2) a summary of the proposed resolution has
been published at least once in a newspaper of general circulation within the municipality, both setting forth the time and place of the public hearing provided for in subdivision
(3) of this subsection and (3) a public hearing has been held thereon not less than five
days nor more than fourteen days subsequent to the placing on record of such notice
and the publication of such summary. Such resolution shall be adopted by a majority
vote of the members of the legislative body of the municipality, provided where the
legislative body of the municipality is the town meeting, a resolution may be adopted
upon approval of a majority of those electors present and voting on the resolution at the
town meeting. Any resolution, except a resolution adopted pursuant to sections 7-485
or 7-492, shall become effective upon adoption, unless otherwise specified in such resolution;
(m) "Revenues" means fees, rentals, tolls, charges and other receipts, income or
moneys made, received or derived by or paid for the account of a municipality from, in
connection with or arising out of any development property, and may include subsidies,
grants and other payments or portions thereof from governmental units which, under
their terms, may be pledged by a municipality in accordance with the provisions of this
chapter;
(n) "Sponsor" means individuals, joint ventures, partnerships, limited partnerships,
trusts, business corporations, nonprofit corporations, cooperatives, condominiums, associations, public bodies or any other legal entities or combination thereof, who have
filed with the clerk of the municipality a list of the names and addresses of each of its
members or stockholders, if any, except in the case of a corporation the stock of which
is traded in the open market or over the counter or listed on any stock exchange, and
who have been approved by a municipality as financially qualified to own, construct,
acquire, rehabilitate, operate, manage or maintain development property in furtherance
of the purposes of this chapter; and
(o) "State" means the state of Connecticut.
(July Sp. Sess. P.A. 75-2, S. 3, 25; P.A. 84-428, S. 2, 4.)
History: P.A. 84-428 amended Subdiv. (d) by allowing acquisition of such property interests by a sponsor, as defined
in Subdiv. (n) of this section, in addition to acquisition by a municipality as allowed prior to this amendment.