Sec. 7-535. Local Capital Improvement Fund established.
Sec. 7-535. Local Capital Improvement Fund established. There is established
and created a fund to be known as the "Local Capital Improvement Fund". Said fund
shall contain any moneys required by law to be deposited in the fund and shall be held
separate and apart from all other moneys, funds and accounts. Any balance remaining
in said fund at the end of any fiscal year shall be carried forward in said fund for the
fiscal year next succeeding. The resources of such fund shall be expended for the purpose
of reimbursing municipalities for the cost of eligible local capital improvement projects
pursuant to section 7-536.
(P.A. 87-584, S. 11, 18; June Sp. Sess. P.A. 91-3, S. 158, 168; June Sp. Sess. P.A. 91-13, S. 17, 21; May Sp. Sess. P.A.
92-7, S. 5, 36.)
History: June Sp. Sess. P.A. 91-3 eliminated the provision that investment earnings credited to the assets of the fund
become part of the assets of the fund; June Sp. Sess. P.A. 91-13 deleted all changes made by June Sp. Sess. P.A. 91-3 and
restored language existing as of January 1, 1991; May Sp. Sess. P.A. 92-7 removed the provision that investment earnings
credited to the assets of the fund became part of the fund.