Sec. 7-565. State pledge to holders of general obligations.
Sec. 7-565. State pledge to holders of general obligations. The state does hereby
pledge to and agree with the holders of any general obligations issued under subsection
(a) of section 7-394b and sections 7-560 to 7-579, inclusive, and with those parties who
may enter into contracts with a municipality pursuant to the provisions of subsection
(a) of section 7-394b and sections 7-560 to 7-579, inclusive, that the state will not limit
or alter the rights hereby vested in a municipality until such obligations, together with
the interest thereon, are fully met and discharged and such contracts are fully performed
on the part of the municipality, provided nothing in subsection (a) of section 7-394b
and sections 7-560 to 7-579, inclusive, shall preclude limitation or alteration if and when
adequate provision shall be made by law for the protection of the holders of such general
obligations of a municipality or those entering into such contracts with a municipality.
A municipality as agent for the state is authorized to include this pledge and undertaking
by the state in such general obligations.
(P.A. 93-421, S. 6, 22.)
History: P.A. 93-421 effective July 1, 1993.