Sec. 7-570. Issuance of additional general obligations.
Sec. 7-570. Issuance of additional general obligations. Any certified municipality which has authorized the issue of its general obligations and proposed to issue and
secure such general obligations by a special capital reserve fund is hereby empowered
to authorize and issue additional general obligations in the manner described in this
section, solely for the purposes and in such amounts as are necessary (1) to fund all or
a portion of such special capital reserve fund and (2) to pay all or a portion of the costs
of issuing such authorized general obligations and such additional general obligations.
Such additional general obligations and the appropriation of the proceeds thereof shall
be authorized by a resolution adopted by a majority of all the members of the legislative
body of the municipality, which for purposes of this section shall mean the body described below, notwithstanding the provisions of any general statute, special act, charter,
special act charter, home-rule ordinance, local ordinance or local law governing the
authorization of bonds or other obligations of such municipality or the appropriation of
the proceeds thereof, all of which provisions are hereby superseded solely for the purposes of this section, including, but not limited to, any public hearing requirement,
referendum approval requirement, referendum petition requirement, or recommendation or approval by any official, board, commission, agency, town meeting, representative town meeting, board of finance or other entity. The legislative body of the municipality empowered to authorize such additional obligations shall mean (A) the board of
selectmen in any town without a charter, (B) the board of selectmen, council, board of
directors, board of aldermen or board of burgesses in any municipality with a charter,
(C) the board of education in any regional school district, (D) the city council in any
unconsolidated city, (E) the board of burgesses in any unconsolidated borough, and (F)
the board of directors or similar body in any other municipality. Notwithstanding any
provision of a local law, ordinance, charter, special act charter, home-rule ordinance or
the provisions of any bond authorizing ordinance or resolution, a certified municipality's
obligations may be sold at public sale on sealed proposal, by negotiation or by private
placement in such manner at such price or prices, at such time or times and on such terms
or conditions as the Treasurer determines to be in the best interest of the municipality and
the state. Any certified municipality which issues general obligations under subsection
(a) of section 7-394b and sections 7-560 to 7-579, inclusive, shall transfer bond proceeds
and such other funds to the special capital reserve fund in the amount necessary to cause
the amount of money in the special capital reserve fund to equal the maximum required
capital reserve and to maintain therein an amount equal to the maximum required capital
reserve.
(P.A. 93-421, S. 11, 22.)
History: P.A. 93-421 effective July 1, 1993.