Sec. 7-575. Requirements for general obligations by tier II municipality.
Sec. 7-575. Requirements for general obligations by tier II municipality. Any
tier II municipality may issue general obligations with a term of more than one year
which are supported by a special capital reserve fund, including general obligations to
fund a deficit, as provided in subsection (a) of section 7-394b and sections 7-560 to 7-579, inclusive, provided no municipality shall issue an obligation with a term of more
than one year to fund a projected fiscal year deficit. Any such tier II municipality shall,
within the time and in the manner prescribed by regulations adopted by the secretary,
in consultation with the Treasurer: (1) Notify the secretary of its intent to issue such
obligations, (2) provide the secretary with the documentation required under subsection
(a) of section 7-394b and sections 7-560 to 7-579, inclusive, (3) establish a property tax
intercept procedure and debt service payment fund in accordance with the provisions
of subsection (a) of section 7-394b and sections 7-560 to 7-579, inclusive, and (4) comply
with sections 7-569 to 7-571, inclusive. The secretary shall refer to the Municipal Finance Advisory Commission, pursuant to the provisions of section 7-395, any municipality which notifies the secretary that it intends to issue obligations under this section.
(P.A. 93-421, S. 17, 22.)
History: P.A. 93-421 effective July 1, 1993.