Sec. 8-192b. Temporary notes. Extension of time for renewal.
Sec. 8-192b. Temporary notes. Extension of time for renewal. Notwithstanding
the provisions of subsection (b) of section 8-192 and any other public or special act or
charter or bond ordinance or bond resolution which limits the renewal of temporary
notes issued pursuant to said subsection in anticipation of the receipt of the proceeds of
bond issues to five years from the date of the original notes, any municipality may renew
temporary notes in accordance with the provisions of this section for an additional period
of not more than four years from the end of such five-year period. The officers or board
authorized to issue the bonds or determine the particulars of the bonds may adopt a
resolution authorizing the renewal of temporary notes for such additional period under
the following conditions: (a) All project grant payments and bond sale proceeds received
shall be promptly applied toward project costs or toward payment of such temporary
notes as the same shall become due and payable or shall be deposited in trust for such
purposes; (b) no later than the end of each period of twelve months after the end of such
five-year period a portion of such temporary notes equal to at least one-twentieth of the
municipality's estimated net cost of the project shall be retired from funds other than
project grants or land sale proceeds or note proceeds; (c) the interest on all temporary
notes renewed after such five-year period shall be paid from funds other than project
grants or land sale proceeds or note proceeds; (d) the principal amount of each bond
issue when sold shall be reduced by the amounts spent under subdivision (b) of this
section, and the principal of such bonds shall be paid in annual installments commencing
no later than one year from the date of issue; and (e) the maximum authorized term of
the bonds when sold shall be reduced by not less than the number of months from the
end of such five-year period to the date of issue. Any anticipated federal or state project
grants or land sale proceeds may be used in computing the municipality's net cost of
the project. Any municipality in which such resolution is passed shall include in its
annual budget or shall otherwise appropriate sufficient funds to make the payments
required by subdivisions (b) and (c) of this section. In no event shall any notes renewed
pursuant to the provisions of this section be due and payable later than June 30, 1988.
(P.A. 80-320, S. 2, 4; P.A. 82-24, S. 2, 5; P.A. 84-534, S. 2, 3; P.A. 86-387, S. 2, 3.)
History: P.A. 82-24 extended from two years to four years the period for which temporary notes may be renewed under
this section following renewal for five years from the date of the original notes as allowed under Sec. 8-192(b), with the
extended period of renewal subject to the same conditions as renewal for the first two years under this section and extended
date by which any notes renewed under this section must be payable to June 30, 1984; P.A. 84-534 extended date by which
any notes renewed under this section must be payable to June 30, 1986; P.A. 86-387 extended date by which any notes
renewed under this section must be payable to June 30, 1988.