(a) Any municipality referred pursuant to subsection (d) of section 7-395 to the Municipal Finance Advisory Commission shall be designated a tier I municipality. The chief elected official of any municipality that does not meet the conditions identified under subsection (d) of section 7-395 may apply to the Municipal Finance Advisory Commission for designation as a tier I municipality, provided such official (1) expects that such municipality will meet one or more such conditions in the following twenty-four month period, and (2) submits a report to the Municipal Finance Advisory Commission, in a form and manner prescribed by the commission, that confirms that such condition or conditions will be met in such period.
(b) The secretary shall refer any municipality designated as a tier I municipality to the Municipal Finance Advisory Commission, pursuant to the provisions of section 7-395. In addition to the requirements of section 7-394b, such municipality shall prepare and present a five-year financial plan to the Municipal Finance Advisory Commission for its review and approval.
(June Sp. Sess. P.A. 17-2, S. 360; P.A. 22-35, S. 7.)
History: June Sp. Sess. P.A. 17-2 effective October 31, 2017; P.A. 22-35 deleted former Subsec. (a) re application by chief elected official to secretary for designation as tier I municipality and added new Subsec. (a) re designation as tier I municipality after referral pursuant to Sec. 7-395 or application by chief elected official of municipality, and amended Subsec. (b) by substituting “designated” for “which has requested designation” and substituting “five-year” for “three-year” re financial plan.