Whenever used in subsection (a) of section 7-394b, and sections 7-560 to 7-579, inclusive, the following definitions shall apply: (1) “Attorney General” means the Attorney General of the state of Connecticut. (2) “Certified municipality” means a municipality that has been certified as a tier I or tier II municipality by the secretary. (3) “Chief executive […]
Any municipality may establish a property tax intercept procedure and a debt service payment fund, as provided in sections 7-562 to 7-564, inclusive. The municipal officer or body empowered to issue general obligations or to determine the details of general obligations authorized by the municipality may establish such tax intercept procedure and such debt service […]
(a) Any municipality which proposes to issue general obligations supported by a tax intercept procedure shall deliver to the secretary, together with the notice described in this section, documentation demonstrating that: (1) Such municipality has authorized the issuance of such obligations in accordance with the general statutes, charter, special act or home rule ordinance or […]
The tax intercept procedure and the debt service payment fund shall be established pursuant to an indenture or other agreement between the municipality and the trustee. Such indenture or agreement shall include all the terms, conditions and requirements pertaining to the tax intercept procedure and the debt service payment fund in accordance with the requirements […]
The holders of general obligations for the benefit of whom the property tax intercept procedure and debt service payment fund is established shall have, in addition to all other rights and remedies under law, the following rights and remedies subject to the terms and conditions of the applicable indenture or agreement with the trustee: (1) […]
The state does hereby pledge to and agree with the holders of any general obligations issued under sections 7-560 to 7-579, inclusive, and with those parties who may enter into contracts with a municipality pursuant to the provisions of sections 7-560 to 7-579, inclusive, that the state will not limit or alter the rights hereby […]
No municipality shall file a petition to become a debtor under Chapter 9 of Title 11 of the United States Code without the express prior written consent of the Governor. If the Governor consents to a petition, he shall submit a report to the Treasurer and the joint standing committee of the General Assembly having […]
If during any fiscal year any municipality determines that it has failed to levy necessary taxes or to levy a tax which, in addition to all other estimated yearly income of such municipality is sufficient to pay the current expenses of such municipality for such fiscal year, the board with the powers to levy taxes […]
(a) Except as expressly provided in sections 7-560 to 7-579, inclusive, no municipality shall issue any deficit obligation to fund a general fund deficiency. (b) Notwithstanding any charter, special act or home-rule ordinance to the contrary, any municipality which has no outstanding deficit obligation and which has not issued a deficit obligation in the past […]
No municipality, including any certified or designated municipality, shall issue any obligation for which there is a special capital reserve fund of any kind which is in any way contributed to or guaranteed by the state unless and until such obligation, and the indenture or agreement establishing such special capital reserve fund, is approved by […]
Any certified or designated 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 […]
(a) Any certified or designated municipality may establish a special capital reserve fund to secure general obligations with a term of more than one year issued pursuant to sections 7-560 to 7-579, inclusive. The special capital reserve fund shall be established pursuant to an indenture or other agreement between the municipality and the trustee. Such […]
Any municipality that desires to issue general obligations under section 7-573 shall apply to the secretary for certification or designation. The secretary may certify as a tier I municipality any municipality which applies to be certified, provided such municipality (1) has a long-term bond rating from at least one bond rating agency which is investment […]
Any tier I certified municipality or designated tier I municipality that meets the eligibility requirements of subdivisions (1) to (3), inclusive, of section 7-572, may issue general obligations with a term of more than one year which are supported by a special capital reserve fund, but not general obligations to fund a general fund deficiency, […]
Any municipality that desires to issue general obligations under section 7-575 shall apply to the secretary for certification. The secretary may certify as a tier II municipality any municipality which applies to be certified to issue a general obligation authorized by sections 7-560 to 7-579, inclusive, provided such municipality (1) has a long-term bond rating […]
Any tier II certified municipality or any designated tier II, III or IV municipality that meets the eligibility requirements of subdivisions (1) to (5), inclusive, of section 7-574 or any designated tier IV municipality that does not meet such eligibility requirements but receives approval by the Municipal Accountability Review Board pursuant to subdivision (7) of […]
Each tier II certified municipality shall work with and report to the Municipal Finance Advisory Commission as provided for in this section. The secretary shall refer to the Municipal Finance Advisory Commission any tier II certified municipality for the purpose of improving the fiscal condition of such municipality. Such municipality shall prepare and present to […]
(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) The chief elected official of a municipality designated as a tier I municipality pursuant to section 7-576a may apply to the secretary to request designation as a tier II municipality if the municipality has held one or more meetings with the Municipal Finance Advisory Committee, and (1) has an equalized mill rate of not […]
(a) The chief elected official of a municipality designated as a tier I municipality pursuant to section 7-576a, or the legislative body of such municipality, by majority vote, may apply to the secretary to request designation as a tier III municipality after holding at least one meeting with the Municipal Finance Advisory Commission, if the […]
