Sec. 7-573. Requirements for general obligations by tier I certified or designated municipality. Any tier I certified municipality or designated tier I municipality that meets the eligibility requirem

Sec. 7-573. Requirements for general obligations by tier I certified or designated municipality. 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, as provided in sections 7-560 to 7-579, inclusive. Any such tier I municipality shall, within the time and in the manner prescribed by written procedures 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 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 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 tier I certified municipality which notifies the secretary that it intends to issue obligations under this section. (P.A. 93-421, S. 14, 22; June Sp. Sess. P.A. 17-2, S. 361.) History: P.A. 93-421 effective July 1, 1993; June Sp. Sess. P.A. 17-2 added provisions re issuance by certified or designated tier I municipality, deleted references to Sec. 7-394b(a), replaced provision re regulations adopted by secretary with provision re written procedures adopted by secretary, added reference to tier I certified municipality re referral to Municipal Finance Authority Commission, and made technical changes, effective October 31, 2017. (Return to Chapter Table of Contents) (Return to List of Chapters) (Return to List of Titles)