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Connecticut General Statutes

Chapter 117

Conn. Gen. Stat. ch. 117

Municipal Deficit Financing

7-560Definitions.7-561Establishment of property tax intercept procedure and debt service payment fund.7-562Documentation for issuance of general obligations. Requirements for intercept procedures and debt service payment fund. Percentage or amount of property tax deposited in fund. Fund use.7-563Indenture or other agreements.7-564Rights and remedies of holders of general obligations.7-565State pledge to holders of general obligations.7-566Municipal petition to become a debtor.7-567Additional property tax to pay current year's expenses.7-568Issuance of deficit obligations to fund general fund deficiency. Required designation of designated tier III municipalities.7-569Obligation for which there is a special capital reserve fund. State Treasurer's approval.7-570Issuance of additional general obligations.7-571Establishment of special capital reserve fund to secure general obligations.7-572Application by tier I municipality to Secretary of Office of Policy and Management for certification or designation to issue general obligations.7-573Requirements for general obligations by tier I certified or designated municipality.7-574Application by tier II municipality to Secretary of Office of Policy and Management for certification to issue general obligations.7-575Requirements for general obligations by certified tier II municipalities or designated tier II, III or IV municipalities. Designation as tier III municipality for issuance of deficit obligation.7-576Referral of tier II municipality to Municipal Finance Advisory Commission. Three-year financial plan. Monthly reports.7-576aDesignation as tier I municipality. Application for designation as tier I municipality.7-576bApplication by municipality to Secretary of Office of Policy and Management for designation as tier II municipality. Conditions. Referral to Municipal Accountability Review Board.7-576cApplication by municipality to Secretary of Office of Policy and Management for designation as tier III municipality. Conditions. Notice to legislative body. Approval or rejection by legislative body. Designation by secretary. Referral to Municipal Accountability Review Board. Timing for designation.7-576dMunicipal Accountability Review Board. Established. Membership. Terms. Vacancies. Alternates. Expenses. Responsibilities and authorities. Requirement to supply financial reports and records to board. Collective bargaining negotiations with municipal or board of education employees for certain tier III municipalities.7-576eApplication by municipality to Secretary of Office of Policy and Management for designation as tier IV municipality. Approval. Notice to municipal legislative body. Approval or rejection by municipal legislative body. Designation by Municipal Accountability Review Board. Ex-officio members of board. Additional board authorities and responsibilities. Timing for designation by board.7-576fRetention of designation as tier I, II, III or IV municipality. Requirements for ending designation. Termination of tier designation or redesignation to lower tier.7-576gRetention of designation as tier III or IV municipality. Requirements for ending designation.Repealed 7-576hProperty tax levy by tier II, III or IV municipality. Limitation. Exception.7-576iMunicipal Restructuring Fund. Eligibility for funds. Submission of restructuring plan. Board monitoring of use of funds. Guidance development by secretary. Board approval of budgets. Distribution of funds to third party. Use of funds to pay arbitrator. Exception.7-576jContract with designated tier III or IV municipality for contract assistance. Limits. Provisions. Prohibition. Uses. Other credit support.7-577Attorney General to apply for writ of mandamus.7-578Municipal comprehensive economic development plan to increase tax base.7-579Definition of deficit obligation re town and city of New Haven.7-579aDetermination of cumulative excess of expenditures and excess of estimated expenditures for certain fiscal years.7-580 to 7-599Conn. Gen. Stat. § 7-580 to 7-599