Sec. 3-76b. Statement of purpose and policy.
Sec. 3-76b. Statement of purpose and policy. It is hereby found and declared that
there are municipalities in the state that have issued bonds for the purpose of financing
public improvements, the interest rates on which are in excess of the rates of interest
that are generally prevailing under current market conditions and that refunding any or
all of such indebtedness should assist in reducing the cost of such indebtedness to the
taxpayers and residents of the state. It is further found and declared to be in the public
interest and to be the policy of the state to assist those municipalities in reducing such
cost without discouraging continued investor interest in the purchase of bonds of the
municipalities and the state as sound and preferred securities for investment and to
encourage such municipalities in refunding such bonds in an orderly manner. It is further
found and declared that the state should exercise its powers in the interest of the municipalities and the taxpayers and residents of the state to implement those policies by borrowing money and issuing its bonds to make funds available for the purchase by the
state of refunding bonds of the municipalities, and by authorizing the municipalities to
refund their bonds to effectuate an interest savings and that the issuance of such bonds
by the state and the municipalities pursuant to this part is for a public purpose for which
public funds may be expended. The necessity in the public interest and for the public
benefit and good for the provisions of this part is hereby declared as a matter of legislative
determination.
(P.A. 73-591, S. 2, 21.)