Sec. 7-573. Requirements for general obligations by Tier I municipality.
Sec. 7-573. Requirements for general obligations by Tier I municipality. Any
Tier I municipality 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 subsection (a) of section 7-394b and
sections 7-560 to 7-579, inclusive. Any such Tier I municipality shall, within the time
and in the manner prescribed by regulations 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 subsection (a) of section
7-394b and 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 subsection
(a) of section 7-394b and 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 municipality which notifies the secretary that it intends to issue obligations under this section.
(P.A. 93-421, S. 14, 22.)
History: P.A. 93-421 effective July 1, 1993.