Chapter 117 - Municipal Deficit Financing

Chapter 117 - Municipal Deficit Financing

Section 7-560 - Definitions.
Section 7-561 - Establishment of property tax intercept procedure and debt service payment fund.
Section 7-562 - Documentation 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.
Section 7-563 - Indenture or other agreements.
Section 7-564 - Rights and remedies of holders of general obligations.
Section 7-565 - State pledge to holders of general obligations.
Section 7-566 - Municipal petition to become a debtor.
Section 7-567 - Additional property tax to pay current year's expenses.
Section 7-568 - Issuance of deficit obligations to fund general fund deficiency. Required designation of designated tier III municipalities.
Section 7-569 - Obligation for which there is a special capital reserve fund. State Treasurer’s approval.
Section 7-570 - Issuance of additional general obligations.
Section 7-571 - Establishment of special capital reserve fund to secure general obligations.
Section 7-572 - Application by tier I municipality to Secretary of Office of Policy and Management for certification or designation to issue general obligations.
Section 7-573 - Requirements for general obligations by tier I certified or designated municipality.
Section 7-574 - Application by tier II municipality to Secretary of Office of Policy and Management for certification to issue general obligations.
Section 7-575 - Requirements 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.
Section 7-576 - Referral of tier II municipality to Municipal Finance Advisory Commission. Three-year financial plan. Monthly reports.
Section 7-576a - Application by municipality to Secretary of Office of Policy and Management for designation as tier I municipality. Conditions. Referral to Municipal Finance Advisory Commission.
Section 7-576b - Application by municipality to Secretary of Office of Policy and Management for designation as tier II municipality. Conditions. Referral to Municipal Accountability Review Board.
Section 7-576c - Application 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. Exception
Section 7-576d - Municipal 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.
Section 7-576e - Application 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.
Section 7-576f - Retention of designation as tier I or II municipality. Requirements for ending designation.
Section 7-576g - Retention of designation as tier III or IV municipality. Requirements for ending designation.
Section 7-576h - Property tax levy by tier II, III or IV municipality. Limitation. Exception.
Section 7-576i - Municipal Restructuring Fund. Eligibility for funds. Submission of restructuring plan. Board monitoring of use of funds. Guidance development by secretary. Board approval of budgets. Exception.
Section 7-576j - Contract with designated tier III or IV municipality for contract assistance. Limits. Provisions. Prohibition. Uses. Other credit support.
Section 7-577 - Attorney General to apply for writ of mandamus.
Section 7-578 - Municipal comprehensive economic development plan to increase tax base.
Section 7-579 - Definition of deficit obligation re town and city of New Haven.
Section 7-579a - Determination of cumulative excess of expenditures and excess of estimated expenditures for certain fiscal years.

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