PocketLaw | Connecticut General Statutes | Municipal Deficit Financing

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

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.

Sections
7-580 to 7-599

Municipal Deficit Financing

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Definitions.

Establishment of property tax intercept procedure and debt service payment fund.

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.

Indenture or other agreements.

Rights and remedies of holders of general obligations.

State pledge to holders of general obligations.

Municipal petition to become a debtor.

Additional property tax to pay current year's expenses.

Issuance of deficit obligations to fund general fund deficiency. Required designation of designated tier III municipalities.

Obligation for which there is a special capital reserve fund. State Treasurer's approval.

Issuance of additional general obligations.

Establishment of special capital reserve fund to secure general obligations.

Application by tier I municipality to Secretary of Office of Policy and Management for certification or designation to issue general obligations.

Requirements for general obligations by tier I certified or designated municipality.

Application by tier II municipality to Secretary of Office of Policy and Management for certification to issue general obligations.

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.

Referral of tier II municipality to Municipal Finance Advisory Commission. Three-year financial plan. Monthly reports.

Application by municipality to Secretary of Office of Policy and Management for designation as tier I municipality. Conditions. Referral to Municipal Finance Advisory Commission.

Application by municipality to Secretary of Office of Policy and Management for designation as tier II municipality. Conditions. Referral to Municipal Accountability Review Board.

Retention of designation as tier I or II municipality. Requirements for ending designation.

Retention of designation as tier III or IV municipality. Requirements for ending designation.

Property tax levy by tier II, III or IV municipality. Limitation. Exception.

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.

Contract with designated tier III or IV municipality for contract assistance. Limits. Provisions. Prohibition. Uses. Other credit support.

Attorney General to apply for writ of mandamus.

Municipal comprehensive economic development plan to increase tax base.

Definition of deficit obligation re town and city of New Haven.

Determination of cumulative excess of expenditures and excess of estimated expenditures for certain fiscal years.

Reserved for future use.