(a) Two or more municipalities may, subject to the provisions of section 10a-185 and chapter 187 and the approval of the legislative body of each such municipality, jointly borrow from any source for the purpose of paying for all or part of the cost of any project entered into jointly to abate a deleterious condition on real property that, if left unabated, would cause the collapse of a concrete foundation due to the presence of pyrrhotite and damage the housing stock in such participating municipalities to such an extent that a negative impact on such participating municipalities' economies would result.
(b) In addition to the powers enumerated in section 7-148, any two or more municipalities who jointly borrow pursuant to subsection (a) of this section may enter into an agreement with the captive insurance company established pursuant to section 38a-91vv, or any participating lender, as defined in section 8-442, to jointly or otherwise provide financial assistance to owners of residential buildings with concrete foundations that have deteriorated due to the presence of pyrrhotite.
(June Sp. Sess. P.A. 17-2, S. 343.)
History: June Sp. Sess. P.A. 17-2 effective October 31, 2017.