(a) Any municipality may, by vote of its legislative body, borrow funds on the faith and credit of such municipality for the purpose of lending such funds to any financially responsible nonpublic school located in such municipality for construction or renovation of physical facilities for educational purposes, provided the obligor in such loan is a person or persons, the board of trustees or similar body legally authorized to contract for such obligations on behalf of such school. No municipality shall, as a result of such borrowing, incur indebtedness for this purpose in excess of ten per cent of its annual receipts from taxation. No such loan shall exceed thirty per cent of the appraised fair market value of the buildings and real property of such school or forty per cent of the assessed value of the capital assets of such school, whichever is less.
(b) Any such loan shall be used exclusively for purposes of construction or renovation of physical facilities of such school for educational purposes. Such loan shall be secured by a first mortgage on school real estate owned by said obligor and further secured by security interest or lien with respect to (1) all capital assets of said obligor held for school purposes, (2) current income on such school's endowment funds to the extent that such interest or lien may be exercised with respect to such income, (3) the proceeds of any fund raising efforts on behalf of such school by such person or persons, board of trustees or similar body. The interest rate on any such loan shall be one per cent in excess of the current borrowing rate paid by such municipality. Such loan shall be amortized in equal semiannual installments of interest and principal over not more than thirty years.
(c) In the event of default on any installment for a period of ninety days, the entire outstanding principal balance with interest and all costs of collection including a reasonable attorney's fee shall become due and payable. In such event, such municipality shall commence and continue legal proceedings to collect the amount due such municipality.
(P.A. 74-287, S. 1–3.)
Structure Connecticut General Statutes
Chapter 97 - Municipalities: General Provisions
Section 7-103. - Resignation of municipal officers.
Section 7-104. - Refusal of elected official to accept or perform duties.
Section 7-105. - Oath of assessors, board of assessment appeals and tax collectors.
Section 7-105a. - Office of grand juror abolished.
Section 7-106. - Oath of grand jurors.
Section 7-107. - Vacancy appointments by selectmen.
Section 7-108. - City or borough liable for damage done by mobs.
Section 7-109. - Destruction of documents.
Section 7-111. - Proof of claims against municipality.
Section 7-112. - Rate of wages and citizens' preference in work on public buildings.
Section 7-113. - Marking of bounds of towns, cities and boroughs.
Section 7-114. - Renewal of boundary lines.
Section 7-115. - Establishment of disputed boundaries.
Section 7-118a. - Curbs and sidewalks to be designed with cuts at pedestrian crosswalks.
Section 7-119 and 7-120. - Hearing; appeal. Assignment of street numbers.
Section 7-121. - Making of specific appropriations.
Section 7-121a. - Municipal loans to nonpublic schools for construction or renovation.
Section 7-121b. - Contracts with regional water authorities.
Section 7-121e. - Sewage treatment facility improvement trust fund.
Section 7-121f. - Municipal Electric Consumer Advocate.
Section 7-121m. - Notice of actions concerning real property in other municipalities.
Section 7-121n. - Sustainable energy program.
Section 7-122. - Sites for armories. Appropriations.
Section 7-122a. - Municipal fallout shelters and civil preparedness facilities.
Section 7-125a. - Appropriations to improvement associations for road maintenance.
Section 7-127 and 7-127a. - Municipal advisory welfare boards. Committees on needs of the aging.
Section 7-127c. - Municipal agents for children.
Section 7-127d. - Neighborhood youth center grant program.
Section 7-127f. - Annual reports. Audit.
Section 7-127g. - Annual reports to the General Assembly.
Section 7-128 and 7-129. - Public squares and parks. Gifts for parks.
Section 7-129a. - Park and recreation capital and nonrecurring expense fund.
Section 7-130. - Playgrounds and recreation centers.
Section 7-130a. - Public recreational facilities authorities. Definitions.
Section 7-130b. - Creation of authority. Joining and withdrawal.
Section 7-130d. - Powers of authority.
Section 7-130e. - Municipalities may grant property and money to authority.
Section 7-130f. - Operation of projects.
Section 7-130g. - Bond issues.
Section 7-130h. - Securing of bonds.
Section 7-130i. - Rates, rents, fees and charges.
Section 7-130j. - Use of receipts.
Section 7-130k. - Enforcement of rights of bondholders and trustees.
Section 7-130l. - Tax exemption.
Section 7-130m. - Bonds to be legal investments.
Section 7-130n. - Liberal construction. Consent of other bodies not required.
Section 7-130o. - Municipal powers to aid authority.
Section 7-130p. - Provision of property to authority.
Section 7-130q. - Lease of facilities.
Section 7-130r. - Financial aid by municipality.
Section 7-130s. - Municipal guarantee of authority bonds.
Section 7-130t. - Pledge or assignment of lease to secure bonds.
Section 7-130u. - Exemption of property from levy and sale by virtue of execution.
Section 7-130v. - Payment by authority of sums in lieu of taxes.
Section 7-130w. - Construction of statutes. Consent of other agencies not required.
Section 7-131. - Municipal forests. Public shade trees.
Section 7-131a. - Conservation commissions.
Section 7-131c. - Open space land. Definitions.
Section 7-131f. - Considerations for approving grants from funds authorized prior to July 1, 1998.
Section 7-131g. - Grant: Amount, purposes, valuation of land. Issuance of bonds.
Section 7-131h. - Charges by municipality.
Section 7-131i. - Municipal use of open space land.
Section 7-131j. - Taking of land by state or public service company.
Section 7-131k. - Acceptance of federal funds.
Section 7-131l. - Development of watershed areas for recreation and fish and wildlife sites.
Section 7-131m. - Combined conservation and recreational commission.
Section 7-131p. - Establishment of municipal land acquisition and development authority.
Section 7-131q. - Agricultural land preservation fund.
Section 7-131r. - Land acquisition fund.
Section 7-131s. - Charter Oak open space trust account.
Section 7-131v. - Local and regional agricultural councils.
Section 7-131w. - Municipal sale of certain real property; appraisal required.
Section 7-132 and 7-133. - Bounty: On bobcat or lynx; on snakes and wild animals.
Section 7-135. - Use of municipal lockup and community correctional center in another town.
Section 7-135a. - Reimbursement of towns for keeping prisoners.
Section 7-135b. - Payment for intoxication tests.
Section 7-136. - Municipal economic development commissions.
Section 7-136d. - Ordinance authorizing establishment of foreign trade zone.
Section 7-136f. - Submission of application to operate foreign trade zone.
Section 7-136g. - Applicability of local planning and zoning regulations.
Section 7-136n. - Joint issuance of bonds by two or more municipalities.
Section 7-136o. - Securing of bonds.
Section 7-136p. - Enforcement of rights of bondholders and trustees.
Section 7-136q. - Tax exemption.
Section 7-136r. - Bonds to be legal investments.
Section 7-136s. - Guarantee of joint bonds by participating municipality.
Section 7-137. - Regional economic development commissions.
Section 7-137b. - Establishment of industrial park.
Section 7-137d. - Lien for benefits assessed for water main extension.
Section 7-139. - Notice of assessment of benefits.
Section 7-140. - Assessment a lien; foreclosure.
Section 7-141. - Notice of hearing on municipal assessments.
Section 7-142. - Appeal from municipal assessments.
Section 7-143. - Completion of improvement pending appeal from appraisal of damages.
Section 7-144. - Assessment on estate of decedent.
Section 7-145. - Correction of assessments.
Section 7-146. - Clearing of waterways. Assessment of cost. Appeal.