(a) Upon the recommendation of the chief executive officer of a municipality and approval of the budget-making authority of the municipality, the legislative body of any municipality, as defined in section 7-369, may, by a majority vote, create a Climate Change and Coastal Resiliency Reserve Fund.
(b) Upon the recommendation of the chief executive officer and approval of the budget-making authority and the legislative body in accordance with subsection (a) of this section, there shall be paid into such reserve fund: (1) Amounts authorized to be transferred into such Climate Change and Coastal Resiliency Reserve Fund from the general fund cash surplus available at the end of any fiscal year, and (2) the proceeds of bonds, notes or other obligations issued pursuant to subsection (b) of section 7-374b.
(c) The budget-making authority of such municipality may, from time to time, direct the treasurer to invest a portion of such Climate Change and Coastal Resiliency Reserve Fund as in the opinion of such authority is advisable, provided: (1) Not more than forty per cent, or with respect to such a reserve fund for which the budget-making authority has adopted an asset allocation and investment policy, fifty per cent, of the total amount of such reserve fund shall be invested in equity securities, and (2) any portion of such reserve fund not invested pursuant to subdivision (1) of this subsection may be invested in: (A) Bonds or obligations of, or guaranteed by, the state or the United States, or agencies or instrumentalities of the United States, (B) certificates of deposit, commercial paper, savings accounts and bank acceptances, (C) the obligations of any state of the United States or any political subdivision thereof or the obligations of any instrumentality, authority or agency of any state or political subdivision thereof, if, at the time of investment, such obligations are rated in the top rating categories of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner, and applicable to such obligations, (D) the obligations of any regional school district in this state, of any municipality in this state or any metropolitan district in this state, if, at the time of investment, such obligations of such government entity are rated in one of the top two rating categories of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner, and applicable to such obligations, (E) in any fund in which a trustee may invest pursuant to section 36a-353, (F) investment agreements with financial institutions whose long-term obligations are rated in the top two rating categories of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner or whose short-term obligations are rated in the top rating category of any nationally recognized rating service or of any rating service recognized by the Banking Commissioner, or (G) investment agreements fully secured by obligations of, or guaranteed by, the United States or agencies or instrumentalities of the United States.
(d) The municipal treasurer shall submit, annually, a complete and detailed report of the condition of such Climate Change and Coastal Resiliency Reserve Fund to the chief elected official, budget-making authority and legislative body of such municipality. Such report shall be made a part of such municipality's annual report.
(e) Upon the recommendation of the chief elected official and budget-making authority of such municipality and the approval of the legislative body of such municipality, any part, or the whole, of such reserve fund may be used and appropriated to pay for municipal property losses, capital projects and studies related to mitigating hazards and vulnerabilities of climate change including, but not limited to, land acquisition.
(f) Such reserve fund may be discontinued, after recommendation by the chief elected official and budget-making authority of such municipality to the legislative body and upon approval of such discontinuation by such legislative body. Following any such vote to discontinue such reserve fund, any remaining portion of such fund shall be converted into, or added to, a sinking fund to provide for the retirement of the bonded indebtedness of such municipality. If the municipality has no bonded indebtedness, the remainder of such fund shall be transferred to the general fund of such municipality.
(P.A. 19-77, S. 1; P.A. 21-115, S. 18.)
History: P.A. 19-77 effective July 1, 2019; P.A. 21-115 made a technical change in Subsec. (c), effective July 1, 2021.
Structure Connecticut General Statutes
Section 7-148. - Scope of municipal powers.
Section 7-148a. - Compilations of ordinances and special acts; supplements.
Section 7-148aa. - Lien on real estate where penalty for violation of blight ordinance is unpaid.
Section 7-148b. - Creation of fair rent commission. Powers.
Section 7-148c. - Considerations in determining rental charge to be excessive.
Section 7-148cc. - Joint performance of municipal functions.
Section 7-148f. - Penalty for violations.
Section 7-148g. - Fair housing commission; creation and powers.
Section 7-148hh. - Definitions.
Section 7-148i. - Discriminatory practices defined. Boards authorized.
Section 7-148ii. - Registration and maintenance of foreclosed residential properties.
Section 7-148j. - Powers of boards.
Section 7-148jj. - Ordinances regulating maintenance of foreclosed properties.
Section 7-148k. - Complaints. Hearings.
Section 7-148ll. - Determination re regional economic development agreement.
Section 7-148mm. - Interlocal agreement re dispatch services. Governing board.
Section 7-148n. - Local boards may assume powers to investigate discriminatory practices.
Section 7-148p. - Establishment of land bank authority authorized.
Section 7-148r. - Municipal fee for access to computer-assisted mass appraisal system database.
Section 7-148s. - Municipal fee for use of geographic information system.
Section 7-148w. - Disqualification of contractors from bidding on municipal contracts.
Section 7-148x. - Electronic equipment defined.
Section 7-149. - Regulation of waste disposal in highways.
Section 7-149a. - Designation of scenic roads. Appeal. Maintenance of highway.
Section 7-149b. - Regulation of commercial unmanned aircraft.
Section 7-151a. - Establishment of lake authorities. Withdrawal of town.
Section 7-151c. - Lake authority retention fees for boating law fines. Schedule.
Section 7-152b. - Hearing procedure for parking violations.
Section 7-152c. - Hearing procedure for citations.
Section 7-152d. - Civil penalty for illegal disposal of solid waste at municipal landfill.
Section 7-152e. - Ordinances re unregistered motor vehicles.
Section 7-152f. - Ordinances re illegal gifts, sales and transfers of cannabis.
Section 7-157. - Publication. Referendum. Publication of summary.
Section 7-159. - Validity of prior ordinances, bylaws and regulations.
Section 7-159a. - Joint public hearing authorized on proposal requiring multiagency approval.
Section 7-159b. - Preapplication review of use of property.
Section 7-163a. - Municipal liability for ice and snow on public sidewalks.
Section 7-163b. - Annual municipal reports re telecommunications towers and antennas.
Section 7-163c. - Municipal telecommunications plan.
Section 7-163d. - Establishment of municipal authority to develop or redevelop single parcel.
Section 7-169a. - Registration with municipal official. Definitions.
Section 7-169b. - Report re receipts, expenses and profit.
Section 7-169c. - Recreational bingo for senior citizens. Definitions. Registrations. Records.
Section 7-170. - Bazaars and raffles; definitions.
Section 7-171. - Adoption of bazaar and raffle law.
Section 7-173. - Application for permit.
Section 7-174. - Investigation of applicant.
Section 7-175. - Kinds of permits.
Section 7-175a. - Marketability of title to real property as prize under “Class No. 6” permit.
Section 7-177a. - Cash prizes permitted. Special checking account.
Section 7-179. - Certain advertising prohibited. Exceptions.
Section 7-180. - Change in facts on application to be reported.
Section 7-183. - Examination of reports.
Section 7-184. - Rescission of adoption.
Section 7-185b. - Tuition raffles. Regulations. Special bank account. Financial report.
Section 7-186m. - Exceptions for certain sponsoring organizations.