All bonds issued under the provisions of this chapter shall mature in annual or semiannual installments of principal that shall substantially equalize the aggregate amount of principal and interest due in each annual period commencing with the first annual period in which an installment of principal is due, or shall mature in annual or semiannual installments of principal no one of which shall exceed by more than fifty per cent the amount of any prior installment. The first installment of principal of any series of bonds shall mature not later than one year from the date of issue of such series and the last installment of such series shall mature not later than twenty years therefrom.
(1949 Rev., S. 815; P.A. 86-350, S. 11, 28; P.A. 87-506, S. 6, 9; P.A. 89-337, S. 3, 6.)
History: P.A. 86-350 made a variety of changes for purposes of clarification, updating the statutes to conform to current financial practices and to conform to anticipated changes in federal tax policy; P.A. 87-506 amended the section to provide for various methods of determining payment amounts; P.A. 89-337 allowed semiannual installments.
Structure Connecticut General Statutes
Chapter 110 - Municipal Uniform Fiscal Years
Section 7-383. - Due date of tax levy.
Section 7-384. - Issuance of bonds and notes by complying municipalities.
Section 7-385. - Maturity of bonds.
Section 7-386. - Validity of bonds.
Section 7-387. - Change of term of elected officials.
Section 7-388. - Annual budget meetings.
Section 7-389. - Financing of change in fiscal year.
Section 7-390. - Publication of budget. Statements by municipalities adopting uniform fiscal years.