Each tier II certified municipality shall work with and report to the Municipal Finance Advisory Commission as provided for in this section. The secretary shall refer to the Municipal Finance Advisory Commission any tier II certified municipality for the purpose of improving the fiscal condition of such municipality. Such municipality shall prepare and present to the Municipal Finance Advisory Commission for its review and approval a three-year financial plan and monthly financial report in the manner prescribed by the Municipal Finance Advisory Commission. In addition, in preparing and adopting its annual budgets, such municipality shall include assumptions respecting state revenues and property tax revenues as approved by the Municipal Finance Advisory Commission. The Municipal Finance Advisory Commission shall approve or disapprove all obligations issued by a tier II certified municipality pursuant to section 7-575 and this section, provided it shall only approve such obligations which in its judgment improve the financial condition of such municipality.
(P.A. 93-421, S. 18, 22; June Sp. Sess. P.A. 17-2, S. 365.)
History: P.A. 93-421 effective July 1, 1993; June Sp. Sess. P.A. 17-2 replaced references to tier II municipality with references to certified tier II municipality, and made a technical change, effective October 31, 2017.
Structure Connecticut General Statutes
Chapter 117 - Municipal Deficit Financing
Section 7-561. - Establishment of property tax intercept procedure and debt service payment fund.
Section 7-563. - Indenture or other agreements.
Section 7-564. - Rights and remedies of holders of general obligations.
Section 7-565. - State pledge to holders of general obligations.
Section 7-566. - Municipal petition to become a debtor.
Section 7-567. - Additional property tax to pay current year's expenses.
Section 7-570. - Issuance of additional general obligations.
Section 7-571. - Establishment of special capital reserve fund to secure general obligations.
Section 7-576h. - Property tax levy by tier II, III or IV municipality. Limitation. Exception.
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.