Sec. 7-374d. Municipal issue of pension deficit funding bonds or temporary notes in anticipation of receipt of proceeds.
112 words·~1 min read·
/ct/title-7/chapter-109-municipal-bond-issues/7-374d·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding the provisions of subsection
(e)of section 7-374c or of any special act, charter, special act charter, home-rule ordinance, local ordinance or local law, a municipality, as defined in section 7-369 , may, by vote of its legislative body, issue pension deficit funding bonds or temporary notes in anticipation of the receipt of the proceeds from the sale of such bonds, provided:
(1)The amount of such temporary notes does not exceed the amount of such bonds, and
(2)the purpose for which the pension deficit funding bonds or temporary notes are issued is to fulfil obligations of the municipality regarding lump sum payments to beneficiaries of a closed pension fund.