Sec. 7-576a. Designation as tier I municipality. Application for designation as tier I municipality.
179 words·~1 min read·
/ct/title-7/chapter-117-municipal-deficit-financing/7-576a·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Municipal Finance Advisory Commission may designate any municipality referred to said commission pursuant to subsection
(d)of section 7-395 as a tier I municipality. The chief elected official of any municipality that does not meet the conditions identified under subsection
(d)of section 7-395 may apply to the Municipal Finance Advisory Commission for designation as a tier I municipality, provided such official
(1)expects that such municipality will meet one or more such conditions in the following twenty-four month period, and
(2)submits a report to the Municipal Finance Advisory Commission, in a form and manner prescribed by the commission, that confirms that such condition or conditions will be met in such period. Each decision to designate a municipality as a tier I municipality pursuant to this section shall be based on an evaluation of such municipality's financial condition and financial practices. In addition to the requirements of section 7-394b , each municipality designated as a tier I municipality shall prepare and present a five-year financial plan to the Municipal Finance Advisory Commission for its review and approval.