Sec. 7-576. Referral of tier II municipality to Municipal Finance Advisory Commission. Three-year financial plan. Monthly reports. - Connecticut Statutes

      Sec. 7-576. Referral of tier II municipality to Municipal Finance Advisory Commission. Three-year financial plan. Monthly reports. Each tier II 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 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 municipality pursuant to section 7-575 and this section, inclusive, 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.)

      History: P.A. 93-421 effective July 1, 1993.