§ 47-213 — Adjustment of dollar amount and resale certificate fee.

(a) From time to time (1) the dollar amount specified in subdivision (3) of subsection (a) of section 47-215, and (2) the one-hundred-eighty-five-dollar fee charged by an association for the preparation of a resale certificate, in accordance with subdivision (1) of subsection (b) of section 47-270, shall change as provided in subsections (b) and (c) of this section, according to and to the extent of changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers: U.S. City Average, All Items, 1967 = 100, compiled by the Bureau of Labor Statistics, United States Department of Labor, (the “Index”). The Index for December, 1979, which was 230, is the Reference Base Index. (b) (1) The dollar amount specified in subdivision (3) of subsection (a) of section 47-215 and any amount stated in the declaration pursuant to said section, and (2) the one-hundred-eighty-five-dollar fee charged by an association for the preparation of a resale certificate, in accordance with subdivision (1) of subsection (b) of section 47-270 , shall change on July first of each year if the percentage of change, calculated to the nearest whole percentage point, between the Index at the end of the preceding year and the Reference Base Index is ten per cent or more, but (A) the portion of the percentage change in the Index in excess of a multiple of ten per cent shall be disregarded and the dollar amount shall change only in multiples of ten per cent of the amount appearing in this chapter on January 1, 1984; (B) the dollar amount shall not change if the amount required by this section is that currently in effect pursuant to this chapter as a result of earlier application of this section; and (C) in no event may the dollar amount be reduced below the amount appearing in this chapter on January 1, 1984. (c) If the Index is revised after December, 1979, the percentage of change pursuant to this section shall be calculated on the basis of the revised Index. If the revision of the Index changes the Reference Base Index, a revised Reference Base Index shall be determined by multiplying the Reference Base Index then applicable by the rebasing factor furnished by the Bureau of Labor Statistics. If the Index is superseded, the Index referred to in this section is the one represented by the Bureau of Labor Statistics as reflecting most accurately changes in the purchasing power of the dollar for consumers.

Legislative History

(P.A. 83-474, S. 14, 96; P.A. 84-472, S. 3, 23; P.A. 95-187, S. 3; P.A. 23-18, S. 2.) History: P.A. 84-472 made minor technical changes; P.A. 95-187 amended Subsecs. (a) and (b) to delete references to the dollar amount specified in “subdivision (7) of subsection (b) of section 47-262”, replace “amounts” with “amount” and make technical changes; P.A. 23-18 amended Subsec. (a) to redesignate existing provision re dollar amount as Subdiv. (1), to add Subdiv. (2) re adjustments to $185 fee charged by association for preparation of resale certificate and to make a technical change and amended Subsec. (b) to redesignate existing provision re dollar amount as new Subdiv. (1), to add new Subdiv. (2) re adjustments to $185 fee charged by association for preparation of resale certificate and to redesignate existing Subdivs. (1) to (3) as Subparas. (A) to (C).