Connecticut § 7-374d Municipal issue of pension deficit funding bonds or temporary notes in anticipation of receipt of proceeds.

Connecticut Statutes

§ 7-374d — Municipal issue of pension deficit funding bonds or temporary notes in anticipation of receipt of proceeds.

Connecticut·Title 7 Municipalities·Ch. 109 Municipal Bond Issues

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.

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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.

Connecticut § 7-374d (Municipal issue of pension deficit funding bonds or temporary notes in anticipation of receipt of proceeds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.