Connecticut Seal

General Assembly

Amendment

 

January Session, 2015

LCO No. 7339

   
 

*HB0694307339HRO*

Offered by:

 

REP. O'NEILL, 69th Dist.

SEN. KANE, 32nd Dist.

 

To: Subst. House Bill No. 6943

File No. 288

Cal. No. 184

"AN ACT DELAYING A MUNICIPAL TAX REVALUATION DEADLINE. "

After the last section, add the following and renumber sections and internal references accordingly:

"Sec. 501. Section 7-360 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):

Upon the recommendation and approval of the budget-making authority, the legislative body of any municipality, by a majority vote, may create a reserve fund for capital and nonrecurring expenditures and costs associated with a property tax revaluation. Such fund shall thereafter be termed "reserve fund for capital and nonrecurring expenditures".

Sec. 502. Section 7-364 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):

Upon the recommendation of the budget-making authority and approval by the legislative body, any part or the whole of such fund may be used for (1) capital and nonrecurring expenditures, but such use shall be restricted to the financing of all or part of the planning, construction, reconstruction or acquisition of any specific capital improvement or the acquisition of any specific item of equipment, and (2) costs associated with a property tax revaluation. Upon the approval of any such expenditure, an appropriation shall be set up, plainly designated for the project, [or] acquisition or revaluation for which it has been authorized, and such unexpended appropriation may be continued until such project, [or] acquisition or revaluation is completed. Any unexpended portion of such appropriation remaining after such completion shall revert to said reserve fund.

Sec. 503. Section 7-366 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):

If, in the opinion of the budget-making authority, such reserve fund is insufficient to meet the cost of any capital or nonrecurring expenditure or property tax revaluation, which it deems immediately necessary, it may, with the approval of the legislative body, authorize that an appropriation be made therefor, provided the total of such fund and the sum anticipated from a tax collected for the purposes of sections 7-360 to 7-364, inclusive, as amended by this act, in the year following the date when such authorization is made is estimated by said budget-making authority to be sufficient to meet such expenditures. Nothing in said sections shall prohibit a municipality from supplementing said reserve fund to meet the cost of capital or nonrecurring expenditures or property tax revaluation by issuing bonds in accordance with the applicable provisions of the statutes. "

This act shall take effect as follows and shall amend the following sections:

Sec. 501

October 1, 2015

7-360

Sec. 502

October 1, 2015

7-364

Sec. 503

October 1, 2015

7-366