§ 7-576a

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.(June Sp. Sess. P.A. 17-2, S. 360; P.A.

signated 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.(June Sp. Sess. P.A. 17-2, S. 360; P.A. 22-35, S. 7; P.A. 24-132, S. 13.)History: June Sp. Sess. P.A. 17-2 effective October 31, 2017; P.A. 22-35 deleted former Subsec. (a) re application by chief elected official to secretary for designation as tier I municipality and added new Subsec. (a) re designation as tier I municipality after referral pursuant to Sec. 7-395 or application by chief elected official of municipality, and amended Subsec. (b) by substituting 'designated' for 'which has requested designation' and substituting 'five-year' for 'three-year' re financial plan; P.A. 24-132 amended former Subsec. (a) to delete Subsec. designator, authorize Municipal Finance Advisory Commission to designate municipality referred to commission as tier I municipality, add provisions re basis for decision to designate municipality as tier I municipality and preparation of 5-year financial plan by such municipality, and deleted former Subsec.

as tier I municipality, add provisions re basis for decision to designate municipality as tier I municipality and preparation of 5-year financial plan by such municipality, and deleted former Subsec. (b) re referral of tier I municipality to Municipal Finance Advisory Commission by secretary and preparation of 5-year financial plan by such municipality, effective July 1, 2024.