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General Assembly Substitute Bill No. 971
January Session, 2019
AN ACT CONCERNING AN AMENDMENT TO THE MET ROPOLITAN
DISTRICT COMMISSION CHARTER.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Section 19 of number 511 of the special acts of 1929 is 1
amended to read as follows (Effective from passage): 2
No bonds, notes or other certificates of debt, except such as are to 3
mature in six months or less and to be paid from current taxes shall be 4
issued under authority of [this act] number 511 of the special acts of 5
1929 if such issue shall bring the total outstanding indebtedness of the 6
district to an amount in excess of five per centum of the combined 7
grand lists of said district unless otherwise provided by special act. 8
The grand lists for the purpose of this section shall be deemed to 9
include the assessed value of all shares of capital stock the taxes on 10
which are required by section 1205 of the general statutes, revision of 11
1918, as amended to be remitted annually to the towns and cities 12
composing the district by the state. In computing the total outstanding 13
indebtedness of the district for the purposes of this section, there shall 14
be deducted the amount of the district's sinking fund, the amount of 15
bonds issued for the supply of water or for the construction of 16
subways or underground conduits for cables, wires or pipes, the 17
principal amount of all such bonds having been refunded or replaced 18
by other indebtedness the proceeds and projected earnings on which 19 Substitute Bill No. 971
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or other funds are held in escrow to pay and are sufficient to pay the 20
principal, interest and any redemption premium until maturity or 21
earlier planned redemption of such indebtedness and the amount of 22
such other bonds of the district as may be issued under any act of the 23
legislature, especially providing that the bonds issued [thereunder] 24
under any such act shall be deducted in computing the total 25
outstanding indebtedness of the district. 26
This act shall take effect as follows and shall amend the following
sections:
Section 1 from passage Number 511 of the
special acts of 1929, Sec.
19
PD Joint Favorable Subst.