(a) Any municipality referred pursuant to subsection (d) of section 7-395 to the Municipal Finance Advisory Commission shall be designated 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.

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(b) The secretary shall refer any municipality designated as a tier I municipality to the Municipal Finance Advisory Commission, pursuant to the provisions of section 7-395. In addition to the requirements of section 7-394b, such municipality shall prepare and present a five-year financial plan to the Municipal Finance Advisory Commission for its review and approval.