Connecticut General Statutes 3-76c – Definitions
The following terms, when used in this part, shall have the following meanings, unless the context otherwise requires:
Terms Used In Connecticut General Statutes 3-76c
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- legislative body: means : (1) As applied to unconsolidated towns, the town meeting. See Connecticut General Statutes 1-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(a) “Governing body” as applied to towns, cities or boroughs means the legislative body as defined in section 1-1 except that in towns having the town meeting form of government, it means the board of finance or, if none, the board of selectmen; as applied to metropolitan districts, independent school, sewer, fire and lighting districts, beach and improvement associations, and all other tax districts and associations, it means the district committee or association committee or similar body; as applied to any other municipality it means the body, board, committee or similar body charged under the general statutes, special acts or its charter with the power to issue bonds;
(b) “Municipal refunding bonds” means obligations of a municipality issued pursuant to this part provided such obligations, unless paid from other sources, are payable as to both principal and interest from assessments or from ad valorem taxes which may be levied without limitation as to rate or amount upon all the taxable property in the municipality except certain classes of property, taxes on which are subject to limitations prescribed by law;
(c) “Municipality” means any political subdivision of the state having the power to make appropriations or to levy taxes, including any town, city or borough, whether consolidated or unconsolidated, any village, school, sewer, fire or lighting, metropolitan district, beach or improvement association, and any other metropolitan tax district or association, or other municipal corporation having the power to issue bonds;
(d) “Municipal Refunding Trust Fund” means the fund created and established by section 3-76m;
(e) “Municipal Refunded Bond Escrow Fund” means the fund created and established by section 3-76l;
(f) “Municipal reserve account or accounts” means the reserve account or accounts that are established pursuant to section 3-76m;
(g) “Trust receipts” means all payments of principal of and premiums, if any, and interest on municipal refunding bonds and fees, charges, moneys, and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the operation of the Municipal Refunding Trust Fund or payable thereto pursuant to this part;
(h) “Special obligation bonds” or “state of Connecticut municipal refunding bonds” means the special obligations of the state issued pursuant to this part;
(i) “State Bond Commission” or “commission” means the State Bond Commission as established by section 3-20;
(j) “State” means the state of Connecticut;
(k) “Treasurer” means the Treasurer of the state and includes each and all of his successors in office or authority.