Connecticut General Statutes 7-206a – Bonds and notes not subject to statutory debt limit. Conveyance of title by municipality to public agency lessee
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Bonds and notes issued under the provisions of section 7-206 for the purposes of sections 7-204 and 7-205 shall not be subject to any statutory limitations on the indebtedness of the municipality and such bonds and notes, when issued pursuant to the execution of a lease to a public agency, or an agreement for such lease, shall not be included in computing the aggregate indebtedness of the municipality in respect of any such limitation, and the municipality may convey title to the facility, including the land, to the public agency lessee, without consideration but only after receipt of sufficient funds to pay the principal of and interest on said notes or bonds and only when the terms of the lease agreement shall have been fully performed.
Terms Used In Connecticut General Statutes 7-206a
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- municipality: means any town, city or borough, whether consolidated or unconsolidated, and any fire district. See Connecticut General Statutes 7-202