Senate Bill No. 1156

Public Act No. 99-205

An Act Concerning Undesignated Reserve Fund Balances in Boroughs.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 7-367 of the general statutes is repealed and the following is substituted in lieu thereof:

No payments shall be made to the reserve fund as provided for in section 7-361 which will cause the amount of such fund to exceed the current tax levy of the municipality, except for the addition of interest and dividends earned by such fund except in the case of any fire district or consolidated or unconsolidated borough, no such payments shall be made which will cause the amount of such fund to exceed three times the current tax levy of such fire district or borough excluding the addition of interest and dividends earned by such fund.

Sec. 2. This act shall take effect July 1, 1999.

Approved June 23, 1999

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