Day Pitney remains committed to providing quality legal counsel, while protecting our clients and employees, and transforming our communities into more just, equal and equitable spaces. For more information, please visit our COVID-19 Resource Center | Racial Justice and Equity Task Force.

×
×
About Day Pitney Careers News Client Access

Insights

Publications Events

Gov. Malloy Signs Legislation Changing the Structuring of Municipal Bonds

Publisher: Day Pitney Alert
July 11, 2017
Day Pitney Author(s) Namita Tripathi Shah

On July 8, Governor Malloy signed into law Public Act No. 17-147, An Act Concerning State Taxation and Collection, Tax Gap Compliance, Tax Preparers and Facilitators, Changes to the Tax and Related Statutes, a Mental Health Community Investment Account and Municipal Bonds.

The legislation makes noteworthy changes regarding the structuring of municipal bonds. The legislation:

  • extends the permitted maximum maturity of general obligation debt issued by Connecticut municipalities from 20 years to 30 years
  • permits Connecticut municipalities to issue refunding bonds for a period of up to 30 years; and
  • allows such refunding bonds to be secured by a statutory lien on all revenues received by the municipality from its tax levy and collection.

These changes are applicable to obligations issued during the period from July 1, 2017 through June 30, 2022. The refunding provisions require a two-thirds vote of the municipality's legislative body.

Any municipality considering issuing bonds in accordance with this legislation should address the implications of doing so with its municipal financial advisor and bond counsel.

Recommended
COVID-19 Emergency Order 9R Extends Municipal Deferment/Low Interest Rate Program
December 17, 2020

Day Pitney Alert

LIBOR Termination May Be Postponed to 2023
December 1, 2020

Day Pitney Alert

Covid-19 Emergency Order Authorizes CT Municipalities to Hold Public Meetings and Voting by Remote Participation
October 23, 2020

Day Pitney Alert

Tax Anticipation Notes: An Option to Alleviate Municipal Cash Flow Shortages Due to the COVID-19 Outbreak
March 25, 2020

Day Pitney Alert

COVID-19 Emergency Orders Authorize CT Municipalities and Schools to Adopt Budgets Without Voter Approval
March 23, 2020

Day Pitney Alert

Namita Tripathi Shah Elected as a Fellow of the American College of Bond Counsel
August 14, 2019

Day Pitney Press Release

Jay Nolan Appointed to Connecticut State Municipal Accountability Review Board
November 22, 2017

On November 22, Connecticut Governor Dannel P. Malloy announced that he is appointing Jay Nolan to serve as his appointee on the state's recently created Municipal Accountability Review Board.

Day Pitney Recognized as Top Bond Counsel in Connecticut for 2016
February 21, 2017

Day Pitney LLP has once again been recognized as Connecticut's number one bond counsel firm by volume, serving as bond counsel on issues in Connecticut totaling approximately $1.7 billion in 2016, according to The Bond Buyer, a daily newspaper serving the municipal bond industry.

Day Pitney Recognized as Top Bond Counsel in Connecticut for 2015
June 23, 2016

Day Pitney Press Release

Day Pitney Advises on $501.4 Million in Bond Sales for State of Connecticut
May 26, 2016

Hartford, Conn., May 26, 2016 - Day Pitney LLP represented the State of Connecticut as lead bond counsel and disclosure counsel in a general obligation refunding bond sale of $501.4 million. The sale resulted in saving of $75.5 million in debt service costs over the life of the refinanced bonds.  The Nappier administration has an active debt refunding program which has saved taxpayers $1.1 billion to date.
Related Professionals
Namita Shah
Namita Tripathi Shah
Hartford, CT
T: (860) 275 0132
Richard Wasserman
Richard J. Wasserman
Hartford, CT
T: (860) 275 0142
New Jersey Hartford Stamford Greenwich New Haven West Hartford Boston
New York Washington, DC Providence Boca Raton Miami West Palm Beach

This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.

This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.