Sec.32-141-2. Issuance of private activity bonds by municipalities

(a) Any municipality or political subdivision, department, agency, authority or other body of a municipality shall obtain the written approval of the secretary of the office of policy and management prior to the issuance of any private activity bonds. Applications for such approval shall include:

(1) The exact legal name of the prospective issuer;

(2) The exact amount of private activity bonds that are proposed to be issued;

(3) The prospective date of such issuance;

(4) The purpose for which such bonds will be issued; and

(5) The statutory authorization for the issuance of such bonds by the issuer.

(b) Within fourteen days of receipt of an application, the secretary shall notify the applicant in writing of his approval or disapproval. The secretary shall approve the request if he finds that: (1) the application for approval is complete; (2) an allocation from the portion of the state ceiling reserved for municipalities under Section 32-141 of the General Statutes, as amended by Section 2 of Public Act 87-539, is available and that the needs for such allocations by all other municipalities which have applied, have been or can be satisfied; and (3) the applicant intends to use the proceeds of the bond issuance to carry out legislatively determined public purposes.

(c) Any approval to a municipality or political subdivision, department, agency, authority or other body of a municipality to issue private activity bonds shall terminate ninety days after such approval has been granted. If the bonds for which approval to issue has been granted by the secretary have not been sold within such ninety days, the issuer must reapply to the secretary for approval to issue.

(Effective August 23, 1988)