CT HB05479

Repeals existing amortization requirements for municipal bonds issued under Connecticut General Statutes Section 7-371, effective October 1, 2010.

Removes mandatory requirements that serial bond principal and interest payments substantially equalize across annual periods or limit individual installments to no more than 50% above prior installments.

Removes mandatory requirements for term bonds with sinking funds to substantially equalize redemption payments and interest across annual periods or apply the 50% installment limitation.

Maintains that municipal bonds must be issued as either serial bonds or term bonds with sinking fund payments, with first installment due within 3 years and final installment due within 20 years from issuance.

Provides municipalities greater flexibility in designing amortization schedules to align debt payments with available resources and maintain stable tax levy rates throughout the bond's term.