CT HB05495

Establishes the River Falls Improvement District as a body politic and corporate within the Town of Seymour, New Haven County, effective July 1, 2010.

District may be created upon petition of 15+ eligible voters and approval by two-thirds of property assessment holders, with governance by elected president, vice-president, five directors, clerk, and treasurer; one director may be appointed by the town's first selectman.

District authorized to construct and finance improvements including roads, sidewalks, sewers, water systems, flood control, recreational facilities, and environmental remediation through taxes, fees, benefit assessments, and bond issuance (up to 30-year maturity).

District may issue bonds secured by full faith and credit, revenues, or benefit assessments without pledging the state or town's credit or taxing power; bonds considered debt for urban renewal purposes under municipal indebtedness limitations.

District exempt from taxation; must enter interlocal agreement with town before bond issuance and provide quarterly project reports; may be merged into town if no bonds issued within four years or after all bonds are retired.