CT HB05495

Increases the maximum bond issuance limit for the Sachem's Head Association from 5% to 15% of total real estate value and changes the interest rate cap from "six per cent" to "the then current Connecticut state bond rate"

Allows property owners to withdraw all or part of their land from the Association with a two-thirds vote of members at annual or special meetings, applicable only to properties lying partially outside the Association

Changes the voting age requirement from 21 to 18 years old and allows spouses of members to hold office; permits non-natural persons (entities) to designate one or two persons to cast votes or hold office on their behalf

Modifies annual meeting date from the first Friday in August to the first Friday after Labor Day (but no later than October 1) and changes the officer term start date from January 1 to October 1

Updates penalty provisions to allow fines up to $1,000 for by-law violations (removing previous jail time provisions) and establishes new procedural requirements for adopting by-laws including 14-day advance notice to members and public hearings

Requires the Association to post meeting notices in the town clerk's office in addition to the Association signpost and clarifies that the secretary (not clerk) handles notice distribution and mail requirements