CT SB00441

Allows municipalities to issue bonds for sewerage system acquisition or construction secured by full faith and credit, sewerage use charges, connection charges, or benefit assessments.

Establishes that pledged revenues are immediately subject to lien upon receipt by the municipality and valid against all parties regardless of notice, with pledges filed with the municipal clerk.

Permits bonds to be sold at par, discount, or premium with accrued interest, and allows bond premiums to be used for bond purposes including capitalized interest or applied to principal payment.

Requires bonds to mature in serial form with substantially equal principal-and-interest payments or semiannual installments, or in term form with sinking fund deposits; establishes maturity limits of 3-4 years for initial installments and 30 years maximum for final installments.

Expands covenant provisions municipalities may include with bondholders to cover credit facilities, reimbursement agreements, interest rate moderation, trust indentures, and procedures for amending bondholder contracts with specified consent requirements.