CT SB00971

Amends Section 19 of the Metropolitan District Commission charter (special acts of 1929) to clarify that bonds cannot be issued if total outstanding indebtedness exceeds 5% of the combined grand lists unless otherwise provided by special act, with exceptions for short-term debt maturing in six months or less.

Requires that grand lists for debt calculation purposes include the assessed value of capital stock shares whose taxes are remitted annually to towns and cities within the district under Connecticut General Statutes section 1205.

Deducts from total outstanding indebtedness the district's sinking fund, bonds issued for water supply or underground conduits for cables/wires/pipes, and bonds whose refunded amounts are held in escrow and sufficient to pay principal, interest, and redemption premiums until maturity.

Provides that bonds issued under any act of the legislature with special provisions excluding them from debt calculations shall be deducted when computing total outstanding indebtedness of the district.

Effective upon passage.