CT SB00967

Borough of Naugatuck is authorized to issue pension deficit funding bonds to address unfunded past benefit obligations in its fire employee and borough employee pension funds.

Bond issuance amount cannot exceed the unfunded past benefit obligations as determined by actuarial valuation, plus costs related to bond issuance.

Bonds must be issued according to the requirements of subsection (c) of section 7-374c of Connecticut general statutes.

Effective upon passage and approved June 4, 2021.