Page 652

House Bill No. 5506

Public Act No. 22-118 652 of 739

sinking fund payment of such series shall be due not later than thirty years from the date of the issue of such series. Sec. 464. Subsections (a) and (b) of section 7-370c of the general statutes are repealed and the following is substituted in lieu thereof (Effective July 1, 2022): (a) Any municipality, as defined in section 7-369, which has issued bonds, notes or other obligations pursuant to any public or special act may issue refunding bonds for the purpose of paying, funding or refunding prior to maturity all or any part of such municipality's bonds, notes or other obligations, the redemption premium, if any, with respect thereto, the interest thereon, the costs with respect to the issuance of such refunding bonds and the payment of such refunded bonds, notes or other obligations. Such refunding bonds shall mature not later than (1) in the case of a single series of bonds, notes or other obligations being refunded, the final maturity date thereof; and (2) in the case of multiple series of bonds, notes or other obligations being refunded, the final maturity date of any such series last to occur. (b) (1) Notwithstanding the provisions of subdivisions (1) and (2) of subsection (a) of this section and contingent on the passage of a resolution by a two-thirds vote of the legislative body of the municipality, any such refunding bonds issued on or after July 1, 2017, but prior to July 1, [2022] 2027, shall mature not later than thirty years from the date of the issuance of such refunding bonds. (2) Refunding bonds issued pursuant to subdivision (1) of this subsection may be secured by a statutory lien, if provided for in such resolution, on all revenues received by the municipality from its tax levy and collection. Such lien shall arise by operation of this subdivision automatically without any further action or authorization by the municipality and such revenues shall be immediately subject to the lien. The lien shall immediately attach to such revenues and be valid and