[HISTORY: Adopted by the Town Meeting of the Town of Colchester 9-25-1973. Amendments noted where applicable.]
Town Meeting for issuance of bonds — See Charter § C-701.
The Town of Colchester issues its bonds in the principal sum of $800,000 pursuant to the provisions of Chapter 110 of the Connecticut General Statutes, as amended, for the purpose of financing in part the period from September 16, 1973, to June 30, 1974, which amount does not exceed the appropriations for said period.
Such bonds shall mature in substantially equal annual installments beginning one year from date of issue and ending not later than 20 years from date of issue, shall bear such date and rate of interest as may be determined by the Board of Selectmen. Hartford National Bank and Trust Company of Hartford, Connecticut, is appointed certifying and paying agent for such bonds; Messrs. Day, Berry and Howard of Hartford, Connecticut are designated as the attorneys at law to render an opinion approving the legality of such issue. The Treasurer shall keep a record of such bonds.
Such bonds shall be signed by the Selectmen, or a majority of them, and by the Treasurer of the Town of Colchester or bear a facsimile of any of such signatures, under the Seal of said town, or bear a facsimile of such Seal. The Board of Selectmen is authorized to determine the form of such bonds and with the Treasurer to sell such bonds at public or private sale, to deliver such bonds on behalf of the town and to do all other acts necessary and appropriate to complete the issue of such bonds.
Pending the issue of such bonds as heretofore provided, the Selectmen and Treasurer are authorized to borrow such sums as may be necessary to defray the appropriations for the period ending June 30, 1974, in anticipation of the receipt of the proceeds from the sale of funding bonds authorized at this meeting. The Selectmen, or a majority of them, and the Treasurer are hereby authorized to determine the amount, date, maturity, interest rate, form and details of any notes and to sell and deliver the same.