Any tier I certified municipality or designated tier I municipality that meets the eligibility requirements of subdivisions (1) to (3), inclusive, of section 7-572 , may issue general obligations with a term of more than one year which are supported by a special capital reserve fund, but not general obligations to fund a general fund deficiency, as provided in sections 7-560 to 7-579 , inclusive. Any such tier I municipality shall, within the time and in the manner prescribed by written procedures adopted by the secretary, in consultation with the Treasurer: (1) Notify the secretary of its intent to issue such obligations, (2) provide the secretary with the documentation required under sections 7-560 to 7-579 , inclusive, (3) establish a property tax intercept procedure and debt service payment fund in accordance with the provisions of sections 7-560 to 7-579 , inclusive, and (4) comply with sections 7-569 to 7-571 , inclusive. The secretary shall refer to the Municipal Finance Advisory Commission, pursuant to the provisions of section 7-395 , any tier I certified municipality which notifies the secretary that it intends to issue obligations under this section.
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