The Municipal Finance Advisory Commission may designate any municipality referred to said commission pursuant to subsection (d) of section 7-395 as a tier I municipality. The chief elected official of any municipality that does not meet the conditions identified under subsection (d) of section 7-395 may apply to the Municipal Finance Advisory Commission for designation as a tier I municipality, provided such official (1) expects that such municipality will meet one or more such conditions in the following twenty-four month period, and (2) submits a report to the Municipal Finance Advisory Commission, in a form and manner prescribed by the commission, that confirms that such condition or conditions will be met in such period. Each decision to designate a municipality as a tier I municipality pursuant to this section shall be based on an evaluation of such municipality's financial condition and financial practices. In addition to the requirements of section 7-394b , each municipality designated as a tier I municipality shall prepare and present a five-year financial plan to the Municipal Finance Advisory Commission for its review and approval.
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