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State bill on municipal risk pools alarms Brentwood budget committee; Rep. Eric Tura briefs members
Summary
State bill SB 297 would impose capitalization tests and assessment powers on municipal risk pools; Representative Eric Tura told BrentwoodBudget Committee members the measure is in flux and could require towns to provide unexpected cash assessments or create capital reserves.
Representative Eric Tura, a state representative who attended the Brentwood Budget Committee meeting, briefed members on SB 297 and its potential effects on municipal health and liability risk pools.
Tura said the bill, introduced at the request of the Secretary of Stateand approved unanimously in the Senate, would set warning and actionable liquidity thresholds for risk pools and give the state office new powers to require increased capitalization or place a pool into receivership. He said initial draft language would have allowed "assessments" on member towns within 30 days and would have required towns to establish a capital reserve equal to about 4 percent of a pools liabilities; an amendment circulated by the Secretary of States office reportedly removes the mandate to…
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