A. Debt Service Limitation.
(1) Capital Projects765. Borrowing for capital projects that will cause the related debt service of the Town to exceed ten (10%) percent of the then current fiscal year's budget shall be submitted to binding referendum.
(2) Non-Capital Projects766. Borrowing for non-capital projects that will cause the related debt service of the Town to exceed four (4%) percent of the then current fiscal year's budget shall be submitted to binding referendum.
B. The referendum shall take place at the next general election or at a special election called for and held in the manner provided by the General Statutes767.
C. Approval of the borrowing by the Council shall take place not less than sixty (60) Days prior to such election768.
D. Any capital project that would cause the debt service of the Town to exceed ten (10%) percent of the current fiscal year's budget shall not be allowed to proceed past the design stage, and borrowing of funds shall not be allowed to proceed unless a majority of those voting thereof at such election shall have voted in favor thereof769.
764 See, C.G.S. 9-369d entitled "Submission of local question to voters who are not electors. Vote by electors and voters held in conjunction with an election". See also, C.G.S. 9-369b entitled "Local questions and proposals. Explanatory text. Expenditure of state and municipal funds to influence vote prohibited. Preparation and printing of certain materials permitted. Exception. Civil penalty. Summaries of arguments for, against local questions". See also, C.G.S. § 9-369 entitled "Procedure for holding referendum". See, C.G.S. 9-271 re referenda by paper ballots.
765 2022 recodification of 2011 § 10-9.A (1). Consistent with 1983 Charter § 3-11 (first sentence).
766 2022 recodification of new 2011 § 10-9 (a) (2).
767 2022 recodification of 2011 § 10-9.B. Consistent with 1983 Charter § 3-11 (second sentence).
768 Recodification of 2011 § 10-9.C. Consistent with 1983 Charter § 3-11 (third sentence).
769 Recodification of 2011 § 10-9.D. Consistent with 1983 Charter § 3-11 (fourth sentence).