Connecticut General Statutes 10-397a – Assets and liabilities of former tourism districts
(a) As used in this section:
Terms Used In Connecticut General Statutes 10-397a
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) “Department” means the Department of Economic and Community Development;
(2) “Commissioner” means the Commissioner of Economic and Community Development;
(3) “Former tourism district” means the tourism districts, as defined in § 32-302 of the general statutes, revision of 1958, revised to January 1, 2003; and
(4) “Regional tourism district” means one of the three regional tourism districts created by § 10-397.
(b) Any former tourism district having a cash surplus, after accounting for all liabilities, may distribute such surplus to the regional tourism district or districts serving the towns formerly served by such district. Any distribution shall be divided among the new district or districts in accordance with the following schedule:
|
Former District |
New District(s) |
|
|
|
|
Northeastern |
Eastern (100%) |
|
Southeastern |
Eastern (100%) |
|
North Central |
Central (100%) |
|
Greater Hartford |
Central (95%) |
|
|
Western (5%) |
|
Central Connecticut |
Central (100%) |
|
Connecticut Valley |
Central (100%) |
|
Greater New Haven |
Central (67%) |
|
|
Western (33%) |
|
Litchfield Hills |
Western (100%) |
|
Housatonic Valley |
Western (100%) |
|
Greater Waterbury |
Western (100%) |
|
Greater Fairfield |
Western (100%) |
(c) Any former tourism district may, with the approval of the commissioner, transfer noncash assets, including fixed assets and leases, to a regional tourism district or districts serving the towns formerly served by such district.
(d) Any regional tourism district may, by vote of its board of directors and with the approval of the department, assume the liabilities of a former tourism district that served all or part of the area served by the new district. No such assumption shall be approved unless (1) the regional district’s approved budget makes provision for the costs arising from the assumption of liability; and (2) the department finds that the proposed assumption of liability is fair and equitable.