Joan Hartley

Naugatuck Legislative Delegation Applauds Passage of Bill that Will Put Naugatuck on Stronger Financial Footing

In a joint statement to the press, the Naugatuck legislative delegation consisting of State Senators Joan Hartley and Jorge Cabrera, and State Representatives Rosa C. Rebimbas and David Labriola praised the passage of Senate Bill 967, An Act Authorizing the Borough of Naugatuck to Issue Pension Deficit Funding Bonds. The bill, which passed with strong bipartisan support in both the House and Senate, authorizes the borough to take advantage of current low interest rates to refinance its debt by issuing pension deficit bonds (POBs). The aggregate amount is not to exceed the total of past unfunded benefit obligations.

“This is great news for the Borough of Naugatuck. This bill will have no fiscal impact to the state, but it will yield great savings for the municipality and will put the borough on solid financial footing well into the future. This was a bipartisan effort and we thank everyone who made this possible, including Naugatuck Mayor Pete Hess who introduced the idea. We ask Governor Lamont to sign this bill into law so Naugatuck can begin the process of restructuring its debt,” said the Naugatuck legislative delegation.