SENATE, No. 1149

SECTION 1.  To amends or create new law which will allow financially secure municipal corporations to enter into negotiations with other municipal corporations for the purpose of consolidation for the financial or fiduciary benefit of the taxpayers and resident within the following considerations; that the surviving corporations satisfy the regulatory authorities with a demonstrated positive free cash history and annual tax collection of 85% or better and with a low rate of tax titles; that the same corporation maintain a :A: bond rating or better for general obligations, a stable management and the recommendation of the appropriate regulatory agencies, I.e.revenue; and that the annexable corporations satisfy the regulatory authorities with a demonstrated history of negative free cash history and annual tax collection history of less than 95% per annum and with a high rate; that the same corporation “general obligation: status is not better that a “junk bond” rating; and that the appropriate state regulatory agency, department of revenue, recommend such action to maintain financial viability, service level and adequate education, health and safety for all residents; and that the question of annexation be put to the townspeople of both corporations by vote of the appropriate legislative body and the appropriate question be approved by the majority vote of no less than fifty percent plus one of the registered voters in both corporations the annexed and the surviving or receiving corporation.  Adjacency or contiguousness need not apply to the surviving corporation or corporation annexed.