(3) "Municipal wastewater system" means a sewage or wastewater system owned by a municipality or otherwise established by the general statutes, a special act or a local law, ordinance or charter, or LCO 5716 \\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00222-R01 of 4 SB.docx Committee Bill No.

5716222 1 of 4 Committee Bill No.222 any other subdivision of government;

(c) To determine the average fair market value of a municipal water supply system or municipal wastewater system, after a municipality and a water company have negotiated and agreed upon a sale price pursuant to subsection (b) of this section, (1) the municipality and the water company shall jointly engage the services of a licensed engineer to conduct an assessment of the tangible assets of such municipal water supply system or municipal wastewater system, (2) the municipality and the water company shall each engage a utility valuation expert, (3) each utility valuation expert, using the assessment conducted pursuant to subdivision (1) of this subsection, shall perform an appraisal of such municipal water supply system or municipal wastewater system, which shall include a determination of the fair market value of such municipal water supply system or municipal wastewater system pursuant to the Uniform Standards of Professional Appraisal Practice, and (4) each utility valuation expert shall provide LCO 5716 {\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00222 of 4 R02-SB.docx } Committee Bill No.

5716222 2 of 4 Committee Bill No.222 Appraisal Practice, and (4) each utility valuation expert shall provide such utility valuation expert's appraisal to the municipality and the water company within ninety days of engagement pursuant to subdivision (2) of this subsection.

(f) Nothing in this section shall be construed to supersede any provisions of the general statutes or municipal charters regarding the sale or disposition of municipal assets or any provisions of the general LCOstatutes No.regarding the acquisition of a water company.

LCO 5716 3{\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00223 of 4 R02-SB.docx } Committee Bill No.

222 statutesThis regardingact theshall acquisitiontake ofeffect aas waterfollows company.and shall amend the following sections:

ThisSection act1 shallOctober take1, effect2019 asNew followssection andET shallJoint amendFavorable the{\\PRDFS1\SCOUSERS\FORZANOF\WS\2019SB-00222- followingLCO sections:5716 R02-SB.docx } 4 of 4

Section 1 October 1, 2019 New section Statement of Purpose:

To establish a process for the sale of a municipal water supply system or municipal wastewater system.

[Proposed deletions are enclosed in brackets.

Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.] SEN.

FORMICA, 20th Dist.

Co-Sponsors:

S.B.

222 LCO No.

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