The financially struggling city of Hartford, Conn., is preparing to seek about $45 million in assistance, now that a new state oversight board is in place, the Associated Press reported. Connecticut's Municipal Accountability Review Board kicked off its first meeting on Friday. Created in the new state budget, the 11-member board was established to help financially distressed municipalities, such as Hartford, avoid insolvency and bankruptcy in exchange for greater accountability. Hartford City Treasurer Adam Cloud said that the organizational meeting set in motion Hartford's application to become a Tier III city, making it eligible for advisory assistance and state loans and grants. Under the new initiative, there are four designated tiers for municipalities, based the seriousness of their fiscal problems.
