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2012 -- H 7054 | |
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LC00137 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 | |
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APPROVING THE ISSUANCE OF $700,000 BONDS BY THE TOWN OF PORTSMOUTH | |
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TO FINANCE IMPROVEMENTS TO SCHOOL BUILDINGS INCLUDING BUT NOT | |
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LIMITED TO BONDS AND NOTES ISSUED PURSUANT TO FINANCING AGREEMENTS | |
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WITH THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION | |
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Introduced By: Representatives Edwards, Gallison, Reilly, and Guthrie | |
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Date Introduced: January 10, 2012 | |
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Referred To: House Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. As previously authorized by the 2010-2011 Operating Budget for the Town |
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adopted by ordinance on June 26, 2010, a resolution of the Town Council adopted September 13, |
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2010 and Rhode Island General Laws section 45-12-2, the town of Portsmouth was empowered to |
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issue bonds to an amount not exceeding three hundred fifty thousand dollars ($350,000), or such |
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lesser amount as is determined by resolution of the town council, from time to time under its |
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corporate name and seal. |
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SECTION 2. As previously authorized by the 2011-2012 Operating Budget for the Town |
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adopted by ordinance on July 27, 2011, a resolution of the Town Council adopted November 28, |
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2011 and Rhode Island General Laws section 45-12-2, the town of Portsmouth was empowered to |
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issue bonds to an amount not exceeding three hundred fifty thousand dollars ($350,000), or such |
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lesser amount as is determined by resolution of the town council, from time to time under its |
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corporate name and seal. |
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SECTION 3. In accordance with section 16-7-44 of the general laws, the principal and |
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interest on such bonds shall be eligible for state housing aid reimbursement. |
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SECTION 4. This act serves as the enabling act required by Rhode Island General Laws |
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section 16-7-44 and shall take effect upon passage. |
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LC00137 | |
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EXPLANATION | |
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OF | |
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A N A C T | |
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IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 | |
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APPROVING THE ISSUANCE OF $700,000 BONDS BY THE TOWN OF PORTSMOUTH | |
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TO FINANCE IMPROVEMENTS TO SCHOOL BUILDINGS INCLUDING BUT NOT | |
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LIMITED TO BONDS AND NOTES ISSUED PURSUANT TO FINANCING AGREEMENTS | |
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WITH THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION | |
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*** | |
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This act would serve as the enabling act required by Rhode Island General Laws section |
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16-7-44 in order for the principal and interest on bonds issued in support of school housing |
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projects to be eligible for state housing aid reimbursement. |
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This act would take effect upon passage. |
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LC00137 | |
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