2014 -- S 2126 SUBSTITUTE A

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44,

APPROVING THE ISSUANCE OF $6,400,000 BONDS BY THE TOWN OF WEST

WARWICK TO FINANCE HEALTH, SAFETY AND FIRE-CODE RELATED EMERGENCY

REPAIRS, ALTERATIONS, RENOVATIONS, IMPROVEMENTS AND EQUIPPING OF

SCHOOL FACILITIES IN THE TOWN AND ALL ATTENDANT EXPENSES AND

APPROVING THE ISSUANCE OF BONDS AND NOTES PURSUANT TO FINANCING

AGREEMENTS WITH THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING

CORPORATION

     Introduced By: Senators Satchell, and Gallo

     Date Introduced: January 22, 2014

     Referred To: Recommended for Immediate Consideration

     It is enacted by the General Assembly as follows:

     SECTION 1. The Town of West Warwick is hereby authorized and empowered to issue

bonds to an amount not exceeding six million four hundred thousand dollars ($6,400,000), from

time to time under its corporate name and seal, pursuant to an ordinance to be adopted by the

Town in accordance with the West Warwick Home Rule Charter and Rhode Island General Laws

§45-12-2.

     SECTION 2. In accordance with §16-7-44 of the general laws, the principal of and

interest on such bonds shall be eligible for state housing aid reimbursement.

     SECTION 3. This project, which was approved by the Commissioner of Elementary and

Secondary Education on or about March 22, 2007, shall be and remain eligible for school housing

aid.

     SECTION 4. This act serves as the enabling act required by Rhode Island General Laws

§16-7-44 and shall take effect upon passage.

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EXPLANATION

OF

A N   A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44,

APPROVING THE ISSUANCE OF $6,400,000 BONDS BY THE TOWN OF WEST

WARWICK TO FINANCE HEALTH, SAFETY AND FIRE-CODE RELATED EMERGENCY

REPAIRS, ALTERATIONS, RENOVATIONS, IMPROVEMENTS AND EQUIPPING OF

SCHOOL FACILITIES IN THE TOWN AND ALL ATTENDANT EXPENSES AND

APPROVING THE ISSUANCE OF BONDS AND NOTES PURSUANT TO FINANCING

AGREEMENTS WITH THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING

CORPORATION

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     This act would serve as the enabling act required by Rhode Island General Laws § 16-7-

44 in order for the principal of, and interest on bonds issued by the Town of West Warwick in

support of school housing projects to be eligible for state housing aid reimbursement.

     This act would take effect upon passage.

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