2019 -- S 0846

========

LC002535

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

____________

A N   A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS § 16-7-44 APPROVING THE

ISSUANCE OF $160,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER

EVIDENCES OF INDEBTEDNESS OF THE CITY OF PROVIDENCE TO FUND THE

SCHOOL CAPITAL IMPROVEMENTS PLAN FOR THE FISCAL YEARS 2019-2024

     

     Introduced By: Senator Maryellen Goodwin

     Date Introduced: April 30, 2019

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

1

     SECTION 1. As authorized by Rhode Island General Laws § 45-12-2, an Ordinance of

2

the Providence City Council effective on August 6, 2018, and a referendum approved by the

3

electors of the City of Providence on November 6, 2018, the City of Providence is empowered to

4

issue general obligation bonds, notes and other evidences of indebtedness to an amount not

5

exceeding one hundred sixty million dollars ($160,000,000), from time to time under its corporate

6

name and seal, to fund the school capital improvements plan for the ‎fiscal years 2019-2024. The

7

amount of borrowing pursuant to this act shall be reduced by the amount of any grant received by

8

the City from the School Building Authority Capital Fund.

9

     SECTION 2. In accordance with section 16-7-44 of the general laws, subject to approval

10

of the Rhode Island Department of Education, the principal and interest on such bonds shall be

11

eligible for state housing aid reimbursement.

12

     SECTION 3. This act serves as the enabling act required by Rhode Island General Laws

13

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

========

LC002535

========

 

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS § 16-7-44 APPROVING THE

ISSUANCE OF $160,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER

EVIDENCES OF INDEBTEDNESS OF THE CITY OF PROVIDENCE TO FUND THE

SCHOOL CAPITAL IMPROVEMENTS PLAN FOR THE FISCAL YEARS 2019-2024

***

1

     This act serves as the enabling act required by Rhode Island General Laws § 16-7-44 in

2

order for the interest on bonds issued in support of school housing projects to be eligible for state

3

housing aid reimbursement.

========

LC002535

========

 

LC002535 - Page 2 of 2