2022 -- H 8033

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LC005570

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2022

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A N   A C T

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

ISSUANCE OF ?$5,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER

EVIDENCES OF ?INDEBTEDNESS OF THE TOWN OF EAST GREENWICH TO FINANCE

THE RENOVATION, REHABILITATION, REPAIR, REPLACEMENT, IMPROVEMENT,

FURNISHING, EQUIPPING AND INSTALLATION OF SCHOOLS, SCHOOL FACILITIES

AND INFRASTRUCTURE, INCLUDING, BUT NOT LIMITED TO, SAFETY AND FIRE-

CODE RELATED IMPROVEMENTS, ROOFS, HEATING, VENTILATION, ELECTRICAL

SYSTEMS, LANDSCAPING, GROUNDS, ATHLETIC FIELDS, INFORMATION

TECHNOLOGY, VEHICLES AND FOOD SERVICE FACILITIES

     Introduced By: Representatives Caldwell, and Shanley

     Date Introduced: March 23, 2022

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. As authorized by Rhode Island general laws § 45-12-2, an ordinance of the

East Greenwich town council effective on June 10, 2019, and a referendum approved by the electors

of the town of East Greenwich on November 5, 2019, the town of East Greenwich is empowered

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

exceeding five million dollars ($5,000,000), from time to time under its corporate name and seal,

to fund the renovation, rehabilitation, repair, replacement, improvement, furnishing, equipping and

installation of schools, school facilities and infrastructure, including, but not limited to, safety and

fire-code related improvements, roofs, heating, ventilation, electrical systems, landscaping,

grounds, athletic fields, information technology, vehicles and food service facilities. The amount

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

from the school building authority capital fund.

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

Rhode Island department of education, the principal and interest on such bonds shall be eligible for

state housing aid reimbursement.

     SECTION 3. This act serves as the enabling act required by Rhode Island general laws §

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

     SECTION 4. This act shall take effect upon passage.

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EXPLANATION

OF

A N   A C T

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

ISSUANCE OF ?$5,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER

EVIDENCES OF ?INDEBTEDNESS OF THE TOWN OF EAST GREENWICH TO FINANCE

THE RENOVATION, REHABILITATION, REPAIR, REPLACEMENT, IMPROVEMENT,

FURNISHING, EQUIPPING AND INSTALLATION OF SCHOOLS, SCHOOL FACILITIES

AND INFRASTRUCTURE, INCLUDING, BUT NOT LIMITED TO, SAFETY AND FIRE-

CODE RELATED IMPROVEMENTS, ROOFS, HEATING, VENTILATION, ELECTRICAL

SYSTEMS, LANDSCAPING, GROUNDS, ATHLETIC FIELDS, INFORMATION

TECHNOLOGY, VEHICLES AND FOOD SERVICE FACILITIES

***

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

order for the interest on bonds issued 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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LC005570

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LC005570 - Page 3 of 3