2023 -- H 6335 | |
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LC002877 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2023 | |
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A N A C T | |
IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 | |
APPROVING THE ISSUANCE OF $1,000,000 BONDS BY THE TOWN OF SCITUATE TO | |
FINANCE A WATER PROJECT AT THE SCITUATE HIGH SCHOOL/MIDDLE SCHOOL | |
INCLUDING, BUT NOT LIMITED TO, BONDS AND NOTES ISSUED PURSUANT TO | |
FINANCING AGREEMENTS WITH THE RHODE ISLAND INFRASTRUCTURE BANK | |
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Introduced By: Representative Robert J. Quattrocchi | |
Date Introduced: April 26, 2023 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. As previously authorized by the electors of the town at the financial town |
2 | meeting held on April 4, 2023 and by the town council by resolution adopted March 9, 2023 and § |
3 | 45-12-2, the town of Scituate is hereby empowered, in addition to authority previously granted, to |
4 | issue its general obligation bonds and notes to an amount not exceeding one million dollars |
5 | ($1,000,000) at one time or from time to time under its corporate name and seal or a facsimile of |
6 | such seal to finance a water project at the Scituate high school/middle school, including making all |
7 | necessary contracts and agreements to issue said bonds and/or notes through the Rhode Island |
8 | infrastructure bank, but nothing herein shall require that the town issue such bonds and/or notes |
9 | through the Rhode Island infrastructure bank. |
10 | SECTION 2. In accordance with § 16-7-44, the principal on such bonds shall be eligible |
11 | for state housing aid reimbursement. |
12 | SECTION 3. This act shall constitute an enabling act of the general assembly that is |
13 | required pursuant to § 16-7-44 and shall take effect upon passage. Any bonds, notes or other |
14 | evidences of indebtedness issued under this act for school projects shall not be eligible for state aid |
15 | reimbursement pursuant to § 16-7-44 unless the school projects described herein shall have been |
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1 | approved by the Rhode Island department of education. |
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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 $1,000,000 BONDS BY THE TOWN OF SCITUATE TO | |
FINANCE A WATER PROJECT AT THE SCITUATE HIGH SCHOOL/MIDDLE SCHOOL | |
INCLUDING, BUT NOT LIMITED TO, BONDS AND NOTES ISSUED PURSUANT TO | |
FINANCING AGREEMENTS WITH THE RHODE ISLAND INFRASTRUCTURE BANK | |
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1 | This act would constitute an enabling act of the general assembly that is required pursuant |
2 | to § 16-7-44. Any bonds, notes or other evidences of indebtedness issued under this act for school |
3 | projects shall not be eligible for state aid reimbursement pursuant to § 16-7-44 unless the school |
4 | projects financed hereunder have been approved by the Rhode Island department of education |
5 | ("RIDE"). The bonds will be eligible only for principal reimbursement as it is not anticipated that |
6 | the bonds will be issued through the Rhode Island health and building corporation as is required |
7 | under § 16-7-44 for reimbursement of interest. |
8 | This act would take effect upon the passage. This financing has been approved by |
9 | the electors of the town at the financial town meeting held on April 4, 2023 and by the |
10 | town council by resolution adopted March 9, 2023. |
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LC002877 | |
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