A N A C T
AMENDING CHAPTER 109 OF THE PUBLIC LAWS ENTITLED 'AN ACT AUTHORIZING THE TOWN OF MIDDLETOWN TO BORROW UP TO $12,000,000 FOR THE PURPOSE OF FINANCING THE CONSTRUCTION, IMPROVEMENT, RENOVATION, FURNISHING AND EQUIPPING OF A SENIOR CENTER, SCHOOL BUILDINGS, LIBRARY FACILITIES AND A PUBLIC SAFETY COMPLEX THROUGH THE ISSUANCE OF ITS GENERAL OBLIGATION NOTES OR BONDS'
It is enacted by the General Assembly as follows:
SECTION 1. Section 1. Section 1 of Chapter 109 of the Public Laws of 1999 is hereby amended as follows:
SECTION 1. The town of Middletown is hereby empowered, in addition to authority previously granted, to issue bonds to an amount not exceeding
twelve million dollars ($12,000,000)eleven million two hundred thousand dollars ($11,200,000) from time to time under its corporate name and seal. The bonds of each issue may be issued in the form of zero coupon bonds, capital appreciation bonds, serial bonds or term bonds or a combination thereof and shall be payable either by maturity of principal in the case of serial bonds or by mandatory serial redemption in the case of term bonds, in annual installments of principal, the first installment to be not later than five (5) years and the last installment not later than thirty (30) years after the date of the bonds. The amount of principal appreciation each year on any bonds, after the date of original issuance, shall not be considered to be principal indebtedness for the purposes of any constitutional or statutory debt limit or any other limitation. The appreciation of principal after the date of original issue shall be considered interest. Only the original principal amount shall be counted in determining the principal amount so issued and any interest component shall be disregarded. For each issue the amounts payable annually for principal and interest combined either shall be as nearly equal from year to year as is practicable in the opinion of the officers authorized to issue the bonds, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal.
SECTION 2. Section 13 of Chapter 109 of the Public Laws of 1999 is hereby amended as follows:
SECTION 13. The question of the approval of this act shall be submitted to the electors of the town at a general or special election (other than a primary) to be held prior to December 31, 2000, as shall be designated by the town council. The question shall be submitted in substantially the following form: "Shall an act, passed at the 1999 session of the general assembly, entitled 'AN ACT AUTHORIZING THE TOWN OF MIDDLETOWN TO BORROW UP TO
TWELVE MILLION DOLLARS ($12,000,000) ELEVEN MILLION TWO HUNDRED THOUSAND DOLLARS ($11,200,000) FOR THE PURPOSE OF FINANCING THE CONSTRUCTION, IMPROVEMENT, RENOVATION, FURNISHING AND EQUIPPING OF A SENIOR CENTER, SCHOOL BUILDINGS, LIBRARY FACILITIES AND A PUBLIC SAFETY COMPLEX THROUGH THE ISSUANCE OF ITS GENERAL OBLIGATION NOTES OR BONDS", be approved?" and the warning for the election shall contain the question to be submitted. Notwithstanding anything contained in R.I.G.L. section 17-19-7 to the contrary, the Middletown Board of Canvassers may certify the question to the secretary of state not later than February 25, 2000. From the time the election is warned and until it is held, it shall be the duty of the town clerk to keep a copy of the act available at his office for public inspection, but the validity of the election shall not be affected by this requirement.
SECTION 3. This act shall take effect upon passage.