SECTION 1. Section 8 of the act, passed at the January session, 1926, approved April 23, 1926, entitled "An Act to Incorporate the North Tiverton Fire District and to Furnish a Supply of Water to the Town of Tiverton," as amended by chapter 1117 of the public laws, 1927, by chapter 971 of the public laws, 1940, by chapter 1828 of the public laws, 1947, by an act passed at the January session, 1948, approved April 15, 1948, by chapter 2815 of the public laws, 1951, by an act passed at the January session, 1956, approved March 30, 1956, by the acts and resolves of 1975, by chapter 7 of the public laws of 1982, and by chapter 32 of the public laws, 1993, is hereby further amended to read as follows:

Section 8. (a) The district is hereby empowered, in addition to authority previously granted, to borrow money and issue from time to time under its corporate name and seal or a facsimile of such seal, bonds, notes or other evidence of indebtedness (hereinafter called "bonds") for the purposes of carrying out the provisions of this act. The principal amount of such bonds, including renewals thereof, outstanding at any one (1) time shall in no case exceed the sum of five hundred thousand dollars ($500,000). The bonds of each issue may be issued in the form of 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 three (3) years and the last installment not later than fifty (50) years after the date of the bonds. For each issue the amounts payable in the several years for principal and interest combined shall be as nearly equal as it is practicable to make them in the opinion of the administrative board or in the alternative in accordance with a schedule providing a more rapid amortization of principal. Sections 5.1 and 5.2 of chapter 12 of the title 45 of the general laws shall apply to any such bonds.

SECTION 2. This act shall take effect upon approval of this amendment by the electors of the North Tiverton Fire District at the annual meeting of June 4, 2002.