05-
LA 055
2005 -- S 1196
Enacted 07/19/05
A N A C T
RELATING TO THE LONSDALE FIRE DISTRICT
Introduced By: Senators Connors, and J Montalbano
Date Introduced: June 27, 2005
It is
enacted by the General Assembly as follows:
SECTION
1. Sections 5 and 11 of the act passed June 1, 1882 entitled "An Act to
Incorporate
the Lonsdale Fire District, Prospect Hill" as amended, is hereby amended
to read as
follows:
"Sec.
5. Said taxable inhabitants, at any of their legal meetings, shall have power
to order
such
taxes and provide for the assessing and collecting the same, on the taxable
inhabitants and
property
in said district, as they shall deem necessary for purchasing and procuring
implements
and
apparatus for the extinguishing of fire, salvage and rescue service, to lease
and/or purchase
land
and buildings necessary for the operation of said district; to pay district
debts, for the
purpose
of lighting the street lights in said district with gas or otherwise, and also
for the payment
of such
police force as they may deem necessary for the protection of the property of
the
inhabitants
of said district from fires, and for the preservation of the public peace; and
such taxes
so
ordered shall be assessed by the assessors of said district on the taxable
inhabitants and
property
therein, according to the last valuation made by the assessors of the town next
previous
to said
assessment adding, however, any taxable property which may have been omitted by
said
town
assessors or afterward acquired; and in assessing and collecting said taxes
such proceedings
shall
be had by the officers of said district, as near as may be, as are required to
be had by the
corresponding
officer of towns in assessing and collecting town taxes; provided, however, the
minimum
charge for any tax bill rendered shall be not less than nine dollars ($9.00)
and further
provided,
however, that the tax assessed and payable in any one year under the provisions
of this
act
shall not exceed eight (8) mills on each dollar of valuation."
"Sec.
11. Said district may authorize and empower its treasurer to borrow a sum of
money from
time to time, not exceeding five hundred thousand dollars ($500,000) or
so much
thereof
as may be from time to time required one
percent (1%) of the taxable property of the
district
and to give the negotiable note or
notes of the fire district for the money so borrowed and
also to
give the negotiable notes bonds of the district in renewal of any
notes bonds heretofore
given
and now outstanding."
SECTION
2. The act passed June 1, 1882 entitled "An Act to Incorporate the
Lonsdale
Fire
District, Prospect Hill" whose name is now changed to "Lonsdale Fire
District" by an act
approved
April 27, 1937, which was further amended, is hereby amended by adding thereto
the
following
sections:
"Sec. 13. For the purpose of raising money to carry out the provisions of this act, the
district is authorized and empowered to issue bonds and
notes in anticipation of bonds. Such
bonds and notes may be issued hereunder as general
obligations of the district. Without
limiting the
generality of the foregoing, such bonds and notes may be issued to pay or
refund
notes issued in anticipation
of the issuance of bonds, to pay expenses of issuance of the
bonds and the notes, to provide such reserves for debt
service, repairs and replacements or
other costs or current expenses as may be required by a
trust agreement or resolution securing
bonds or notes of the district, or for any combination of
the foregoing purposes. The bonds of
each issue shall be dated, bear interest at a rate or
rates, and mature at a time or times not
exceeding forty (40) years from their dates of issue, and
may be made redeemable before
maturity at a price or prices and under terms and
conditions that may be fixed by the officers
of the district prior to the issue of the bonds. The
officers of the district shall determine the form
of the bonds and
notes, including interest coupons, if any, to be attached to them, and the
manner of their execution, and shall fix the denomination
or denominations of the bonds and
notes and the
place or places of payment of the principal and interest, which may be at any
bank or trust
company within or without the state. The bonds shall bear the seal of the
district
or a facsimile of
the seal. In case any officer whose signature or a facsimile of whose signature
shall appear on
any notes, bonds or coupons shall cease to be such officer before the delivery
thereof, such
signature or such facsimile shall nevertheless be valid and sufficient for all
purposes as if he had remained in office until after such
delivery. The district may also provide
for
authentication of bonds or notes by a trustee or fiscal agent. Bonds may be
issued in bearer
or in registered
form, or both, and, if notes, may be made payable to bearer or to order, as
the district may determine, and provision may be made for
the registration of any coupon
bonds as to principal alone and also as to both principal
and interest, for the reconversion into
coupon bonds of
bonds registered as to both principal and interest and for the interchange
of bonds registered as to both principal and interest and
for the interchange of registered and
coupon bonds. The
issue of notes shall be governed by the provisions if this chapter relating
to the issue of
bonds in anticipation of bonds as the same may be applicable. Notes issued
in anticipation
of the issuance of bonds including any renewals, shall mature no later than
five (5) years from the date of the original issue of such notes. The district may by resolution
delegate to any officer or any combination of officers the power to determine any of the matters
set forth in this section including the power to award such bonds or notes to a purchaser or
purchasers at public sale. The district may sell bonds and notes of the district in such manner,
either at public or private sale, for such price, at such rate or rates of interest, or at such discount
in lieu of interest, as it may determine will best effect the purposes of this chapter.
The district may issue interim receipts or temporary bonds, with or without coupons,
exchangeable for definitive bonds when such bonds shall have been executed and are available
for delivery. The district may also provide for the replacement of any bonds which shall have
become mutilated or shall have been destroyed or lost."
"Sec. 14. The district may also provide by resolution for the issuance from time to time of
temporary notes in anticipation of the revenues to be collected or received by the district in any
year, or in anticipation of the receipt of federal, state or local grants or other aid. Notes issued in
anticipation of revenues, including any renewals thereof, shall mature no later than one year from
their respective dates, and that notes issued in anticipation of federal, state or local grants or other
aid including any renewals thereof, shall mature no later than three (3) years from their respective
dates. The issue of such notes shall be governed by the provisions of this chapter relating to the
issue of bonds or other notes as the same may be applicable."
"Sec. 15. The principal of premium, if any, and interest on all bonds and notes issued
under the provisions of this chapter, unless otherwise provided herein, shall be general
obligations of the district or shall be payable solely from the funds provided therefor from
revenues as herein provided.
Any bonds and notes issued hereunder may be secured by a resolution of the district or by
a trust agreement between the district and a corporate trustee, which may be any trust company or
bank having the powers of a trust company within or without the state, and such trust agreement
shall be in such form and executed in such manner as may be determined by the district. Such
trust agreement or resolution may pledge or assign, in whole or in part, the revenues and other
moneys held or to be received by the district, including the revenues from any facilities already
existing when the pledge or assignment is made, and any contract or other rights to receive the
same, whether then existing or thereafter coming into existence and whether then held or
thereafter acquired by the district, and the proceeds thereof. Such trust agreement or resolution
may contain such provisions for protecting and enforcing the rights, securities and remedies of
the bondholders or noteholders as may be reasonable and proper and not in violation of law,
including, without limiting the generality of the foregoing, provisions defining defaults and
providing for remedies in the event thereof which may include the acceleration of maturities and
covenants setting forth the duties of, and limitations on, the district in relation to the property of
the district, the custody, safeguarding, investment and application of moneys, the issue of
additional or refunding bonds and notes, the fixing, revision and collection of fees, assessments or
other charges, the use of any surplus bond and note proceeds, the establishment of reserves, and
the making and amending of contracts.
Any
bonds or notes issued under authority of this chapter, may be issued in the
form of
lines
of credit, loans, or other banking arrangements and under such terms and
conditions, not
inconsistent
with this chapter, and under such agreements with the purchasers or makers
thereof,
as the
district may determine to be in the best interest of the district. In addition
to other security
provided
herein or otherwise by law, bonds or notes issued under any provision of this
chapter
may
be secured, in whole or in part, by insurance or letters or lines of credit or
other credit
facilities,
and the district may pledge or assign any of the revenues of the district as
security for
the
reimbursement by the district to the issuers of such insurance, letters or
lines of credit or
other
credit facilities of any payments made under the insurance or letters or lines
of credit or
other
credit facilities.
It
shall be lawful for any bank or trust company to act as a depository or trustee
of the
proceeds
of bonds, notes, revenues or other moneys under any such trust agreement or
resolution
and
to furnish such indemnification or to pledge such securities and issue such
letters of credit as
may
be required by the district. Any pledge of revenues or other property made by
the district
under
this chapter shall be valid and binding and shall be deemed continuously
perfected from the
time
when the pledge is made; the revenues, moneys, rights and proceeds so pledged
and then
held
or thereafter acquired or received by the district shall immediately be subject
to the lien of
such
pledge without any physical delivery or segregation thereof or further act; and
the lien of
any
such pledge shall be valid and binding against all parties having claims of any
kind in tort,
contract
or otherwise against the district, irrespective of whether such parties have
notice thereof.
Neither
the resolution, any trust agreement nor any other agreement by which a pledge
is created
need
be filed or recorded except in the records of the district.
Any
holder of a bond or note issued under the provisions of this chapter or of any
of the
coupons
appertaining thereto and any trustee under a trust agreement or resolution
securing the
same,
except to the extent the rights herein given may be restricted by such trust
agreement or
resolution
securing the same, may bring suit upon the bonds or notes or coupons and may,
either
at
laws or in equity, by suit, action, mandamus, or other proceedings for legal or
equitable relief,
including
proceedings for the appointment of a receiver to take possession and control of
the
business
and properties of the district, to operate and maintain the same, to make any
necessary
repairs,
renewals and replacement in respect thereof and to protect and enforce any and
all rights
under
such trust agreement, resolution or other agreement, and may enforce and compel
the
performance
of all duties required by this act or by such trust agreement or resolution to
be
performed
by the district or by any officer of the district."
"Sec.
16. The district may issue refunding bonds and notes for the purpose of paying
any
of
its bonds or notes at maturity or upon acceleration or redemption. Refunding
bonds and notes
may
be issued at such time prior to the maturity or redemption of the refunded
bonds or notes as
the
district deems to be in the public interest. Refunding bonds and notes may be
issued in
sufficient
amounts to pay or provide the principal of the bonds or notes being refunded,
together
with
any redemption premium thereon, any interest accrued or to accrue to the date
of payment of
such
bonds or notes, the expenses of issue of refunding bonds or notes, the expenses
of redeeming
bonds
or notes being refunded and such reserves for debt service or other capital or
current
expenses
from the proceeds of such refunding bonds or notes as may be required by a
trust
agreement
or resolution securing bonds or notes. The issue of refunding bonds or notes,
the
maturities
and other details thereof, the security therefor, the rights of the holders
thereof, and the
rights,
duties and obligations of the district in respect of the same shall be governed
by the
provisions
of this chapter relating to the issue of bonds or notes other than refunding
bonds or
notes
insofar as the same may be applicable."
"Sec.
17. The district may at any time deposit with a trustee, a sum sufficient, with
amounts
then on deposit, including the debt service reserve fund, to purchase direct or
guaranteed
obligations
of the United States of America which are adequate to pay the entire principal
amount
of
the bonds or notes of a series, together with the interest to maturity, or to
an applicable
redemption
date specified by an authorized officer of the district to the trustee and any
applicable
redemption
premium; or the district may deposit direct or guaranteed obligations of the
United
State
of America in lieu of money for their purchase. The obligations are deemed
adequate if the
principal
and interest payable on them are sufficient to pay the previously mentioned
sums when
due.
Upon any deposit of money and a request by the board, the trustee shall
purchase direct or
guaranteed
obligations of the United States of America. When adequate direct or guaranteed
obligations
of the United States of America are held by the trustee pursuant to this
section, the
bond
resolution or indenture shall cease to be in effect with respect to such series
of bonds or
notes.
The obligations and their proceeds shall be held in trust for the benefit of
the bondholders
or
noteholders, and the trustee shall, on behalf of the district, call bonds or
notes for redemption
on
the applicable redemption date. Any compensation or expenses of the trustee in
carrying out
this
section shall be paid by the district, and any surplus funds held by the
trustee under this
section
shall be remitted by the trustee to the district."
"Sec. 18. Bonds, notes and other evidences of indebtedness issued or
entered into under
the
provisions of this act shall not be deemed to be a debt or a pledge of the
faith and credit of the
state
or of any city or town. All bonds, notes and other evidences of indebtedness,
shall contain
on
the face thereof a statement to the effect that neither the state nor any city
or town shall be
obligated
to pay the same and that neither the faith and credit nor the taxing power of
the state or
of
any city or town is pledged to the payment of the principal of or interest on
such bonds or
notes."
SECTION 3. This act shall
take effect upon passage.
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LC03580
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