Chapter 400
2006 -- S 3130
Enacted 07/06/06
A N A C T
AUTHORIZING
THE TOWN OF NORTH KINGSTOWN TO FINANCE A COMMUNITY SEPTIC SYSTEM LOAN PROGRAM
AND TO ISSUE NOT MORE THAN $2,000,000 NOTES THEREFOR
Introduced
By: Senators Lenihan, and Sheehan
Date
Introduced: June 01, 2006
It is enacted by the General Assembly as
follows:
SECTION 1. The
Town of North Kingstown is hereby empowered, in addition to
authority previously granted, to issue bonds to an
amount not exceeding Two Million Dollars
($2,000,000.00) from time to time under its
corporate name and seal or a facsimile of such seal.
The notes shall be issued to the Rhode Island
Clean Water Finance Agency (the "Agency")
pursuant to a loan agreement between it and the
Town.
SECTION 2. The
notes shall be signed by the manual signatures of the town treasurer
and the president of the Town Council. The
manner of sale, denominations, maturities, interest
rates and other terms, conditions and details of
any notes issued under this act and of any loan
agreement relating thereto may be fixed by the
resolution of the Town Council authorizing the
issue or by separate resolution of the Town
Council or, to the extent provisions for these matters
are not so made, they may be fixed by the
officers authorized to sign the notes.
SECTION 3. The
proceeds derived from the issuance of notes shall be used, under a
community septic loan program with the Agency,
for loans to owners of real property in the
Town of North Kingstown for the repair or
replacement of failed or failing septic systems or
substandard systems within the Town and all
costs incidental thereto. The proceeds of notes
issued under this act and any applicable federal
or state assistance shall be deemed appropriated
for the purposes of this act without further
action than that required by this act.
SECTION 4. Notes
issued hereunder shall be payable within twenty years from their
respective dates, and the principal of and
interest on notes issued fro a shorter period may be
renewed or paid from time to time by the issue
of other notes hereunder.
SECTION 5. The
costs of issuing notes hereunder may also, in the discretion of the
treasurer, be met from note proceeds. In exercising
any discretion under this Section, the treasurer
shall be governed by any instructions adopted by
resolution of the Town Council. The treasurer is
authorized to take any action deemed by him or
her necessary to comply with the requirements of
the Agency and federal law, including without
being limited to regulations and other
requirements of the Securities and Exchange
Commission and the Municipal Securities
Rulemaking Board, imposed directly on the Town, on
the Agency or on the underwriters of the
Town or the Agency's bonds and notes.
SECTION 6. All
notes issued under this act and the debts evidenced thereby shall be
obligatory on the town in the same manner and to
the same extent as other debts lawfully
contracted by it and shall be excepted from the
operation of Section 45-12-2 of the General Laws.
No such obligation shall at any time be included
in the debt of the town for the purpose of
ascertaining its borrowing capacity. The town
shall annually appropriate a sum sufficient to pay
the principal and interest coming due within the
year on notes issued hereunder to the extent that
moneys therefore are not otherwise provided or
repaid by borrowers under the community septic
loan program. If such sum is not appropriated,
it shall nevertheless be added to the annual tax
levy. In order to provide such sum in each year
and notwithstanding any provision of law to the
contrary, all taxable property in the town shall
be subject to ad valorem taxation by the town
without limitation as to rate or amount.
SECTION 7. Any
notes issued under the provisions of this act, if properly executed by
officers of the town in office on the date of
execution, shall be valid and binding according to
their terms notwithstanding that before the
delivery thereof and payment therefor any or all such
officers shall for any reason have ceased to
hold office.
SECTION 8. The
town, acting by resolution of its Town Council is authorized to apply
for, contract for and use any federal or state
advances or other grants or assistance which may be
available for the purposes of this act, and any
such uses may be in addition to other moneys
provided in this act. To the extent of any
inconsistency between any law of this state and any
applicable federal law or regulation, the latter
shall prevail.
SECTION 9. Notes
may be issued and borrowings made under this act without obtaining
the approval of any governmental agency or the
taking of any proceedings or the happening of
any conditions except as specifically required
by this act for such issue.
SECTION 10. To the
extent of any inconsistency between this act and the Town Charter,
this act shall prevail.
SECTION 11. The
provisions of chapter 24.5 of Title 45 and Chapter 12.2 of Title 46 as
amended of the General Laws shall apply to the
issuance of notes and borrowings made under
this act.
SECTION 12. The
question of the approval of this act shall be submitted to the electors
of the town at an election on a date to be
determined by the Town Council which occurs at least
thirty days after the passage of this act. The
question shall be submitted in substantially the
following form: "Shall an act, passed at
the 2006 session of the General Assembly, entitled 'AN
ACT AUTHORIZING THE TOWN OF NORTH KINGSTOWN TO
FINANCE A
COMMUNITY SEPTIC SYSTEM LOAN PROGRAM AND TO
ISSUE NOT MORE THAN
$2,000,000 NOTES THEREFOR' be approved?"
and the warning for the election shall contain
the question to be submitted. The Town Board of
Canvassers may combine any two or more
voting districts for the election and when so
combined shall be treated as a voting district. If so
combined, the Town Board of Canvassers shall
advertise the combination of districts in a
newspaper of the general circulation in the
Town. 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 or her
office for public inspection, but the validity
of the election shall not be affected by this
requirement.
SECTION 13. This
Section and Section 12 shall take effect upon passage. The remainder
of this act shall take effect upon the approval
of this act by a majority of those voting on the
question at the election prescribed by Section
12.
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LC03332
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