Chapter
008
2008 -- S 2457
Enacted 04/17/08
A N A C T
PROVIDING FOR CAPITAL
IMPROVEMENTS TO THE EXETER-WEST GREENWICH REGIONAL SCHOOL DISTRICT
JUNIOR/SENIOR HIGH SCHOOL, ELEMENTARY SCHOOLS AND ATHLETIC FIELDS AND
FACILITIES AND AUTHORIZING FINANCING THEREOF, INCLUDING THE ISSUE OF NOT MORE
THAN $5,877,308 IN BONDS THEREFOR
Introduced By: Senator Kevin A. Breene
Date Introduced: February
13, 2008
It is
enacted by the General Assembly as follows:
SECTION
1. The Exeter-West Greenwich Regional School District is hereby empowered
and
authorized, in addition to authority previously granted, to issue bonds in an
amount not
exceeding
$5,877,308 from time to time under its corporate name and seal or a facsimile
of such
seal.
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 not
later
than three (3) years and the last installment not later than twenty-three (23)
years after the
date of
the bonds. 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. The bonds shall be signed by the District Treasurer and by the Chairperson
of the
School Committee. The manner of the sale, denominations, maturities, interest
rates, and
other
terms, conditions, and details of any bonds or/notes issued under this act may
be fixed by
the
School Committee or to the extent provisions for these matters are not so made,
they may be
fixed
by the officers authorized to sign the bonds or notes. The proceeds derived
from the sale of
the
bonds shall be delivered to the District Treasurer and such proceeds, exclusive
of premiums
and
accrued interest, and costs of issuance, shall be expended (a) for Capital
Improvements to the
Exeter-West
Greenwich Regional School District Junior/Senior High School, Elementary
Schools
and
Athletic Fields and Facilities (b) payment of the principal of or interest on
temporary notes
issued
under this act, or (c) and repayment of advances under this act. No purchaser
of any bonds
or
notes under this act shall be in any way responsible for the proper application
of the proceeds
derived
from the sale thereof. The projects shall be carried out and all contracts made
therefore
on
behalf of the district by the School Committee or as may be otherwise directed
by the School
Committee.
The proceeds of bonds or notes issued under this act, any applicable state
assistance,
or
other monies referred to in this at shall be deemed appropriated for the
purposes of this act
without
further action than that required by this act.
SECTION 3. The School Committee may by resolution authorize the issuance from
time
to time
of interest bearing or discounted notes in anticipation of the issue of bonds
under Section
2 or in
anticipation of the receipt of federal or state aid for the purposes of this
act. The amount
of
original notes issued under this act and in anticipation of bonds may not
exceed the amount of
bonds
which may be issued under this act and the amount of original notes issued in
anticipation
of
federal or state aid may not exceed the amount of available federal or state
aid as estimated by
the
treasurer. Temporary notes issued hereunder shall be signed by the District
Treasurer and by
the
Chairperson of the School Committee and shall be payable within three (3) years
of their
respective
dates, but the principal of and interest on notes issued for a shorter period
may be
renewed
or paid from time to time by the issuance of other notes hereunder provided the
period
from
the date of an original note to the maturity of any note issued to renew or pay
the same debt
or the
interest thereon shall not exceed three (3) years.
SECTION
4. Pending any authorization or issuance of bonds hereunder or pending or in
lieu of
any authorization or issuance of notes hereunder, the District Treasurer with the
approval
of the
Chairperson of the School Committee may to the extent that bonds or notes may
be issued
hereunder
apply funds in the treasury of the district to the purposes specified in
Section 2; such
advances
to be repaid without interest from the proceeds of bonds or notes subsequently
issued or
from
the proceeds of applicable federal or state assistance or from other available
funds.
SECTION
5. Any proceeds of bonds or notes issued hereunder or of any applicable
federal
or state assistance, pending their expenditure, may be deposited or invested by
the
treasurer
in demand deposits, time deposits, or saving deposits, in banks which are
members of
the
Federal Deposit Insurance Corporation, or in other obligations issued or
guaranteed by the
United
States of America or by any agency or instrumentality thereof or as may be
provided in
any
other applicable laws of the State of Rhode Island.
SECTION
6. Any accrued interest received upon the sale of bonds or notes hereunder
shall
be applied to the payment of the first interest due thereon. Any premiums
arising from the
sale of
bonds or notes hereunder shall in the discretion of the treasurer be applied to
the cost of
preparing,
issuing, and marketing bonds or notes hereunder to the extent not otherwise
provided
or to
the payment of the cost of the projects or to the payment of the principal or
interest on bonds
or
notes issued hereunder or to any one or more of the foregoing. The cost of
preparing, issuing,
and
marketing bonds or notes hereunder may also in the discretion of the treasurer
be met from
bond or
note proceeds exclusive of premium and accrued interest or from other monies
available
therefor.
Any balance of bond or note proceeds remaining after payment of the cost of the
project
and the
cost of preparing, issuing, and marketing bonds or notes hereunder shall be
applied to the
payment
of the principal of or interest on bonds or notes issued hereunder. Any
earnings or net
profit
realized from the deposit or investment of funds hereunder shall upon receipt
be added to
and
dealt with as part of the revenues of the District.
SECTION
7. All bonds and notes issued under this act and the debts evidenced thereby
shall
be obligatory on the District in the same manner and to the same extent as
other debts
lawfully
contracted by it. The District shall annually appropriate an amount sufficient
to pay the
principal
and interest coming due within the year on bonds and notes issued hereunder to
the
extent
that monies therefor are not otherwise provided. If such sum is not
appropriated by the
District
or the member Towns of the District it shall nevertheless be an obligation of
the member
Towns
of the District and shall be added to the member Towns’ annual tax levies. In
order to
provide
such sum each year and notwithstanding any provision of law to the contrary,
all taxable
property
in the member Towns shall be subject to ad valorem taxation by the towns
without
limitation
as to rate or amount.
SECTION
8. Any bonds or notes issued under the provisions of this act, if properly
executed
by the officers of the District in Office on the date of execution, shall be
valid and
binding
according to their terms notwithstanding that before the delivery thereof and
payment
therefore
any and all of such officers for any reason have ceased to hold office.
SECTION
9. The District acting by its School Committee is authorized to apply for,
contract
for, and expend any federal or state advances or other grants or assistance
which may be
available
for the purpose of this act and any such expenditures may be in addition to
other monies
provided
in this act. To the extent of any inconsistency between any law of this state
and any
applicable
federal law or regulation, the later shall prevail. Federal and state advances,
with
interest
where applicable, whether contracted for prior to or after the effective date
of this act,
may be
repaid as project costs under Section 2.
SECTION
10. Bonds and notes may be issued 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 or such issue. In carrying out any
project
financed
in whole or in part in this act, including where applicable to condemnation of
any land
or
interest in land and in the levy and collection of assessments or other charges
permitted by law
on
account of any such project, all actions shall be taken which are necessary to
meet
constitutional
requirements whether or not such action is otherwise required by statute; but
the
validity
of bonds and notes issued hereunder shall in no way depend upon the validity or
occurrence
of such action.
SECTION
11. The question of the approval of this act shall be submitted to the voters
of
the
Exeter-West Greenwich Regional School District at a special financial District
meeting to be
held on
such date and at such time as shall be fixed by the School Committee or at the
annual
financial
district meeting or any adjournment thereof as may be scheduled by the School
Committee.
The question shall be submitted in substantially the following form: “Shall an
act
passed
at the 2008 session of the general assembly entitled, ‘An act providing for
Capital
Improvements
to the Exeter-West Greenwich Regional School District Junior/Senior High
School,
Elementary Schools and Athletic Fields and Facilities, and authorizing
financing thereof,
including
the issue of not more than $5,877,308 in bonds therefor’; be approved?” and the
warning
for the financial District meeting at which the matter is to be considered
shall contain the
question
to be submitted. From the time the financial District meeting is warned and
until it is
held,
it shall be the duty of the District Clerk to keep a copy of the act available
at the District
office
for public inspection but the validity of the annual or special financial
District meeting
shall
not be affected by this requirement.
SECTION
12. This Section and Section 11 shall take effect upon passage. The remainder
of this
act shall take effect upon the approval of this act by a majority of the voters
voting on the
question
as prescribed by Section 11.
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LC01365
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