Chapter 038

2008 -- S 2078

Enacted 06/12/08

A N A C T

RELATING TO THE KINGSTON WATER DISTRICT - BONDS

Introduced By: Senator V. Susan Sosnowski

Date Introduced: January 15, 2008

It is enacted by the General Assembly as follows:

     Sec. 1. Section 9 of Chapter 105 of the 1990 Public Laws entitled "An Act to Incorporate

the Kingston Water District" is hereby amended to read as follows:

     AN ACT TO INCORPORATE THE KINGSTON WATER DISTRICT:

     Section 9. For the purpose of raising money to carry the provisions of this act into effect,

said district is hereby authorized and empowered from time to time to borrow not exceeding the

sum of two four million dollars ($2,000,000.00)($4,000,000) and to issue its notes and/or bonds

therefor, and to renew any such notes and/or bonds from time to time as the same become due.

All moneys raised by the authority hereof shall be exclusively used and expended for said

purpose. The said district at any regular annual meeting or at any special meeting, the notice for

which contained notice of intention to act upon the issuance of bonds, shall cause any bonds

issued by authority hereof to be issued for such time, on such terms and in such amounts, not to

exceed said sum of two four million dollars ($2,000,000.00)($4,000,000), as shall be fixed by

vote of its qualified electors; and after any issue of any such bonds, said district shall annually

appropriate, so long as such bonds are outstanding, besides a sum to pay interest thereon, a sum to

be placed as a sinking fund; provided, however, that in case said district shall issue serial bonds at

any time, said bonds shall be issued so that not more than eight thousand dollars ($8,000) in

amount of the principal of said serial bonds shall mature in any one year.

     SECTION 2. This act shall take effect upon passage.

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LC00404

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