Chapter 069

2008 -- S 2929 AS AMENDED

Enacted 06/25/08

A N A C T

AUTHORIZING THE TOWN OF BRISTOL TO ISSUE GENERAL OBLIGATION BONDS AND NOTES IN ANTICIPATION THEREOF IN AN AMOUNT NOT TO EXCEED $2,000,000 FOR THE PURPOSE OF FINANCING THE CONSTRUCTION OF AN ANIMAL SHELTER IN BRISTOL, RHODE ISLAND, INCLUDING THE FURNISHING AND EQUIPPING THEREOF, AND THE PROVISION OF ARCHITECTURAL, ENGINEERING, SURVEYING AND OTHER SERVICES NECESSARY OR APPROPRIATE THEREFORE

          

     Introduced By: Senators C Levesque, Felag, and Bates

     Date Introduced: April 03, 2008   

 

It is enacted by the General Assembly as follows:

 

     SECTION 1. The Town of Bristol is hereby empowered, subject to the approval of the

electors of the town, in addition to authority previously granted, to issue bonds and notes to an

aggregate amount not exceeding Two Million Dollars ($2,000,000) from time to time under its

corporate name and seal. The bonds may be issued for purposes of financing the construction of

a new animal shelter in Bristol, Rhode Island, including the furnishing and equipping thereof and

the provision of architectural, engineering, surveying and other services necessary or appropriate

therefore.

     SECTION 2. 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 five (5) years and the last installment not

later than thirty (30) years after the date of the bonds. For each issue, the amounts payable

annually for the 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. The bonds

shall be signed by the town treasurer and by the chairman of the town council and shall be issued

and sold at public or private sale in such amounts as the town council may authorize. The

provisions of section 306(c) and all of article four of the town charter shall not apply to the

authorization or issue of bonds or notes under this act. The manner of 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 proceedings 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 bonds or notes. The proceeds

derived from the sale of bonds shall be delivered to the treasurer, and such proceeds, exclusive of

premiums and accrued interest, shall be expended for: (a) the purposes applicable to such bonds

as specified in section one; or (b) the payment of the principal of or interest on temporary notes

issued in connection with such bonds pursuant to section three; or (c) the repayment of advances

made in connection with such bonds pursuant to section four; and/or (d) in payment of the costs

of issuance associated with the issuance of bonds or notes hereunder. 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 bond issue authorized by this act may be consolidated for the

purposes of issuance and sale with any other bond issue of the town heretofore or hereafter

authorized, provided that, notwithstanding any such consolidation, the proceeds from the sale of

the bonds authorized by this act shall be expended for the purposes set forth above.

     The project funded with the proceeds of the bonds shall be carried out and all contracts

made therefore on behalf of the town by the town administrator, or as otherwise may be directed

by the town council, notwithstanding the provisions of Section 911 of the town charter to the

contrary. Section 911 of the Town Charter shall not apply to the project funded by the proceeds

of the bonds issued hereunder.

     SECTION 3. The town council may by resolution authorize the issue from time to time of

interest bearing or discounted notes in anticipation of the issue of bonds or in anticipation of the

receipt of federal or state aid for the purposes of this act. The amount of original notes issued in

anticipation of bonds may not exceed the amount of bonds which may be issued under this act

and the amount of the 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 treasurer and by the chairman of the town council and shall be

payable within five (5) years from their respective dates, but the principal of and interest on notes

issued on notes issued for a shorter period may be renewed or paid from time to time by the issue

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 five (5)

years.

     SECTION 4. Pending authorization of bonds hereunder or pending or in lieu of any

authorization or issue of notes hereunder, the treasurer, with the approval of the town council,

may, to the extent that bonds or notes may be issued hereunder, apply funds in the treasury of the

town to the applicable purposes specified in section one, such advances to be repaid without

interest from the proceeds of applicable 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 savings deposits in banks which are members of

the Federal Deposit Insurance Corporation or in 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 law of the state of Rhode Island or resolution of the town council or pursuant to an

investment policy of the town.

     SECTION 6. Any accrued interest received upon the sale of bonds or notes hereunder

shall be applied to the payment of the interest due thereon. Any premiums arising from the sale

of bonds or notes hereunder and any earnings or net profit realized from the deposit or investment

of funds 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 to the

payment of the cost of the projects, to the payment of the principal of or interest on bonds or

notes issued hereunder or to any one (1) 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 accrued interest or from other moneys available therefore.

Any balance of bond or note proceeds remaining after payment of the cost of the projects 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 corresponding bonds or notes issued hereunder. In exercising

any discretion under this section, the treasurer shall be governed by any instructions adopted by

resolution of the town council.

     SECTION 7. All bonds and 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 exempt 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 bonds and notes issued hereunder to the

extent that moneys therefore are not otherwise provided. 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 the 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 8. Any bonds or 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 therefore

any or all of such officers shall for any reason have ceased to hold office.

     SECTION 9. The town, acting by resolution of its town council, 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 purposes of this act, and any such expenditures 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. 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 two.

     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 for such issue. In carrying out any project

financed in whole or in part under this act, including where applicable the condemnation of any

land or interest in land, and in the levy and collection of assessment or other charges permitted by

law on account of such project, all action shall be taken which is 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 electors

of the town at a general or special election to be held at polling places in the town on November

4, 2008 or any other date as shall be designated by the town council. 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 AUTHORIZING THE TOWN OF BRISTOL TO ISSUE

GENERAL OBLIGATION BONDS AND NOTES IN ANTICIPATION THEREOF IN AN

AMOUNT NOT TO EXCEED $2,000,000 FOR THE PURPOSE OF FINANCING THE

CONSTRUCTION OF AN ANIMAL SHELTER IN BRISTOL, RHODE ISLAND,

INCLUDING THE FURNISHING AND EQUIPPING THEREOF, AND THE PROVISION OF

ARCHITECTURAL, ENGINEERING, SURVEYING AND OTHER SERVICES NECESSARY

OR APPROPRIATE THEREFORE' be approved?" and the warning for the election shall contain

the question to be submitted. 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. To the extent

of any inconsistency between this act and the town charter, this act shall prevail.

     SECTION 12. This section and the foregoing shall take effect upon passage of this act.

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 the foregoing section.

     

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LC02640

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