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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