Chapter 107

2008 -- H 8165 SUBSTITUTE A

Enacted 06/30/08

A N A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 APPROVING THE ISSUANCE OF $350,000 BONDS BY THE TOWN OF PORTSMOUTH TO FINANCE IMPROVEMENTS TO SCHOOL BUILDINGS INCLUDING BUT NOT LIMITED TO BONDS AND NOTES ISSUED PURSUANT TO FINANCING AGREEMENTS WITH THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION

Introduced By: Representatives Rice, and Gallison

Date Introduced: April 22, 2008

It is enacted by the General Assembly as follows:

     SECTION 1. As previously authorized by the 2008-2009 Operating Budget for the Town

adopted by ordinance on June 23, 2008 and Rhode Island General Laws section 45-12-2, the town

of Portsmouth is hereby empowered, in addition to authority previously granted, to issue bonds to

an amount not exceeding three hundred fifty thousand dollars ($350,000), or such lesser amount

as is determined by resolution of the town council, from time to time under its corporate name

and seal.

     SECTION 2. In accordance with section 16-7-44 of the general laws, the interest on such

bonds shall be eligible for state housing aid reimbursement.

     SECTION 3. This act shall take effect upon passage.

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LC02749/SUB A

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