Chapter 281

2008 -- S 3068

Enacted 07/08/08

A N A C T

RELATING TO A TAX AGREEMENT BETWEEN THE TOWN OF TIVERTON AND TIVERTON POWER, INC.

Introduced By: Senators Felag, and Gibbs

Date Introduced: May 29, 2008

It is enacted by the General Assembly as follows:

     SECTION 1. The town of Tiverton and Tiverton Power, Inc. are hereby authorized to

enter into a tax treaty agreement with respect to all real and personal property taxes or payments

in lieu of such taxes which relate to the construction and operation of an additional generating

unit to be located proximate to the existing Tiverton Power, Inc. electric generating facility. The

tax treaty shall provide for the payment from Tiverton Power, Inc. of amounts to be determined

by the town council of the town of Tiverton, and the term of such tax treaty shall not exceed

twenty (20) years.

     SECTION 2. The town of Tiverton and Tiverton Power, Inc. are hereby further

authorized to enter into an amended tax treaty agreement with respect to all real and personal

property taxes or payments in lieu of such taxes which relate to the construction and operation of

the existing Tiverton Power, Inc. electric generating facility, and such amended tax treaty

agreement may, but need not include, such additional generating unit. Such amended tax treaty

shall provide for the payment from the Tiverton Power, Inc. of amounts to be determined by the

town council of the town of Tiverton, and the term of such amended tax treaty shall not exceed

twenty (20) years.

     SECTION 3. The tax treaty agreement or the amended tax treaty agreement described

herein is subject to the approval of the town council of the town of Tiverton and need not be

approved at the Tiverton financial town meeting.

     SECTION 4. This act shall take effect upon passage.

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LC03022

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