Chapter 287

2008 -- S 3001

Enacted 07/08/08

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: Senator C Levesque

Date Introduced: May 08, 2008

It is enacted by the General Assembly as follows:

     SECTION 1. As previously authorized by the 2007-2008 Operating Budget for the Town

adopted by ordinance on June 25, 2007 and amended on July 9, 2007, a resolution of the Town

Council adopted February 25, 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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LC02840

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