Chapter
395
2008 -- H 8397
Enacted 07/05/08
A N A C T
AUTHORIZING THE TOWN
OF BURRILLVILLE TO FINANCE THE PLANNING, PROFESSIONAL SERVICES, CONSTRUCTION,
EQUIPPING AND FURNISHING OF A TOWN SENIOR CENTER AND TO ISSUE NOT MORE THAN
$4,000,000 BONDS THEREFOR
Introduced By:
Representatives Pacheco, and Church
Date Introduced: June 17,
2008
It is
enacted by the General Assembly as follows:
SECTION
1. The Town of Burrillville is hereby empowered, in addition to authority
previously
granted, to issue bonds to an amount not exceeding $4,000,000 from time to time
under
its corporate name and seal. 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 years and the
last
installment
not later than thirty years after the date of the bonds. For each issue the
amounts
payable
annually for 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.
SECTION
2. The bonds shall be signed by the town director of finance and by the
president
of the town council and shall be issued and sold in such amounts as the town
council
may
authorize. 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 the bonds shall be
delivered to
the
director of finance, and such proceeds exclusive of premiums and accrued
interest shall be
expended
(a) planning, professional services, constructing, equipping and furnishing a
town
senior
center or (b) in payment of the principal of or interest on temporary notes
issued under
Section
3 or (c) in repayment of advances under Section 4 or (d) for the cost of
preparing, issuing
and
marketing bonds or notes issued 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 projects shall be carried out and all contracts made therefor on
behalf of the
town by
the senior center building committee appointed by the town council, the
authority of
which shall
be set by the town council, or as may be otherwise directed by the town
council. The
proceeds
of bonds or notes issued under this act, any applicable federal or state
assistance and the
other
monies referred to in Section 6 shall be deemed appropriated for the purposes
of this act
without
further action than that required by this act.
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 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 director of finance.
Temporary notes
issued
hereunder shall be signed by the director of finance and by the president of
the town
council
and shall be payable within five years from their respective dates, but the
principal of and
interest
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
years.
SECTION
4. Pending any authorization or issue of bonds hereunder or pending or in lieu
of any
authorization or issue of notes hereunder, the director of finance, 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 purposes specified in Section 2, such advances to be repaid
from the
proceeds
of 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 director
of
finance 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.
SECTION
6. Any accrued interest received upon the sale of bonds or notes hereunder
shall
be applied to the payment of the first interest due thereon. Any premiums
arising from the
sale of
bonds or notes hereunder shall, in the discretion of the director of finance,
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 project, to the payment of the principal of
or interest
on
bonds or notes issued hereunder or to any one or more of the foregoing. The
costs of
preparing,
issuing and marketing bonds or notes hereunder may also, in the discretion of
the
director
of finance, be met from bond or note proceeds exclusive of accrued interest or
from other
moneys available
therefor. Any balance of bond or note proceeds remaining after payment of the
cost of
the project 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 bonds or notes issued
hereunder. Any
earnings
or net profit realized from the deposit or investment of funds hereunder shall,
in the
discretion
of the director of finance, be applied to the cost of preparing, issuing and
marketing
bonds
hereunder to the extent not otherwise provided, to the payment of costs of the
project, or to
the
payment of the principal of or interest on bonds or notes issued hereunder or
shall be added to
and
dealt with as part of the revenues of the town from property taxes, or any one
or more of the
foregoing.
In exercising any discretion under this section, the director of finance 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 excepted 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 therefor 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
not
withstanding
any provision of 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
therefor
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 2.
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 assessments or other
charges permitted
by law
on account of any 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 an election to be held on a date to be determined by the town council,
such date to
be not
later than December 30, 2010. 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 BURRILLVILLE TO FINANCE THE PLANNING,
PROFESSIONAL
SERVICES, CONSTRUCTION, EQUIPPING AND FURNISHING OF A
TOWN
SENIOR CENTER AND TO ISSUE NOT MORE THAN $4,000,000 BONDS
THEREFOR’
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/her office for public
inspection, but the
validity
of the election shall not be affected by this requirement.
SECTION
12. This section and the foregoing section shall take effect upon the 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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LC03089
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