Chapter
438
2008 -- H 8344
Enacted 07/05/08
A N A C T
RELATING TO A TAX
AGREEMENT BETWEEN THE TOWN OF TIVERTON AND
TIVERTON POWER, INC.
Introduced By:
Representatives Amaral, and Loughlin
Date Introduced: June 03,
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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LC03039
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