Chapter
460
2008 -- H 8383
Enacted 07/05/08
A N A C T
PROVIDING FOR THE
CONSTRUCTION OF CAPITAL IMPROVEMENTS TO THE SCITUATE MIDDLE/HIGH SCHOOL COMPLEX
AND AUTHORIZING FINANCING THEREOF, INCLUDING THE ISSUE OF NOT MORE THAN
$4,000,000 IN BONDS THEREFOR
Introduced By:
Representative Carol A. Mumford
Date Introduced: June 12,
2008
It is
enacted by the General Assembly as follows:
SECTION
1. The Town of Scituate is hereby empowered and authorized, in addition to
authority
previously granted, to issue bonds in an amount not exceeding $4,000,000 from
time to
time
under its corporate name and seal or a facsimile of such 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
three
(3) years and the last installment not later than twenty-three (23) 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 Treasurer and by the President of
the
Town Council. The manner of the 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
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 Town Treasurer and such proceeds, exclusive of
premiums and
accrued
interest, and costs of issuance, shall be expended (a) for the designing,
constructing,
equipping
and furnishing of capital improvements, additions and renovations to the
Scituate
Middle/High
School complex or (b) payment of the principal of or interest on temporary
notes
issued
under this act, or (c) and repayment of advances under this act. 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
therefore
on
behalf of the district by the school building committee or as may be otherwise
directed by the
school
committee. The proceeds of bonds or notes issued under this act, any applicable
state
assistance,
or other monies referred to in this act 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 issuance from time to
time of
interest bearing or discounted notes in anticipation of the issue of bonds
under Section 2
or in
anticipation of the receipt of federal or state aid for the purposes of this
act. The amount of
original
notes issued under this act 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
treasurer.
Temporary notes issued hereunder shall be signed by the Town Treasurer and by
the
President
of the Town Council and shall be payable within three years of 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 issuance 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 three years.
SECTION
4. Pending any authorization or issuance of bonds hereunder or pending or in
lieu of
any authorization or issuance of notes hereunder, the Town Treasurer with the
approval of
the
President 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
without interest 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
treasurer
in demand deposits, time deposits, or saving deposits, in banks which are
members of
the
Federal Deposit Insurance Corporation, or in other 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 laws 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 treasurer be applied to
the cost of
preparing,
issuing, and marketing bonds or notes hereunder to the extent not otherwise
provided
or to
the payment of the cost of the projects or to the payment of the principal or
of interest on
bonds
or notes issued hereunder or to any one or more of the foregoing. The cost of
preparing,
issuing,
and marketing bonds or notes hereunder may also in the discretion of the
treasurer be met
from
bond or note proceeds exclusive of premium and accrued interest or from other
monies
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
upon
receipt
be added to and dealt with as part of the revenues of the Town.
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. No such obligation shall at any time be included in the debt
of the
Town
for the purpose of ascertaining its borrowing capacity and shall be excepted
from the
operation
of Section 45-12-2 of the General Laws. The Town shall annually appropriate an
amount
sufficient to pay the principal and interest coming due within the year on
bonds and notes
issued
hereunder to the extent that monies therefor are not otherwise provided. If
such sum is not
appropriated
by the Town, it shall nevertheless be added to the Town’s annual tax levy. In
order
to
provide such sum each year and notwithstanding 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 the 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 and
all of such officers for any reason have ceased to hold office.
SECTION
9. The Town acting by its school committee 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 purpose of this act and any such expenditures may be in addition to
other monies
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 government agency or the taking of any proceedings or the happening of
any
conditions
except as specifically required by this act or such issue. In carrying out any
project
financed
in whole or in part in this act, including where applicable to 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 actions shall be taken which are 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 voters
of
the
Town of Scituate at a special financial town meeting to be held on such date
and at such time
as
shall be fixed by the Town Council. 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
providing for the construction of capital improvements to the Scituate
Middle/High School
Complex
and authorizing the financing thereof, including the issue of not more than
$4,000,000
in
bonds therefor’, be approved?” and the warning for the special financial town
meeting shall
contain
the question to be submitted. From the time the special financial town meeting
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 the
town
office for public inspection but the validity of the special financial town
meeting shall not
be
affected by this requirement.
SECTION
12. This Section and Section 11 shall take effect upon passage. The remainder
of this
act shall take effect upon the approval of this act by a majority of the voters
voting on the
question
as prescribed by Section 11.
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LC03118
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