Chapter 287

2010 -- S 2111

Enacted 06/25/10

 

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: February 04, 2010

 

It is enacted by the General Assembly as follows:

 

     SECTION 1. As previously authorized by the 2009-2010 Operating Budget for the Town

adopted by ordinance on June 22, 2009, a resolution of the Town Council adopted July 27, 2009

and Rhode Island General Laws section 45-12-2, the Town of Portsmouth was empowered 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 serves as the enabling act required by Rhode Island general laws

section 16-7-44 and shall take effect upon passage.

     

=======

LC00914

=======