Chapter 294

2010 -- H 8225

Enacted 06/25/10

 

A N A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 APPROVING THE ISSUANCE OF UP TO $12,000,000 LEASE OBLIGATIONS OR OTHER EVIDENCES OF INDEBTEDNESS BY THE CITY OF EAST PROVIDENCE TO FINANCE THE CONSTRUCTION AND EQUIPPING OF AN ENERGY SAVINGS CAPITAL IMPROVEMENT PROJECT FOR SCHOOLS IN THE CITY INCLUDING BUT NOT LIMITED TO LEASE OBLIGATIONS OR OTHER EVIDENCES OF INDEBTEDNESS ISSUED PURSUANT TO FINANCING AGREEMENTS WITH THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION

 

     Introduced By: Representatives Melo, Savage, Messier, Hearn, and DaSilva

     Date Introduced: June 03, 2010

     

It is enacted by the General Assembly as follows:

 

     SECTION 1. The general assembly finds that:

     (a) The City of East Providence intends to issue lease obligations or other evidences of

indebtedness to finance the construction and equipping of an energy savings capital improvement

project for schools in the city (the "Project");

     (b) The city council of the city has indicated its approval of the Project pursuant to a

Resolution dated June 1, 2010; and

     (c) The Project is scheduled for Rhode Island Department of Education ("RIDE")

approval on June 3, 2010.

     SECTION 2. In accordance with section 16-7-44 of the general laws, the interest on such

lease obligations 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 provided RIDE approval for the Project is

obtained prior to September 1, 2010.

     

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LC02826

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