Chapter 047

2011 -- H 5767

Enacted 06/06/11

 

A N A C T

RELATING TO THE KINGSTON WATER DISTRICT -- BONDS

          

     Introduced By: Representative Spencer E. Dickinson

     Date Introduced: March 03, 2011

 

It is enacted by the General Assembly as follows:

 

     SECTION 1. Section 9 of Chapter 105 of the 1990 Public Laws entitled "An Act to

Incorporate the Kingston Water District," as amended by Chapter 38 of the 2008 Public Laws

entitled "An Act Relating to the Kingston Water District Bonds," is hereby further amended to

read as follows:

     Section 9. For the purpose of raising money to carry the provisions of this act into effect,

said district is hereby authorized and empowered from time to time to borrow not exceeding the

sum of four million dollars ($4,000,000) and to issue its notes and/or bonds therefor, and to renew

any such notes and/or bonds from time to time as the same become due. All moneys raised by the

authority hereof shall be exclusively used and expended for said purpose. The said district at any

regular annual meeting or at any special meeting, the notice for which contained notice of

intention to act upon the issuance of bonds, shall cause any bonds issued by authority hereof to be

issued for such time, on such terms and in such amounts, not to exceed said sum of four million

dollars ($4,000,000), as shall be fixed by vote of its qualified electors; and after any issue of any

such bonds, said district shall annually appropriate, so long as such bonds are outstanding,

besides a sum to pay interest thereon, a sum to be placed as a sinking fund; provided, however,

that in case said district shall issue serial bonds at any time, said bonds shall be issued so that not

more than eight thousand dollars ($8,000) in amount of the principal of said serial bonds shall

mature in any one year and principal or sinking fund installments thereon.

 

     SECTION 2. This act shall take effect upon passage.

     

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LC01658

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