Chapter 023

2012 -- S 2046

Enacted 04/09/12

A N A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44

APPROVING THE ISSUANCE OF $700,000 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: Senators Ottiano, Bates, and Felag

Date Introduced: January 11, 2012

It is enacted by the General Assembly as follows:

SECTION 1. As previously authorized by the 2010-2011 Operating Budget for the Town

adopted by ordinance on June 26, 2010, a resolution of the Town Council adopted September 13,

2010 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. As previously authorized by the 2011-2012 Operating Budget for the Town

adopted by ordinance on July 27, 2011, a resolution of the Town Council adopted November 28,

2011 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 3. In accordance with section 16-7-44 of the general laws, the principal and

interest on such bonds shall be eligible for state housing aid reimbursement.

SECTION 4. This act serves as the enabling act required by Rhode Island General Laws

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

=======

LC00303

=======