Chapter 040
2012 -- H 7054
Enacted 04/27/12
A N A C T
IN ACCORDANCE
WITH
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: Representatives Edwards, Gallison, Reilly, and Guthrie
Date Introduced: January 10, 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
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
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.
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LC00137
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