LA 083 |
2019 -- S 0846 Enacted 07/02/2019 |
A N A C T |
IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS § 16-7-44 APPROVING THE ISSUANCE OF $160,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS OF THE CITY OF PROVIDENCE TO FUND THE SCHOOL CAPITAL IMPROVEMENTS PLAN FOR THE FISCAL YEARS 2019-2024 |
Introduced By: Senator Maryellen Goodwin |
Date Introduced: April 30, 2019 |
It is enacted by the General Assembly as follows: |
SECTION 1. As authorized by Rhode Island General Laws § 45-12-2, an Ordinance of |
the Providence City Council effective on August 6, 2018, and a referendum approved by the |
electors of the City of Providence on November 6, 2018, the City of Providence is empowered to |
issue general obligation bonds, notes and other evidences of indebtedness to an amount not |
exceeding one hundred sixty million dollars ($160,000,000), from time to time under its corporate |
name and seal, to fund the school capital improvements plan for the fiscal years 2019-2024. The |
amount of borrowing pursuant to this act shall be reduced by the amount of any grant received by |
the City from the School Building Authority Capital Fund. |
SECTION 2. In accordance with section 16-7-44 of the general laws, subject to approval |
of the Rhode Island Department of Education, the principal and 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 |
§ 16-7-44 and shall take effect upon passage. |
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LC002535 |
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