LA 086
2019 -- H 5160
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: Representatives Slater, Diaz, Hull, Blazejewski, and Walsh
Date Introduced: January 23, 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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LC000745
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