| Chapter 267 |
| 2021 -- S 1003 Enacted 07/14/2021 |
| A N A C T |
| IN AMENDMENT OF CHAPTER 974 OF THE PUBLIC LAWS OF 1940, ENTITLED "AN ACT TO INCORPORATE THE STONE BRIDGE FIRE DISTRICT AND TO FURNISH A SUPPLY OF WATER FOR THE TOWN OF TIVERTON" |
Introduced By: Senator James Arthur Seveney |
| Date Introduced: June 30, 2021 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. Section 8 of Chapter 974 of the Public Laws of 1940, as amended, entitled |
| "An act to incorporate the Stone Bridge fire district and to furnish a supply of water for the town |
| of Tiverton" is hereby further amended to read as follows: |
| Sec. 8 (a) For the purpose of raising money to carry out any of the provisions of this chapter, |
| the district is hereby authorized and empowered to issue bonds from time to time and at any time |
| under its corporate name and seal, bearing not more than 6 per cent interest, per annum, payable |
| semi-annually, at such times, not exceeding 60 years from the date thereof , and for such sums, as |
| said the district may at an annual special meeting by vote decide; the amount for which said the |
| district may issue bonds shall not exceed in the aggregate the sum of $425,000.00. Said The bonds |
| shall be obligatory upon said the district in the same manner and to the same extent as other debts |
| lawfully contracted by said the district; provided, however, that no more than $15,000.00 in amount |
| of the principal of said the bonds shall be made due and payable in any one year, if said the bonds |
| are issued as serial bonds; and any serial bonds authorized under the provisions of this section may |
| be made payable in annual installments the first of which shall be payable not later than five years |
| from their date and none of which shall be more than three times as large as the smallest prior |
| installment. If not issued as serial bonds, the total amount of the principal of the bonds may be |
| made clue and payable at their maturity; and in the latter case, the district shall provide a sinking |
| fund sufficient for the redemption of the bonds, issued under authority of this chapter, when and as |
| the same become clue and payable, and all premiums from the sale of said the bonds, shall be |
| placed to the credit of said the sinking fund. Said The district may also authorize and empower its |
| treasurer to raise money upon its note, or notes, in such sum, or sums, as it may determine by vote |
| at any regular or special elections; provided, however, that said the sum or sums shall not exceed |
| in the aggregate the sum of $5,000.00 in any one year, and the vote authorizing and empowering |
| the treasurer to raise money upon the district's note or notes shall be construed as authority for the |
| renewal or renewals of any note or notes he or she may have issued. Said The note or notes shall |
| be obligatory upon said district in the same manner and to the same extent as other debts lawfully |
| contracted by said the district. |
| (b) The Stone Bridge fire district is authorized to borrow funds, as needed, in an amount |
| not to exceed on hundred thousand dollars ($100,000) per instance, to meet specific short-term |
| financial obligations. |
| SECTION 2. This act shall take effect upon passage by the Rhode Island General Assembly |
| and approval by a majority of the electors of the Stone Bridge fire district at the annual meeting of |
| the district. |
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| LC003084 |
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