It is enacted by the General Assembly as follows:

SECTION 1. Section 1 of Chapter 28 of the Public Laws of 1974 entitled "An Act Authorizing Pascoag Fire District to Issue Bonds or Notes for the Purpose of Financing Capital Expenditures of the District in Amounts Not Exceeding $1,000,000 Outstanding at Any One Time", is hereby amended to read as follows:

Section 1. The Pascoag fire district is hereby empowered, in addition to authority previously granted, to issue bonds from time to time to an amount not exceeding $1,000,000 $2,500,000 outstanding at any one time under its corporate name and seal or a facsimile of such seal. ; provided, however, that no more than $1,500,000 of such bonds outstanding at any one time shall be for capital purposes of the Electric Department and no more than $1,000,000 of such bonds outstanding at any one time shall be for capital purposes of the Water Department and for fire protection.

The bonds of each issue shall mature in equal or diminishing annual installments of principal the first installment to be not later than three (3) years and the last installment not later than thirty (30) years after the date of the bonds.

SECTION 2. This act shall take effect upon passage.