Chapter 011

2003 -- S 0688

Enacted 02/27/03

A N A C T

PROVIDING FOR THE CONSTRUCTION OF ADDITIONAL CLASSROOMS,

REMODELING REQUIRED BY THE AMERICANS WITH DISABILITIES ACT,

CONSTRUCTION OF AN ADMINISTRATIVE OFFICE BUILDING, AND EQUIPPING AND FURNISHING THEREOF, BY THE EXETER-WEST GREENWICH REGIONAL SCHOOL DISTRICT AND AUTHORIZING THE FINANCING THEREOF, INCLUDING THE ISSUE OF NOT MORE THAN $1,600,000 BONDS THEREFOR

Introduced By: Senator Kevin A. Breene

Date Introduced: February 26, 2003

It is enacted by the General Assembly as follows:

     SECTION 1. The Exeter-West Greenwich Regional School District is hereby

empowered, in addition to authority previously granted, to issue bonds to an amount not

exceeding $1,600,000 from time to time under its corporate name and seal or a facsimile of such

seal. The bonds of each issue may be issued in the form of serial bonds or term bonds or a

combination thereof and shall be payable either by maturity of principal in the case of serial

bonds or by mandatory serial redemption in the case of term bonds, in annual installments of

principal, the first installment to be not later than two years and the last installment not later than

six years after the date of the bonds. For each issue the amounts payable in the several years for

principal and interest combined shall be as nearly equal as it is practicable in the opinion of the

officers authorized to issue the bonds, or in the alternative in accordance with a schedule

providing a more rapid amortization of principal.

     SECTION 2. The bonds shall be signed by the district treasurer and by the chairperson

of the school committee and shall be issued and sold in such amounts as the school committee

may authorize. The manner of sale denominations, maturities, interest rates and other terms,

conditions and details of any bonds or notes issued under this act may be fixed by the officers

authorized to sign the bonds or notes. Interest coupons (if any) shall bear the facsimile signature

of the district treasurer. The proceeds derived from the sale of the bonds shall be delivered to the

district treasurer, and such proceeds exclusive of premiums, expenses of issuance and accrued

interest shall be expended (a) for providing for the construction of additional classrooms

remodeling required by the Americans with Disabilities Act, construction of an Administrative

Office Building, and equipping and furnishing thereof, or (b) in payment of the principal of or

interest on temporary notes issued under section 3, or (c) in repayment of advances under section

4. No purchaser of any bonds or notes under this act shall be in any way responsible for the

proper application of the proceeds derived from the sale thereof. The project shall be carried out

and all contracts made therefore on behalf of the district by the school committee. The proceeds

of bonds or notes issued under this act, any applicable federal or state assistance and the other

moneys referred to in section 6 shall be deemed appropriated for the purposes of this act without

further action than that required by this act.

     SECTION 3. The school committee may by resolution authorize the issue from time to

time of interest bearing or discounted notes in anticipation of the issue of bonds under section 2

or in anticipation of the receipt of federal or state aid for the purposes of this act. The amount of

original notes issued in anticipation of bonds may not exceed the amount of bonds which may be

issued under this act and the amount of original notes issued in anticipation of federal or state aid

may not exceed the amount of available federal or state aid as estimated by the district treasurer.

Temporary notes issued hereunder shall be signed by the district treasurer and by the chairperson

of the school committee and shall be payable within five years from their respective dates, but the

principal of and interest on notes issued for a shorter period may be renewed or paid from time to

time by the issue of other notes hereunder, provided the period from the date of an original note

to the maturity of any note issued to renew or pay the same debt or the interest thereon shall not

exceed five years.

     SECTION 4. Pending any authorization or issue of bonds hereunder or pending or in lieu

of any authorization or issue of notes hereunder, the district treasurer, with the approval of the

school committee, may, to the extent that bonds or notes may be issued hereunder, apply funds in

the treasury of the district to the purposes specified in section 2, such advances to be repaid

without interest from the proceeds of bonds or notes subsequently issued or from the proceeds of

applicable federal or state assistance or from other available funds.

     SECTION 5. Any proceeds of bonds or notes issued hereunder or of any applicable

federal or state assistance, pending their expenditure, may be deposited or invested by the district

treasurer in demand deposits, time deposits or savings deposits in banks which are members of

the Federal Deposit Insurance Corporation or in obligations issued or guaranteed by the United

States of America or by any agency or instrumentality thereof or as may be provided in any other

applicable law of the State of Rhode Island.

     SECTION 6. Any accrued interest received upon the sale of bonds or notes hereunder

shall be applied to the payment of the first interest due thereon. Any premiums arising from the

sale of bonds or notes hereunder shall, in the discretion of the district treasurer, be applied to the

cost of preparing, issuing and marketing bonds or notes hereunder to the extent not otherwise

provided, to the payment of the cost of the project, to the payment of the principal of or interest

on bonds or notes issued hereunder or to any one or more of the foregoing. The cost of preparing,

issuing and marketing bonds or notes hereunder may also, in the discretion of the district

treasurer, be met from bond or note proceeds exclusive of premium and accrued interest or from

other moneys available therefore. Any balance of bond or note proceeds remaining after payment

of the cost of the project and the cost of preparing, issuing and marketing bonds or notes

hereunder shall be applied to the payment of the principal of or interest on bonds or notes issued

hereunder. Any earnings or net profit realized from the deposit or investment of funds hereunder

shall upon receipt be added to and dealt with as part of the revenue of the district. In exercising

any discretion under this section, the district treasurer shall be governed by any instructions

adopted by resolution of the school committee.

     SECTION 7. All bonds and notes under this act and the debts evidenced thereby shall be

obligatory on the district in the same manner and to the same extent as other debts lawfully

contracted by it. The district shall annually appropriate a sum sufficient to pay the principal and

interest coming due within the year on bonds and notes issued hereunder to the extent that

moneys therefore are not otherwise provided. If such sum is not appropriated, it shall

nevertheless be added to the amounts due from the member towns of the district. In order to

provide such sum in each year and notwithstanding any provision of law to the contrary, all

taxable property in the member towns shall be subject to ad valorem taxation by the member

towns without limitation as to rate or amount.

     SECTION 8. Any bonds or notes issued under the provisions of this act and coupons on

any bonds, if properly executed by officers of the district in office on the date of execution, shall

be valid and binding according to their terms notwithstanding that before the delivery thereof or

any payment therefor any or all of such officers shall for any reason have ceased to hold office.

     SECTION 9. The district, acting by resolution of its school committee is authorized to

apply for, contract for and expend any federal or state advances or other grants or assistance

which may be available for the purposes of this act, and any such expenditures may be in addition

to other moneys provided in this act. To the extent of any inconsistency between any law of this

state and any applicable federal law or regulation, the latter shall prevail. Federal and state

advances, with interest where applicable, whether contracted for prior to or after the effective date

of this act, may be repaid as project costs under section 2.

     SECTION 10. Bonds and notes may be issued under this act without obtaining the

approval of any governmental agency or the taking of any proceedings or the happening of any

conditions except as specifically required by this act for such issue. In carrying out any project

financed in whole or in part under this act, including where applicable the condemnation of any

land or interest in land, and in the levy and collection of assessments or other charges permitted

by law on account of any such project, all action shall be taken which is necessary to meet

constitutional requirements whether or not such action is otherwise required by statute; but the

validity of bonds and notes issued hereunder shall in no way depend upon the validity or

occurrence of such action.

     SECTION 11. The question of the approval of this act shall be submitted to the electors

of the district at a special regional school district financial meeting to be held on a date prior to

December 31, 2003, as shall be designated by the school committee. The question shall be

submitted to the meeting in substantially the following form: "Shall an act, passed at the 2003

session of the general assembly entitled "PROVIDING FOR THE CONSTRUCTION OF

ADDITIONAL CLASSROOMS, REMODELING REQUIRED BY THE AMERICANS WITH

DISABILITIES ACT, CONSTRUCTION OF AN ADMINISTRATIVE OFFICE BUILDING,

AND EQUIPPING AND FURNISHING THEREOF, BY THE EXETER-WEST GREENWICH

REGIONAL SCHOOL DISTRICT AND AUTHORIZING THE FINANCING THEREOF,

INCLUDING THE ISSUE OF NOT MORE THAN $1,600,000 BONDS THEREFORE be

approved?" and the warning for the meeting shall contain the question to be submitted. From the

time the meeting is warned and until it is held, it shall be the duty of the Town Clerks of the

member towns and the Superintendent of Schools to keep a copy of the act available at their

offices for public inspection, but the validity of the election shall not be affected by this

requirement.

     SECTION 12. This section and the foregoing section shall take effect upon the passage

of this act. The remainder of this act shall take effect upon the approval of this act by a majority

of those voting on the question at the regional school district special financial meeting prescribed

by the foregoing section.

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LC02634

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