Chapter
014
2003 -- H 6127
Enacted 02/28/03
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:
Representatives Scott, S Anderson, and Watson
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.
=======
LC02633
=======