Chapter 001

2004 -- H 7379

Enacted 02/04/04

A N A C T

REGARDING THE AUTHORITY OF THE TOWN OF EAST GREENWICH TO ISSUE

BONDS AND NOTES PURSUANT TO SECTION 45-12-2 OF THE RHODE ISLAND

GENERAL LAWS AND CERTAIN FINANCIAL TOWN MEETING RESOLUTIONS

Introduced By: Representative Robert A. Watson

Date Introduced: January 29, 2004

It is enacted by the General Assembly as follows:

     SECTION 1. Notwithstanding the provisions of Section 45-12 of the Rhode Island

General Laws, particularly Section 45-12-5, the Town is hereby authorized to issue bonds and

notes pursuant to Section 45-12-2 of the Rhode Island General Laws and (i) a Resolution passed

at the June 22,2003 Financial Town Meeting authorizing the Town of East Greenwich to issue

$6,080,000 in bonds or notes to finance health and safety improvements and other repairs and

renovations to the James H. Eldredge Elementary School, the Frenchtown Elementary School,

the Hanaford Elementary School, the Meadowbrook Farms School and the East Greenwich High

School and all attending expenses; (ii) a Resolution passed at the June 22, 2003 Financial Town

Meeting authorizing the Town of East Greenwich to issue $2,120,000 in bonds or notes to finance

air quality and energy efficiency improvements and other repairs and renovations to the James H.

Eldredge Elementary School, the Frenchtown Elementary School, the Hanaford Elementary

School, the Meadowbrook Farms School and the East Greenwich High School and all attendant

expenses; and (iii) a Resolution passed at the June 9, 1993 Financial Town Meeting authorizing

the Town of East Greenwich to issue $8,700,000 in bonds or notes to finance the construction,

renovation, equipping and furnishing of, or additions to, school buildings in the Town, of which

amount $460,000 remains authorized but unissued, in the form of serial bonds or term bonds or a

combination thereof, 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 five (5) 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.

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LC00667

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