Chapter 426
2004 -- S 3204
Enacted 07/05/04
A N A C T
RELATING
TO THE CITY OF WARWICK
Introduced
By: Senators Revens, Lenihan, McCaffrey, Walaska, and Raptakis
Date
Introduced: June 16, 2004
It
is enacted by the General Assembly as follows:
SECTION
1. Section 1 of Chapter 229 of the public laws of 1985 entitled "An Act
Authorizing
The City Of Warwick To Acquire And Improve Real Property And Acquire And
Install
Personal Property Under Lease, Lease- Purchase, Installment Loan And
Conditional Sales
Agreement"
as amended by Chapter 106 of the public laws of 1987 and Chapter 461 of the
public
laws
of 1988 is hereby further amended to read as follows:
"Section
1. The city council of the city of Warwick may by resolution, with the approval
of
the mayor, authorize the acquisition of personal property, real property, the
construction of
buildings
and installation of personal property or any combination of the foregoing under
lease,
lease-purchase,
installment loan and conditional sales agreements having terms not in excess of
seven
years. Such agreements may provide for the conveyance and reconveyance or
lease-back
of
city property. The sums payable by the city thereunder for principal and
interest, or for rent,
including
any purchase price payable at the option of the city shall be scheduled in such
manner
as
to provide approximately level monthly, quarterly, semi-annual or annual
payments, beginning
within
one year after the date of the agreement or within one year after the actual or
estimated
completion
date of the project (as determined or estimated by the mayor), or in accordance
with a
more
rapid amortization schedule. No agreement shall be entered into under this act
if as a result
thereof
the total outstanding amount of the sums so payable on agreements made
hereunder
would
then exceed ten million dollars ($10,000,000.00). Agreements under this act and
any
promissory
note, certificate or other evidence of the city's obligations thereunder shall
be
executed
in such manner as may be provided in the authorizing resolution. Article VII
and
sections
2-198, 6-7(2), and 6-14 of the charter of the city of Warwick shall not apply
to
agreements
hereunder and this act shall not be subject to section 10-27 of the charter of
the city of
Warwick.
The sums payable by the city under agreements made hereunder shall not be
subject to
section
45-12-2 of the general laws or included at any time in the debt of the city for
the purpose
of
ascertaining its borrowing capacity."
SECTION
2. This act shall take effect upon passage.
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LC03641
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