Chapter
447
2004 -- S 3132 SUBSTITUTE A
Enacted 07/07/04
A N A C T
AUTHORIZING THE BRISTOL WARREN
REGIONAL SCHOOL DISTRICT TO FINANCE PHASE ONE OF THE ELEMENTARY FACILITIES
PROGRAM FOR CONSTRUCTION OF ADDITIONS, IMPROVEMENTS AND RENOVATIONS TO HUGH
COLE ELEMENTARY SCHOOL IN WARREN, RHODE ISLAND AND TO COLT MEMORIAL, ANDREWS
AND ROCKWELL SCHOOLS IN BRISTOL, RHODE ISLAND, INCLUDING SITE INFRASTRUCTURE
AND IMPROVEMENTS, THE FURNISHING AND EQUIPPING THEREOF AND THE PROVISION OF
ARCHITECTURAL, ENGINEERING, SURVEYING AND OTHER SERVICES NECESSARY OR
APPROPRIATE THEREFOR, AND TO ISSUE NOT MORE THAN $22,800,000 BONDS AND NOTES
THEREFOR
Introduced By: Senators
Bates, Felag, and Parella
Date
Introduced: May 20, 2004
It is enacted by the General
Assembly as follows:
SECTION
1. The Bristol Warren Regional School District is hereby empowered, in
addition to authority previously
granted, to issue bonds to an amount not exceeding Twenty-Two
Million Eight Hundred Thousand
Dollars ($22,800,000) from time to time under its corporate
name and 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 principle 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. All such bonds of a particular issue may be
issued in the form of zero coupon
bonds, capital appreciation bonds, serial bonds or term bonds or
a combination thereof. Annual
installments of principal may be provided for by maturity of
principal in the case of serial
bonds or by a mandatory serial redemption of in the case of term
bonds. The amount of principal
appreciation each year on any bonds, after the date of original
issuance, shall not be considered
to be principal indebtedness for the purposes of any
constitutional or statutory debt
limit or any other limitation. The appreciation of principal after
the date of original issue shall
be considered interest. Only the original principal amount shall be
counted in determining the
principal amount so issued and any interest component shall be
disregarded. For each issue the
amounts payable in the several years for principal and interest
combined either shall be as nearly
equal from year to year as is practicable to make them 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 manual or facsimile signatures of
the
treasurer and the chairperson of
the regional district school committee (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 proceedings of the school committee
authorizing the issue or by
separate resolution of the school committee or, to the extent that
provisions of these matters are
not so made, they may be fixed by the officers authorized to sign
the bonds or notes. Interest
coupons (if any) shall bear the manual or facsimile signature of the
treasurer. The proceeds derived
from the sale of the bonds shall be delivered to the treasurer, and
such proceeds, exclusive of
premiums and accrued interest, shall be expended (a) to finance the
design, construction, additions,
improvements, renovations, alterations and repairs to the Hugh
Cole Elementary School, Colt
Memorial School and Rockwell Andrews Schools, and (b) to
finance site infrastructure and improvements
and the acquisition of furnishings and equipment,
and the provision of
architectural, engineering, surveying and other services necessary or
appropriate for the projects set
forth in (a) and (b) above, (c) in payment of the principal of and
interest on temporary notes issued
under section three, (d) in repayment and advances under
section four;(e) in payment of
related costs of issuance of any bonds or notes, and/or (f) to finance
capitalized interests on the
above-described projects (the "Projects"). 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
Projects shall be carried out and all contracts made therefor on
behalf of the district by the
school committee, or as may be otherwise delegated to the regional
district school building committee
established pursuant to section eleven hereof 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 six and nine shall be deemed appropriated
for the purposes of this act
without further action than that required by this act. The treasurer and
chairperson of the school committee
on behalf of the district, are hereby authorized to execute
such instruments, documents or
other papers as either or them deem necessary or desirable to
carry out the intent of this act
and are also authorized to take all actions and execute all
documents or agreements necessary
to comply with federal tax and securities laws, which
documents or agreements may have a
term coextensive with the maturity of the bonds authorized
hereby, including Rule 15c2-12 of
the Securities and Exchange Commission and to execute and
deliver a continuing disclosure
agreement or certificate in connection with the bonds or notes.
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 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 treasurer. Temporary
notes issued hereunder shall be
signed by the manual or facsimile signature of the treasurer and
the chairperson of the school
committee and shall be payable within five (5) 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 (5) 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 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 two, 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
treasurer in demands 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 by provided in any other
applicable law of the state of
Rhode Island or resolution of the school committee or as may be
invested pursuant to section
35-10-11 of the general laws or any similar 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
and any earnings or net profit realized from the deposit or
investment of funds hereunder
shall, in the discretion of the 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
Projects, to the payment of the principal of or interest on bonds
or notes issued hereunder or to
any one (1) or more of the foregoing. The cost of preparing,
issuing and marketing bonds or
notes hereunder may also, in the discretion of the treasurer, be
met from bond or note proceeds
exclusive of premium and accrued interest or from other moneys
available therefor. Any balance of
bond or note proceeds remaining after payment of the costs of
the Projects 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. In
exercising any discretion under
this section, the treasurer shall be governed by any instructions
adopted by resolution of the
school committee.
SECTION
7. All bonds and notes issued under this act and the debts evidenced thereby
shall be obligatory on the
district in the same manner and to the same extent as such debts are
obligatory under the laws of this
state on incorporated towns of this state. All bonds and notes
issued under this act and the
debts evidenced thereby shall be excepted from the operation of
section 16-3-17 of the general
laws, section 3, XIV of Chapter 330 of the 1991 public laws of the
State of Rhode Island (the
"Enabling Statute") and any other provision of the charter, special
law
or general law limiting the
issuance of debt. No such obligation shall at any time be included in
the debt of either member town for
the purpose of ascertaining its borrowing capacity, nor shall it
be subject to the provisions of
section 45-12-2 of the general laws with respect to each member
town. The district shall,
annually, appropriate and apportion between the member towns a sum
sufficient to pay the principal
and interest coming due within the year on bonds and notes issued
hereunder to the extent that the
moneys therefor are not otherwise provided, and each town shall,
annually, appropriate a sum
sufficient to pay its share of the apportionment. If such sum is not
appropriated, it shall
nevertheless be added to the annual tax levy. In order to provide such sum
in each year and notwithstanding
any provision of law to the contrary, all taxable property in each
member town shall be subject to ad
valorem taxation by the town without limitation as to rate or
amount to pay the town's share of
such apportionment.
SECTION
8. Any bonds or notes issued under the provisions of this act, 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 and payment therefor
any or all of such officers shall
for any reason have ceased to hold office.
SECTION
9. The district, acting by 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, 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 two.
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 happenings of any
conditions or compliance with any general
or special law except as specifically required by this
act for such issue other than as
provided for in SECTION 13. In carrying out any Projects
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 and other charges permitted
by law on account of any such
Projects, 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 noted issued
hereunder shall, in no way, depend upon the validity or
occurrence of such action.
SECTION
11. The regional district school building committee for the work authorized
hereunder shall be constituted as
follows:
There
shall be a regional district school building committee which shall serve at the
pleasure of the school committee
and which shall consist of no more than nine members, one of
whom shall be the school committee
treasurer, and the remaining eight of whom shall be
appointed by the school committee,
who shall be either residents of Bristol or Warren. The
Superintendent shall appoint up to
two ex officio members to the regional district school building
committee. Ex officio members
shall not be entitled to vote on any matter before the regional
district school building
committee.
Such
regional district school building committee, if not earlier appointed by the
school
committee, shall be appointed
within thirty days after the passage of the referendum authorized
under section twelve of this act,
and upon appointment shall meet at the call of the chairperson of
the school committee; at its
initial meeting, the regional district school building committee shall
organize itself by the election of
a chairperson, a vice-chairperson, a secretary, and such other
officers as it shall deem
necessary.
The
regional district school building committee shall have the following powers and
duties as shall be delegated to it
by the school committee.
The
term of the regional district school building committee shall be at least four
years, or
until such time as the new
construction, additions, improvements and renovations have been
constructed and accepted by the
architects engaged by the regional district school building
committee and the school
committee, whereupon the term of office of said regional district school
building committee shall
terminate.
The school
committee shall have the power to accept the resignation of any member or
remove any member with or without
cause. In event of a vacancy of the regional district school
building committee (whether by
resignation, inability to serve or removal of a member) said
vacancy shall be filled by the
school committee.
No
member of the regional district school building committee shall be held
personally
liable for damages in the
performance of his or her duties as a member of said committee.
SECTION
12. The question of the approval of this act shall be submitted to the electors
of the towns of Bristol and Warren
at an election to be held at polling places in each town prior to
December 31, 2005 on a date to be
designated by the school committee which may be either a
date upon which a statewide local
election is being held or upon any other date prior to December
31, 2005. For the purpose of
holding the special election on said question there shall be issued in
each town a warning such as that which
is prescribed by law for the calling of a special financial
town meeting, which shall contain
the question to be submitted and shall state the day, the place,
and the time for casting ballots
upon the said question. The question shall be submitted in
substantially the following form:
"Shall
an act, passed at the 2004 session of the general assembly, entitled 'AN ACT
AUTHORIZING THE BRISTOL WARREN
REGIONAL SCHOOL DISTRICT TO FINANCE
PHASE ONE OF THE ELEMENTARY
FACILITIES PROGRAM FOR CONSTRUCTION OF
ADDITIONS, IMPROVEMENTS AND
RENOVATIONS TO HUGH COLE ELEMENTARY
SCHOOL IN WARREN, RHODE ISLAND AND COLT MEMORIAL, ANDREWS
AND
ROCKWELL SCHOOLS IN BRISTOL, RHODE ISLAND INCLUDING SITE
INFRASTRUCTURE AND IMPROVEMENTS,
THE FURNISHING AND EQUIPPING
THEREOF, AND THE PROVISION OF
ARCHITECTURAL, ENGINEERING, SURVEYING
AND OTHER SERVICES NECESSARY OR
APPROPRIATE THEREFOR, AND TO ISSUE
NOT MORE THAN TWENTY-TWO MILLION
EIGHT HUNDRED THOUSAND DOLLARS
($22,800,000) BONDS AND NOTES
THEREFOR' be approved?"
From
the date the election is warned and until it is held, it shall be the duty of
the town
clerks of the respective towns of
Bristol and Warren 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. To the extent of any
inconsistency between this act and the town charters of either
or both towns, this act shall
prevail.
SECTION
13. (a) There is hereby established a special study commission for the
purposes of studying methods that
the municipalities of Warren and Bristol can use to improve
their school system financially
and educationally with regionalization in place. The commission
shall consist of eleven (11)
members, as follows: one (1) of whom shall be the chairperson of the
Bristol-Warren regional school
district committee, or his or her designee; one (1) of whom shall
be the council president of the
Warren town council, or his or her designee; one (1) of whom shall
be the council president of the
Bristol town council, or his or her designee; one (1) shall be a
member of the Rhode Island
department of education; two (2) of whom shall be residents of the
town of Warren, to be selected by
the Warren town council; two (2) of whom shall be residents of
the town of Bristol, to be
selected by the Bristol town council; three (3) of whom shall be
residents of the state of Rhode
Island and who reside outside of the Bristol-Warren regional
school district, to be selected by
agreement of the Bristol-Warren regional school district
committee. The public members
shall include at least two (2) members with strong financial
backgrounds, and two (2) members
with strong educational backgrounds.
(b)
The commission shall initially meet at the call of the chairperson of the
Bristol-
Warren regional school district
committee and elect from among their membership a chairperson
of the commission. During the six
(6) month period immediately following their first meeting,
the commission shall observe,
study and analyze the twelve (12) year history of the Bristol-
Warren regional school district
and make recommendations for the future of such district in a
report to be presented jointly to
the Warren town council, the Bristol town council and the
Bristol-Warren regional school
district committee. Said report shall include current and past
profiles of the district and
compilations of information which compare the district to other Rhode
Island school districts, as well
as to the separate municipalities of Bristol and Warren, both as of
the date of the report and as they
existed prior to September 11, 1991. The information contained
in said profiles and compilations
shall include, but not be limited to, the following areas:
enrollment data; impact of
regional school districts on communities; financial data; transportation
data; demographic data; physical
plant data; the impact of regionalization on academics and
governance within the school system;
and any other issues that the commission deems necessary
and/or useful to fulfill its
purpose.
(c)
The report prepared by the commission shall address the following issues: (1)
Whether the geographic and
population size of the Bristol-Warren regional school district
provides any economies of scale;
(2) Determine what is the correlation between the amount of
money spent for education and the
quality of education provided in the district; (3) Methods, if
any, in which the school district
could be made smaller and more cost effective while still
providing a high quality education
to its students; (4) An analysis of the impact that
regionalization of the school
districts has had on the towns of Warren and Bristol; and (5) What
changes could be made to current
legislation to promote and improve unity within the district.
(d)
The commission shall become effective regardless of the outcome of any bond
referendum conducted pursuant to
the provisions of this act. The commission shall complete its
report and present its findings on
or before April 1, 2005. After presenting its findings as
provided for herein, the
commission's existence shall terminate, absent further action by the
general assembly.
SECTION
14. This section and sections 12 and 13 of this act 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 the electors voting on
the question in the district.
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LC03415/SUB A
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