Chapter
520
2006 -- H 8162
Enacted 07/06/06
A N A C T
AUTHORIZING THE TOWN
OF NORTH KINGSTOWN TO FINANCE A COMMUNITY SEPTIC SYSTEM LOAN PROGRAM AND TO
ISSUE NOT MORE THAN $2,000,000 NOTES THEREFOR
Introduced By: Representatives Carter, Lally, and Ehrhardt
Date Introduced: May 31,
2006
It
is enacted by the General Assembly as follows:
SECTION
1. The Town of North Kingstown is hereby empowered, in addition to
authority
previously granted, to issue bonds to an amount not exceeding Two Million
Dollars
($2,000,000.00)
from time to time under its corporate name and seal or a facsimile of such
seal.
The
notes shall be issued to the Rhode Island Clean Water Finance Agency (the
"Agency")
pursuant
to a loan agreement between it and the Town.
SECTION
2. The notes shall be signed by the manual signatures of the town treasurer
and the
president of the Town Council. The manner of sale, denominations, maturities,
interest
rates
and other terms, conditions and details of any notes issued under this act and
of any loan
agreement
relating thereto may be fixed by the resolution of the Town Council authorizing
the
issue
or by separate resolution of the Town Council or, to the extent provisions for
these matters
are not
so made, they may be fixed by the officers authorized to sign the notes.
SECTION
3. The proceeds derived from the issuance of notes shall be used, under a
community
septic loan program with the Agency, for loans to owners of real property in
the
Town of
North Kingstown for the repair or replacement of failed or failing septic
systems or
substandard
systems within the Town and all costs incidental thereto. The proceeds of notes
issued
under this act and any applicable federal or state assistance shall be deemed
appropriated
for the
purposes of this act without further action than that required by this act.
SECTION
4. Notes issued hereunder shall be payable within twenty years from their
respective
dates, and the principal of and interest on notes issued fro a shorter period
may be
renewed
or paid from time to time by the issue of other notes hereunder.
SECTION
5. The costs of issuing notes hereunder may also, in the discretion of the
treasurer,
be met from note proceeds. In exercising any discretion under this Section, the
treasurer
shall
be governed by any instructions adopted by resolution of the Town Council. The
treasurer is
authorized
to take any action deemed by him or her necessary to comply with the
requirements of
the
Agency and federal law, including without being limited to regulations and
other
requirements
of the Securities and Exchange Commission and the Municipal Securities
Rulemaking
Board, imposed directly on the Town, on the Agency or on the underwriters of
the
Town or
the Agency's bonds and notes.
SECTION
6. All notes issued under this act and the debts evidenced thereby shall be
obligatory
on the town in the same manner and to the same extent as other debts lawfully
contracted
by it and shall be excepted from the operation of Section 45-12-2 of the
General Laws.
No such
obligation shall at any time be included in the debt of the town for the
purpose of
ascertaining
its borrowing capacity. The town shall annually appropriate a sum sufficient to
pay
the
principal and interest coming due within the year on notes issued hereunder to
the extent that
moneys
therefore are not otherwise provided or repaid by borrowers under the community
septic
loan
program. 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 the town shall be subject to ad valorem taxation by the
town
without
limitation as to rate or amount.
SECTION
7. Any notes issued under the provisions of this act, if properly executed by
officers
of the town 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 such
officers
shall for any reason have ceased to hold office.
SECTION
8. The town, acting by resolution of its Town Council is authorized to apply
for,
contract for and use any federal or state advances or other grants or
assistance which may be
available
for the purposes of this act, and any such uses 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.
SECTION
9. Notes may be issued and borrowings made 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.
SECTION
10. To the extent of any inconsistency between this act and the Town Charter,
this act
shall prevail.
SECTION
11. The provisions of chapter 24.5 of Title 45 and Chapter 12.2 of Title 46 as
amended
of the General Laws shall apply to the issuance of notes and borrowings made
under
this
act.
SECTION
12. The question of the approval of this act shall be submitted to the electors
of the
town at an election on a date to be determined by the Town Council which occurs
at least
thirty
days after the passage of this act. The question shall be submitted in substantially
the
following
form: "Shall an act, passed at the 2006 session of the General Assembly,
entitled 'AN
ACT
AUTHORIZING THE TOWN OF NORTH KINGSTOWN TO FINANCE A
COMMUNITY
SEPTIC SYSTEM LOAN PROGRAM AND TO ISSUE NOT MORE THAN
$2,000,000
NOTES THEREFOR' be approved?" and the warning for the election shall
contain
the
question to be submitted. The Town Board of Canvassers may combine any two or
more
voting
districts for the election and when so combined shall be treated as a voting
district. If so
combined,
the Town Board of Canvassers shall advertise the combination of districts in a
newspaper
of the general circulation in the Town. From the time the election is warned
and until
it is
held, it shall be the duty of the Town Clerk to keep a copy of the act
available at his or her
office
for public inspection, but the validity of the election shall not be affected
by this
requirement.
SECTION
13. This Section and Section 12 shall take effect upon passage. 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 election prescribed by Section 12.
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LC03325
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