Chapter
462
2007 -- S 1079
Enacted 07/05/07
A N A C T
AUTHORIZING
THE TOWN OF JAMESTOWN TO FINANCE THE CONSTRUCTION OF A HIGHWAY GARAGE AT
JAMESTOWN TAX ASSESSOR'S PLAT 2 LOT 47, AND TO ISSUE NOT MORE THAN $1,500,000
BONDS AND NOTES THEREFOR
Introduced
By: Senator M. Teresa Paiva-Weed
Date
Introduced: June 06, 2007
It is enacted by the General Assembly as
follows:
SECTION 1. The
Town of Jamestown is hereby empowered, in addition to authority
previously granted, to issue bonds to an amount
not exceeding One Million Five Hundred
Thousand Dollars ($1,500,000.00) 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 five years and the last installment not later
than thirty years after the date of the bonds.
For each issue the amounts payable annually for
principal and interest combined either shall be
as nearly equal from year to year as is practicable
in the opinion of the officers authorized to
issue the bonds, or shall be arranged in accordance
with a schedule providing for a more rapid
amortization of principal.
SECTION 2. The
bonds shall be signed by the manual or facsimile signatures of the
finance director of the town and the president
of the town council and shall be issued and sold in
such amounts as the town council may authorize
by resolution. 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
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 bonds or notes. The
proceeds derived from the sale of the bonds
shall be delivered to the finance director, and such
proceeds exclusive of premiums and accrued
interest shall be expended for (a) the construction of
a highway garage and related building equipment
at a site located on Jamestown assessor's plat 2
lot 47, (b) in payment of the principal of or
interest on temporary notes issued under section three
of this act or (c) in repayment of advances
under section four of this act. 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 town by the town
council, or as may be otherwise directed by the town
council. The proceeds of bonds or notes issued
under this act, any applicable federal or state
assistance and the other monies referred to in
section six of this act shall be deemed appropriated
for the purposes of this act without further
action than that required by this act. The bond issue
authorized by this act may be consolidated for
the purposes of issuance and sale with any other
bond issue of the town heretofore or hereafter
authorized, provide that, notwithstanding any such
consolidation, the proceeds from the sale of the
bonds authorized by this act shall be expended for
the purposes set forth above.
SECTION 3. The
Town Council may by resolution authorize the issue from time to time
of interest bearing or discounted notes in
anticipation of the authorization or 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 estimated by the finance director.
Temporary notes issued hereunder shall be signed
by the finance director and by the president of
the town council 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 finance director, with the approval of the
town council, may, to the extent that bonds or
notes may be issued hereunder, apply funds in the
treasury of the town 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 finance
director, 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 and any
earnings or net profit realized from the deposit or
investment of funds hereunder shall, in the
discretion of the finance director, 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 or to the cost of additional improvements
coming within the description of the projects in
section 2 of this act, 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 finance director, be met from bond or
note proceeds exclusive of accrued interest or from
other monies available therefor. Any balance of
bond or note proceeds remaining after payment
of the cost of the projects and said additional
improvements 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 finance
director shall be governed by any instructions
adopted by resolution of the town council. The
finance director is authorized to take any
action deemed by him or her necessary (1) to assure that
interest on the bonds or notes issued hereunder
remains excludable from gross income of the
recipients thereof for federal income tax
purposes, including, without limitation, paying to the
federal government any rebate of earnings
derived from the deposit or investment of the proceeds
of such bonds or notes that may be required
therefore and (2) to comply with the requirements of
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 or on the underwriters of
such bonds and notes.
SECTION 7. All
bonds or 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 bonds and notes issued hereunder to the
extent that moneys therefor are not otherwise
provided. 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 8. Any
bonds or 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 therefore
any or all of such officers shall for any reason
have ceased to hold office.
SECTION 9. The
town, acting by resolution of its town council 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 of 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 happening of any
conditions except as specifically required by
this act for such issue. Without limiting the
generality of the foregoing, bonds and notes may
be issued under this act without any action at
the financial town meeting. 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. To the extent of any
inconsistency between this act and the town
charter, this act shall prevail.
SECTION 11. 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 2007 session of the general assembly, entitled 'AN
ACT AUTHORIZING THE TOWN OF JAMESTOWN TO FINANCE
THE CONSTRUCTION
OF A HIGHWAY GARAGE AT JAMESTOWN TAX ASSESSOR'S
PLAT 2 LOT 47, AND TO
ISSUE NOT MORE THAN $1,500,000.00 BONDS AND 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
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 12. This
section and section 11 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
11.
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LC03243
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