Chapter
108
2008 -- H 8074
Enacted 06/30/08
A N A C T
IN ACCORDANCE WITH
RHODE ISLAND GENERAL LAWS SECTION 16-7-44 APPROVING THE ISSUANCE OF $350,000
BONDS BY THE TOWN OF PORTSMOUTH TO FINANCE IMPROVEMENTS TO SCHOOL BUILDINGS INCLUDING
BUT NOT LIMITED TO BONDS AND NOTES ISSUED PURSUANT TO FINANCING AGREEMENTS WITH
THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION
Introduced By: Representatives Gallison, Rice, Loughlin, and Amaral
Date Introduced: March 26,
2008
It is
enacted by the General Assembly as follows:
SECTION
1. As previously authorized by the 2007-2008 Operating Budget for the Town
adopted
by ordinance on June 25, 2007 and amended on July 9, 2007, a resolution of the
Town
Council
adopted February 25, 2008 and Rhode Island General Laws section 45-12-2, the
town of
Portsmouth
is hereby empowered, in addition to authority previously granted, to issue
bonds to an
amount
not exceeding three hundred fifty thousand dollars ($350,000), or such lesser
amount as is
determined
by resolution of the town council, from time to time under its corporate name
and
seal.
SECTION
2. In accordance with section 16-7-44 of the general laws, the interest on such
bonds
shall be eligible for state housing aid reimbursement.
SECTION
3. This act shall take effect upon passage.
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LC02575
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