Chapter 181
2009 -- H 6328
Enacted 10/09/09
A N A C T
IN ACCORDANCE
WITH
APPROVING THE
ISSUANCE OF $22,338,000 LEASE REVENUE BONDS OR OTHER
EVIDENCES OF
INDEBTEDNESS BY THE PROVIDENCE PUBLIC BUILDINGS
AUTHORITY TO
PROVIDE FUNDING FOR "WARM, SAFE AND DRY" PROJECTS IN PROVIDENCE
PUBLIC SCHOOLS
Introduced By: Representatives Slater, and Diaz
Date
Introduced: June 25, 2009
It is enacted by the
General Assembly as follows:
SECTION
1.The general assembly finds that:
(a)
The American Recovery and Reinvestment Act of 2009, Public Law 111-5, created a
new type of tax-credit bond known as Qualified School
Construction Bonds (“QSCBs”) to
encourage the construction and improvement of public schools;
(b)
The Internal Revenue Service has released Notice 2009-35 which allocates $11
billion
of 2009 calendar year volume cap for QSCBs
to states and large educational agencies;
(c)
Notice 2009-35 allocates $22,338,000 in QSCB volume cap to the City of
(“
(d)
Issuance of QSCBs provides a benefit to the State of
inasmuch as tax-credit bonds do not pay interest to
bondholders and the State need not provide
state housing aid to the issuer for interest on the QSCBs;
(e)
Notice 2009-35 provides that the allocations of volume cap for QSCBs are effective
for QSCBs issued before January
1, 2010; and
(f)
Section 16-7-44 of the general laws requires that bonds,
notes and other forms of
indebtedness issued in support of school housing projects require
passage of an enabling act by
the general assembly.
SECTION 2. The purpose of this act is to provide state law
authority for taking the
actions which may be necessary and convenient in order for
the City and the State to obtain the
benefits of the American Recovery and Reinvestment Act.
SECTION 3. In accordance with Title 45, Chapter 50 of the
general laws, the
Public Buildings Authority
is hereby empowered to issue QSCBs in the form of
lease revenue
bonds or other evidences of indebtedness up to an amount
not exceeding twenty-two million three
hundred thirty-eight thousand dollars ($22,338,000) from time
to time under its corporate name
and seal, to provide funding for “Warm, Safe and Dry”
projects in
consisting of renovation, rehabilitation, repair, replacement,
improvement, furnishing and
equipping of schools and school facilities, including, but not
limited to, remediation of fire code
violations, repair, replacement, improvement and installation of
roofs, heating, ventilation, air
conditioning and fire alarm systems, including design and
feasibility, engineering or other studies
which may be necessary in connection therewith and other
acts incidental thereto.
SECTION 4. In accordance with section 16-7-44 of the general
laws, such bonds or
evidences of indebtedness shall be eligible for state housing
aid reimbursement.
SECTION 5. This act shall take effect upon passage.
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LC02883
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