Chapter 252

2009 -- S 1069

Enacted 11/13/09

A N A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 APPROVING THE ISSUANCE OF $2,200,000 BONDS BY THE TOWN OF SOUTH KINGSTOWN TO FINANCE IMPROVEMENTS TO SCHOOLS AND SCHOOL FACILITIES

Introduced By: Senator V. Susan Sosnowski

Date Introduced: October 29, 2009

It is enacted by the General Assembly as follows:

SECTION 1. As previously authorized by a vote of the April 29, 2003, Financial Town

Meeting and Rhode Island General Laws section 45-12-2 (the "Bond Authorization"), the town of

South Kingstown was empowered to issue bonds to an amount not exceeding four million dollars

($4,000,000) for school housing projects.

SECTION 2. The Town of South Kingstown has previously issued one million eight

hundred thousand dollars ($1,800,000) bonds pursuant to the Bond Authorization and has

received state aid reimbursement for principal and interest on such bonds.

SECTION 3. The enactment by the general assembly of revisions to Rhode Island

General Laws section 16-7-44 now requires the passage of an enabling act so that bonds issued

for school housing projects will be eligible for state aid reimbursements.

SECTION 4. The Town of South Kingstown intends to seek state housing aid

reimbursement for the two million two hundred thousand dollars ($2,200,000) bonds that are

authorized but unissued under the Bond Authorization.

SECTION 5. 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 6. This act serves as the enabling act required by Rhode Island General Laws

section 16-7-44 and shall take effect upon passage.

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LC03049

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