Chapter 261

2010 -- S 2531 SUBSTITUTE A

Enacted 06/25/10

A N A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 APPROVING THE ISSUANCE OF NOT TO EXCEED $50,962,000 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: Senators Perry, Goodwin, Jabour, Metts, and Pichardo

Date Introduced: February 11, 2010

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 bond known as Qualified School Construction Bonds ("QSCBs") and increased

authorization of Qualified Zone Academy Bonds ("QZABs") to encourage the construction,

renovation and improvement of public schools;

     (b) The City of Providence ("Providence" or the "City") anticipates receiving an

allocation of up to $41,296,000 in 2010 calendar year QSCB volume cap and an allocation of up

to $9,666,000 in QZAB volume cap;

     (c) 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 Providence

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 fifty million nine

hundred sixty-two thousand dollars ($50,962,000) from time to time under its corporate name and

seal, to provide funding for "Warm, Safe and Dry" projects in Providence public schools,

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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LC01938/SUB A

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