Chapter 294
2010 -- H 8225
Enacted 06/25/10
A N A C T
IN ACCORDANCE
WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 APPROVING THE ISSUANCE OF UP TO
$12,000,000 LEASE OBLIGATIONS OR OTHER EVIDENCES OF INDEBTEDNESS BY THE CITY OF
EAST PROVIDENCE TO FINANCE THE CONSTRUCTION AND EQUIPPING OF AN ENERGY SAVINGS
CAPITAL IMPROVEMENT PROJECT FOR SCHOOLS IN THE CITY INCLUDING BUT NOT LIMITED
TO LEASE OBLIGATIONS OR OTHER EVIDENCES OF INDEBTEDNESS ISSUED PURSUANT TO
FINANCING AGREEMENTS WITH THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING
CORPORATION
Introduced By: Representatives Melo, Savage, Messier, Hearn, and DaSilva
Date Introduced: June 03, 2010
It is enacted by the
General Assembly as follows:
SECTION 1. The general assembly finds that:
(a)
The City of
indebtedness to finance the construction and equipping of an
energy savings capital improvement
project for schools in the city (the "Project");
(b)
The city council of the city has indicated its approval of the Project pursuant
to a
Resolution dated June 1,
2010; and
(c)
The Project is scheduled for Rhode Island Department of Education
("RIDE")
approval on June 3, 2010.
SECTION 2. In accordance with section 16-7-44 of the general
laws, the interest on such
lease obligations shall be eligible for state housing aid
reimbursement.
SECTION 3. This act serves as the enabling act required by
Rhode Island General Laws
section 16-7-44 and shall take effect upon passage provided
RIDE approval for the Project is
obtained prior to September 1, 2010.
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LC02826
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