Chapter 429
2012 -- S 3012
Enacted 06/25/12
A N A C T
AUTHORIZING THE
TOWN OF BRISTOL TO FINANCE THE DESIGN, ENGINEERING AND CONSTRUCTION OF CAPITAL IMPROVEMENT
PROJECTS INCLUDING, WITHOUT LIMITATION, DRAINAGE, OPEN SPACE AND PROPERTY
ACQUISITION FOR MUNICIPAL PURPOSES, ROAD REPAIRS AND IMPROVEMENTS, ADDITIONS
AND RENOVATIONS TO PUBLIC BUILDINGS, AND THE ACQUIRING OF EQUIPMENT IN
CONNECTION THEREWITH BY ISSUANCE OF NOT MORE THAN $9,000,000 BONDS THEREFOR
Introduced By: Senators Ottiano, Bates, and Felag
Date Introduced: May 24, 2012
It is enacted by the
General Assembly as follows:
SECTION 1. Authorization.
The town of
approval of the electors of the town, in addition to authority
previously granted, to issue bonds
and notes to an aggregate amount not exceeding nine
million dollars ($9,000,000) from time to
time under its corporate name and seal. The bonds may be
issued for purposes of designing,
engineering and construction of capital improvement projects
including, without limitation,
drainage projects, the construction of retention/detention
ponds and other projects as outlined in
the so-called "Tanyard
Brook Improvement Project – Phase II", open space and property
acquisition for municipal purposes, road repairs and
improvements, additions and renovations to
public buildings, and the acquiring of equipment in
connection therewith, and such bonds shall be
designated as capital improvement bonds. Notwithstanding any
other provision of the general
laws, the town shall not be required to obtain approval of
a town meeting for any aspect of any
projects to be funded herein.
SECTION 2. Bonds. The bonds
of each issue may be issued in the form of serial bonds or
term bonds or a combination thereof and shall be payable
either by maturity of principal in the
case of serial bonds or by mandatory serial redemption in
the case of term bonds, in annual
installments of principal, the first installment to be not later
than five (5) years and the last
installment not later than thirty (30) years after the date of
the bonds. For each issue, the amounts
payable annually for the principal and interest combined
either shall be as nearly equal from year
to year as is practicable in the opinion of the officers
authorized to issue the bonds, or shall be
arranged in accordance with a schedule providing for a more
rapid amortization of principal. The
bonds shall be signed by the town treasurer and by the
chairman of the town council and shall be
issued and sold at public or private sale in such amounts as
the town council may authorize. The
provisions of section 306(c) and all of article four (including,
without limitation, section 414) of
the town charter shall not apply to the authorization or
issue of bonds or notes under this act. The
manner of sale, denominations, maturities, interest rates
and other terms, conditions and details of
any bonds or notes issued under this act may be fixed by
the proceedings of the town council
authorizing the issue or by separate resolution of the town
council, or, to the extent provisions for
these matters are not so made, they may be fixed by the
officers authorized to sign the bonds or
notes. The proceeds derived from the sale of bonds shall be
delivered to the treasurer, and such
proceeds exclusive of premiums and accrued interest shall be
expended for: (a) The purposes
applicable to such bonds as specified in section one; or (b) The
payment of the principal of or
interest on temporary notes issued in connection with such
bonds pursuant to section three; or (c)
The repayment of advances
made in connection with such bonds pursuant to section four; and/or
(d) In payment of the costs
of issuance associated with the issuance of bonds or notes hereunder.
No purchaser of any bonds
or notes under this act shall be in any way responsible for the proper
application of the proceeds derived from the sale thereof. The
projects funded with proceeds of
the bonds shall be carried out and all contracts made therefor on behalf of the town by the town
administrator, or as may be otherwise directed by the town council.
The proceeds of the bonds or
notes issued under this act, any applicable federal or
state assistance and the other moneys
referred to in section six shall be deemed appropriated for
the purposes of this act without further
action than that required by this act. This bond issue
authorized by this act may be consolidated
for the purposes of issuance and sale with any other bond
issue of the town heretofore or hereafter
authorized, provided that, notwithstanding any such
consolidation, the proceeds from the sale of
the bonds authorized by this act shall be expended for
the purposes set forth above.
SECTION 3. Temporary Notes.
The town council may by resolution authorize the issue
from time to time of interest bearing or discounted notes
in anticipation of the issue of bonds or in
anticipation of the receipt of federal or state aid for the
purposes of this act. The amount of
original notes issued in anticipation of bonds may not exceed
the amount of bonds which may be
issued under this act and the amount of original notes
issued in anticipation of federal or state aid
may not exceed the amount of available federal or state
aid as estimated by the treasurer.
Temporary notes issued
hereunder shall be signed by the treasurer and by the chairman of the
town council and shall be payable within five (5) years
from their respective dates, but the
principal of and interest on notes issued for a shorter period
may be renewed or paid from time to
time by the issue of other notes hereunder, provided the
period from the date of an original note
to the maturity of any note issued to renew or pay the
same debt or the interest thereon shall not
exceed five (5) years.
SECTION 4. Advances. Pending
authorization of bonds hereunder or pending or in lieu
of any authorization or issue of notes hereunder, the
treasurer, with the approval of the town
council, may, to the extent that bonds or notes may be issued
hereunder, apply funds in the
treasury of the town to the applicable purposes specified in
section one, such advances to be
repaid without interest from the proceeds of applicable
bonds or notes subsequently issued or
from the proceeds of applicable federal or state
assistance or from other available funds.
SECTION 5. Investments. Any
proceeds of bonds or notes issued hereunder or of any
applicable federal or state assistance, pending their
expenditure, may be deposited or invested by
the treasurer in demand deposits, time deposits or
savings deposits in banks which are members
of the Federal Deposit Insurance Corporation or in
obligations issued or guaranteed by the United
States of
Section 35‑10‑11
of the general laws or any similar law of the State of
resolution of the town council or pursuant to an investment
policy of the town as adopted by the
town council.
SECTION 6. Application of accrued
interest, premiums and investment earnings. Any
accrued interest received upon the sale of bonds or notes
hereunder shall be applied to the
payment of the first interest due thereon. Any premiums
arising from the sale of bonds or notes
hereunder and any earnings or net profit realized from the
deposit or investment of funds
hereunder shall, in the discretion of the treasurer, be applied
to the cost of preparing, issuing and
marketing bonds or notes hereunder to the extent not otherwise
provided, to the payment of the
cost of the projects, to the payment of the principal of
or interest on bonds or notes issued
hereunder or to any one (1) or more of the foregoing. The cost
of preparing, issuing and
marketing bonds or notes hereunder may also, in the discretion
of the treasurer, be met from bond
or note proceeds exclusive of accrued interest or from
other moneys available therefor. Any
balance of bond or note proceeds remaining after payment of
the cost of the projects and the cost
of preparing, issuing and marketing bonds or notes
hereunder shall be applied to the payment of
the principal of or interest on corresponding bonds or
notes issued hereunder. In exercising any
discretion under this section, the treasurer shall be governed
by any instructions adopted by
resolution of the town council.
SECTION 7. Security for the bonds and
notes. All bonds and notes issued under this act
and the debts evidenced thereby shall be obligatory on
the town in the same manner and to the
same extent as other debts lawfully contracted by it and
shall be excepted from the operation of
section 45-12-2 of the general laws. No such obligation shall
at any time be included in the debt
of the town for the purpose of ascertaining its
borrowing capacity. The town shall annually
appropriate a sum sufficient to pay the principal and interest
coming due within the year on bonds
and notes issued hereunder to the extent that moneys therefor are not otherwise provided. If such
sum is not appropriated, it shall nevertheless be added
to the annual tax levy. In order to provide
such sum in each year and notwithstanding any provision of
the law to the contrary, all taxable
property in the town shall be subject to ad volorem taxation by the town without limitation as to
rate or amount.
SECTION 8. Execution of bonds or notes.
Any bonds or notes issued under the
provisions of this act, if properly executed by officers of the
town in office on the date of
execution, shall be valid and binding according to their terms
notwithstanding that before the
delivery thereof and payment therefor
any or all of such officers shall for any reason have ceased
to hold office.
SECTION 9. Federal and State Aid.
The town, acting by resolution of its town council, is
authorized to apply for, contract for and expend any federal or
state advances or other grants or
assistance which may be available for the purposes of this act,
and any such expenditures may be
in addition to other moneys provided in this act. To the
extent of any inconsistency between any
law of this state and any applicable federal law or
regulation, the latter shall prevail. Federal and
state advances, with interest where applicable, whether
contracted for prior to or after the
effective date of this act, may be repaid as project costs
under section two.
SECTION 10. Conditions precedent to the
issuance of bonds. Bonds and notes may be
issued under this act without obtaining the approval of any
governmental agency or the taking of
any proceedings or the happening of any conditions except
as specifically required by this act for
such issue. In carrying out any project financed in whole
or in part under this act, including where
applicable the condemnation of any land or interest in land, and
in the levy and collection of
assessments or other charges permitted by law on account of any
such project, all action shall be
taken which is necessary to meet constitutional
requirements whether or not such action is
otherwise required by statute; but the validity of bonds and
notes issued hereunder shall in no way
depend upon the validity or occurrence of such action.
SECTION 11. Referendum. The
question of the approval of this act shall be submitted to
the electors of the town at a general or special election
to be held at polling places in the town on
November 6,
2012 or any other date to be determined by the town council. The question shall be
submitted in substantially the following form: "Shall an
act, passed at the 2012 session of the
general assembly, entitled 'AN ACT AUTHORIZING THE TOWN OF
BRISTOL TO FINANCE
THE DESIGN, ENGINEERING AND
CONSTRUCTION OF CAPITAL IMPROVEMENT
PROJECTS INCLUDING, WITHOUT
LIMITATION, DRAINAGE PROJECTS, OPEN SPACE
AND PROPERTY ACQUISITION
FOR MUNICIPAL PURPOSES, ROAD REPAIRS AND
IMPROVEMENTS, ADDITIONS AND
RENOVATIONS TO PUBLIC BUILDINGS, AND
THE ACQUIRING OF EQUIPMENT
IN CONNECTION THEREWITH BY ISSUANCE OF
NOT MORE THAN $9,000,000
BONDS THEREFOR' be approved?" and the warning for the
election shall contain the questions to be submitted. From the
time the election is warned and
until it is held, it shall be the duty of the town clerk to
keep a copy of the act available at the town
clerk’s office for public inspection, but the validity of the
election shall not be affected by this
requirement. To the extent of any inconsistency between this act
and the town charter, this act
shall prevail.
SECTION 12. Effective date.
This section and section 11 shall take effect upon the
passage of this act. The remainder of this act shall take
effect upon the approval of this act by a
majority of those voting on the question at the election
prescribed by section 11.
=======
LC02703
=======