Chapter 473
2013 -- S 0991
Enacted 07/16/13
A N A C T
AUTHORIZING THE
STONE BRIDGE FIRE DISTRICT TO ISSUE GENERAL
OBLIGATION BONDS
AND/OR NOTES IN AN AMOUNT NOT TO EXCEED ONE
MILLION FIVE
HUNDRED THOUSAND DOLLARS ($1,500,000) TO FINANCE CAPITAL IMPROVEMENTS TO ITS WATER
SYSTEM
Introduced By: Senators Felag, DiPalma, and Ottiano
Date Introduced: June 05, 2013
It is enacted by the
General Assembly as follows:
SECTION 1. The Stone Bridge Fire District is hereby
empowered, in addition to
authority previously granted, to issue bonds to an amount not
exceeding one million five hundred
thousand dollars ($1,500,000) from time to time under its
corporate name and seal or a facsimile
of such seal. The bonds of each issue shall mature in annual
installments of principal, the first
installment to be not later than five (5) years and the last
installment not later than forty (40) years
after the date of the bonds.
SECTION 2. The bonds shall be signed by the district
treasurer and by the manual or
facsimile signature of the moderator and shall be issued and
sold at not less than par and accrued
interest in such amounts as the administrative board may
authorize. The manner of sale,
denominations, maturities, annual installments of principal,
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 administrative board authorizing the issue or by
separate resolution of the administrative
board 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 provisions
of this act shall govern to the extent
of any inconsistency between this act and any law or charter
provision to the contrary. The
proceeds derived from the sale of the bonds shall be delivered
to the district treasurer, and such
proceeds exclusive of premiums and accrued interest shall be
expended: (a) For making capital
improvements to the water system; or (b) For payment of principal
of or interest on temporary
notes issued under section three; or (c) In repayment of
advances under section four. 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
proceeds of bonds or notes issued
under this act and 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.
SECTION 3. The administrative board may by resolution
authorize the issue from time to
time of interest bearing or discounted notes in
anticipation of the issue of bonds under section two
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 district treasurer.
Temporary notes issued
hereunder shall be signed by the district treasurer and by the moderator
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. Pending any authorization or issue of
bonds hereunder or pending or in lieu
of any authorization or issue of notes hereunder, the
district treasurer, with the approval of the
administrative board, may, to the extent that bonds or notes may be
issued hereunder, apply funds
in the treasury of the district to the purposes
specified in section two, such advances to be repaid
without interest from the proceeds of bonds or notes
subsequently issued or from the proceeds of
applicable federal or state assistance or from other available
funds.
SECTION 5. 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 district
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
applicable law of the state of
SECTION 6. 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 shall, in the discretion
of the district 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 project, to the
payment of the principal of or interest
on bonds or notes issued hereunder or to any one or more
of the foregoing. The cost of preparing,
issuing and marketing bonds or notes hereunder may also, in
the discretion of the district
treasurer, be met from bond or note proceeds exclusive of
premium and accrued interest or from
other moneys available therefor.
Any balance of bonds or note proceeds remaining after payment
of the cost of the project 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 bonds or notes issued
hereunder. Any earnings or net profit realized from the deposit
or investment of funds hereunder
shall, upon receipt, be added to and dealt with as part of
the revenues of the district from property
taxes or, in the discretion of the district treasurer,
shall upon receipt be added to and dealt with as
part of the revenues of the district from water rates. In
exercising any discretion under this
section, the district treasurer shall be governed by any
instructions adopted by resolution of the
administrative board.
SECTION 7. All bonds and notes issued under this act
and the debts evidenced thereby
shall be obligatory on the district in the same manner and
to the same extent as other debts
lawfully contracted by it and shall be excepted from the
operation of Chapter 974 of the Public
Laws of
1940 to the extent of any inconsistency therein. The district 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 and shall not be subject to the
five mills limitation set forth in section seven of
Chapter 974 of the Public Laws of 1940. In order
to provide such sum in each year and notwithstanding any
provision of law to the contrary, all
taxable property in the district shall be subject to ad
valorem taxation by the district without
limitation as to rate or amount.
SECTION 8. Any bonds or notes issued under the
provisions of this act, if properly
executed by officers of the district 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. The district, acting by resolution of its
administrative board, 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. 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. Notwithstanding the foregoing provisions
of this act, no bonds shall be
issued in excess of amounts approved from time to time by
vote of a majority of the electors
present and voting on the question at an annual or special
district meeting. The vote to authorize
up to one million five hundred thousand dollars
($1,500,000) bonds or notes taken at the 2012
Annual Meeting on June 12,
2012 is hereby ratified. A vote not to approve an amount of bonds
hereunder shall not preclude any later vote to approve the same
or a different amount.
SECTION 12. This act shall take effect upon passage.
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LC02746
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