Chapter 226 |
2016 -- S 2811 Enacted 07/01/2016 |
A N A C T |
AUTHORIZING THE TOWN OF NORTH KINGSTOWN TO FINANCE A COMMUNITY SEPTIC SYSTEM LOAN PROGRAM AND TO ISSUE NOT MORE THAN $2,000,000 NOTES THEREFOR |
Introduced By: Senators Gee, Pagliarini, Sheehan, Algiere, and Morgan |
Date Introduced: March 23, 2016 |
It is enacted by the General Assembly as follows: |
SECTION 1. The town of North Kingstown is hereby empowered, in addition to |
authority previously granted, to borrow and/or issue notes to an amount not exceeding two |
million dollars ($2,000,000) in the aggregate from time to time under its corporate name and seal |
or a facsimile of such seal. The notes shall be issued from time to time to the Rhode Island |
infrastructure bank (the "bank") pursuant to one or more loan agreements between it and the |
town. |
SECTION 2. The notes shall be signed by the manual signatures of the town treasurer |
and the president of the town council. The manner of sale, denominations, maturities, interest |
rates and other terms, conditions and details of any notes issued under this act and of any loan |
agreement relating thereto may be fixed by the resolution 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 notes. |
SECTION 3. The proceeds derived from the issuance of notes shall be used, under a |
community septic loan program with the bank, for loans to owners of real property in the town of |
North Kingstown for the repair or replacement of failed or failing septic systems or substandard |
systems within the town and all costs incidental thereto. The proceeds of notes issued under this |
act and any applicable federal or state assistance shall be deemed appropriated for the purposes of |
this act without further action than that required by this act. |
SECTION 4. Notes issued hereunder shall be payable within twenty (20) years from |
their respective dates, and 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. |
SECTION 5. The costs of issuing notes hereunder may also, in the discretion of the |
treasurer, be met from note proceeds. In exercising any discretion under this section, the treasurer |
shall be governed by any instructions adopted by resolution of the town council. The treasurer is |
authorized to take any action deemed by him or her necessary to comply with the requirements of |
the bank, the Rhode Island housing mortgage finance corporation and federal law, including |
without being limited to, regulations and other requirements of the Securities and Exchange |
Commission and the Municipal Securities Rulemaking Board, imposed directly on the town, on |
the bank or on the underwriters of the town or the bank's bonds and notes. |
SECTION 6. All 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 ยง45-12-2 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 notes issued hereunder to the extent that |
monies therefor are not otherwise provided or repaid by borrowers under the community septic |
loan program. 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 law to the |
contrary, all taxable property in the town shall be subject to ad valorem taxation by the town |
without limitation as to rate or amount. |
SECTION 7. Any 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 8. The town, acting by resolution of its town council is authorized to apply for, |
contract for and use any federal or state advances or other grants or assistance which may be |
available for the purposes of this act, and any such uses may be in addition to other monies |
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. |
SECTION 9. Notes may be issued and borrowings made 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. |
SECTION 10. To the extent of any inconsistency between this act and the town charter, |
this act shall prevail. |
SECTION 11. The provisions of chapter 24.5 of title 45 and chapter 12.2 of title 46, as |
amended, of the general laws shall apply to the issuance of notes and borrowings made under this |
act. |
SECTION 12. The question of the approval of this act shall be submitted to the electors |
of the town at the general election on November 8, 2016. The question shall be submitted in |
substantially the following form: "Shall an act, passed at the 2016 session of the General |
Assembly, entitled 'AN ACT AUTHORIZING THE TOWN OF NORTH KINGSTOWN TO |
FINANCE A COMMUNITY SEPTIC SYSTEM LOAN PROGRAM AND TO ISSUE NOT |
MORE THAN $2,000,000 NOTES THEREFOR' be approved?" and the warning for the election |
shall contain the question to be submitted. The town board of canvassers may combine any two or |
more voting districts for the election and when so combined shall be treated as a voting district. |
If so combined, the town board of canvassers shall advertise the combination of districts in a |
newspaper of general circulation in the town. 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 his or her office |
for public inspection, but the validity of the election shall not be affected by this requirement. |
SECTION 13. This section and section 12 shall take effect upon passage. 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 12. |
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LC005541 |
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