It is enacted by the General Assembly as follows:

SECTION 1. The Exeter-West Greenwich Regional School District is hereby empowered, in addition to authority previously granted, to issue bonds from time to time under its corporate name and seal to an amount not exceeding the total amount approved by the electors of the district in their vote on three (3) referenda questions provided for by Section 11 of this act, so that the total amount authorized shall not exceed $4,571,609. 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 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.

SECTION 2. The bonds shall be signed by the district treasurer and by the chairperson of the school committee and shall be issued and sold in such amounts as the school committee may authorize. 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 resolution of the school committee authorizing the issue or by separate resolution of the school committee 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 the bonds shall be delivered to the district treasurer, and such proceeds exclusive of premiums and accrued interest shall be expended (a) on the project or projects which are approved by the electors of the district in their vote on three (3) referenda questions provided for in section 11 of this act or (b) in payment of the principal of or interest on temporary notes issued under Section 3 or (c) in repayment of advances under Section 4. 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 project or projects shall be carried out and all contracts made therefor on behalf of the district by the school building committee appointed pursuant to the provisions of Section II of Chapter 80 in the Public Laws of 1965, entitled "AN ACT AUTHORIZING THE FORMATION OF A REGIONAL SCHOOL DISTRICT REPRESENTING THE TOWNS OF EXETER AND WEST GREENWICH", or as may be otherwise directed by the school committee. The proceeds of bonds or notes issued under this act, any applicable federal or state assistance and the other moneys referred to in Section 6 shall be deemed appropriated for the purposes of this act without further action than that required by this act.

SECTION 3. The school committee 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 district treasurer. Temporary notes issued hereunder shall be signed by the district treasurer and by the chairperson of the school committee 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 school committee, 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 2, such advances 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 America or by any agency or instrumentality thereof or as may be provided in any other applicable law of the state of Rhode Island.

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 any any earnings or net profit realized from the deposit or investment of funds 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 or projects, 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 accrued interest or from other moneys available therefor. Any balance of bond or note proceeds remaining after payment of the cost of the project or 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 bonds or notes issued hereunder. In exercising any discretion under this section, the district treasurer shall be governed by any instructions adopted by resolution of the school committee.

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 such debts are obligatory under the laws of this state on incorporated towns of this state. All bonds and notes issued under this act and the debts evidenced thereby shall be excepted from the operation of section 16-3-17 of the general laws. No such obligation shall, at any time, be included in the debt of either member town for the purpose of ascertaining its borrowing capacity, nor shall it be subject to the provisions of section 45-12-2 of the general laws with respect to each member town. The district shall, annually, appropriate and apportion between the member towns 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, and each town shall, annually, appropriate a sum sufficient to pay its share of the apportionment. If such sum is not appropriated, it shall, nevertheless, be added to the town's 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 each member town shall be subject to ad valorem taxation by the town without limitation as to rate or amount to pay the town's share of such apportionment.

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 school building committee 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 the 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 2.

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 or projects 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 or projects, 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. The question of the approval of the financing of projects pursuant to this act shall be submitted to the electors of the district at a special local election to be held on November 15, 1995 or at such other date as may be fixed by the school committee in the year 1995. Three (3) questions shall be submitted to the district electors in substantially the following form: 1) "SHALL THE FINANCING OF AN ADDITION TO THE WAWALOAM SCHOOL IN THE AMOUNT OF $4,016,059 AND THE ISSUANCE OF BONDS THEREFOR BE APPROVED?" 2) "SHALL THE FINANCING OF THE EXPANSION OF THE MULTIPURPOSE ROOM AT THE WAWALOAM SCHOOL INTO A GYMMASIUM IN THE AMOUNT OF $338,050 AND THE ISSUANCE OF BONDS THEREFOR BE APPROVED?" 3) "SHALL THE FINANCING OF THE INSTALLATION OF A TRACK AT THE JUNIOR-SENIOR HIGH SCHOOL IN THE AMOUNT OF $217,500 AND THE ISSUANCE OF BONDS THEREFOR BE APPROVED?" The warning for the election shall contain the questions to be submitted. From time to time the election is warned and until it is held, it shall be the duty of the town clerks of the member towns of Exeter and West Greenwich to keep a copy of the act available at the clerk's office for public inspection, but the validity of the election shall not be affected by this requirement.

SECTION 12. This section and the foregoing section shall take effect upon the passage of this act. The remainder of this act shall take effect upon the approval of any of the referenda questions set forth in Section 11 by a majority of those voting on that question at the election prescribed by the foregoing section.