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2012 -- H 8195 SUBSTITUTE A | |
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LC02639/SUB A/2 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO BRYANT UNIVERSITY | |
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Introduced By: Representatives Winfield, and Petrarca | |
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Date Introduced: May 23, 2012 | |
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Referred To: House Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. An act of the general assembly entitled “An Act to Incorporate Bryant |
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College of Business Administration” passed at the January session of the general assembly, A.D., |
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1949, as amended, is hereby further amended by adding thereto the following: |
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Section 1.1. The name of the corporation shall be and hereby is changed to Bryant |
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University. All references in this act to “the corporation” shall be construed to mean Bryant |
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University. This name change shall be deemed retroactive to August 25, 2004. |
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SECTION 2. Section 7 of an act of the general assembly entitled “An Act to Incorporate |
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Bryant College of Business Administration” passed at the January session of the general |
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assembly, A.D., 1949, as amended, is hereby repealed. |
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Section 7. All the estate, both real and personal of said corporation, wheresoever located, |
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whatever its condition, or whenever acquired, shall be exempt from all taxation so long as the |
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same is used exclusively for educational purposes; provided, however, the value of the estate, |
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both real and personal, of said corporation, wheresoever located, whatever its condition, or |
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whenever acquired, shall be subject to taxation commencing July 1, 2014 by the town of |
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Smithfield in the same manner as other businesses in the town, whether or not said property is |
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used exclusively for educational purposes, unless the corporation and the town of Smithfield |
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reach an agreement on payment in lieu of taxes on or before June 30, 2014. |
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SECTION 3. This act shall take effect upon passage. |
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LC02639/SUB A/2 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO BRYANT UNIVERSITY | |
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This act would amend the 1949 act used to incorporate the Bryant College of Business |
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Administration to reflect its current name of Bryant University. This name change would be |
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retroactive to August 25, 2004. This act would also subject the value of the real and personal |
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estate of Bryant University to taxation commencing July 1, 2014 by the town of Smithfield unless |
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an agreement on payment in lieu of taxes is reached on or before June 30, 2014. |
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This act would take effect upon passage. |
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