2021 -- H 5258 | |
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LC000736 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2021 | |
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A N A C T | |
IN AMENDMENT OF CHAPTER 974 OF THE PUBLIC LAWS OF 1940, ENTITLED "AN | |
ACT TO INCORPORATE THE STONE BRIDGE FIRE DISTRICT AND TO FURNISH A | |
SUPPLY OF WATER FOR THE TOWN OF TIVERTON" | |
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Introduced By: Representative John G. Edwards | |
Date Introduced: January 29, 2021 | |
Referred To: House Municipal Government & Housing | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 8 of Chapter 974 of the Public Laws of 1940, as amended, entitled |
2 | "An act to incorporate the Stone Bridge fire district and to furnish a supply of water for the town |
3 | of Tiverton" is hereby further amended to read as follows: |
4 | Sec. 8 (a) For the purpose of raising money to carry out any of the provisions of this chapter, |
5 | the district is hereby authorized and empowered to issue bonds from time to time and at any time |
6 | under its corporate name and seal, bearing not more than 6 per cent interest, per annum, payable |
7 | semi-annually, at such times, not exceeding 60 years from the date thereof , and for such sums, as |
8 | said district may at an annual special meeting by vote decide; the amount for which said district |
9 | may issue bonds shall not exceed in the aggregate the sum of $425,000.00. Said bonds shall be |
10 | obligatory upon said district in the same manner and to the same extent as other debts lawfully |
11 | contracted by said district; provided, however, that no more than $15,000.00 in amount of the |
12 | principal of said bonds shall be made due and payable in any one year, if said bonds are issued as |
13 | serial bonds; and any serial bonds authorized under the provisions of this section may be made |
14 | payable in annual installments the first of which shall be payable not later than five years from their |
15 | date and none of which shall be more than three times as large as the smallest prior installment. If |
16 | not issued as serial bonds, the total amount of the principal of the bonds may be made clue and |
17 | payable at their maturity; and in the latter case, the district shall provide a sinking fund sufficient |
18 | for the redemption of the bonds, issued under authority of this chapter, when and as the same |
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1 | become clue and payable, and all premiums from the sale of said bonds, shall be placed to the credit |
2 | of said sinking fund. Said district may also authorize and empower its treasurer to raise money |
3 | upon its note, or notes, in such sum, or sums, as it may determine by vote at any regular or special |
4 | elections; provided, however, that said sum or sums shall not exceed in the aggregate the sum of |
5 | $5,000.00 in any one year, and the vote authorizing and empowering the treasurer to raise money |
6 | upon the district's note or notes shall be construed as authority for the renewal or renewals of any |
7 | note or notes he may have issued. Said note or notes shall be obligatory upon said district in the |
8 | same manner and to the same extent as other debts lawfully contracted by said district. |
9 | (b) The Stone Bridge fire district is authorized to borrow funds, as needed, in an amount |
10 | not to exceed on hundred thousand dollars ($100,000) per instance, to meet specific short-term |
11 | financial obligations. |
12 | SECTION 2. This act shall take effect upon passage by the Rhode Island General Assembly |
13 | and approval by a majority of the electors of the Stone Bridge fire district at the annual meeting of |
14 | the district. |
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LC000736 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
IN AMENDMENT OF CHAPTER 974 OF THE PUBLIC LAWS OF 1940, ENTITLED "AN | |
ACT TO INCORPORATE THE STONE BRIDGE FIRE DISTRICT AND TO FURNISH A | |
SUPPLY OF WATER FOR THE TOWN OF TIVERTON" | |
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1 | This act would authorize the Stone Bridge fire district to borrow up to $100,000 in funds |
2 | to meet specific short-term financial obligations. |
3 | This act would take effect upon passage by the Rhode Island general assembly and |
4 | approval by a majority of the electors of the Stone Bridge fire district at the annual meeting of the |
5 | district. |
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LC000736 | |
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