2025 -- H 5703

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LC001706

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2025

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A N   A C T

RELATING TO THE KINGSTON WATER DISTRICT -- BONDS

     

     Introduced By: Representatives Fogarty, McEntee, Tanzi, Shallcross Smith, Carson,
Donovan, Spears, Cotter, Caldwell, and Cortvriend

     Date Introduced: February 26, 2025

     Referred To: House Municipal Government & Housing

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 9 of Chapter 105 of the 1990 Public Laws entitled "An Act to

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Incorporate the Kingston Water District," as amended by Chapter 38 of the 2008 Public Laws and

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Chapter 34 of the 2011 Public Laws entitled "An Act Relating to the Kingston Water District –

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Bonds," is hereby further amended to read as follows:

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     Section 9. For the purpose of raising money to carry the provisions of this act into effect,

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said district is hereby authorized and empowered from time to time to borrow not exceeding the

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sum of four million dollars ($4,000,000) fifteen million dollars ($15,000,000) and to issue its notes

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and/or bonds therefor, and to renew any such notes and/or bonds from time to time as the same

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become due. All moneys raised by the authority hereof shall be exclusively used and expended for

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said purpose. The said district at any regular annual meeting or at any special meeting, the notice

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for which contained notice of intention to act upon the issuance of bonds, shall cause any bonds

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issued by authority hereof to be issued for such time, on such terms and in such amounts, not to

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exceed said sum of four million dollars ($4,000,000) fifteen million dollars ($15,000,000), as shall

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be fixed by vote of its qualified electors; and after any issue of any such bonds, said district shall

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annually appropriate, so long as such bonds are outstanding, a sum to pay interest and principal or

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sinking fund installments thereon.

 

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO THE KINGSTON WATER DISTRICT -- BONDS

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     This act would increase the maximum amount of the Kingston water district bonding

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authority from four million dollars ($4,000,000) to fifteen million dollars ($15,000,000).

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     This act would take effect upon passage.

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