LA 083

2019 -- S 0846 Enacted 07/02/2019

A N   A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS § 16-7-44 APPROVING THE ISSUANCE OF $160,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS OF THE CITY OF PROVIDENCE TO FUND THE SCHOOL CAPITAL IMPROVEMENTS PLAN FOR THE FISCAL YEARS 2019-2024

Introduced By: Senator Maryellen Goodwin

Date Introduced: April 30, 2019

It is enacted by the General Assembly as follows:

SECTION 1. As authorized by Rhode Island General Laws § 45-12-2, an Ordinance of

the Providence City Council effective on August 6, 2018, and a referendum approved by the

electors of the City of Providence on November 6, 2018, the City of Providence is empowered to

issue general obligation bonds, notes and other evidences of indebtedness to an amount not

exceeding one hundred sixty million dollars ($160,000,000), from time to time under its corporate

name and seal, to fund the school capital improvements plan for the ‎fiscal years 2019-2024. The

amount of borrowing pursuant to this act shall be reduced by the amount of any grant received by

the City from the School Building Authority Capital Fund.

SECTION 2. In accordance with section 16-7-44 of the general laws, subject to approval

of the Rhode Island Department of Education, the principal and interest on such bonds shall be

eligible for state housing aid reimbursement.

SECTION 3. This act serves as the enabling act required by Rhode Island General Laws

§ 16-7-44 and shall take effect upon passage.

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LC002535

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