It is enacted by the General Assembly as follows:

SECTION 1. Section 10 of Chapter 112 of the 1971 Public Laws entitled "An Act Regulating Financial Procedures in the Town of Warren" is hereby amended to read as follows:

Sec. 10. At any town meeting whether annual or special, all resolutions, involving a bond issue and/or promissory notes exceeding one hundred fifty thousand dollars ($150,000) shall be referred to an adjourned town meeting to be held as hereinafter provided. Any resolution as placed in the warrant under the provisions of section 6 hereof for the appropriation of a sum of money in excess of five per cent (5%) of the operating budget recommended by the town council, may be referred to an adjourned town meeting to be held as hereinafter provided, by vote of one-third (1/3) of the taxpayers present. Nothing in this section shall be deemed to limit or deny the right of any qualified elector present at such meeting to debate the merits of any referred resolution nor to prohibit the use of full parliamentary procedures with respect thereto, subject to the provisions of sections 7 and 9 hereby except that any motions tending to limit or deny debate shall be out of order until such time as all qualified electors present wishing to speak have been heard. Resolutions not laid on the table shall automatically be referred to the aforesaid adjourned town meeting.

SECTION 2. This act shall take effect upon passage.