It is enacted by the General Assembly as follows:
SECTION 1. Chapter 9 of the Public Laws of 1994 is hereby amended to read as follows:
Section 1. The town of Westerly is hereby empowered, in addition to authority previously granted, to issue bonds to an amount not exceeding nineteen million dollars ($19,000,000.00) from time to time under its corporate name and seal or a facsimile of such seal. The bonds of each issue may be issued in the form of serial bonds or term bonds or a combination thereof and shall be payable either by maturity of principal in the case of serial bonds or by mandatory serial redemption in the case of term bonds, in annual installments of principal, the first installment not later than twenty years after the date of the bonds. For each issue the amounts payable in the several years for principal and interest combined shall be as nearly equal as it is practicable to make them in the opinion of the officers authorized to issue the bonds, or in the alternative in accordance with a schedule providing a more rapid amortization.
SECTION 2. The bonds shall be signed by the manual or facsimile signature of the town director of finance and by the manual or facsimile signature of the town manager and shall be issued and sold in such amounts as the town council may authorize. The manner of sale, denominations, maturities, interest rates and other terms, conditions and details of any bonds or notes issued under this act may be fixed by the proceedings of the town council authorizing the issue or by separate resolution of the town council or, to the extent provisions for these matters are not so made, they may be fixed by the officers authorized to sign the bonds or notes. Interest coupons (if any) shall bear the facsimile signature of the town director of finance. The proceeds derived form the sale of the bonds shall be delivered to the town director of finance, and such proceeds exclusive of premiums and accrued interest shall be expended (a) for financing the acquisition of certain land, the construction of school facilities {DEL thereon DEL} , {ADD additions to and ADD} the renovation and repair of present school facilities, the purchase of educational instructional equipment, school furnishings (b) in payment of the principal of or interest on temporary notes issued under section three (c) in repayment of advances under section four, or (d) for paying costs of issuing the bonds or notes. No purchaser of any bonds or notes under this act shall be in any way responsible for the proper application of the proceeds derived from the sales thereof. The project shall be carried out and all contracts made therefor on behalf of the town or as otherwise directed by the town council in a resolution. The proceeds of bonds or notes issued under this act, any applicable federal or state assistance and other moneys referred to in sections six and nine shall be deemed appropriated for the purposes of this act without further action than that required by this act.
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Section 4. * * *
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Section 6. * * *
Section 7. * * *
Section 8. * * *
Section 9. * * *
Section 10. * * *
Section 11. The question of the approval of this act shall be submitted to the electors of the town at an election to be held on a date, which may but need not be the same date as any other election, prior to December 31, 1994, as shall be designated by the town council. The question shall be submitted in substantially the following form: "Shall an act, passed at the 1994 session of the general assembly, entitled 'AN ACT AUTHORIZING THE TOWN OF WESTERLY TO FINANCE THE ACQUISITION OF CERTAIN LAND AND THE CONSTRUCTION OF A SCHOOL FACILITY {DEL THEREON DEL} , {ADD ADDITIONS TO ADD} AND THE RENOVATION AND REPAIR OF EXISTING SCHOOL FACILITIES, THE PURCHASE OF EDUCATIONAL INSTRUCTIONAL EQUIPMENT, SCHOOL FURNISHINGS AND TO ISSUE NOT MORE THAN $19,000,000.00 GENERAL OBLIGATION BONDS AND/OR NOTES THEREFOR' be approved?" and the warning for the election shall contain the question to be submitted. From the time the election is warned and until it is held, it shall be the duty of the town clerk to keep a copy of the act available at his/her office for public inspection, but the validity of the election shall not be affected by this requirement. To the extent of any inconsistency between this act and the town charter, this act shall prevail.
Section 12. * * *
SECTION 3. This act shall take effect upon passage.