It is enacted by the General Assembly as follows:

SECTION 1. Section 15, subsection 9 of Chapter 55 of the Public Laws, 1958 entitled "AN ACT AUTHORIZING THE TOWNS OF CHARLESTOWN, RICHMOND AND HOPKINTON TO JOIN A REGIONAL SCHOOL DISTRICT, AND PROVIDING FOR THE ISSUANCE OF BONDS, CONSTRUCTION AND OPERATION OF A REGIONAL SCHOOL DISTRICT ESTABLISHED BY THIS ACT" As Amended is hereby further amended to read as follows:

Section 15. (1) * * *

(9) The treasurer of each member town shall forward monthly to the regional school district the proportioned operating and construction cost for that fiscal year {DEL . DEL} {ADD ; provided that for the months July and August, 1995 the following paragraph shall apply:

The sums payable annually to the regional district by member town as a share of the regional district's operating costs for the fiscal year, determined pursuant to subsection (7) above, and its share of construction costs for the fiscal year, determined pursuant to subsection (8) above, shall be paid in installments as follows: five percent (5%) in each of the months of July and August and nine percent (9%) in each of the remaining ten (10) months of the fiscal year. Each member town shall cause its treasurer to deposit each such installment in cash or other immediately available funds to the regional district's account in a bank designated by the regional district treasurer which has a place of business in the state of Rhode Island on the third business day of the month between the hours of 9:00 a.m. and 2:00 p.m. In the event of late payment of any such installment, including payment on the due date later than 2:00 p.m., simple interest shall accrue daily and be payable on such past due sum from the date of default to the date of payment of such past due sum from the date of default to the date of payment of such sum at a per annum rate of one-fourth of one percent (1/4%) above the average seven (7) day compounded yield of taxable money market funds as published weekly by IBC/Donoghue's Money Fund Report, such interest being intended to compensate the regional district for loss of use of the funds that should have been paid to it rather than as a penalty. For the purpose of calculating such rate of interest, said average money market fund yield published by IBC/Donoghue's Money Fund Report on or during the six (6) days immediately preceding the date of default shall be applied, except that if such default continues until the date of the next weekly publication of such average money market fund yield by IBC/Donoghue's Money Fund Report the latter yield shall be applied commencing on such date, and the same procedure for calculating the rate of interest shall be followed thereafter on a weekly basis until the default ends. In the event that such IBC/Donoghues' Money Fund Report (including a successor to such report with a different name) shall cease to be published, the per annum rate of interest charged shall be one-half of one percent (1/2%) above the three (3) month U.S. treasury bill rate as published on the date of default or, if not published on that date, as published on the next preceding business day. However, if the default continues beyond seven (7) days, the three (3) month U.S. treasury bill rate in effect on the eighth (8th) day of default shall be applied commencing on such date in calculating the rate of interest, and the same procedure for calculating the interest rate shall e followed thereafter on a weekly basis until the default ends. ADD}

SECTION 2. This act shall take effect upon passage.

SECTION 3. {ADD Legislative intent. -- ADD} It is the intent of the legislature to provide for a change to assist the towns Charlestown, Richmond and Hopkinton by lessening the impact of the regional school district's assessment during the months of July and August, 1995, only. It is the intent that this legislation shall cease to applicable after the fiscal year which ends on June 30, 1996.