It is enacted by the General Assembly as follows:
SECTION 1. Section 7 of Chapter 974 of the Public Laws of 1940, as amended, is hereby amended to read as follows:
Sec. 7. The qualified voters of the district, at any of the meetings of the district shall have power to order such taxes and provide for assessing and collecting the same on the taxable inhabitants and property of said districts, as they shall deem necessary for the purpose of obtaining and maintaining a supply of water and distributing the same throughout the town of Tiverton for the extinguishing of fire, power, domestic and other uses; and for establishing and maintaining and constructing water works, driving wells, and operating the same and purchasing and leasing real estate and other property and property rights necessary for a water supply and laying and maintaining pipes, conduits, aqueducts and other structures connected therewith and purchasing implements, machinery and other appliances; and for the payment of the current expenses of the district; the payment of such officers, employees and other agents as they are authorized to elect, appoint or otherwise choose under this act; also for the payment of any indebtedness that has been or may be incurred by the district; and such taxes so ordered shall be assessed by the assessors of the district on the taxable inhabitants and the property therein according to the last valuation made by the assessors of the town next previous to said assessment, adding however any taxable property which may have been omitted by said town assessors or afterwards acquired, and in all cases where the town assessors have included property without the district in one valuation, the assessors of the district shall make an equitable valuation of that portion of said property lying within the district; and in the assessing and collecting of said taxes such proceedings shall be had by the officers of the district as near as may be, as are required to be had by the corresponding officers of towns in assessing and collecting town taxes; and the collector of taxes for the said district shall, for the purpose of collecting taxes assessed by said district, have the same powers and authority as are now by law conferred on collectors of taxes for towns in this state. Said district may provide for such deduction from the tax assessed against any person if paid by an appointed time, or for such penalty by way or percentage on the tax if not paid at the appointed time, not exceeding twelve percent per annum as they shall deem necessary to insure punctual payment; provided, however, that the tax assessed and payable in any one year under the provisions of this section shall not exceed five mills on each dollar of said valuation. No such tax shall be assessed unless the proposition to impose the same shall have been approved by a majority of the electors voting thereon {DEL . DEL} {ADD ; provided further, however, that Stone Bridge Fire District is hereby empowered, in addition to the authority previously granted, to borrow in each financial year in anticipation of the receipt of the proceeds of the annual tax due or to become due in that financial year upon the taxable property of said district and in anticipation of the receipt of any water tax and water user charge revenue as estimated by the district treasurer, an amount which, together with any money borrowed in anticipation of such taxes and revenues in any prior year which may remain unpaid, shall not exceed in the aggregate one hundred thousand dollars outstanding at any one time. Notes issued under this act shall be made payable not later than one year from their dates but the principal of and interest on notes issued for a shorter period may be renewed or paid by the issue of new notes payable not later than one year from the date of the original notes so renewed or unpaid. Notes issued hereunder shall be signed by the district treasurer and the moderator. All notes issued under this act and the debts evidenced thereby shall be obligatory on the district in the same manner and to the same extent as other debts lawfully contracted by it. The district shall annually appropriate a sum sufficient to pay the notes issued hereunder and if such sum is not appropriated, it shall nevertheless be added to the annual tax levy and shall not be subject to the five mills limitation set forth in this section.
Notwithstanding the foregoing provisions of this section, no notes shall be issued in excess of amounts approved from time to time by vote of a majority of the electors present and voting on the question at an annual or special district meeting. ADD}
SECTION 2. This act shall take effect upon passage.