It is enacted by the General Assembly as follows:

SECTION 1. The city of Central Falls is hereby empowered, in addition to authority previously granted, to issue bonds to an amount not exceeding twelve million dollars ($12,000,000) from time to time under its corporate name and seal. The bonds of each issue may be issued in the form of serial 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 to be not later than three (3) years and the last installment not later than thirty (30) years after the date of the bonds.

SECTION 2. The bonds shall be signed by the manual or facsimile signature of the director of finance and countersigned with the manual or facsimile signature of the mayor and shall be issued and sold in such amounts as the city council may determine. 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 city council authorizing the issue or by separate resolution of the city 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 director of finance. The proceeds derived from the sale of the bonds shall be delivered to the director of finance, and such proceeds exclusive of premiums and accrued interest shall be expended (a) for the construction, equipping, repairing and renovation of school buildings in the city of Central Falls or (b) in payment of the principal of or interest on temporary notes issued under section three or (c) in repayment of advances under section four. 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 sale thereof. The proceeds of bonds or notes issued under this act, any applicable federal or state assistance and the other moneys referred to in section six shall be deemed appropriated for the purposes of this act without further action than that required by this act. In addition to such funds, there may be expended for the purposes of this act such other sums as may be appropriated therefor. The bond issue authorized by this act may be consolidated for the purposes of issuance and sale with any other bond issue of the city heretofore or hereafter authorized, provided that, notwithstanding any such consolidation, the proceeds from the sale of the bonds authorized by this act shall be expended for the purposes set forth above.

SECTION 3. The city council may by resolution authorize the issue from time to time of interest bearing or discounted notes in anticipation of the issue of bonds under section two of this act or in anticipation of the receipt of federal or state aid for the purposes of this act. The amount of original notes issued in anticipation of bonds may not exceed the amount of bonds which may be issued under this act and the amount of original notes issued in anticipation of federal or state aid may not exceed the amount of available federal or state aid as estimated by the director of finance. Temporary notes issued hereunder shall be signed by the director of finance and countersigned by the mayor and shall be payable within five (5) years from their respective dates, but the principal of and interest on notes issued for a shorter period may be renewed or paid from time to time by the issue of other notes hereunder, provided the period from the date of an original note to the maturity of any note issued to renew or pay the same debt or the interest thereon shall not exceed five (5) years.

SECTION 4. Pending any authorization or issue of bonds hereunder or pending or in lieu of any authorization or issue of notes hereunder, the director of finance, with the approval of the city council, may, to the extent that bonds or notes may be issued hereunder, apply funds in the general treasury of the city of the purposes specified in section two, such advances to be repaid without interest from the proceeds of bonds or notes subsequently issued or from applicable federal or state assistance or from other available funds.

SECTION 5. Any proceeds of bonds or notes issued hereunder

SECTION 6. Any accrued interest received upon the sale of bonds or notes hereunder shall be applied to the payment of the first interest due thereon. Any net earnings or profits realized from the deposit or investment of funds hereunder shall,in the discretion of the director of finance, be applied to the cost of preparing, issuing and marketing bonds or notes hereunder to the extent not otherwise provided, to the payment of the cost of the projects, or the cost of additional improvements coming within the description of the project in section two of this act, to the payment of the principal of or interest on bonds or notes issued hereunder, to the extent permitted by applicable federal laws added to and dealt with as part of the revenues of the city from property taxes, or to any one (1) or more of the foregoing. The cost of preparing, issuing and marketing bonds or notes hereunder may also, in the discretion of the director of finance, be met from bond or note proceeds including premiums but exclusive of accrued interest or from other moneys available therefor. Any balance of bond or note proceeds remaining after the payment of the costs of the projects and the cost of additional improvements coming within the description of the projects in section two of this act and the cost of preparing, issuing and marketing bonds or notes hereunder shall be applied to the payment of the principal of or interest on bonds or notes issued hereunder. In exercising any discretion under this section, the director of finance shall be governed by any instructions adopted by resolution of the city council.

SECTION 7. All bonds and notes issued under this act and the debts evidenced thereby shall be obligatory on the city in the same manner and to the same extent as other debts lawfully contracted by it and shall be excepted from the operation of section 45-12-2 of the general laws. No such obligation shall at any time be included in the debt of the city for the purpose of ascertaining its borrowing capacity. The city shall annually appropriate a sum sufficient to pay the principal and interest coming due within the year on bonds and notes issued hereunder to the extent that moneys therefor are not otherwise provided. If such sum is not appropriated, it shall nevertheless be added to the annual tax levy. In order to provide such sum in each year and notwithstanding any provision of law to the contrary, all taxable property in the city shall be subject to ad valorem taxation by the city without limitations as to rate or amount.

SECTION 8. Any bonds or notes issued under the provisions of this act, and coupons on any bonds, if properly executed by officers of the city in office on the date of execution, shall be valid and binding according to their terms notwithstanding that before the delivery thereof and payment therefor any or all of such officers shall for any reason have ceased to hold office.

SECTION 9. The city, acting by resolution of its city council is authorized to apply for, contract for and expend any federal or state advances or other grants or assistance which may be available for the purposes of this act, and any such expenditures may be in addition to other moneys provided in this act. To the extent of any inconsistency between this act or any other law of this state and any applicable federal law or regulation, the latter shall prevail. Federal and state advances, with interest where applicable, whether contracted for prior to or after the effective date of this act, may be repaid as project costs under section two.

SECTION 10. Bonds and notes may be issued under this act without obtaining the approval of any governmental agency or the taking of any proceedings or the happening of any conditions except as specifically required by this act for such issue. In carrying out any project financed in whole or in part under this act, including without limitation where applicable the condemnation of any land or interest in land, and in the levy and collection of assessments or other charges permitted by law on account of any such project, all action shall be taken which is necessary to meet constitutional requirements whether or not such action is otherwise required by statute; but the validity of bonds and notes issued hereunder shall in no way, depend upon the validity or occurrence of such action.

SECTION 11. The question of the approval of this act shall be submitted to the electors of the town at the general state election to be held on November 5, 1996. The question shall be submitted in substantially the following form: "Shall an act, passed at the 1996 session of the general assembly, entitled 'AN ACT PROVIDING FOR THE CONSTRUCTION, EQUIPPING, REPAIRING AND RENOVATION OF SCHOOL BUILDINGS IN THE CITY OF CENTRAL FALLS, AND AUTHORIZING THE FINANCING THEREOF BY THE CITY OF CENTRAL FALLS, INCLUDING THE ISSUE OF NOT MORE THAN $12,000,000 IN BONDS AND NOTES THEREFOR' be approved?" The warrant for the election shall contain the question to be submitted. The question to be submitted may be submitted to the electors with, and/or placed on the same ballot with, any other bond or referenda questions which is being submitted to the electors of the city for approval. From the time the election is warned and until it is held, it shall be the duty of the city clerk to keep a copy of the act available at his or her office for public inspection, but the validity of the election shall not be affected by this requirement. The polling place or places shall be designated by the local board (as defined in section 17-1-2 of the general laws) and the local board shall forthwith after the election notify the secretary of state of the result of the vote upon the question submitted. To the extent of any inconsistency between this act and the city charter, this act shall prevail.

SECTION 12. This section and the foregoing section shall take effect upon the passage of this act. The remainder of this act shall take effect upon the approval of this act by a majority of those voting on the question at the election prescribed by the foregoing section.