It is enacted by the General Assembly as follows:

SECTION 1. Section 1 of Chapter 105 of the public laws of 1993 entitled "An Act Authorizing the Town of Narragansett to Finance the Installation, Expansion, Construction and Improvement of (1) Sewers and Storm Drains Primarily Located on a Portion of Assessor's Plat L and Serviced or to be Serviced by the Scarborough Plant and (2) Pumping Stations and Sewage Treatment and Disposal Facilities to Service Such Sewers and Storm Drains and Issue Not More Than $2,100,000 Bonds and Notes Therefor" is hereby amended to read as follows:

Section 1. The Town of Narragansett is hereby empowered, in addition to authority previously granted, to issue bonds to an amount not exceeding two million one hundred thousand dollars ($2,100,000) {ADD two million six hundred thousand dollars ($2,600,000) ADD} 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 to be not later than five years and the last installment not later then thirty years after the date of the bonds. For each issue the amounts payable annually for principal and interest combined either shall be as nearly equal from year to year as is practicable in the opinion of the officer authorized to issue the bonds, or shall be arranged in accordance with a schedule providing for a more rapid amortization of principal.

SECTION 2. 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, but if a special townwide or state election, other than a primary, is called for on an earlier date which occurs at least thirty (30) days after the passage of this act, the question of the approval of this act shall be submitted at the first such special election. 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 Amending Chapter 105 of the Public Laws of 1993 and Authorizing an Increase in the Amount of Authorized Bonds and Notes from $2,100,000 to $2,600,000 to finance the Installation, Expansion, Construction and Improvement of (1) Sewers and Storm Drains Primarily Located on a Portion of Assessor's Plat L and Serviced or to be Serviced by the Scarborough Plant and (2) Pumping Stations and Sewage Treatment and Disposal Facilities to Service Such Sewers and Storm Drains' 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 her office for public inspection, but the validity of the election shall not be affected by this requirement.

SECTION 3. This section and section 2 shall take effect upon the passage of this act. Section 1 shall take effect upon the approval of this act by a majority of those voting on the question at the election.