It is enacted by the General Assembly as follows:
SECTION 1. Section 46-25-51 of the General Laws in Chapter 46-25 entitled "Narragansett Bay Water Quality Management District Commission" is hereby amended to read as follows:
46-25-51. Commission notes. -- (a) Money borrowed by the
commission pursuant to section 46-25-50, shall be evidenced by notes.
The principal and interest of all notes of the commission issued in
anticipation of the receipts of state or federal funds shall be payable
no later than the fourth anniversary of the date of issue thereof, and
shall be payable from state or federal funds which the commission
reasonably anticipates receiving or any other funds either legally
available to the commission or appropriated for that purpose. The
principal and interest of all notes of the commission, issued in
anticipation of user fees, shall be payable within the fiscal {ADD one
(1) ADD} year of the commission in which the notes are issued, {ADD the
date of issue thereof and may be renewed, ADD} and the principal amount of
the notes shall not exceed in the aggregate eighty percent (80%) of the
actual receipts received by the commission from user fees in its next
prior fiscal year ; provided, however, that in the event the
commission borrows in anticipation of the receipt of user fees in the
first year of its operation, the notes shall not exceed eighty percent
(80%) of the anticipated receipts (as estimated by the executive
director) to be received by the commission from user fees during the
first year of its operation .
(b) Notwithstanding any other provisions of this chapter, all notes shall be deemed to be negotiable instruments under the laws of the state of Rhode Island, subject only to the provisions for registration contained therein.
(c) The notes or any issue thereof shall be in a form and contain such other provisions as the commission may determine, and the notes or resolutions or proceedings authorizing the notes or any issue thereof may contain, in addition to any provisions, conditions, covenants, or limitations authorized by this chapter, any provisions, conditions, covenants, or limitations which the commission is authorized to include in any resolution or resolutions authorizing notes.
(d) The commission may issue such notes in such manner, either publicly or privately, on such terms as it may determine to be in its best interest. The notes may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, body, or agency of the state, without any other proceedings or the happening of any conditions, or things other than those proceedings, conditions or things which are specifically required by this chapter, and by the provisions and resolutions authorizing the issuance of the notes.
SECTION 2. This act shall take effect upon passage.
