Introduced By: Representative M. Anderson
Date Introduced : March 23, 1999
It is enacted by the General Assembly as follows:
SECTION 1. Chapter 109 of the Public Laws of 1989 entitled, "An Act Providing for a Study of Constructing Combined Sewer Overflow Treatment Facilities in the City of Pawtucket and Authorizing the Financing Thereof, Including the Issue of Not More Than $700,000 Bonds Therefor" is hereby repealed.
{DEL SECTION 1. The City of Pawtucket is hereby authorized,
in addition to authority previously granted to issue bonds to
an amount not exceeding seven hundred thousand dollars ($700,000.)
from time to time under its corporate name and seal or a facsimile
of such seal. The first installment of principal shall be paid
not later than one (1) year and the last installment to be paid
not later than twenty (20) years after the date of the bonds. DEL}
{DEL SECTION 2. The bonds shall be signed by the city treasurer
and by the manual or facsimile signature of the mayor and shall
be issued and sold at not less than par and accrued interest in
such amounts as the city council may determine. The manner of
sale, denominations, maturities, interest rated 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 city treasurer. The proceeds derived from the sale of
the bonds shall be delivered to the city treasurer and such proceeds
exclusive of premiums and accrued interest shall be expended:
DEL}
{DEL (a) for a study of the need for and extent of a combined
sewer overflow project in the Blackstone River in the city of
Pawtucket; or DEL}
{DEL (b) in payment of the principal of or interest on temporary
notes issued under section three; or DEL}
{DEL (c) in repayment of advances under section four. DEL}
{DEL No purchaser of any bonds 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. DEL}
{DEL 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
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 may not exceed the
amount of available federal or state aid as estimated by the city
treasurer. Temporary notes issued hereunder shall be signed by
the city treasurer and by the mayor and shall be payable within
three (3) years from their respective dates, but the principal
of an 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 form 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 three (3) years. Section 5-106 of the
city charter shall not apply to the issue of notes in anticipation
of bonds. DEL}
{DEL SECTION 4. Pending any authorization or issue of bonds
hereunder or pending or in lieu of any authorization or issue
of notes hereunder, the city treasurer, with the approval of the
city council, may, to the extent that the bonds or notes may be
issued hereunder, apply funds in the general treasury of the city
to the purposes specified in section two, such advances to be
repaid without interest from the proceeds of bonds or notes subsequently
issued or from the proceeds of applicable federal or state assistance
or from other available funds. DEL}
{DEL SECTION 5. Any proceeds of bonds or notes issued hereunder
or of any applicable federal or state assistance, pending their
expenditure, may be deposited or invested by the city treasurer
in demand deposits, time deposits or savings deposits in banks
which are members of the Federal Deposit Insurance Corporation
or in obligations issued or guaranteed by the United States of
America or by any agency or instrumentality thereof or as may
be provided in any other applicable law of the state of Rhode
Island. DEL}
{DEL 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 premiums arising from the
sale of bonds or notes hereunder and any net earnings or profits
realized from the deposit or investment of funds hereunder shall,
in the discretion of the city treasurer, 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 project, to the payment of the principal of or interest
on bonds or notes issued hereunder 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 city
treasurer, be met from bond or note proceeds exclusive of premium
and accrued interest or from other monies available therefor.
Any earnings or net profit realized from the deposit or investment
of funds hereunder, shall upon receipt be added to the revenues
of the city from property taxes. In exercising any discretion
under this section, the city treasurer shall be governed by any
instructions adopted by resolution of the city council. Any balance
of bond or note proceeds remaining after completion of the project
shall be subject to section 5-109 of the city charter. DEL}
{DEL SECTION 7. All bonds and noted issued hereunder and the
debts evidenced hereby 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 noted 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
limitation as to rate or amount. DEL}
{DEL SECTION 8. Any bonds or notes issue 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.
DEL}
{DEL 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 any 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 a cost of the project under section two. DEL}
{DEL SECTION 10. Bonds and notes may be issued under this
act without obtaining approval of any governmental agency at 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 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 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. Without limiting the
generality of the foregoing, the validity of bonds and notes issued
hereunder shall in no way be affected by sections 2-308 and 4-1602
of the city charter, and the purposes of this act shall be deemed
to constitute a single project under Article V of the city charter.
DEL}
{DEL SECTION 11. The question of the approval of this act
shall be submitted to the electors of the city at the next general
election, but of a special city-wide election or special state
election in either case other than a primary is called for a date
earlier than the date of such general election, the mayor may
direct that the question of the approval of this act be submitted
at such special election. The question shall be submitted in
substantially the following form: "Shall an Act passes at
the 1989 Session of the General Assembly entitled 'AN ACT PROVIDING
FOR A STUDY OF CONSTRUCTING COMBINED SEWER OVERFLOW TREATMENT
FACILITIES IN THE CITY OF PAWTUCKET AND AUTHORIZING THE FINANCING
THEREOF, INCLUDING THE ISSUE OF NOT MORE THAN $700,000. BONDS
THEREFOR' 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 city clerk to keep a copy of the act available at his office
for public inspection, but the validity of the election shall
not be affected by this requirement or by the requirements of
sections 17-5-2 and 17-5-6 of the general laws. DEL}
{DEL 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. DEL}
SECTION 2. This act shall take effect upon passage.
