Rhode Island 2023 Regular Session

Rhode Island House Bill H6335 Compare Versions

Only one version of the bill is available at this time.

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5	5	2023 -- H 6335
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7	7	LC002877
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9	9	S T A T E O F R H O D E I S L A N D
10	10	IN GENERAL ASSEMBLY
11	11	JANUARY SESSION, A.D. 2023
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13	13
14	14	A N A C T
15	15	IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44
16	16	APPROVING THE ISSUANCE OF $1,000,000 BONDS BY THE TOWN OF SCITUATE TO
17	17	FINANCE A WATER PROJECT AT THE SCITUATE HIGH SCHOOL/MIDDLE SCHOOL
18	18	INCLUDING, BUT NOT LIMITED TO, BONDS AND NOTES ISSUED PURSUANT TO
19	19	FINANCING AGREEMENTS WITH THE RHODE ISLAND INFRASTRUCTURE BANK
20	20	Introduced By: Representative Robert J. Quattrocchi
21	21	Date Introduced: April 26, 2023
22	22	Referred To: House Finance
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25	25	It is enacted by the General Assembly as follows:
26	26	SECTION 1. As previously authorized by the electors of the town at the financial town 1
27	27	meeting held on April 4, 2023 and by the town council by resolution adopted March 9, 2023 and § 2
28	28	45-12-2, the town of Scituate is hereby empowered, in addition to authority previously granted, to 3
29	29	issue its general obligation bonds and notes to an amount not exceeding one million dollars 4
30	30	($1,000,000) at one time or from time to time under its corporate name and seal or a facsimile of 5
31	31	such seal to finance a water project at the Scituate high school/middle school, including making all 6
32	32	necessary contracts and agreements to issue said bonds and/or notes through the Rhode Island 7
33	33	infrastructure bank, but nothing herein shall require that the town issue such bonds and/or notes 8
34	34	through the Rhode Island infrastructure bank. 9
35	35	SECTION 2. In accordance with § 16-7-44, the principal on such bonds shall be eligible 10
36	36	for state housing aid reimbursement. 11
37	37	SECTION 3. This act shall constitute an enabling act of the general assembly that is 12
38	38	required pursuant to § 16-7-44 and shall take effect upon passage. Any bonds, notes or other 13
39	39	evidences of indebtedness issued under this act for school projects shall not be eligible for state aid 14
40	40	reimbursement pursuant to § 16-7-44 unless the school projects described herein shall have been 15
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43	43	LC002877 - Page 2 of 3
44	44	approved by the Rhode Island department of education. 1
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46	46	LC002877
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50	50	LC002877 - Page 3 of 3
51	51	EXPLANATION
52	52	OF
53	53	A N A C T
54	54	IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44
55	55	APPROVING THE ISSUANCE OF $1,000,000 BONDS BY THE TOWN OF SCITUATE TO
56	56	FINANCE A WATER PROJECT AT THE SCITUATE HIGH SCHOOL/MIDDLE SCHOOL
57	57	INCLUDING, BUT NOT LIMITED TO, BONDS AND NOTES ISSUED PURSUANT TO
58	58	FINANCING AGREEMENTS WITH THE RHODE ISLAND INFRASTRUCTURE BAN K
59	59	***
60	60	This act would constitute an enabling act of the general assembly that is required pursuant 1
61	61	to § 16-7-44. Any bonds, notes or other evidences of indebtedness issued under this act for school 2
62	62	projects shall not be eligible for state aid reimbursement pursuant to § 16-7-44 unless the school 3
63	63	projects financed hereunder have been approved by the Rhode Island department of education 4
64	64	("RIDE"). The bonds will be eligible only for principal reimbursement as it is not anticipated that 5
65	65	the bonds will be issued through the Rhode Island health and building corporation as is required 6
66	66	under § 16-7-44 for reimbursement of interest. 7
67	67	This act would take effect upon the passage. This financing has been approved by 8
68	68	the electors of the town at the financial town meeting held on April 4, 2023 and by the 9
69	69	town council by resolution adopted March 9, 2023. 10
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71	71	LC002877
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