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