Rhode Island 2023 Regular Session

Rhode Island House Bill H6386 Compare Versions

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

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5	5	2023 -- H 6386
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7	7	LC002986
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9	9	S TATE OF RHODE IS LAND
10	10	IN GENERAL ASSEMBLY
11	11	JANUARY SESSION, A.D. 2023
12	12	____________
13	13
14	14	A N A C T
15	15	AUTHORIZING THE STONE BRIDGE FIRE DISTRICT TO ISSUE GENERAL
16	16	OBLIGATION BONDS AND /OR NOTES IN AN AMOUNT NOT TO EXCEED ONE
17	17	MILLION TWO HUNDRED FIFTY THOUSAND DOLLA RS ($1,250,000) TO FINANCE
18	18	CAPITAL IMPROVEMENTS TO ITS WATER SYSTEM
19	19	Introduced By: Representatives Edwards, Kennedy, and Diaz
20	20	Date Introduced: May 10, 2023
21	21	Referred To: House Municipal Government & Housing
22	22
23	23
24	24	It is enacted by the General Assembly as follows:
25	25	SECTION 1. The Stone Bridge Fire District is hereby empowered, in addition to authority 1
26	26	previously granted, to issue bonds to an amount not exceeding one million two hundred fifty 2
27	27	thousand dollars ($1,250,000) from time to time under its corporate name and seal or a facsimile 3
28	28	of such seal. The bonds of each issue shall mature in annual installments of principal, the first 4
29	29	installment to be not later than five (5) years and the last installment not later than forty (40) years 5
30	30	after the date of the bonds. 6
31	31	SECTION 2. The bonds shall be signed by the district treasurer and by the manual or 7
32	32	facsimile signature of the moderator and shall be issued and sold from time to time upon such terms 8
33	33	and in such amounts as the administrative board may authorize. The manner of sale, denominations, 9
34	34	maturities, annual installments of principal, interest rates and other terms, conditions and details of 10
35	35	any bonds or notes issued under this act may be fixed by the proceedings of the administrative 11
36	36	board authorizing the issue or by separate resolution of the administrative board or, to the extent 12
37	37	provisions for these matters are not so made, they may be fixed by the officers authorized to sign 13
38	38	the bonds or notes. The provisions of this act shall govern to the extent of any inconsistency 14
39	39	between this act and any law or charter provision to the contrary. The proceeds derived from the 15
40	40	sale of the bonds shall be delivered to the district treasurer, and such proceeds shall be expended: 16
41	41	(1) For making capital improvements to the water system; or (2) For payment of principal of or 17
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45	45	interest on temporary notes issued under section 3; or (3) For payment of costs of issuance; or (4) 1
46	46	In repayment of advances under section 4. No purchaser of any bonds or notes under this act shall 2
47	47	be in any way responsible for the proper application of the proceeds derived from the sale thereof. 3
48	48	The proceeds of bonds or notes issued under this act and any applicable federal or state assistance 4
49	49	and the other monies referred to in section 6 shall be deemed appropriated for the purposes of this 5
50	50	act without further action than that required by this act. 6
51	51	SECTION 3. The administrative board may by resolution authorize the issue from time to 7
52	52	time of interest bearing or discounted notes in anticipation of the issue of bonds under section 2 or 8
53	53	in anticipation of the receipt of federal or state aid for the purposes of this act. The amount of 9
54	54	original notes issued in anticipation of bonds may not exceed the amount of bonds which may be 10
55	55	issued under this act and the amount of original notes issued in anticipation of federal or state aid 11
56	56	may not exceed the amount of available federal or state aid as estimated by the district treasurer. 12
57	57	Temporary notes issued hereunder shall be signed by the district treasurer and by the moderator 13
58	58	and shall be payable within five (5) years from their respective dates, but the principal of and 14
59	59	interest on notes issued for a shorter period may be renewed or paid from time to time by the issue 15
60	60	of other notes hereunder; provided the period from the date of an original note to the maturity of 16
61	61	any note issued to renew or pay the same debt or the interest thereon shall not exceed five (5) years. 17
62	62	SECTION 4. Pending any authorization or issue of bonds hereunder or pending or in lieu 18
63	63	of any authorization or issue of notes hereunder, the district treasurer, with the approval of the 19
64	64	administrative board, may, to the extent that bonds or notes may be issued hereunder, apply funds 20
65	65	in the treasury of the district to the purposes specified in section 2, such advances to be repaid 21
66	66	without interest from the proceeds of bonds or notes subsequently issued or from the proceeds of 22
67	67	applicable federal or state assistance or from other available funds. 23
68	68	SECTION 5. Any proceeds of bonds or notes issued hereunder or of any applicable federal 24
69	69	or state assistance, pending their expenditure, may be deposited or invested by the district treasurer 25
70	70	in demand deposits, time deposits or savings deposits in banks which are members of the Federal 26
71	71	Deposit Insurance Corporation or in obligations issued or guaranteed by the United States of 27
72	72	America or by any agency or instrumentality thereof or as may be provided in any other applicable 28
73	73	law of the State of Rhode Island. 29
74	74	SECTION 6. Any accrued interest received upon the sale of bonds or notes hereunder shall 30
75	75	be applied to the payment of the first interest due thereon. Any premiums arising from the sale of 31
76	76	bonds or notes hereunder shall, in the discretion of the district treasurer, be applied to the cost of 32
77	77	preparing, issuing, and marketing bonds or notes hereunder to the extent not otherwise provided, 33
78	78	to the payment of the cost of the project, to the payment of the principal of or interest on bonds or 34
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82	82	notes issued hereunder or to any one or more of the foregoing. The cost of preparing, issuing, and 1
83	83	marketing bonds or notes hereunder may also, in the discretion of the district treasurer, be met from 2
84	84	bond or note proceeds or from other monies available therefor. Any balance of bonds or note 3
85	85	proceeds remaining after payment of the cost of the project and the cost of preparing, issuing, and 4
86	86	marketing bonds or notes hereunder, shall be applied to the payment of the principal of or interest 5
87	87	on bonds or notes issued hereunder. Any earnings or net profit realized from the deposit or 6
88	88	investment of funds hereunder shall, upon receipt, be added to and dealt with as part of the revenues 7
89	89	of the district from property taxes or, in the discretion of the district treasurer, shall upon receipt be 8
90	90	added to and dealt with as part of the revenues of the district from water rates. In exercising any 9
91	91	discretion under this section, the district treasurer shall be governed by any instructions adopted by 10
92	92	resolution of the administrative board. 11
93	93	SECTION 7. All bonds and notes issued under this act and the debts evidenced thereby 12
94	94	shall be obligatory on the district in the same manner and to the same extent as other debts lawfully 13
95	95	contracted by it and shall be excepted from the operation of Chapter 974 of the Public Laws of 14
96	96	1940 to the extent of any inconsistency therein. The district shall annually appropriate a sum 15
97	97	sufficient to pay the principal and interest coming due within the year on bonds and notes issued 16
98	98	hereunder to the extent that monies therefor are not otherwise provided. If such a sum is not 17
99	99	appropriated, it shall nevertheless be added to the annual tax levy and shall not be subject to the 18
100	100	five mills limitation set forth in section 7 of Chapter 974 of the Public Laws of 1940. In order to 19
101	101	provide such a sum each year and notwithstanding any provision of law to the contrary, all taxable 20
102	102	property in the district shall be subject to ad valorem taxation by the district without limitation as 21
103	103	to rate or amount. 22
104	104	SECTION 8. Any bonds or notes issued under the provisions of this act, if properly 23
105	105	executed by officers of the district in office on the date of execution, shall be valid and binding 24
106	106	according to their terms notwithstanding that before the delivery thereof and payment therefor any 25
107	107	or all of such officers shall for any reason have ceased to hold office. 26
108	108	SECTION 9. The district, acting by resolution of its administrative board, is authorized to 27
109	109	apply for, contract for and expend any federal or state advances or other grants or assistance which 28
110	110	may be available for the purposes of this act, and any such expenditures may be in addition to other 29
111	111	monies provided in this act. To the extent of any inconsistency between any law of this state and 30
112	112	any applicable federal law or regulation, the latter shall prevail. Federal and state advances, with 31
113	113	interest where applicable, whether contracted for prior to or after the effective date of this act, may 32
114	114	be repaid as project costs under section 2. 33
115	115	SECTION 10. Bonds and notes may be issued under this act without obtaining the approval 34
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119	119	of any governmental agency or the taking of any proceedings or the happening of any conditions 1
120	120	except as specifically required by this act for such issue. In carrying out any project financed in 2
121	121	whole or in part under this act, including where applicable the condemnation of any land or interest 3
122	122	in land, and in the levy and collection of assessments or other charges permitted by law on account 4
123	123	of any such project, all action shall be taken which is necessary to meet constitutional requirements 5
124	124	whether or not such action is otherwise required by statute; but the validity of bonds and notes 6
125	125	issued hereunder shall in no way depend upon the validity or occurrence of such action. 7
126	126	SECTION 11. Notwithstanding the foregoing provisions of this act, no bonds shall be 8
127	127	issued in excess of amounts approved from time to time by vote of a majority of the electors present 9
128	128	and voting on the question at an annual or special district meeting. The vote to authorize up to one 10
129	129	million two hundred fifty thousand dollars ($1,250,000) bonds or notes taken at the 2022 Annual 11
130	130	Meeting on July 12, 2022 is hereby ratified. A vote not to approve an amount of bonds hereunder 12
131	131	shall not preclude any later vote to approve the same or a different amount. 13
132	132	SECTION 12. This act shall take effect upon passage. 14
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139	139	EXPLANATION
140	140	OF
141	141	A N A C T
142	142	AUTHORIZING THE STONE BRIDGE FIRE DISTRICT TO ISSUE GENERAL
143	143	OBLIGATION BONDS AND /OR NOTES IN AN AMOUNT NOT TO EXCEED ONE
144	144	MILLION TWO HUNDRED FIFTY THOUSAND DOLLA RS ($1,250,000) TO FINANCE
145	145	CAPITAL IMPROVEMENTS TO ITS WATER SYSTEM
146	146	***
147	147	This act authorizes the Stone Bridge Fire District in the town of Tiverton to issue bonds to 1
148	148	an amount not exceeding one million two hundred fifty thousand dollars ($1,250,000) for the 2
149	149	purpose of improving its water distribution system. 3
150	150	This act would take effect upon passage. 4
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152	152	LC002986
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