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| 4 | 4 | | |
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| 5 | 5 | | 2025 -- H 5703 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC001706 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S T A T E O F R H O D E I S L A N D |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2025 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO THE KINGSTON WATER DISTRICT -- BONDS |
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| 16 | 16 | | Introduced By: Representatives Fogarty, McEntee, Tanzi, Shallcross Smith, Carson, |
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| 17 | 17 | | Donovan, Spears, Cotter, Caldwell, and Cortvriend |
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| 18 | 18 | | Date Introduced: February 26, 2025 |
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| 19 | 19 | | Referred To: House Municipal Government & Housing |
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| 20 | 20 | | |
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| 21 | 21 | | |
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| 22 | 22 | | It is enacted by the General Assembly as follows: |
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| 23 | 23 | | SECTION 1. Section 9 of Chapter 105 of the 1990 Public Laws entitled "An Act to 1 |
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| 24 | 24 | | Incorporate the Kingston Water District," as amended by Chapter 38 of the 2008 Public Laws and 2 |
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| 25 | 25 | | Chapter 34 of the 2011 Public Laws entitled "An Act Relating to the Kingston Water District – 3 |
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| 26 | 26 | | Bonds," is hereby further amended to read as follows: 4 |
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| 27 | 27 | | Section 9. For the purpose of raising money to carry the provisions of this act into effect, 5 |
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| 28 | 28 | | said district is hereby authorized and empowered from time to time to borrow not exceeding the 6 |
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| 29 | 29 | | sum of four million dollars ($4,000,000) fifteen million dollars ($15,000,000) and to issue its notes 7 |
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| 30 | 30 | | and/or bonds therefor, and to renew any such notes and/or bonds from time to time as the same 8 |
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| 31 | 31 | | become due. All moneys raised by the authority hereof shall be exclusively used and expended for 9 |
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| 32 | 32 | | said purpose. The said district at any regular annual meeting or at any special meeting, the notice 10 |
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| 33 | 33 | | for which contained notice of intention to act upon the issuance of bonds, shall cause any bonds 11 |
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| 34 | 34 | | issued by authority hereof to be issued for such time, on such terms and in such amounts, not to 12 |
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| 35 | 35 | | exceed said sum of four million dollars ($4,000,000) fifteen million dollars ($15,000,000), as shall 13 |
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| 36 | 36 | | be fixed by vote of its qualified electors; and after any issue of any such bonds, said district shall 14 |
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| 37 | 37 | | annually appropriate, so long as such bonds are outstanding, a sum to pay interest and principal or 15 |
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| 38 | 38 | | sinking fund installments thereon. 16 |
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| 39 | 39 | | |
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| 40 | 40 | | |
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| 41 | 41 | | LC001706 - Page 2 of 3 |
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| 42 | 42 | | SECTION 2. This act shall take effect upon passage. 1 |
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| 43 | 43 | | ======== |
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| 44 | 44 | | LC001706 |
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| 45 | 45 | | ======== |
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| 46 | 46 | | |
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| 47 | 47 | | |
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| 48 | 48 | | LC001706 - Page 3 of 3 |
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| 49 | 49 | | EXPLANATION |
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| 50 | 50 | | BY THE LEGISLATIVE COUNCIL |
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| 51 | 51 | | OF |
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| 52 | 52 | | A N A C T |
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| 53 | 53 | | RELATING TO THE KINGSTON WATER DISTRICT -- BONDS |
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| 54 | 54 | | *** |
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| 55 | 55 | | This act would increase the maximum amount of the Kingston water district bonding 1 |
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| 56 | 56 | | authority from four million dollars ($4,000,000) to fifteen million dollars ($15,000,000). 2 |
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| 57 | 57 | | This act would take effect upon passage. 3 |
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| 58 | 58 | | ======== |
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| 59 | 59 | | LC001706 |
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| 60 | 60 | | ======== |
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