§ 45-12-33. Borrowing for road and bridge, infrastructure, and school building projects.
(a)(1) In addition to other authority previously granted, during calendar year 2014 a city
or town may authorize the issuance of bonds, notes, or other evidences of indebtedness
to evidence loans from the municipal road and bridge revolving fund administered by
the Rhode Island infrastructure bank in accordance with chapter 18 of title 24. Beginning July 1, 2025, and thereafter, a city or town may authorize the issuance
of bonds, notes, or other evidences of indebtedness to evidence loans from the municipal
road and bridge revolving fund administered by the Rhode Island infrastructure bank
in accordance with chapter 18 of title 24 to provide a match to other state funding for an approved project from the municipal
road and bridge revolving fund.
(2) In addition to other authority previously granted, from July 1, 2015 to June 30, 2016,
a city or town may authorize the issuance of bonds, notes, or other evidences of indebtedness
to evidence loans from the efficient buildings fund administered by the Rhode Island
infrastructure bank in accordance with chapter 12.2 of title 46 or the school building authority capital fund administered by the Rhode Island health
and educational building corporation in accordance with chapter 38.2 of this title.
(b) These bonds, notes, or other evidences of indebtedness are subject to the maximum
aggregate indebtedness permitted to be issued by any city or town under §â€‚45-12-2.
(c) The denominations, maturities, interest rates, methods of sale, and other terms, conditions,
and details of any bonds or notes issued under the provisions of this section may
be fixed by resolution of the city or town council authorizing them, or if no provision
is made in the resolution, by the treasurer or other officer authorized to issue the
bonds, notes, or evidences of indebtedness; provided, that the payment of principal
shall be by sufficient annual payments that will extinguish the debt at maturity,
the first of these annual payments to be made not later than three (3) years, and
the last payment not later than twenty (20) years after the date of the bonds.
The bonds, notes, or other evidences of indebtedness may be issued under this section
by any political subdivision without obtaining the approval of its electors, notwithstanding
the provisions of §§â€‚45-12-19 and 45-12-20 and notwithstanding any provision of its charter to the contrary.