Rhode Island § 45-12-4.3 § 45-12-4.3. Borrowing in anticipation of water and sewer tax and user charge revenue.

Rhode Island Statutes

§ 45-12-4.3 — § 45-12-4.3. Borrowing in anticipation of water and sewer tax and user charge revenue.

Rhode Island § 45-12-4.3

Title 45Towns and cities

Ch. 45-12Indebtedness of Towns and Cities

This text of Rhode Island § 45-12-4.3 (§ 45-12-4.3. Borrowing in anticipation of water and sewer tax and user charge revenue.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 45-12-4.3 (2026).

Text

§ 45-12-4.3. Borrowing in anticipation of water and sewer tax and user charge revenue.
Any city or town, by resolution of its city or town council, may authorize the issuance
            of notes in any fiscal year in anticipation of the receipt of water and sewer tax
            and user charge revenues, in a principal amount which, together with any money borrowed
            in anticipation of these revenues in any prior fiscal year that remains unpaid, shall
            not exceed in the aggregate eighty percent (80%) of the total amount of those revenues
            due or expected to be received during the fiscal year, as estimated by the director
            of finance or treasurer. Notes issued under this sectio

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§ 45-12-4.3. Borrowing in anticipation of water and sewer tax and user charge revenue.

Any city or town, by resolution of its city or town council, may authorize the issuance of notes in any fiscal year in anticipation of the receipt of water and sewer tax and user charge revenues, in a principal amount which, together with any money borrowed in anticipation of these revenues in any prior fiscal year that remains unpaid, shall not exceed in the aggregate eighty percent (80%) of the total amount of those revenues due or expected to be received during the fiscal year, as estimated by the director of finance or treasurer. Notes issued under this section are payable within one year from their dates and may be refunded; provided, that the period from the date of an original note to the maturity of any note issued to refund the same debt does exceed one year.