ARTICLE 12. - DATE AND TIME OF FINANCIAL TOWN MEETING, FISCAL YEAR TRANSITION FINANCING
Part of the Code of Ordinances of West Warwick, RI.
The text
Sec. 1. - Meeting date and time; fiscal year established.#
The qualified elections [electors] of the Town of West Warwick shall annually on the second Tuesday of May at seven o'clock in the evening assemble in town meeting at a place in said town designated by the town council, for the purpose of hearing official reports, ordering a tax or taxes, making appropriations, transacting any other business appertaining to the financial affairs of the town and such other business or matters as may lawfully be considered or acted upon by said meeting. The fiscal year of the Town of West Warwick shall include the twelve (12) calendar months from July to June, both inclusive; provided that the fiscal year beginning March 1, 1987 shall comprise the period March 1, 1987 and ending June 30, 1987.
(Laws 1952, ch. 2892, § 1; Laws 1986, ch. 260, § 1(1))
Sec. 2. - Bonds—Authority to issue; terms.#
The Town of West Warwick is hereby empowered, in addition to authority previously granted, to issue bonds to an amount not exceeding five million five hundred thousand dollars ($5,500,000.00) from time to time under its corporate name and seal. The bonds of each issue may be issued in the form of serial bonds or term bonds or a combination thereof and shall be payable either by maturity of principal in the case of serial bonds or by mandatory serial redemption in the case of term bonds, in annual installments of principal, the first installment to be not later than five (5) years and the last installment not later than twenty (20) years after the date of the bonds. For each issue the amounts payable annually for principal and interest combined either shall be (a) as nearly equal from year to year as is practicable in the opinion of the officers authorized to issue the bonds, or (b) shall be arranged in accordance with a schedule providing for a more rapid amortization of principal, or (c) shall be arranged in annual installments of principal each of which does not exceed any prior installment by more than fifteen (15) per cent of the total principal amount of the issue.
(Laws 1986, ch. 260, § 1(2))
Sec. 3. - Same—Manner of sale; proceeds.#
The bonds shall be signed by the town treasurer and by the president of the town council and shall be issued and sold in such amounts as the town council may authorize. The manner of sale, denominations, maturities, interest rates and other terms, conditions and details of any bonds or notes issued under this act may be fixed by the proceedings of the town council authorizing the issue or by separate resolution of the town council or, to the extent provisions for these matters are not so made, they may be fixed by the officers authorized to sign the bonds or notes. The proceeds derived from the sale of the bonds shall be delivered to the treasurer, and such proceeds exclusive of premiums and accrued interest shall be expended (a) to fund appropriations of the town for the March 1 to June 30 transitional period preceding the town's first July 1 to June 30 fiscal year (the "transitional period") or in payment of the principal of or interest on temporary notes issued under section four, or (c) [(b)] in repayment of advances under section five. No purchaser of any bonds or notes under this act shall be in any way responsible for the proper application of the proceeds derived from the sale thereof. The proceeds of bonds or notes issued under this act, and the other moneys [monies] referred to in section 7 shall be deemed appropriated for the purposes of this act without further action than that required by this act.
(Laws 1986, ch. 260, § 1(3))
Sec. 4. - Authority to issue [notes]; terms.#
The town council may by resolution authorize the issue from time to time of interest bearing or discounted notes in anticipation of the issue of bonds under section two. The amount of original notes issued in anticipation of bonds may not exceed the amount of bonds which may be issued under this act. Temporary notes issued hereunder shall be signed by the treasurer and by the president of the town council and shall be payable within three (3) years from their respective dates, but the principal of and interest on notes issued for a shorter period may be renewed or paid from time to time by the issue of other notes hereunder, provided the period from the date of an original note to the maturity of any note issued to renew or pay the same debt or the interest thereon shall not exceed three (3) years.
(Laws 1986, ch. 260, § 1(4))
Sec. 5. - Application of town funds.#
Pending any authorization or issue of bonds hereunder or pending or in lieu of any authorization or issue of notes hereunder, the treasurer, with the approval of the town council, may, to the extent that bonds or notes may be issued hereunder, apply funds in the treasury of the town to the purposes specified in section three, such advances to be repaid without interest from the proceeds of bonds or notes subsequently issued or from other available funds.
(Laws 1986, ch. 260, § 1(5))
Sec. 6. - Disposition of proceeds.#
Any proceeds of bonds or notes issued hereunder, pending their expenditure, may be deposited or invested by the treasurer in demand deposits, time deposits or savings deposits in banks which are members of the federal deposit insurance corporation or in obligations issued or guaranteed by the United States of America or by any agency or instrumentality thereof or as may be provided in any other applicable law of the State of Rhode Island.
(Laws 1986, ch. 260, § 1(6))
Sec. 7. - Costs and earnings resale.#
Any accrued interest received upon the sale of bonds or notes hereunder shall be applied to the payment of the first interest due thereon. Any premiums arising from the sale of bonds or notes hereunder shall, in the discretion of the treasurer, be applied to the cost of preparing, issuing, and marketing bonds or notes hereunder to the extent not otherwise provided, to the funding of appropriations of the town for the transitional period, to the payment of the principal of or interest on bonds or notes issued hereunder or to any one (1) or more of the foregoing. The cost of preparing, issuing, and marketing bonds or notes hereunder may also, in the discretion of the treasurer, be met from bond or note proceeds exclusive of premium and accrued interest or from other moneys [monies] available therefor. Any balance of bond or note proceeds remaining after payment of operating costs of the town incurred for the transitional period and the cost of preparing, issuing, and marketing bonds or notes hereunder shall be applied to the payment of the principal of or interest on bonds or notes issued hereunder. Any earnings or net profit realized from the deposit or investment of funds hereunder shall upon receipt be added to and dealt with as part of the revenues of the town from property taxes. In exercising any discretion under this section, the treasurer shall be governed by any instructions adopted by resolution of the town council.
(Laws 1986, ch. 260, § 1(7))
Sec. 8. - Obligation of town.#
All bonds and notes issued under this act and the debts evidenced thereby shall be obligatory on the town in the same manner and to the same extent as other debts lawfully contracted by it and shall be excepted from the operation of Section 45-12-2 of the General Laws [G.L. 1956, § 45-12-2]. No such obligation shall at any time be included in the debt of the town for the purpose of ascertaining its borrowing capacity. The town shall annually appropriate a sum sufficient to pay the principal and interest coming due within the year on bonds and notes issued hereunder to the extent that moneys [monies] therefor are not otherwise provided. If such sum is not appropriated, it shall nevertheless be added to the annual tax levy. In order to provide such sum in each year and notwithstanding any provision of law to the contrary, all taxable property in the town shall be subject to ad valorem taxation by the town without limitation as to rate or amount.
(Laws 1986, ch. 260, § 1(8))
Sec. 9. - Validity.#
Any bonds or notes issued under the provisions of this act, if properly executed by officers of the town in office on the date of execution, shall be valid and binding according to their terms notwithstanding that before the delivery thereof and payment therefor any or all of such officers shall for any reason have ceased to hold office.
(Laws 1986, ch. 260, § 1(9))
Sec. 10. - Compliance requirements.#
Bonds and notes may be issued under this act without obtaining the approval of any governmental agency or the taking of any proceedings or the happening of any conditions except as specifically required by this act for such issue. In carrying out any project financed in whole or in part under this act, all action shall be taken which is necessary to meet constitutional requirements whether or not such action is otherwise required by statute; but the validity of bonds and notes issued hereunder shall in no way depend upon the validity or occurrence of such action.
(Laws 1986, ch. 260, § 1(10))
Sec. 2[11]. - Effective date.#
This act shall take effect upon passage.
(Laws 1952, ch. 2892, § 2; Laws 1986, ch. 260, § 2)