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601. - Emergencies.#
The council may, upon recommendation of the town manager, authorize the issuance of notes by emergency ordinance or resolution to provide funds for emergencies as defined in Section 409(G) in the event no other source of funds is available. The amount of any such emergency notes shall mature and be payable not later than one (1) year from their date. Editor's note— This section was amended by Question 1 approved at the February 8, 1994, Special Election.
602. - Bonds.#
The town may incur indebtedness at public or private sale by issuing its serial bonds pursuant to this Charter for any purpose for which a town is authorized by the general laws. Except as may otherwise be provided by special act, whether heretofore or hereafter enacted, bonds shall be authorized by ordinance adopted pursuant to the provisions of this Charter, which shall state at least the amount of bonds authorized and the purpose for which they are authorized. In the absence of a contrary provision in the ordinance authorizing the issuance of bonds, the date, maturities, denominations, interest rate or rates, place of payment, form, and other details of each issue of bonds and of providing for the sale thereof shall be determined by the finance director with the approval of the town council president, provided that all bonds shall be payable in annual principal installments. In the absence of a contrary provision in the ordinance authorizing their issuance, an authorized issue of bonds may be issued at one time or from time to time as two (2) or more separate bond issues, as shall be determined by the finance director, with the approval of the town council president. All bonds issued pursuant to this section shall be signed by the town finance director and the town council president. Any premiums arising from the sale of bonds shall be applied first to defray the expenses incident to the preparing, issuing, and marketing thereof, and thereafter the balance, if any, shall be used to pay the principal of the first of the bonds to mature. No purchasers shall, however, in any way be responsible for the proper application of the bond proceeds or premium. All bonds shall be obligatory on said town, in the same manner and to the same extent as other debts lawfully contracted by it. The town shall annually appropriate a sum which with other revenues, if any, available for the purpose shall be sufficient to pay the interest payable in the year to be covered by such appropriations on all bonds issued under this Charter and outstanding in such year and also to pay the principal of any of said bonds which may mature in such year. Editor's note— This section was amended by Question 1 approved at the February 8, 1994, Special Election.
603. - Bond anticipation notes.#
The officers authorized to issue bonds may issue and sell from time to time interest-bearing or discounted temporary notes in an anticipation of bonds, the issuance of which has been authorized by ordinance as provided in Section 602. The aggregate principal amount of such temporary notes at any one time outstanding shall not exceed the total principal amount of any bonds previously issued pursuant to such ordinance. Temporary notes issued hereunder shall be signed by the town finance director and the town council president and shall be payable within three (3) years from their respective dates, but the principal of and interest on any 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 shall not exceed three (3) years. The period for which bonds may be issued under Section 602 need not be reduced by the period of any temporary borrowing hereunder. Except as provided in this section, the proceeds derived from the sale of such temporary notes shall be used only for purposes for which the proceeds of the bonds in anticipation of which the temporary notes are issued may be used. Editor's note— This section was amended by Question 1 approved at the February 8, 1994, Special Election.
604. - Federal or state aid anticipation notes.#
If the town shall have contracted for or accepted an offer of a grant of federal or state aid, or both, for any purpose for which it may incur indebtedness as provided in this Charter, the town finance director, with the approval of the town council president, may issue and sell from time to time interest-bearing temporary notes in anticipation of the receipt of such aid. The aggregate principal amount of such temporary notes at any one time outstanding shall not exceed the amount of such aid payable to the town at the time such temporary notes are issued, less all amounts of such aid theretofore paid, as shall be determined by the finance director, with the approval of the town council president. Temporary notes issued hereunder shall be signed by the town finance director and countersigned by the town council president and shall be payable within twelve (12) months from their respective dates, but any such notes may be renewed or paid from time to time be [by] the issue of other notes hereunder. The proceeds derived from the sale of such temporary notes shall be used for the purposes for which the aid in anticipation of which they are issued may be used. Editor's note— This section was amended by Question 1 approved at the February 8, 1994, Special Election.
605. - Notes in anticipation of taxes.#
In any fiscal year, in anticipation of taxes for such year, whether levied or to be levied in such year, the town council may, by resolution adopted by a majority of all its members, authorize the borrowing of money by the issuance of negotiable notes of the town, the amount of which outstanding at any one time shall not exceed in the aggregate the total tax levy of the current fiscal year, or the preceding fiscal year if no levies for the current fiscal year have been made. Notwithstanding any provisions of this Charter to the contrary, a resolution of the town council authorizing notes in anticipation of taxes may be finally passed at the regular or special meeting at which it is introduced. Notes issued under this section shall be made payable not more than one (1) year from their date of issue. Editor's note— This section was amended by Question 1 approved at the February 8, 1994, Special Election.
606. - Execution of bonds and notes.#
Any bonds or notes issued by the town may be signed with manual or facsimile signatures of the officers of the town required to sign the same.