reglab/housing_qa huggingface dataset:
RI Gen L § 45-12-4 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-4 - Borrowing in anticipation of taxes.

§ 45-12-4. Borrowing in anticipation of taxes.Any city or town by resolution of its city or town council may borrow money in each financial year in anticipation of the receipt of the proceeds of the annual tax due or to become due in that financial year upon the taxable property within the city or town, an amount which, together with any money borrowed in anticipation of taxes in any prior year which may remain unpaid, shall not exceed in the aggregate the total tax levy of the then current financial year, or which if no tax levy was made, shall not exceed the tax levy of the next preceding financial year, the money borrowed to be used and expended for the payment of the current liabilities and expenses of the city or town, and may issue its negotiable notes therefor. Notes issued under authority of this section shall bear upon their face the notation "issued in anticipation of taxes assessed as of December 31, " and shall be made payable not later than one year from their date, but may be refunded or paid by the issue of new notes bearing the notation and payable not later than one year from the date of the original notes so refunded or paid. The failure of a city or town to comply with any time requirement or deadline imposed by general law, special law or charter in relation to the levy or assessment of taxes shall not affect the validity of notes issued pursuant to this section. Every city and town borrowing money under the provisions of this section shall assess and levy a tax in each financial year sufficient to provide funds for the payment of all outstanding notes previously issued in anticipation of taxes of the preceding financial year.History of Section.G.L. 1923, ch. 47, § 29; P.L. 1930, ch. 1617, § 3; P.L. 1932, ch. 1861, § 1; P.L. 1932, ch. 1944, § 3; G.L. 1938, ch. 329, § 26; P.L. 1951, ch. 2771, § 1; G.L. 1956, § 45-12-4; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
RI Gen L § 45-12-4.1 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-4.1 - Borrowing where collection of taxes delayed or taxes refunded.

§ 45-12-4.1. Borrowing where collection of taxes delayed or taxes refunded.(a) Notwithstanding any provision of § 45-12-4 to the contrary, a city or town by resolution of its city council or town council, may authorize the issue of notes of the city or town in order to pay any outstanding tax anticipation notes or other obligations of the city or town which, in the judgment of the treasurer or finance director, cannot be paid when due from property tax revenues as a result of a court order or decision which directly or indirectly delays the collection of taxes by the city or town, or which provides for the refunding of taxes previously collected, or for any other reason. Notes issued under this section are payable within a period of time, not exceeding one year, that is necessary, in the judgment of the treasurer or finance director, for the city or town to receive sufficient property tax revenue to pay them.(b) Notes issued under this section may be refunded or paid by the issue of other similar notes. Notes issued under this section shall be excepted from the operation of § 45-12-4 and shall not be taken into account for the purpose of determining the borrowing capacity of the city or town under that section.History of Section.P.L. 1974, ch. 222, § 1; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
RI Gen L § 45-12-4.2 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-4.2 - Borrowing in anticipation of federal or state grants.

§ 45-12-4.2. Borrowing in anticipation of federal or state grants.A city or town may contract for and accept grants of federal or state aid for any purpose for which it is authorized to appropriate money. A city or town, by resolution of its city council or town council, may authorize the issue of notes in anticipation of the receipt of federal or state aid; provided, that the aid has been previously approved by the appropriate federal or state agency. The proceeds of the notes may be used only for the purpose for which the aid is granted. The amount of original notes issued under the provisions of this section may not exceed the amount of available federal or state aid as estimated by the director of finance or treasurer and are payable within three (3) years from their dates, but the principal of and interest on notes issued for a shorter period may be refunded or paid from time to time by the issue of other notes under the provisions of this section; provided, that the period from the date of an original note to the maturity of any note issued to refund or pay the same debt or the interest on that debt does not exceed three (3) years. To the extent that the state or federal aid actually received is insufficient to pay the principal and interest on those notes, the city or town shall appropriate a sum sufficient to make the payments.History of Section.P.L. 1977, ch. 222, § 1; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
RI Gen L § 45-12-4.3 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-4.3 - Borrowing in anticipation of water and sewer tax and user charge revenue.

§ 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.History of Section.P.L. 1985, ch. 467, § 1; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
RI Gen L § 45-12-4.4 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-4.4 - Borrowing in payment of certain judgments.

§ 45-12-4.4. Borrowing in payment of certain judgments.(a) A city or town may authorize the issuance of bonds, notes, or other evidences of indebtedness to pay the uninsured portion of any court judgment or settlement, except any court judgment or settlement arising out of any pension obligation of a city or town; provided, however, that the outstanding principal amount, in aggregate, shall not exceed five percent (5%) of the total amount of the city or town's most recently adopted municipal budget. Notwithstanding the aforementioned, the towns of Coventry and Middletown are authorized to issue bonds, notes, or other evidences of indebtedness to pay the uninsured portion of any court judgment or settlement, except any court judgment or settlement arising out of any pension obligation of a city or town; provided, however, that the outstanding principal amount, in aggregate, shall not exceed ten percent (10%) of the total amount of the applicable municipality's most recently adopted municipal budget.(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 § 45-12-2.(c) The bonds, notes, or other evidences of indebtedness may be issued to pay a judgment or settlement or may be issued to pay or refund notes issued under § 45-12-4.1.(d) 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 the vote or resolution of the city or town council authorizing them, or if no provision is made in the vote or resolution, by the treasurer or other officer authorized to issue the bonds or notes or to hire the money; provided, that the payment of principal of bonds 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 one year, and the last payment not later than fifteen (15) years after the date of the bonds.(e) 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 §§ 45-12-19 and 45-12-20 and notwithstanding any provision of its charter to the contrary, unless the electors when assembled in a meeting are the local legislative body for the purpose of authorizing indebtedness of the political subdivision.History of Section.P.L. 1988, ch. 447, § 1; P.L. 1994, ch. 398, § 1; P.L. 1999, ch. 505, § 1; P.L. 2000, ch. 55, art. 19, § 8; P.L. 2012, ch. 119, § 1; P.L. 2012, ch. 127, § 1; P.L. 2013, ch. 2, § 1; P.L. 2013, ch. 10, § 1.
RI Gen L § 45-12-4.5 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-4.5 - Relationship to charters.

§ 45-12-4.5. Relationship to charters.Any city or town is authorized to issue debt by resolution under and in accordance with the procedures of §§ 45-12-4, 45-12-4.1, 45-12-4.2, 45-12-4.3, 45-12-4.4 and 45-12-5.2 notwithstanding any provision of its charter to the contrary.History of Section.P.L. 2007, ch. 252, § 2; P.L. 2007, ch. 292, § 2.
RI Gen L § 45-12-5.1 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-5.1 - Callable bonds.

§ 45-12-5.1. Callable bonds.(a) Bonds issued by any cities, towns or other political subdivisions of this state may be issued subject to call and prepayment prior to their stated maturities at the option of the issuer. All, or less than all, of the bonds comprising an issue may be subject to call simultaneously or from time to time.(b) Every bond issued subject to prepayment shall indicate:(1) That the bond is subject to call and prepayment;(2) The time or times at which the bond may be prepaid;(3) The schedule of premiums, if any, which are payable; and(4) The time and type of notice which must be given by the issuer before the bond can be prepaid.(c) The coupons, if any, attached to the bonds shall, as appropriate, indicate that they may become void as a result of the bond being called for prepayment. Unless otherwise provided in the proceedings authorizing the issue of bonds, the officers of the city, town or other political subdivision authorized to sell the bonds shall determine whether the bonds shall be issued subject to call and prepayment, and if issued, the officers shall decide the details of these bonds. No bond shall be called for prepayment, unless the issuer has deposited with the paying agent or agents for the bond for prepayment a sufficient amount of cash, or securities issued by the United States of America, the state of Rhode Island, or its political subdivisions, with maturities and interest rates adequate to provide a sufficient amount of cash, to pay the bond in full on the date on which it is prepayable. The notice may state: (1) that it is conditioned on the deposit of moneys, in an amount necessary to effect the redemption with the paying agent or agents no later than the redemption date; and/or (2) that the city, town or political subdivision retains the right to rescind such notice on or prior to the scheduled redemption date, and such notice and optional redemption shall be of no effect if such monies are not so deposited or if the notice is rescinded. Bonds may be prepaid with the proceeds of refunding bonds as provided in the following section, or with other funds available for that purpose; and cities, towns and other political subdivisions may raise money by taxation for the purpose of prepaying bonds. For the purposes of this section "bond" shall include note. The powers conferred by this section may be used with regard to bonds authorized for any purpose by any general, special, or other law, including § 45-12-5.2.History of Section.P.L. 1977, ch. 37, § 1; P.L. 1986, ch. 110, § 2; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
RI Gen L § 45-12-5.3 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-5.3 - Debt maturity for United States Department of Agriculture/Rural Development bonds.

§ 45-12-5.3. Debt maturity for United States Department of Agriculture/Rural Development bonds.Notwithstanding any contrary provisions of this chapter, or any other general or special law or provision of any municipal charter, bonds issued by a city or town which are purchased by the United States of America, acting through the United States Department of Agriculture/Rural Development, or any successor agency or department, 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 not later than five (5) years and the last installment not later than forty (40) years after the date of the bonds.History of Section.P.L. 1993, ch. 453, § 1; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
RI Gen L § 45-12-5.5 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-5.5 - Repealed.

§ 45-12-5.5. Repealed.
RI Gen L § 45-12-6 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-6 - Statutory bond authorizations construed as additional authority.

§ 45-12-6. Statutory bond authorizations construed as additional authority.All acts enacted authorizing cities or towns to issue bonds shall be construed as granting authority in addition to, and not in substitution for, authority previously granted.History of Section.P.L. 1932, ch. 1880, § 1; G.L. 1938, ch. 329, § 19; G.L. 1956, § 45-12-6.
RI Gen L § 45-12-7 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-7 - Sinking fund provisions construed as additions to general sinking fund.

§ 45-12-7. Sinking fund provisions construed as additions to general sinking fund.Whenever in any general law, public law, act, or resolution of the general assembly, authority has been given to a city or town for the issuance of bonds, and provision has been made for the establishment of a sinking fund to extinguish the debt at its maturity, that provision shall be construed to mean an addition to the general sinking fund of the city or town for the redemption of the bonds of the respective city or town at their maturities as provided in this chapter.History of Section.P.L. 1935, ch. 2211, § 1; G.L. 1938, ch. 329, § 20; G.L. 1956, § 45-12-7.
RI Gen L § 45-12-8 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-8 - Establishment of general sinking fund - Computation of payments to sinking fund.

§ 45-12-8. Establishment of general sinking fund — Computation of payments to sinking fund.In lieu of establishing a separate sinking fund for each bond issue, a city or town may, by vote of the town council or city council, provide for the establishment of a general sinking fund, and thereafter the town treasurer or city treasurer shall annually, on the anniversary of the day of each issue of all outstanding sinking fund bonds of the respective city or town, pay to the sinking fund commission or deposit to the sinking fund for the redemption of those bonds, an amount sufficient to meet the sinking fund requirements of those bonds computed upon the basis that the moneys and investments of the general sinking fund earn an anticipated income of not exceeding four percent (4%) per annum compounded semiannually.History of Section.P.L. 1935, ch. 2211, § 2; G.L. 1938, ch. 329, § 21; G.L. 1956, § 45-12-8.
RI Gen L § 45-12-9 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-9 - Retirement of bonds in sinking fund.

§ 45-12-9. Retirement of bonds in sinking fund.Whenever a city or town has purchased any of its own outstanding bonds for investment in its sinking fund, the city or town may at the option of the sinking fund commission, if any, or by vote of the town council or city council, retire and permanently cancel the bonds, and upon that retirement all interest payments on the cancelled bonds shall cease.History of Section.P.L. 1935, ch. 2211, § 3; G.L. 1938, ch. 329, § 22; G.L. 1956, § 45-12-9.
RI Gen L § 45-12-10 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-10 - Repealed.

§ 45-12-10. Repealed.
RI Gen L § 45-12-11 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-11 - Authority for issuance of indebtedness excess.

§ 45-12-11. Authority for issuance of indebtedness excess.The state director of revenue may, upon petition by the city or town council, authorize the city or town to incur indebtedness in excess of the limit of three percent (3%) of the full assessed value of the taxable property within the city or town imposed by § 45-12-2 whenever the director determines that the sum appropriated by any city or town or the funds available are insufficient to pay the necessary expenses of the city or town. For this purpose the state director of revenue may require any information concerning the financial condition of the city or town that the director may deem necessary for the proper exercise of that authority.History of Section.G.L. 1896, ch. 26, § 22; P.L. 1902, ch. 953, § 1; G.L. 1909, ch. 46, § 22; P.L. 1920, ch. 1846, § 1; G.L. 1923, ch. 47, § 23; P.L. 1932, ch. 1944, § 2; P.L. 1933, ch. 2028, § 23; G.L. 1938, ch. 329, § 28; P.L. 1949, ch. 2331, § 1; impl. am. P.L. 1951, ch. 2727, art. 1, § 3; G.L. 1956, § 45-12-11; P.L. 1958, ch. 104, § 1; P.L. 1973, ch. 240, § 2; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1; P.L. 2008, ch. 98, § 58; P.L. 2008, ch. 145, § 58.
RI Gen L § 45-12-12 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-12 - City and town boards to authorize duplicate bonds.

§ 45-12-12. City and town boards to authorize duplicate bonds.The mayors, city clerks, and city treasurers of every city, and the presidents of the town councils, the town clerks, and the town treasurers of every town, are hereby severally constituted boards, each referred to in §§ 45-12-13 and 45-12-14 as "the board," to carry out the provisions of those sections.History of Section.G.L. 1938, ch. 329, § 37; P.L. 1939, ch. 668, § 2; G.L. 1956, § 45-12-12.
RI Gen L § 45-12-13 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-13 - Repair or replacement of damaged bond or note.

§ 45-12-13. Repair or replacement of damaged bond or note.Whenever the board is satisfied that any instrument or printed or written paper presented to it is in fact a valid bond or note of the city or town, but it is so damaged that its condition is as to hinder and prevent the owner or holder of a bond or note from making good delivery of the bond or note, the board may upon payment to it by the owner or holder of the bond or note, of a sum that it deems necessary to cover the actual expense involved, cause the damage to be repaired or remedied by requiring the proper officers of the city or town, to sign the bond or note in place of their damaged or destroyed signatures or those of their predecessors in office, to issue a duplicate bond or note, or to do whatever else the board may require of them to repair or remedy the damage. But no duplicate bond or note shall be issued except upon the surrender of the original, which shall be cancelled immediately, and the repaired or duplicate bond or note shall be treated in all respects as a valid obligation of the city or town, as the case may be. On every repaired or duplicate bond or note the city treasurer or town treasurer shall certify on the back that the bond or note has been repaired or issued under the provisions of this section and the certification shall be conclusive proof that the bond or note has been repaired or issued in accordance with the requirements of the board and that it is a valid obligation of the city or town, as the case may be, in accordance with its terms.History of Section.G.L. 1938, ch. 329, § 37; P.L. 1939, ch. 668, § 2; G.L. 1956, § 45-12-13.
RI Gen L § 45-12-14 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-14 - Replacement of lost or destroyed bond or note - Bond to indemnify city or town.

§ 45-12-14. Replacement of lost or destroyed bond or note — Bond to indemnify city or town.Whenever the board is satisfied that any bond or note of the city or town has been lost or destroyed, the board may upon payment to it by the owner or holder of the bond or note, of a sum that it deems necessary to cover the actual expense involved and under such regulations and with such restrictions that it may prescribe, order the city treasurer or town treasurer and/or other officers of the city or town that the board may designate to issue a duplicate of the bond or note, payable at the same time, bearing the same rate of interest as the lost or destroyed bond or note, and marked as to show the number, if known, and date of the original bond or note. But no duplicate shall be issued until the owner of the lost or destroyed bond or note gives to the city treasurer or town treasurer a bond in double the amount of the lost or destroyed bond or note and of the interest which would accrue until the principal is due and payable, with two (2) sufficient sureties, both residents of the state, or with a surety company authorized to do business in this state, approved by the board, conditioned to indemnify and save harmless the city or town from any claim or demand on account of the lost or destroyed bond or note.History of Section.G.L. 1938, ch. 329, § 37; P.L. 1939, ch. 668, § 2; G.L. 1956, § 45-12-14; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
RI Gen L § 45-12-15 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-15 - Contractual debts unimpaired.

§ 45-12-15. Contractual debts unimpaired.Nothing in this chapter shall exempt a city or town from its liability to pay debts contracted for purposes for which it may lawfully expend money.History of Section.G.L. 1938, ch. 47, § 31; P.L. 1930, ch. 1617, § 3; G.L. 1938, ch. 329, § 35; G.L. 1956, § 45-12-15.
RI Gen L § 45-12-16 (2021)
2021 Rhode Island General Laws|Title 45 - Towns and Cities|Chapter 45-12 - Indebtedness of Towns and Cities|Section 45-12-16 - Interest rate.

§ 45-12-16. Interest rate.Any provisions of general or special law enacted prior to February 21, 1970, which limit the rate of interest to be paid on any bonds or other evidences of indebtedness of a city, town, or other political subdivision are repealed.History of Section.G.L. 1956, § 45-12-16; R.P.L. 1957, ch. 4, § 1; P.L. 1960, ch. 30, § 1; G.L. 1965, § 45-12-16; P.L. 1970, ch. 13, § 1.