2023 Rhode Island General Laws › Title 45 - Towns and Cities › Chapter 45-48.1 - West Greenwich Water District › Section 45-48.1-10. - Issuance of bonds and notes.

§ 45-48.1-10. Issuance of bonds and notes.
(a)
For the purpose of raising money to carry out the provisions of this chapter, the district is authorized and empowered to issue bonds and notes in anticipation of bonds. The bonds and notes may be issued hereunder as general obligations of the district or as special obligations payable solely from particular funds. Without limiting the generality of the foregoing, the bonds and notes may be issued to pay or refund notes issued in anticipation of the issuance of bonds, to pay the cost of any acquisition, extension, enlargement, or improvement of the water works system, to pay expenses of issuance of the bonds and the notes, to provide reserves for debt service, repairs, and replacements or other costs or current expenses as may be required by a trust agreement or resolution securing bonds or notes of the district, or for any combination of the foregoing purposes. The bonds of each issue shall be dated, bear interest at a rate or rates, and mature at a time or times not exceeding forty (40) years from their dates of issue, as may be determined by the officers of the district, and may be made redeemable before maturity at a price or prices and under terms and conditions that may be fixed by the officers of the district prior to the issue of the bonds. The officers of the district shall determine the form of the bonds and notes, including interest coupons, if any, to be attached to them, and the manner of their execution, and shall fix the denomination or denominations of the bonds and notes and the place or places of payment of the principal and interest, which may be at any bank or trust company within or without the state. The bonds shall bear the seal of the district or a facsimile of the seal. In case any officer whose signature or a facsimile of whose signature shall appear on any notes, bonds or coupons shall cease to be an officer before the delivery thereof, the signature or facsimile shall nevertheless be valid and sufficient for all purposes as if he or she had remained in office until after the delivery. The district may also provide for authentication of bonds or notes by a trustee or fiscal agent. Bonds may be issued in bearer or in registered form, or both, and if notes, may be made payable to bearer or to order, as the district may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of bonds registered as to both principal and interest and for the interchange of bonds registered as to both principal and interest and for the interchange of registered and coupon bonds. The issue of notes shall be governed by the provisions of this chapter relating to the issue of bonds in anticipation of bonds as may be applicable. Notes issued in anticipation of the issuance of bonds including any renewals, shall mature no later than five (5) years from the date of the original issue of the notes. The district may by resolution delegate to any member of the district or any combination of them the power to determine any of the matters set forth in this section including the power to award bonds or notes to a purchaser or purchasers at public sale. The district may sell its bonds and notes in a manner, either at public or private sale, for a price, at a rate or rates of interest, or at a discount in lieu of interest, as it may determine will best effect the purposes of this chapter.
(b)
The district may issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds shall have been executed and are available for delivery. The district may also provide for the replacement of any bonds which shall have become mutilated or shall have been destroyed or lost.
History of Section.
P.L. 2003, ch. 270, § 1; P.L. 2003, ch. 364, § 1; P.L. 2009, ch. 310, § 64.