§ 45-12-18. Bond anticipation notes.
A city or town, acting by resolution of its city council or town council, after approval of the issue of bonds by vote of the qualified electors of the city or town if approval is required, may authorize the issue from time to time of notes in anticipation of the issue of bonds authorized under § 45-12-2 or § 45-12-2.1. Notes issued under this section shall be payable within five (5) 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 under this section, 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 on that debt shall not exceed five (5) years. When debt is incurred under this section, the period within which the annual payments of principal of bonds must be made under § 45-12-5 shall be measured from the date of the original note or notes representing the debt, but the annual payments need not commence earlier than one year after the date of the bonds. The town or city may pay the principal of and interest on notes in full from other than the issuance of refunding notes prior to the issuance of bonds. In such case, the town’s or city’s authority to issue bonds or notes in anticipation of bonds under this act shall continue, provided that:
(1) The town council or city council passes a resolution evidencing the town’s or city’s intent to pay off the notes without extinguishing the authority to issue bonds or notes; and
(2) That the period from the date of an original note to other note shall not exceed five (5) years.
History of Section.R.P.L. 1957, ch. 4, § 3; G.L. 1956, § 45-12-18; P.L. 1960, ch. 30, § 1; P.L. 1970, ch. 13, § 3; P.L. 1982, ch. 153, § 1; P.L. 1985, ch. 31, § 1; P.L. 1986, ch. 110, § 3; P.L. 1988, ch. 20, § 1; P.L. 1990, ch. 49, § 1; P.L. 1999, ch. 354, § 45; P.L. 2007, ch. 252, § 1; P.L. 2007, ch. 292, § 1.
Structure Rhode Island General Laws
Chapter 45-12 - Indebtedness of Towns and Cities
Section 45-12-1. - Payment of indebtedness.
Section 45-12-2. - Maximum aggregate indebtedness.
Section 45-12-2.1. - Ministerial approval.
Section 45-12-3. - Statements to accompany bills to general assembly to authorize indebtedness.
Section 45-12-4. - Borrowing in anticipation of taxes.
Section 45-12-4.1. - Borrowing where collection of taxes delayed or taxes refunded.
Section 45-12-4.2. - Borrowing in anticipation of federal or state grants.
Section 45-12-4.3. - Borrowing in anticipation of water and sewer tax and user charge revenue.
Section 45-12-4.4. - Borrowing in payment of certain judgments.
Section 45-12-4.5. - Relationship to charters.
Section 45-12-5. - Sale of evidences of indebtedness — Annual payments — Terms.
Section 45-12-5.1. - Callable bonds.
Section 45-12-5.2. - Issuance of refunding bonds to pay outstanding bonds.
Section 45-12-5.5. - Repealed.
Section 45-12-6. - Statutory bond authorizations construed as additional authority.
Section 45-12-7. - Sinking fund provisions construed as additions to general sinking fund.
Section 45-12-8. - Establishment of general sinking fund — Computation of payments to sinking fund.
Section 45-12-9. - Retirement of bonds in sinking fund.
Section 45-12-11. - Authority for issuance of indebtedness excess.
Section 45-12-12. - City and town boards to authorize duplicate bonds.
Section 45-12-13. - Repair or replacement of damaged bond or note.
Section 45-12-14. - Replacement of lost or destroyed bond or note — Bond to indemnify city or town.
Section 45-12-15. - Contractual debts unimpaired.
Section 45-12-16. - Interest rate.
Section 45-12-17. - Debt previously approved.
Section 45-12-18. - Bond anticipation notes.
Section 45-12-19. - Charter provisions as to referendum.
Section 45-12-20. - Issuance of bonds authorized by law approved by electors.
Section 45-12-21. - Powers of financial town meeting not affected.
Section 45-12-22.1. - Municipal deficits — Purpose.
Section 45-12-22.2. - Monitoring of financial operations — Corrective action.
Section 45-12-22.3. - Year-end deficits.
Section 45-12-22.5. - Unbudgeted expenditures.
Section 45-12-22.6. - Cooperation of school committees.
Section 45-12-22.7. - Enforcement and remedies.
Section 45-12-23. - Tax exemption.
Section 45-12-25. - Sale of bonds or notes at a discount.
Section 45-12-26. - Commercial agreements relating to registered bonds and notes.
Section 45-12-27. - Conflict between bond referendum provisions and bond expenditure provisions.
Section 45-12-28. - Permitted temporary investments for bond proceeds.
Section 45-12-30. - Securing of bonds or notes — Trust agreements.
Section 45-12-31. - Extinguishment of authorizations.
Section 45-12-33. - Borrowing for road and bridge, infrastructure, and school building projects.