§ 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.
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 - Repealed.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.