§ 46-12.2-12.1. Power of local governmental units to issue limited obligations payable from energy efficiency savings.
(a) If required by the applicable loan agreement, and notwithstanding any general or special law or municipal charter to the contrary, local governmental obligations shall be issued as limited obligations payable solely from an appropriation of general revenues in an amount not to exceed the projected energy savings of the project. Notwithstanding § 45-12-2 or any general or special law or municipal charter to the contrary, all local governmental units shall have the power to issue such local governmental obligations pursuant to this section without limit as to amount, and the amount of principal and premium, if any, and interest on the obligations shall not be included in the computation of any limit on the indebtedness of the local governmental unit or on the total taxes which may be levied or assessed by the local governmental unit in any year or on any assessment, levy, or other charge made by the local governmental unit on any other political subdivision or instrumentality of the state. This section shall constitute the bond act for the issuance of such local governmental obligations by local governmental units. Any local governmental obligations issued in accordance with this section shall recite on its face that it is a limited obligation payable solely from an appropriation of general revenues in an amount not to exceed the projected energy savings pledged to its payment.
(b) The issuance of local governmental obligations in accordance with this section, the maturity or maturities and other terms thereof, the security therefor, the rights of the holders thereof, and the rights, duties, and obligation of the local governmental unit in respect of the same shall be governed by the provisions of this chapter relating to the issue of local governmental obligations to the extent applicable and not inconsistent with this section.
(c) A local government unit may appropriate general revenues on an annual basis to pay any local governmental obligation provided that an event of non-appropriation shall not be an event of default under any local governmental obligation.
History of Section.P.L. 2015, ch. 141, art. 14, § 18; P.L. 2021, ch. 395, § 17, effective July 14, 2021.
Structure Rhode Island General Laws
Title 46 - Waters and Navigation
Chapter 46-12.2 - Rhode Island Infrastructure Bank
Section 46-12.2-1. - Legislative findings.
Section 46-12.2-2. - Definitions.
Section 46-12.2-4. - General powers and duties of agency.
Section 46-12.2-4.1. - Power to participate in projects to enhance the waters of the state.
Section 46-12.2-4.2. - Establishment of the efficient buildings fund.
Section 46-12.2-4.3. - Establishment of the clean energy fund.
Section 46-12.2-5. - Officers.
Section 46-12.2-5.1. - Purchasing.
Section 46-12.2-7. - Payment of state funds — Agreement between agency and department.
Section 46-12.2-8. - Procedures for application, approval, and award of financial assistance.
Section 46-12.2-9. - Authorization to expend funds available for local grants.
Section 46-12.2-10. - Powers of local governmental units.
Section 46-12.2-11. - Authority of local governmental units to issue obligations — Terms.
Section 46-12.2-13. - Trust agreements pertaining to local governmental obligations.
Section 46-12.2-14. - Bonds of the agency.
Section 46-12.2-14.1. - Repealed.
Section 46-12.2-15. - Refunding bonds.
Section 46-12.2-16. - Bonds eligible for investment.
Section 46-12.2-17. - No additional consent required.
Section 46-12.2-18. - Bonds not obligations of the state.
Section 46-12.2-19. - Lien status — Recording.
Section 46-12.2-20. - Bonds and local government obligations as investment securities.
Section 46-12.2-21. - Proceeds received by agency as trust funds.
Section 46-12.2-22. - Tax exemption.
Section 46-12.2-23. - Duration of agency — Termination.
Section 46-12.2-24. - Record keeping — Financial statements.
Section 46-12.2-24.1. - Reporting requirements.
Section 46-12.2-25. - Supplemental powers — Inconsistent laws.
Section 46-12.2-25.1. - Administrative procedures.