AN ACT AUTHORIZING THE TOWN OF JAMESTOWN TO FUND AFFORDABLE HOUSING PROJECTS AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR (Proposes a bond measure to authorize the Town of Jamestown to issue up to three million dollars ($3,000,000) in general obligation bonds, subject to voter approval, to support affordable housing projects in Jamestown.)

H8403

2026 -- H 8403
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LC006260
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STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
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A N A C T
AUTHORIZING THE TOWN OF JAMESTOWN TO FUND AFFORDABLE HOUSING
PROJECTS AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND NOTES
THEREFOR

Introduced By:
Representative Alex S. Finkelman

Date Introduced:
April 03, 2026

Referred To:
House Municipal Government & Housing
It is enacted by the General Assembly as follows:
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SECTION 1. The town of Jamestown is hereby empowered, in addition to authority
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previously granted, to issue bonds to an amount not exceeding three million dollars ($3,000,000)
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from time to time under its corporate name and seal or a facsimile of such seal. The bonds of each
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issue may be issued in the form of serial bonds or term bonds or a combination thereof and shall be
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payable either by maturity of principal in the case of serial bonds or by mandatory serial redemption
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in the case of term bonds, in annual installments of principal, the first installment to be not later
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than five (5) years and the last installment not later than thirty (30) years after the date of the bonds.
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For each issue the amounts payable annually for principal and interest combined either shall be as
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nearly equal from year to year as is practicable in the opinion of the officers authorized to issue the
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bonds, or shall be arranged in accordance with a schedule providing for a more rapid amortization
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of principal.
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SECTION 2. The bonds shall be signed by the manual or facsimile signatures of the finance
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director of the town and the president or vice president of the town council and shall be issued and
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sold in such amounts as the town council may authorize by resolution. The manner of sale,
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denominations, maturities, interest rates and other terms, conditions and details of any bonds or
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notes issued under this act may be fixed by the resolution of the town council authorizing the issue
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or by separate resolution of the town council or, to the extent provisions for these matters are not
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so made, they may be fixed by the officers authorized to sign the bonds or notes. The proceeds of

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bonds or notes issued under this act, any applicable federal or state assistance and the other monies
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referred to in Sections 5 and/or 6 of this act shall be deemed appropriated for the purposes of this
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act without further action than that required by this act. The bond issue authorized by this act may
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be consolidated for the purposes of issuance and sale with any other bond issue of the town
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heretofore or hereafter authorized; provided that, notwithstanding any such consolidation, the
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proceeds from the sale of the bonds authorized by this act shall be expended for the purposes set
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forth above.
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SECTION 3. The town council may by resolution authorize the issue from time to time of
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interest bearing or discounted notes in anticipation of the authorization or issue of bonds or in
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anticipation of the receipt of federal or state aid for the purposes of this act. The amount of original
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notes issued in anticipation of bonds may not exceed the amount of bonds which may be issued
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under this act and the amount of original notes issued in anticipation of federal or state aid may not
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exceed the amount of available federal or state aid as estimated by the finance director. Temporary
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notes issued hereunder shall be signed by the finance director and by the president or vice president
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of the town council and shall be payable within five (5) years from their respective dates, but the
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principal of and interest on notes issued for a shorter period may be renewed or paid from time to
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time by the issue of other notes hereunder, provided the period from the date of an original note to
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the maturity of any note issued to renew or pay the same debt or the interest thereon shall not exceed
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five (5) years.
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SECTION 4. Pending any authorization or issue of bonds hereunder or pending or in lieu
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of any authorization or issue of notes hereunder, the finance director, with the approval of the town
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council, may, to the extent that bonds or notes may be issued hereunder, apply funds in the treasury
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of the town to the purposes specified in Section 2 of this act, such advances to be repaid without
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interest from the proceeds of bonds or notes subsequently issued or from the proceeds of applicable
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federal or state assistance or from other available funds.
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SECTION 5. The proceeds derived from the sale of the bonds shall be delivered to the
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finance director, and such proceeds exclusive of premiums and accrued interest shall be expended
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for: (1) The creation of additional affordable housing in the town by the acquisition of real property
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and improvements to be developed as affordable housing and/or development of town-owned
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properties as affordable housing (the “projects”); (2) In payment of the principal of or interest on
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temporary notes issued under Section 3 of this act; or (3) In repayment of advances under Section
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4 of this act. For the purposes of this act, the terms “affordable housing” and “affordable housing
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plan” shall have the meaning ascribed to it in § 42-128-8.1, as the same may be amended. No
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purchaser of any bonds or notes under this act shall be in any way responsible for the proper

LC006260 - Page 2 of 6
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application of the proceeds derived from the sale thereof. The projects shall be carried out and all
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contracts made therefor on behalf of the town by the town council. Any proceeds of bonds or notes
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issued hereunder or of any applicable federal or state assistance pending their expenditure or other
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disbursement may be deposited or invested by the finance director, in demand deposits, time
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deposits or savings deposits in banks which are members of the Federal Deposit Insurance
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Corporation or in obligations issued or guaranteed by the United States of America or by any
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agency or instrumentality thereof or as may be provided in any other applicable law of the State of
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Rhode Island.
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SECTION 6. Any accrued interest received upon the sale of bonds or notes hereunder shall
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be applied to the payment of the first interest due thereon. Any premiums arising from the sale of
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bonds or notes hereunder and any earnings or net profit realized from the deposit or investment of
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funds hereunder shall, in the discretion of the finance director, be applied to the cost of preparing,
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issuing and marketing bonds or notes hereunder to the extent not otherwise provided, to the
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payment of the cost of the program, to the payment of the principal of or interest on bonds or notes
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issued hereunder or to any one or more of the foregoing. The cost of preparing, issuing and
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marketing bonds or notes hereunder may also, in the discretion of the finance director, be met from
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bond or note proceeds exclusive of accrued interest or from other monies available therefor. Any
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balance of bond or note proceeds remaining after payment of the cost of the program and said
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additional improvements and the cost of preparing, issuing and marketing bonds or notes hereunder
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shall be applied to the payment of the principal of or interest on bonds or notes issued hereunder.
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In exercising any discretion under this section, the finance director shall be governed by any
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instructions adopted by resolution of the town council. The finance director is authorized to take
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any action deemed by him or her necessary: (1) To ensure that interest on the bonds or notes issued
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hereunder remains excludable from gross income of the recipients thereof for federal income tax
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purposes, should the bonds and notes be issued on that basis, including, without limitation, paying
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to the federal government any rebate of earnings derived from the deposit or investment of the
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proceeds of such bonds or notes that may be required therefor; (2) To qualify the bonds under
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Sections 54AA, 1400U-1, 1400U-2, or 6431 of the Internal Revenue Code of 1986, as amended,
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as Build America Bonds and/or Recovery Zone Economic Development Bonds or other similar
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federal programs; and (3) To comply with the requirements of federal law, including without being
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limited to regulations and other requirements of the Securities and Exchange Commission and the
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Municipal Securities Rulemaking Board, imposed directly on the town or on the underwriters of
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such bonds and notes.
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SECTION 7. All bonds or notes issued under this act and the debts evidenced thereby shall

LC006260 - Page 3 of 6
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be obligatory on the town in the same manner and to the same extent as other debts lawfully
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contracted by it and shall be excepted from the operation of § 45-12-2. No such obligation shall at
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any time be included in the debt of the town for the purpose of ascertaining its borrowing capacity.
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The town shall annually appropriate a sum sufficient to pay the principal and interest coming due
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within the year on bonds and notes issued hereunder to the extent that monies therefor are not
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otherwise provided. If such sum is not appropriated, it shall nevertheless be added to the annual tax
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levy. In order to provide such sum in each year and notwithstanding any provision of law to the
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contrary, all taxable property in the town shall be subject to ad valorem taxation by the town without
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limitation as to rate or amount.
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SECTION 8. Any bonds or notes issued under the provisions of this act, if properly
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executed by officers of the town in office on the date of execution, shall be valid and binding
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according to their terms form that before the delivery thereof and payment therefor any or all of
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such officers shall for any reason have ceased to hold office.
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SECTION 9. The town, acting by resolution of its town council is authorized to apply for,
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contract for and expend any federal or state advances or other grants or assistance which may be
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available for the purposes of this act, and any such expenditures may be in addition to other monies
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provided in this act. To the extent of any inconsistency between any law of this state and any
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applicable federal law or regulation, the latter shall prevail. Federal and state advances, with interest
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where applicable, whether contracted for prior to or after the effective date of this act, may be
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repaid as project costs under Section 2.
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SECTION 10. Bonds and notes may be issued under this act without obtaining the approval
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of any governmental agency or the taking of any proceedings or the happening of any conditions
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except as specifically required by this act for such issue. Without limiting the generality of the
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foregoing, bonds and notes may be issued under this act without any action at the financial town
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meeting. In carrying out any project financed in whole or in part under this act, including where
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applicable the condemnation of any land or interest in land, and in the levy and collection of
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assessments or other charges permitted by law on account of any such project, all action shall be
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taken which is necessary to meet constitutional requirements whether or not such action is
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otherwise required by statute; but the validity of bonds and notes issued hereunder shall in no way
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depend upon the validity or occurrence of such action. To the extent of any inconsistency between
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this act and the town charter, this act shall prevail.
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SECTION 11. The question of the approval of this act shall be submitted to the electors of
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the town at the general election to be held on November 3, 2026. The question shall be submitted
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in substantially the following form: "Shall an act, passed at the 2026 session of the General

LC006260 - Page 4 of 6
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Assembly, entitled ‘AN ACT AUTHORIZING THE TOWN OF JAMESTOWN TO FUND
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AFFORDABLE HOUSING PROJECTS AND TO ISSUE NOT MORE THAN $3,000,000
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BONDS AND NOTES THEREFOR' be approved?" and the warning for the election shall contain
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the question to be submitted. The town board of canvassers may combine any two (2) or more
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voting districts for the election and when so combined shall be treated as a voting district. If so
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combined, the town board of canvassers shall advertise the combination of districts in a newspaper
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of general circulation in the town. From the time the election is warned and until it is held, it shall
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be the duty of the town clerk to keep a copy of the act available at his or her office for public
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inspection, but the validity of the election shall not be affected by this requirement.
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SECTION 12. This section and Section 11 shall take effect upon passage. The remainder
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of this act shall take effect upon the approval of this act by a majority of those voting on the question
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at the election prescribed by Section 11.
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LC006260
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LC006260 - Page 5 of 6
EXPLANATION
OF
A N A C T
AUTHORIZING THE TOWN OF JAMESTOWN TO FUND AFFORDABLE HOUSING
PROJECTS AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND NOTES
THEREFOR
***
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This act would authorize the town of Jamestown to issue bonds to an amount not exceeding
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three million dollars ($3,000,000), subject to voter approval, to finance affordable housing projects
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in Jamestown.
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Sections 11 and 12 of this act would take effect upon passage. The remaining sections of
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this act would take effect when and if the state board of elections shall certify to the secretary of
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state that a majority of the qualified electors voting on the proposition contained in Section 11 of
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this act have indicated their approval of the project thereunder.
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LC006260
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