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H8507
2026 -- H 8507
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LC006402
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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 NARRAGANSETT TO FINANCE THE EQUIPPING,
EXPANSION, IMPROVEMENT AND RENOVATION OF FIRE STATIONS IN THE TOWN
OF NARRAGANSETT AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND
NOTES THEREFOR
Introduced By:
Representatives McEntee, and Tanzi
Date Introduced:
May 01, 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 Narragansett is hereby empowered, in addition to authority
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previously granted, to issue bonds in 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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SECTION 2. The bonds shall be signed by the manual or facsimile signatures of the town
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treasurer and the president of the town council and shall be issued and sold in such amounts as the
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town council may authorize by resolution. The manner of sale, denominations, maturities, interest
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rates and other terms, conditions and details of any bonds or notes issued under this act may be
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fixed by the resolution of the town council authorizing the issue or by separate resolution of the
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town council or, to the extent provisions for these matters are not so made, they may be fixed by
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the officers authorized to sign the bonds or notes. The proceeds derived from the sale of the bonds
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shall be delivered to the town treasurer, and such proceeds exclusive of premiums and accrued
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interest shall be expended for: (1) The equipping, expansion, improvement and renovation of fire
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stations in the town of Narragansett and all costs incidental thereto; (2) In payment of the principal
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of or interest on temporary notes issued under Section 3 of this act; or (3) In repayment of advances
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under Section 4 of this act. No purchaser of any bonds or notes under this act shall be in any way
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responsible for the proper application of the proceeds derived from the sale thereof. The projects
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shall be carried out and all contracts made therefore on behalf of the town by the town council or
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as may be otherwise directed by the town council. The proceeds of bonds or notes issued under this
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act, any applicable federal or state assistance and the other monies referred to in Section 6 of this
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act shall be deemed appropriated for the purposes of this act without further action than that
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required by this act. The bond issue authorized by this act may be consolidated for the purposes of
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issuance and sale with any other bond issue of the town heretofore or hereafter authorized; provided
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that, notwithstanding any such consolidation, the proceeds from the sale of the bonds authorized
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by this act shall be expended for the purposes set 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 treasurer. Temporary notes
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issued hereunder shall be signed by the treasurer and by the president of the town council and shall
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be payable within (5) five years from their respective dates, but the principal of and interest on
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notes issued for a shorter period may be renewed or paid from time to time by the issue of other
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notes hereunder; provided the period from the date of an original note to the maturity of any note
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issued to renew or pay the same debt or the interest thereon shall not exceed (5) five 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 treasurer, 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, such advances to be repaid without interest from
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the proceeds of bonds or notes subsequently issued or from the proceeds of applicable federal or
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state assistance or from other available funds.
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SECTION 5. Any proceeds of bonds or notes issued hereunder or of any applicable federal
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or state assistance, pending their expenditure may be deposited or invested by the treasurer, in
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demand deposits, time deposits or savings deposits in banks which are members of the Federal
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Deposit Insurance Corporation or in obligations issued or guaranteed by the United States of
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America or by any agency or instrumentality thereof or as may be provided in any other applicable
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law of the State of 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 treasurer, be applied to the cost of preparing, issuing
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and marketing bonds or notes hereunder to the extent not otherwise provided, to the payment of the
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cost of the projects or to the cost of additional improvements coming within the description of the
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projects in Section 2 of this act, 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 treasurer, be met from bond
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or note proceeds exclusive of accrued interest or from other monies available therefor. Any balance
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of bond or note proceeds remaining after payment of the cost of the projects and said additional
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improvements and the cost of preparing, issuing and marketing bonds or notes hereunder shall be
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applied to the payment of the principal of or interest on bonds or notes issued hereunder. In
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exercising any discretion under this section, the treasurer shall be governed by any instructions
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adopted by resolution of the town council. The treasurer is authorized to take any action deemed
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by him or her necessary: (1) To assure that interest on the bonds or notes issued hereunder remains
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excludable from gross income of the recipients thereof for federal income tax purposes, including,
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without limitation, paying to the federal government any rebate of earnings derived from the deposit
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or investment of the proceeds of such bonds or notes that may be required therefor; (2) To sell the
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bonds or notes under any financing program with the Rhode Island infrastructure bank; and (3) To
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comply with the requirements of federal law, including without being limited to regulations and
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other requirements of the Securities and Exchange Commission and the Municipal Securities
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Rulemaking Board, imposed directly on the town or on the purchaser or underwriters of such bonds
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and notes.
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SECTION 7. All bonds or notes issued under this act and the debts evidenced thereby shall
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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 notwithstanding that before the delivery thereof and payment therefor any
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or all of 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. In carrying out any project financed, in
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whole or in part, under this act, including where applicable the condemnation of any land or interest
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in land, and in the levy and collection of assessments or other charges permitted by law on account
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of any such project, all action shall be taken which is necessary to meet constitutional requirements
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whether or not such action is otherwise required by statute; but the validity of bonds and notes
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issued hereunder shall in no way depend upon the validity or occurrence of such action. To the
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extent of any inconsistency between 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 on November 3, 2026. The question shall be submitted in
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substantially the following form: "Shall an act, passed at the 2026 session of the General Assembly,
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entitled “ AN ACT AUTHORIZING THE TOWN OF NARRAGANSETT TO FINANCE THE
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EQUIPPING, EXPANSION, IMPROVEMENT AND RENOVATION OF FIRE STATIONS IN
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THE TOWN OF NARRAGANSETT AND TO ISSUE NOT MORE THAN $3,000,000 BONDS
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AND NOTES THEREFOR” be approved?" and the warning for the election shall contain the
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question to be submitted. The town board of canvassers may combine any two (2) or more voting
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districts for the election and when so combined shall be treated as a voting district. If so combined,
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the town board of canvassers shall advertise the combination of districts in a newspaper of general
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circulation in the town. From the time the election is warned and until it is held, it shall be the duty
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of the town clerk to keep a copy of the act available at his or her office for public inspection, but
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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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EXPLANATION
OF
A N A C T
AUTHORIZING THE TOWN OF NARRAGANSETT TO FINANCE THE EQUIPPING,
EXPANSION, IMPROVEMENT AND RENOVATION OF FIRE STATIONS IN THE TOWN
OF NARRAGANSETT AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND
NOTES THEREFOR
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This act would authorize the town of Narragansett to issue up to $3,000,000 in bonds and
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notes to finance the equipping, expansion, improvement and renovation of fire stations in the town.
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Section 11 and 12 of this act would take effect upon passage. The remainder of the act
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would take effect upon approval by the electors of the town of the question provided for in Section
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11.
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