State Codes and Statutes
Statutes > Rhode-island > Title-45 > Chapter-45-33 > 45-33-2SECTION 45-33-2
§ 45-33-2 Bonds of city or town. –(a) The legislative body may also authorize the issuance of general obligationor revenue bonds to provide moneys to be used by the agency to carry out aredevelopment plan for a specific project area or for code enforcement projectscarried on pursuant to the provision of appropriate federal legislation, andshall provide that any portion of the proceeds of the sale of the bonds, notrequired to carry out the redevelopment plan or code enforcement projects,shall be returned to the community and used to pay the principal and intereston any outstanding bonds of that issue, and any surplus then remaining shall betransferred to the bond redemption fund of the community.
(b) The bonds shall be issued and sold at times, in amounts,with maturities and other terms, and in a form that the legislative bodydetermines. Irrespective of any limitation, by general or special law, as tothe amount of the bonds which may be issued, a community may issue the bonds,for the purposes defined by this section, in excess of the limitation in theamount as may be approved by the voters of the community at any general orspecial election, and all bonds issued under this section are exempted from theoperation of § 45-12-2. The community shall annually appropriate a sumsufficient to pay the interest upon its outstanding general obligation bondsissued under the authority of this section, and also to pay the principal ofthe bonds maturing in that year, until the bonds are paid in full. This sectionconstitutes statutory approval for the incurring of debt for the purposes ofchapters 31 – 33 of this title, wherever that approval is required by anygeneral or special law.
