Ordinance

Posted

LEGAL NOTICE

CITY OF WARWICK

ORDINANCE NO. O-17-2

APPROVED SCOTT AVEDISIAN

January 19, 2017 MAYOR

AN ORDINANCE OF THE

CITY OF WARWICK

EXTINGUISHING THE CITY’S

AUTHORITY TO ISSUE BONDS AND/OR NOTES PURSUANT TO CHAPTER 65 OF THE PUBLIC LAWS OF 1980 FOR

IMPROVEMENTS TO MUNICIPAL AND SCHOOL BUILDINGS AND

FACILITIES FOR ENERGY

CONSERVATION PURPOSES

WHEREAS, in 1980, the General Assembly enacted an “Act Providing for Improvements to Municipal and School Buildings and Facilities for Energy Conservation Purposes by the City of Warwick and Authorizing the Financing Thereof, Including the Issue of not more than $900,000 Bonds Therefor”; and

WHEREAS, the City issued $300,000 of bonds pursuant to that act [for school buildings and facilities] leaving $600,000 of authorized but unissued debt for [municipal buildings and facilities]; and

WHEREAS, the City has determined not to issue additional bonds and notes pursuant to said act;

WHEREAS, Rhode Island General Laws Section 45-12-31 provides that all or any portion of the authority to issue bonds pursuant to a special act passed by the general assembly may be extinguished by ordinance of the city council, without further action by the general assembly, after seven (7) years have passed from the date the special act was passed;

NOW THEREFORE, IT IS HEREBY ORDAINED by the City Council of the City of Warwick, Rhode Island that the authority of the City to issue bonds and notes pursuant to Chapter 65 of the Public Laws of 1980 is hereby extinguished.

This Ordinance shall take effect upon its passage.

The City Clerk is directed to forward a copy of this Ordinance to the City’s Finance Director and to the City’s Bond Counsel.

SPONSORED BY:

COUNCILMAN COLANTUONO

on behalf of MAYOR AVEDISIAN

COMMITTEE: FINANCE

Attest:

Judy Wild, City Clerk

1/24/17

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