AN ACT AUTHORIZING THE TOWN OF PORTSMOUTH TO ISSUE NOT TO EXCEED $41,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS TO FINANCE THE CONSTRUCTION, ADDITIONS, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE TOWN

Summary

The town of Portsmouth is authorized to sell general‑obligation bonds and related notes worth no more than $41 million to pay for construction, renovation, and equipment of its schools. The bonds are only eligible for state housing‑aid reimbursement if the projects are approved by the Rhode Island Department of Education, and repayment will come from bond proceeds, taxes or other town funds. Voters must approve the measure in a town election before most of its provisions become active.

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