AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE REPAIR, CONSTRUCTION AND REHABILITATION OF STORM DRAINS AND DRAINAGE IMPROVEMENTS, AND THE REMEDIATION AND MITIGATION OF DRAINAGE AND FLOODING PROBLEMS, BY THE ISSUANCE OF NOT MORE THAN $4,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR

Summary

The law lets the city sell general‑obligation bonds and short‑term notes to raise money for repairing, building, and improving storm drains and for flood‑mitigation work. Proceeds must be used for those projects, bond debt is kept outside the city’s statutory debt limit, and voters must approve the measure in a citywide election. It also sets rules for bond terms, note issuance, investment of funds, and repayment.

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