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 bill authorizes the town of Portsmouth to sell general‑obligation bonds, notes and other debt up to $41 million to pay for building, renovating, improving, furnishing and equipping its schools. Issuance is conditioned on meeting state‑aid requirements and on approval of the projects by the Rhode Island Department of Education. All proceeds must be used for school‑related costs, debt service or issuance expenses.

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