Bill > H8620

This bill authorizes the City of Cranston to borrow up to $4,000,000 by issuing general obligation bonds and notes to finance the repair, construction, and rehabilitation of storm drains and drainage systems, as well as to address drainage and flooding problems. The city can issue these bonds and notes in various forms, with repayment schedules and terms determined by the city council. The funds raised will be used for the specified infrastructure improvements, paying off temporary notes issued in anticipation of bonds or aid, and covering associated costs. The bill also allows the city to use its treasury funds for these projects temporarily, to be repaid by bond or note proceeds. Importantly, this authorization requires voter approval in a city-wide election, and if approved, the bonds and notes will be legally binding obligations of the city, with property subject to taxation to cover principal and interest payments.