Rhode Island H8488: 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 (Authorizes the Town of Portsmouth to issue bonds and notes in amount not exceeding $41,000,000 to finance construction, additions, renovation, improvement, alteration, repair, furnishing and equipping of schools and school facilities throughout the town.)

What the bill says

A resolution evidencing the town's intent to pay off the notes without extinguishing the authority to issue bonds or notes; and (2) That the period from the date of an original note to the maturity date of any other note shall not exceed five (5) years. SECTION 5. Pending any authorization or issue of bonds hereunder or pending or in lieu of any authorization or issue of notes hereunder, the director of finance, with the approval of the LC006355 - Page 3 of town council, may, to the extent that bonds or notes may be issued hereunder, apply funds in the treasury of the town to the purposes spec.

From the introduced text, April 29, 2026:

a resolution evidencing the town's intent to pay off the notes without extinguishing the authority to issue bonds or notes; and (2) That the period from the date of an original note to the maturity date of any other note shall not exceed five (5) years. SECTION 5. Pending any authorization or issue of bonds hereunder or pending or in lieu of any authorization or issue of notes hereunder, the director of finance, with the approval of the LC006355 - Page 3 of town council, may, to the extent that bonds or notes may be issued hereunder, apply funds in the treasury of the town to the purposes specified in section 2, such advances to be repaid without interest from the proceeds of bonds or notes subsequently issued or from the proceeds of applicable federal or state assistance or from other available funds. SECTION 6. Any proceeds of bonds or notes issued hereunder or of any applicable federal or state assistance, pending their expenditure, may be deposited or invested by the director of finance in demand deposits, time deposits or savings deposits in banks which are members of the Federal Deposit Insurance Corporation or in obligations issued or guaranteed by the United States of America or by any agency or instrumentality thereof or as may be provided in any other …