§ 45-12-1. Payment of indebtedness. (a) The outstanding notes, bonds, and contracts of cities and towns shall be paid and fulfilled according to their tenor, and all public works now authorized to be prosecuted shall be prosecuted, and all indebtedness now authorized to be incurred on account thereof may be incurred, according to the tenor […]
§ 45-12-10. Repealed.
§ 45-12-11. Authority for issuance of indebtedness excess. The state director of revenue may, upon petition by the city or town council, authorize the city or town to incur indebtedness in excess of the limit of three percent (3%) of the full assessed value of the taxable property within the city or town imposed by […]
§ 45-12-12. City and town boards to authorize duplicate bonds. The mayors, city clerks, and city treasurers of every city, and the presidents of the town councils, the town clerks, and the town treasurers of every town, are hereby severally constituted boards, each referred to in §§ 45-12-13 and 45-12-14 as “the board,” to carry […]
§ 45-12-13. Repair or replacement of damaged bond or note. Whenever the board is satisfied that any instrument or printed or written paper presented to it is in fact a valid bond or note of the city or town, but it is so damaged that its condition is as to hinder and prevent the owner […]
§ 45-12-14. Replacement of lost or destroyed bond or note — Bond to indemnify city or town. Whenever the board is satisfied that any bond or note of the city or town has been lost or destroyed, the board may upon payment to it by the owner or holder of the bond or note, of […]
§ 45-12-15. Contractual debts unimpaired. Nothing in this chapter shall exempt a city or town from its liability to pay debts contracted for purposes for which it may lawfully expend money. History of Section.G.L. 1938, ch. 47, § 31; P.L. 1930, ch. 1617, § 3; G.L. 1938, ch. 329, § 35; G.L. 1956, § 45-12-15.
§ 45-12-16. Interest rate. Any provisions of general or special law enacted prior to February 21, 1970, which limit the rate of interest to be paid on any bonds or other evidences of indebtedness of a city, town, or other political subdivision are repealed. History of Section.G.L. 1956, § 45-12-16; R.P.L. 1957, ch. 4, § […]
§ 45-12-17. Debt previously approved. Whenever the provisions of § 45-12-16 operate to repeal a limitation on the interest rate which may be paid on any issue of bonds or other evidences of indebtedness approved by the qualified voters of any city, town, or other political subdivision, no further approval of the issue of bonds […]
§ 45-12-18. Bond anticipation notes. A city or town, acting by resolution of its city council or town council, after approval of the issue of bonds by vote of the qualified electors of the city or town if approval is required, may authorize the issue from time to time of notes in anticipation of the […]
§ 45-12-19. Charter provisions as to referendum. The charter of any city or town may provide that the issuance of bonds, notes or other evidences of indebtedness of the city or town be by ordinance or by resolution after the issuance of the bonds, notes or other evidences of indebtedness of the city or town […]
§ 45-12-2. Maximum aggregate indebtedness. Except as provided in § 45-12-11, no city or town shall, without special statutory authority, or ministerial approval as provided for in § 45-12-2.1 incur any debt for money borrowed which would increase its aggregate outstanding principal indebtedness not excepted by law from the provisions of this section to an […]
§ 45-12-2.1. Ministerial approval. Effective January 1, 2008, a city or town shall have authority to incur debt for money borrowed, through the issuance of bonds, if such application for approval of bonds is approved by the auditor general as described below, as meeting all of the following standards: (1) The city or town has […]
§ 45-12-20. Issuance of bonds authorized by law approved by electors. Whenever a general or special law which authorizes the issuance of bonds, notes or other evidences of indebtedness has become effective upon acceptance or approval by the electors of a city or town, such law shall be effective notwithstanding any failure or defect in […]
§ 45-12-21. Powers of financial town meeting not affected. Sections 45-12-19 and 45-12-20 shall not apply in any way to the powers or authorities of any town exercised or exercisable in financial town meeting. History of Section.R.P.L. 1957, ch. 165, § 3.
§ 45-12-22. Repealed.
§ 45-12-22.1. Municipal deficits — Purpose. The purpose of §§ 45-12-22.1 — 45-12-22.5 are to ensure that municipalities and school districts monitor financial operations on an ongoing basis, execute a rapid response to budget problems, and maintain a balanced budget in compliance with § 44-35-10. It is the intent of the legislature to require that […]
§ 45-12-22.2. Monitoring of financial operations — Corrective action. Subsections (a) through (h) below shall apply to cities and towns. (a) The chief financial officer of each municipality and each school district within the state shall continuously monitor financial operations by tracking actual versus budgeted revenue and expense. (b) The chief financial officer of the […]
§ 45-12-22.3. Year-end deficits. (a) If, at the end of any fiscal year, the chief financial official determines, based on available data, that it is likely the city or town’s general fund or combined general fund and unrestricted school special revenue fund will incur a deficit, the municipality must notify the auditor general and the […]
§ 45-12-22.4. Deficit, pension and other post-employment benefit financing — Approval required. (a) Except as provided in chapter 9 of this title, no municipality shall sell a long-term bond in order to fund a deficit or to fund pension obligations or other post-employment benefits without prior approval by the state auditor general and director of […]
