§ 45-12-11 - Authority for issuance of indebtedness excess.
SECTION 45-12-11
§ 45-12-11 Authority for issuance ofindebtedness 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 ofthree percent (3%) of the full assessed value of the taxable property withinthe city or town imposed by § 45-12-2 whenever the director determinesthat the sum appropriated by any city or town or the funds available areinsufficient to pay the necessary expenses of the city or town. For thispurpose the state director of revenue may require any information concerningthe financial condition of the city or town that the director may deemnecessary for the proper exercise of that authority.