§ 45-12-4.3 - Borrowing in anticipation of water and sewer tax and user charge revenue.
SECTION 45-12-4.3
§ 45-12-4.3 Borrowing in anticipation ofwater and sewer tax and user charge revenue. – Any city or town, by resolution of its city or town council, may authorize theissuance of notes in any fiscal year in anticipation of the receipt of waterand sewer tax and user charge revenues, in a principal amount which, togetherwith any money borrowed in anticipation of these revenues in any prior fiscalyear that remains unpaid, shall not exceed in the aggregate eighty percent(80%) of the total amount of those revenues due or expected to be receivedduring the fiscal year, as estimated by the director of finance or treasurer.Notes issued under this section are payable within one year from their datesand may be refunded; provided, that the period from the date of an originalnote to the maturity of any note issued to refund the same debt does exceed oneyear.