§ 45-2-2.1 - Tax compacts between municipalities.
SECTION 45-2-2.1
§ 45-2-2.1 Tax compacts betweenmunicipalities. – Cities and towns or their agencies owning ratable property devoted to a publicuse which is located within any other city or town, and such other city or townwhere such property is located, respectively, are hereby authorized andempowered to enter into agreements from time to time establishing the amount oftaxes on such property and the manner or method for determining said amount fora period of time not exceeding ten (10) years at any one time. Such agreementsshall be in writing, shall be approved by the city and/or town council, andshall be signed by the mayor, or like officer, on behalf of cities, and by thepresident of the town council, on behalf of towns, respectively, and suchwritten agreements, when so made and executed pursuant to this act or pursuantto Chapter 1443 of Public Laws of 1929 as amended by Chapter 1779 of the PublicLaws of 1931, shall be valid and binding upon the parties.