Rhode Island § 46-3-11 - Shore Development

§ 46-3-11. Municipal bonds authorized.

For the purpose of financing the municipality’s share of the cost of acquiring any land or interest therein needed and for defraying the cost of the construction or installation of any structures or facilities approved for the control of beach erosion, the legislative body is authorized and empowered to issue bonds under the corporate name and seal of the municipality, bearing not more than six percent (6%) interest, per annum, payable semiannually, at such times not exceeding the normal expected life of the construction or installation of the kind and sort employed, and for such sum as may be authorized by the vote of the electors not in excess of an aggregate amount of three hundred thousand dollars ($300,000) outstanding at any one time. The bonds shall be obligatory upon the municipality in the same manner and to the same extent as other debts lawfully contracted by the municipality. The provisions of §§ 45-12-2 and 45-12-11 shall not apply to any bonds issued by any municipality under the provisions of this chapter.