This bill grants the town of North Kingstown the authority to issue bonds up to $25 million for the purpose of constructing an indoor recreation center. The town council has the power to determine the terms and conditions of the bonds, including interest rates and maturities. The proceeds from the sale of the bonds will be used for the specified purposes outlined in the bill. The bill also allows the town council to issue interest-bearing or discounted notes in anticipation of the authorization or issue of bonds or in anticipation of federal or state aid. The amount of notes issued cannot exceed the amount of bonds that may be issued or the estimated amount of available federal or state aid. The treasurer and the president of the town council will sign the notes, which will be payable within five years. The bill also allows for the refunding of temporary notes prior to maturity, with certain limitations. The town may also use funds in the treasury to advance the specified purposes until bonds or notes are issued. Any proceeds from the bonds or notes, as well as any accrued interest or premiums, will be applied to the payment of principal, interest, or other costs associated with the bonds or notes.

This bill authorizes the town of North Kingstown to issue bonds and notes in the amount of $25,000,000 to finance the construction of an indoor recreation center/emergency shelter. The treasurer of the town is authorized to take necessary actions to ensure that the interest on the bonds and notes remains excludable from gross income for federal income tax purposes. The bonds and notes issued under this act would be obligatory on the town and would not be included in the town's debt for the purpose of determining its borrowing capacity. The town would be required to annually appropriate funds to pay the principal and interest on the bonds and notes, and if such funds are not appropriated, they would be added to the annual tax levy. The town is also authorized to apply for and expend any federal or state advances or grants available for this project. The approval of this act would be submitted to the electors of the town in an election.