Rhode Island Authorizes Narragansett Bond Issue, Includes Tax Related Provisions (Bill 1 of 2)

The Rhode Island General Assembly enacted a law that includes: 1) authorizing the Town of Narragansett to issue $3 million in bonds and notes (bonds); 2) providing that to the extent annual town appropriations are not sufficient to pay the principal and interest coming due within the year on any town bonds, such amount shall be added to the annual tax levy; 3) providing that all taxable property in the town is subject to ad valorem taxation without limitation as to rate or amount to pay for any principal or interest coming due on any bonds; and 4) providing that ...