Rhode Island Enacts Law Authorizing Newport to Issue General Obligation Bonds, Property Tax Levy

The Rhode Island Governor signed a law authorizing the City of Newport to issue bonds and notes to finance infrastructure and facility improvements. The law includes a provision that: 1) if the City does not appropriate a sum sufficient to pay the annual principal and interest on bonds and notes issued under the law, the amount is to be added to the annual property tax levy; and 2) all taxable property in the City is subject to ad valorem taxation by the City without limitation as to rate or amount in order to provide for the sum required. The law ...