§ 45-12-1 Payment of indebtedness
§ 45-12-2 Maximum aggregate indebtedness
§ 45-12-2.1 Ministerial approval
§ 45-12-3 Statements to accompany bills to general assembly to authorize indebtedness
§ 45-12-4 Borrowing in anticipation of taxes
§ 45-12-4.1 Borrowing where collection of taxes delayed or taxes refunded
§ 45-12-4.2 Borrowing in anticipation of federal or state grants
§ 45-12-4.3 Borrowing in anticipation of water and sewer tax and user charge revenue
§ 45-12-4.4 Borrowing in payment of certain judgments
§ 45-12-4.5 Relationship to charters
§ 45-12-5 Sale of evidences of indebtedness – Annual payments – Terms
§ 45-12-5.1 Callable bonds
§ 45-12-5.2 Issuance of refunding bonds to pay outstanding bonds
§ 45-12-5.3 Debt maturity for United States Department of Agriculture/Rural Development bonds
§ 45-12-5.4 Cities or towns with a population greater than 125,000 inhabitants – Variable rate obligations and interest exchange agreements
§ 45-12-5.5 Repealed
§ 45-12-6 Statutory bond authorizations construed as additional authority
§ 45-12-7 Sinking fund provisions construed as additions to general sinking fund
§ 45-12-8 Establishment of general sinking fund – Computation of payments to sinking fund
§ 45-12-9 Retirement of bonds in sinking fund
§ 45-12-10 Repealed
§ 45-12-11 Authority for issuance of indebtedness excess
§ 45-12-12 City and town boards to authorize duplicate bonds
§ 45-12-13 Repair or replacement of damaged bond or note
§ 45-12-14 Replacement of lost or destroyed bond or note – Bond to indemnify city or town
§ 45-12-15 Contractual debts unimpaired
§ 45-12-16 Interest rate
§ 45-12-17 Debt previously approved
§ 45-12-18 Bond anticipation notes
§ 45-12-19 Charter provisions as to referendum
§ 45-12-20 Issuance of bonds authorized by law approved by electors
§ 45-12-21 Powers of financial town meeting not affected
§ 45-12-22 Repealed
§ 45-12-22.1 Municipal deficits – Purpose
§ 45-12-22.2 Monitoring of financial operations – Corrective action
§ 45-12-22.3 Year-end deficits
§ 45-12-22.4 Deficit, pension and other post-employment benefit financing – Approval required
§ 45-12-22.5 Unbudgeted expenditures
§ 45-12-22.6 Cooperation of school committees
§ 45-12-22.7 Enforcement and remedies
§ 45-12-23 Tax exemption
§ 45-12-24 Repealed
§ 45-12-25 Sale of bonds or notes at a discount
§ 45-12-26 Commercial agreements relating to registered bonds and notes
§ 45-12-27 Conflict between bond referendum provisions and bond expenditure provisions
§ 45-12-28 Permitted temporary investments for bond proceeds
§ 45-12-29 Agreements relating to tax and securities compliance rebate to federal government
§ 45-12-30 Securing of bonds or notes – Trust agreements
§ 45-12-31 Extinguishment of authorizations
§ 45-12-32 Inability to pay interest or principal of bonds, notes or certificates of indebtedness – Notice – Certification to general treasurer – Payment by general treasurer
§ 45-12-33 Borrowing for road and bridge, infrastructure, and school building projects

Terms Used In Rhode Island General Laws > Chapter 45-12 - Indebtedness of Towns and Cities

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Balanced budget: A budget in which receipts equal outlays.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
  • town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.