2009 Rhode Island Code
Title 45 - Towns and cities
CHAPTER 45-12 - Indebtedness of Towns and Cities
§ 45-12-11 - Authority for issuance of indebtedness excess.
SECTION 45-12-11
§ 45-12-11 Authority for issuance of indebtedness excess. – The state director of revenue may, upon petition by the city or town council, authorize the city or town to incur indebtedness in excess of the limit of three percent (3%) of the full assessed value of the taxable property within the city or town imposed by § 45-12-2 whenever the director determines that the sum appropriated by any city or town or the funds available are insufficient to pay the necessary expenses of the city or town. For this purpose the state director of revenue may require any information concerning the financial condition of the city or town that the director may deem necessary for the proper exercise of that authority.
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