There is a newer version of the Rhode Island General Laws
2009 Rhode Island Code
Title 45 - Towns and cities
CHAPTER 45-12 - Indebtedness of Towns and Cities
§ 45-12-22.4 - Deficit financing – Approval required.
SECTION 45-12-22.4
§ 45-12-22.4 Deficit financing – Approval required. – No municipality shall sell a long-term bond in order to fund a deficit without prior approval by the state auditor general and director of the state department of revenue.
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