Pawtucket may borrow up to $3 million for street repaving

Pawtucket may issue up to $3 million in bonds and notes to pay for street repaving and related costs. The borrowing is for repaving streets in Pawtucket and paying related costs. The city council sets the amounts and terms of the bonds and notes. The notes may be issued in anticipation of bonds or federal or state aid. The remaining sections take effect only if a majority of voters voting on the question approve the act. Sections 13 and 14 took effect upon passage. The remaining sections take effect upon voter approval.

The city must provide for yearly payments on bonds and notes issued under the act. This applies to principal and interest due each year on bonds and notes issued under the act. The city must appropriate enough money for principal and interest due that year to the extent those payments are not otherwise covered. If the city does not appropriate that amount, it must be added to the annual tax levy; all taxable property in the city may be taxed for it without a rate or amount limit. The city must provide for payments each year as principal or interest comes due.