AN ACT AUTHORIZING THE TOWN OF WEST WARWICK TO ISSUE NOT TO EXCEED $71,000,000 GENERAL OBLIGATION BONDS AND NOTES TO FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE TOWN AND ALL ATTENDANT EXPENSES INCLUDING, BUT NOT LIMITED TO, DEMOLITION, ENGINEERING, ARCHITECTURAL AND LANDSCAPING COSTS .

West Warwick school borrowing carries tax obligations

The law authorizes West Warwick to borrow up to $71 million to buy, build, renovate, furnish, and equip schools, including related costs. This authority requires approval by a majority of local voters voting on the question. Bond principal payments must start within five years and finish within 30 years after issuance. When other funds fall short, the town must budget enough each year to pay principal and interest. If it fails to do so, the required amount goes on the annual property tax levy, without a rate or dollar limit.