Rhode Island General Laws Title 45. Towns and Cities § 45-12-33. Borrowing for road and bridge, infrastructure, and school building projects

(b) These bonds, notes, or other evidences of indebtedness are subject to the maximum aggregate indebtedness permitted to be issued by any city or town under § 45-12-2.

(c) The denominations, maturities, interest rates, methods of sale, and other terms, conditions, and details of any bonds or notes issued under the provisions of this section may be fixed by resolution of the city or town council authorizing them, or if no provision is made in the resolution, by the treasurer or other officer authorized to issue the bonds, notes or evidences of indebtedness; provided, that the payment of principal shall be by sufficient annual payments that will extinguish the debt at maturity, the first of these annual payments to be made not later than three (3) years, and the last payment not later than twenty (20) years after the date of the bonds.

The bonds, notes, or other evidences of indebtedness may be issued under this section by any political subdivision without obtaining the approval of its electors, notwithstanding the provisions of §§ 45-12-19 and 45-12-20 and notwithstanding any provision of its charter to the contrary.