Section 44-35-2 - PurposeThe purpose of this chapter is to:
(1) Establish a procedure under which towns and cities may levy property taxes;(2) Provide for full disclosure of the effect of rate and base changes on property tax revenues;(3) Establish a procedure for public hearings on proposed budgets;(4) Require municipalities to adopt a balanced budget; and(5) Provide for fiscal oversight of municipalities incurring an operating deficit or an accumulated deficit in the preceding fiscal year.P.L. 1979, ch. 298, § 1; P.L. 1981, ch. 297, § 1.