R.I. Gen. Laws § 45-12-25: Sale of bonds or notes at a discount.

Notwithstanding any provisions of general or special law enacted prior to January 1, 1982 which require bonds or notes of cities, towns, or other political subdivisions to be sold at not less than par or par and accrued interest, those bonds or notes may be sold at a discount. In case of a sale at discount, the discount shall be treated as interest paid in advance.