=======

art.004/3/004/2/004/1

=======

1

     ARTICLE 4

2

RELATING TO DEBT MANAGEMENT ACT JOINT RESOLUTIONS

3

     SECTION 1. This Article shall serve as the joint resolution required pursuant to Rhode

4

Island Laws § 35-18-1, et seq.

5

     SECTION 2. University of Rhode Island – Facilities Service Sector Upgrade.

6

     WHEREAS, the University of Rhode Island Board of Trustees and the University of Rhode

7

Island are proposing a project which involves the design and construction to enhance and

8

reorganize the facilities within the service sector for more efficient and effective operations;

9

     WHEREAS, the University has engaged qualified architectural and engineering firms to

10

perform master planning for this purpose;

11

     WHEREAS, in the last few decades, the University has made significant improvements to

12

the campus infrastructure and building inventory that house academic functions, student activities,

13

and athletic events for the University’s faculty and students;

14

     WHEREAS, it is in the best interest of the State, University, and the students and faculty

15

to have these improvements maintained and repaired;

16

     WHEREAS, the University’s facilities group has the responsibility for maintenance and

17

repair of these 5.8 million square feet, comprising approximately 25% of the State’s real estate

18

portfolio;

19

     WHEREAS, the buildings housing the facilities group were built in the 1950s through

20

1970s, have passed the end of their 40-year useful life, and are in need of substantial capital renewal

21

or replacement;

22

     WHEREAS, such improvements to the facilities group’s buildings are necessary to allow

23

for the ongoing support of the campus; and

24

     WHEREAS, the total project cost associated with completion of this phase of the project

25

and proposed financing method is thirteen million dollars ($13,000,000), including cost of issuance,

26

debt service payments would be supported by revenues derived from the University’s unrestricted

27

general revenues, and total debt service on the bonds is not expected to exceed one million one

28

hundred fifty thousand dollars ($1,150,000) annually and twenty-three million dollars

29

($23,000,000) in the aggregate based on an average interest rate of six (6%) percent; now, therefore

30

be it

 

1

     RESOLVED, that this General Assembly hereby approves financing in an amount not to

2

exceed thirteen million dollars ($13,000,000) for the facilities service sector upgrade project at the

3

University of Rhode Island; and be it further

4

     RESOLVED, that, this Joint Resolution shall take effect upon passage by this General

5

Assembly.

6

     SECTION 3. University of Rhode Island – Utility Infrastructure Upgrade Phase II.

7

     WHEREAS, the University of Rhode Island Board of Trustees and the University of Rhode

8

Island are proposing a project which involves the engineering and construction of upgrades and

9

component replacements to five municipal-level Kingston Campus utility systems;

10

     WHEREAS, the University has engaged qualified engineering firms to examine its major

11

infrastructure systems;

12

     WHEREAS, based on the condition and capabilities of these systems, the studies have

13

concluded that replacement of components and reconfiguration was advisable for each of these

14

extensive systems to ensure necessary steam, water, sanitary, and electrical support for the

15

University’s campuses for the next 20-40 years;

16

     WHEREAS, the University has also developed the required Storm Water Management

17

Plan for the Kingston Campus, which provides guidelines that are being incorporated into new

18

building projects under development and are driving stand-alone storm water infrastructure projects

19

as well;

20

     WHEREAS, the University has successfully completed many extremely important

21

individual utility infrastructure projects in its continuing progression of work to upgrade and

22

replace infrastructure systems but now needs additional investments beyond annual capital

23

resources;

24

     WHEREAS, this project is the second phase in a phased implementation plan to upgrade

25

and improve the reliability of infrastructure on the University of Rhode Island’s campuses; and

26

     WHEREAS, the total project cost associated with completion of this phase of the project

27

and proposed financing method is fifteen million four hundred fifty thousand dollars ($15,450,000),

28

including cost of issuance, debt service payments would be supported by revenues derived from

29

the University’s unrestricted general revenues, and total debt service on the bonds is not expected

30

to exceed one million three hundred fifty thousand dollars ($1,350,000) annually and twenty-seven

31

million dollars ($27,000,000) in the aggregate based on an average interest rate of six (6%) percent;

32

now, therefore be it

33

     RESOLVED, that this General Assembly hereby approves financing in an amount not to

34

exceed fifteen million four hundred fifty thousand dollars ($15,450,000) for the Utility

 

Art4
RELATING TO DEBT MANAGEMENT ACT JOINT RESOLUTIONS
(Page 2 of 3)

1

Infrastructure Upgrade Phase II project at the University of Rhode Island; and be it further

2

     RESOLVED, that this Joint Resolution shall take effect upon passage by this General

3

Assembly.

4

     SECTION 4. This article shall take effect upon passage.

 

Art4
RELATING TO DEBT MANAGEMENT ACT JOINT RESOLUTIONS
(Page 3 of 3)