1 | ARTICLE 5 | |
2 | RELATING TO CAPITAL DEVELOPMENT PROGRAM | |
3 | SECTION 1. Proposition to be submitted to the people. | |
4 | At the general election to be held on the Tuesday next after the first Monday in November | |
5 | 2022, there shall be submitted to the people (“People”) of the State of Rhode Island (“State”), for | |
6 | their approval or rejection, the following proposition: | |
7 | "Shall the action of the general assembly, by an act passed at the January 2022 session, | |
8 | authorizing the issuance of bonds, refunding bonds, and temporary notes of the State of Rhode | |
9 | Island for the capital projects and in the amount with respect to each such project listed below be | |
10 | approved, and the issuance of bonds, refunding bonds, and temporary notes authorized in | |
11 | accordance with the provisions of said act?" | |
12 | Project | |
13 | (1) Higher Education Facilities $62,000,000 | |
14 | Approval of this question will allow the State of Rhode Island to issue general obligation | |
15 | bonds, refunding bonds, and/or temporary notes in an amount not to exceed sixty-two million | |
16 | dollars ($62,000,000) for capital improvements to higher education facilities, to be allocated as | |
17 | follows: | |
18 | (a) University of Rhode Island Narragansett Bay Campus $50,000,000 | |
19 | Provides fifty million dollars ($50,000,000) to fund repairs and construct new facilities on | |
20 | the University of Rhode Island’s Narragansett Bay Campus in support of the educational and | |
21 | research needs for the marine disciplines. | |
22 | (b) Community College of Rhode Island Renovation and Modernization $12,000,000 | |
23 | Provides twelve million dollars ($12,000,000) to fund restoration and enhancement of | |
24 | academic and student support spaces and other infrastructure on the four campuses of the | |
25 | Community College of Rhode Island (CCRI). Funds will go towards modernizing and renovating | |
26 | facilities, addressing repairs, improving safety and energy efficiency, and replacing outdated | |
27 | technology and equipment used for teaching and learning. | |
28 | (2) Rhode Island School Buildings $250,000,000 | |
29 | Approval of this question will allow the state of Rhode Island to issue general obligation | |
30 | bonds, refunding bonds, and/or temporary notes in an amount not to exceed two-hundred-fifty | |
31 | million dollars ($250,000,000). Of this total, two-hundred million dollars ($200,000,000) would | |
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1 | provide direct funding for school construction projects, such as the construction of new school | |
2 | facilities and the rehabilitation of existing school facilities. Fifty million ($50,000,000) would fund | |
3 | the school building authority capital fund enabling projects that address high priority school | |
4 | building needs including upgraded lighting, heating, and ventilation systems to help create facility | |
5 | equity between Rhode Island students. | |
6 | (3) Green Bond Economy Bonds $38,000,000 | |
7 | Approval of this question will allow the State of Rhode Island to issue general obligation | |
8 | bonds, refunding bonds, and/or temporary notes in an amount not to exceed thirty-eight million | |
9 | dollars ($38,000,000) for environmental and recreational purposes, to be allocated as follows: | |
10 | (a) Municipal Resiliency $16,000,000 | |
11 | Provides sixteen million dollars ($16,000,000) for up to seventy-five percent (75%) | |
12 | matching grants to municipalities for restoring and/or improving resiliency of infrastructure, | |
13 | vulnerable coastal habitats, and restoring rivers and stream floodplains. These funds are expected | |
14 | to leverage significant matching funds to support local programs to improve community resiliency | |
15 | and public safety in the face of increased flooding, major storm events, and environmental | |
16 | degradation. | |
17 | (a) Small Business Energy Loan Program $5,000,000 | |
18 | Provides five million dollars ($5,000,000) for grants for small businesses to remove | |
19 | impediments to clean energy project implementation and would provide zero interest and below | |
20 | market rate loans for clean energy projects. | |
21 | (b) Narragansett Bay and Watershed Restoration $3,000,000 | |
22 | Provides three million dollars ($3,000,000) for activities to restore and protect the water | |
23 | quality and enhance the economic viability and environmental sustainability of Narragansett Bay | |
24 | and the state’s watersheds. Eligible activities include nonpoint source pollution abatement, | |
25 | including stormwater management; nutrient loading abatement; commercial, industrial and | |
26 | agricultural pollution abatement; and riparian buffer and watershed ecosystem restoration. | |
27 | (c) Forest Restoration $3,000,000 | |
28 | Provides three million dollars ($3,000,000) to maintain forest and wildlife habitat and | |
29 | infrastructure on state properties, including state management areas. | |
30 | (e) Brownfields Remediation and Economic Development $4,000,000 | |
31 | Provides four million dollars ($4,000,000) for up to eighty percent (80%) matching grants | |
32 | to public, private, and/or non-profit entities for brownfield remediation projects. | |
33 | (f) State Land Acquisition Program $3,000,000 | |
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1 | Provides three million dollars ($3,000,000) for the State to acquire fee simple interest or | |
2 | conservation easements to open space, farmland, watershed, and recreation lands. | |
3 | (g) Local Land Acquisition Matching Grant Program $2,000,000 | |
4 | Provides two million dollars ($2,000,000) for up to fifty percent (50%) matching grants to | |
5 | municipalities, local land trusts and nonprofit organizations to acquire fee-simple interest, | |
6 | development rights, or conservation easements on open space and urban parklands. | |
7 | (h) Local Recreation Development Matching Grant Program $2,000,000 | |
8 | Provides two million dollars ($2,000,000) for up to eighty percent (80%) matching grants | |
9 | to municipalities to acquire, develop, or rehabilitate local public recreational facilities in Rhode | |
10 | Island. | |
11 | SECTION 2. Ballot labels and applicability of general election laws. | |
12 | The Secretary of State shall prepare and deliver to the State Board of Elections ballot labels | |
13 | for each of the projects provided for in Section 1 hereof with the designations "approve" or "reject" | |
14 | provided next to the description of each such project to enable voters to approve or reject each such | |
15 | proposition. The general election laws, so far as consistent herewith, shall apply to this proposition. | |
16 | SECTION 3. Approval of projects by people. | |
17 | If a majority of the People voting on the proposition in Section 1 hereof shall vote to | |
18 | approve any project stated therein, said project shall be deemed to be approved by the People. The | |
19 | authority to issue bonds, refunding bonds and/or temporary notes of the State shall be limited to | |
20 | the aggregate amount for all such projects as set forth in the proposition, which has been approved | |
21 | by the People. | |
22 | SECTION 4. Bonds for capital development program. | |
23 | The General Treasurer is hereby authorized and empowered, with the approval of the | |
24 | Governor, and in accordance with the provisions of this Act to issue capital development bonds in | |
25 | serial form, in the name of and on behalf of the State of Rhode Island, in amounts as may be | |
26 | specified by the Governor in an aggregate principal amount not to exceed the total amount for all | |
27 | projects approved by the People and designated as "capital development loan of 2022 bonds." | |
28 | Provided, however, that the aggregate principal amount of such capital development bonds and of | |
29 | any temporary notes outstanding at any one time issued in anticipation thereof pursuant to Section | |
30 | 7 hereof shall not exceed the total amount for all such projects approved by the People. All | |
31 | provisions in this Act relating to "bonds" shall also be deemed to apply to "refunding bonds." | |
32 | Capital development bonds issued under this Act shall be in denominations of one thousand | |
33 | dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or currency of the | |
34 | United States which at the time of payment shall be legal tender for public and private debts. These | |
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1 | capital development bonds shall bear such date or dates, mature at specified time or times, but not | |
2 | mature beyond the end of the twentieth (20th) State fiscal year following the fiscal year in which | |
3 | they are issued; bear interest payable semi-annually at a specified rate or different or varying rates: | |
4 | be payable at designated time or times at specified place or places; be subject to express terms of | |
5 | redemption or recall, with or without premium; be in a form, with or without interest coupons | |
6 | attached; carry such registration, conversion, reconversion, transfer, debt retirement, acceleration | |
7 | and other provisions as may be fixed by the General Treasurer, with the approval by the Governor, | |
8 | upon each issue of such capital development bonds at the time of each issue. Whenever the | |
9 | Governor shall approve the issuance of such capital development bonds, the Governor’s approval | |
10 | shall be certified to the Secretary of State; the bonds shall be signed by the General Treasurer and | |
11 | countersigned by Secretary of State and shall bear the seal of the State. The signature approval of | |
12 | the Governor shall be endorsed on each bond. | |
13 | SECTION 5. Refunding bonds for 2022 capital development program. | |
14 | The General Treasurer is hereby authorized and empowered, with the approval of the | |
15 | Governor, and in accordance with the provisions of this Act, to issue bonds to refund the 2022 | |
16 | capital development program bonds, in the name of and on behalf of the state, in amounts as may | |
17 | be specified by the Governor in an aggregate principal amount not to exceed the total amount | |
18 | approved by the People, to be designated as "capital development program loan of 2022 refunding | |
19 | bonds" (hereinafter "Refunding Bonds"). | |
20 | The General Treasurer with the approval of the Governor shall fix the terms and form of | |
21 | any Refunding Bonds issued under this Act in the same manner as the capital development bonds | |
22 | issued under this Act, except that the Refunding Bonds may not mature more than twenty (20) years | |
23 | from the date of original issue of the capital development bonds being refunded. | |
24 | The proceeds of the Refunding Bonds, exclusive of any premium and accrual interest and | |
25 | net the underwriters’ cost, and cost of bond issuance, shall, upon their receipt, be paid by the | |
26 | General Treasurer immediately to the paying agent for the capital development bonds which are to | |
27 | be called and prepaid. The paying agent shall hold the Refunding Bond proceeds in trust until they | |
28 | are applied to prepay the capital development bonds. While such proceeds are held in trust, the | |
29 | proceeds may be invested for the benefit of the State in obligations of the United States of America | |
30 | or the State of Rhode Island. | |
31 | If the General Treasurer shall deposit with the paying agent for the capital development | |
32 | bonds the proceeds of the Refunding Bonds, or proceeds from other sources, amounts that, when | |
33 | invested in obligations of the United States or the State of Rhode Island, are sufficient to pay all | |
34 | principal, interest, and premium, if any, on the capital development bonds until these bonds are | |
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1 | called for prepayment, then such capital development bonds shall not be considered debts of the | |
2 | State of Rhode Island for any purpose starting from the date of deposit of such moneys with the | |
3 | paying agent. The Refunding Bonds shall continue to be a debt of the State until paid. | |
4 | The term "bond" shall include "note," and the term "refunding bonds" shall include | |
5 | "refunding notes" when used in this Act. | |
6 | SECTION 6. Proceeds of capital development program. | |
7 | The General Treasurer is directed to deposit the proceeds from the sale of capital | |
8 | development bonds issued under this Act, exclusive of premiums and accrued interest and net the | |
9 | underwriters’ cost, and cost of bond issuance, in one or more of the depositories in which the funds | |
10 | of the State may be lawfully kept in special accounts (hereinafter cumulatively referred to as "such | |
11 | capital development bond fund") appropriately designated for each of the projects set forth in | |
12 | Section 1 hereof which shall have been approved by the People to be used for the purpose of paying | |
13 | the cost of all such projects so approved. | |
14 | All monies in the capital development bond fund shall be expended for the purposes | |
15 | specified in the proposition provided for in Section 1 hereof under the direction and supervision of | |
16 | the Director of Administration (hereinafter referred to as "Director"). The Director or his or her | |
17 | designee shall be vested with all power and authority necessary or incidental to the purposes of this | |
18 | Act, including but not limited to, the following authority: (a) to acquire land or other real property | |
19 | or any interest, estate or right therein as may be necessary or advantageous to accomplish the | |
20 | purposes of this Act; (b) to direct payment for the preparation of any reports, plans and | |
21 | specifications, and relocation expenses and other costs such as for furnishings, equipment | |
22 | designing, inspecting and engineering, required in connection with the implementation of any | |
23 | projects set forth in Section 1 hereof; (c) to direct payment for the costs of construction, | |
24 | rehabilitation, enlargement, provision of service utilities, and razing of facilities, and other | |
25 | improvements to land in connection with the implementation of any projects set forth in Section 1 | |
26 | hereof; and (d) to direct payment for the cost of equipment, supplies, devices, materials and labor | |
27 | for repair, renovation or conversion of systems and structures as necessary for the 2022 capital | |
28 | development program bonds or notes hereunder from the proceeds thereof. No funds shall be | |
29 | expended in excess of the amount of the capital development bond fund designated for each project | |
30 | authorized in Section 1 hereof. With respect to the bonds and temporary notes described in Section | |
31 | 1, the proceeds shall be used for the following purposes: | |
32 | Question 1, relating to bonds in the amount of sixty-two million dollars ($62,000,000) to | |
33 | provide funding for higher education facilities to be allocated as follows: | |
34 | (a) University of Rhode Island Narragansett Bay Campus$50,000,000 | |
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1 | Provides fifty million dollars ($50,000,000) to fund repairs and construct new facilities on | |
2 | the University of Rhode Island’s Narragansett Bay Campus in support of the educational and | |
3 | research needs for the marine disciplines. | |
4 | (b) Community College of Rhode Island Renovation and Modernization$12,000,000 | |
5 | Provides twelve million dollars ($12,000,000) to fund restoration and enhancement of | |
6 | academic and student support spaces and other infrastructure on the four campuses of the | |
7 | Community College of Rhode Island (CCRI). Funds will go towards modernizing and renovating | |
8 | facilities, addressing repairs, improving safety and energy efficiency, and replacing outdated | |
9 | technology and equipment used for teaching and learning. | |
10 | Question 2, relating to bonds in the amount of two hundred-fifty million dollars | |
11 | ($250,000,000) to provide funding for the construction, renovation, and rehabilitation of the state’s | |
12 | public schools pursuant to § 45-38.2-4 (f). | |
13 | Question 3, relating to bonds in the amount of thirty-eight million dollars ($38,000,000) | |
14 | for environmental and recreational purposes, to be allocated as follows: | |
15 | (a) Municipal Resiliency $16,000,000 | |
16 | Provides sixteen million dollars ($16,000,000) for up to seventy-five percent (75%) | |
17 | matching grants to municipalities for restoring and/or improving resiliency of infrastructure, | |
18 | vulnerable coastal habitats, and restoring rivers and stream floodplains. These funds are expected | |
19 | to leverage significant matching funds to support local programs to improve community resiliency | |
20 | and public safety in the face of increased flooding, major storm events, and environmental | |
21 | degradation. | |
22 | (d) Small Business Energy Loan Program $5,000,000 | |
23 | Provides five million dollars ($5,000,000) for grants for small businesses to remove | |
24 | impediments to clean energy project implementation and would provide zero interest and below | |
25 | market rate loans for clean energy projects. | |
26 | (e) Narragansett Bay and Watershed Restoration $3,000,000 | |
27 | Provides three million dollars ($3,000,000) for activities to restore and protect the water | |
28 | quality and enhance the economic viability and environmental sustainability of Narragansett Bay | |
29 | and the state’s watersheds. Eligible activities include nonpoint source pollution abatement, | |
30 | including stormwater management; nutrient loading abatement; commercial, industrial and | |
31 | agricultural pollution abatement; and riparian buffer and watershed ecosystem restoration. | |
32 | (f) Forest Restoration $3,000,000 | |
33 | Provides three million dollars ($3,000,000) to maintain forest and wildlife habitat and | |
34 | infrastructure on state properties, including state management areas. | |
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1 | (e) Brownfields Remediation and Economic Development $4,000,000 | |
2 | Provides four million dollars ($4,000,000) for up to eighty percent (80%) matching grants | |
3 | to public, private, and/or non-profit entities for brownfield remediation projects. | |
4 | (f) State Land Acquisition Program $3,000,000 | |
5 | Provides three million dollars ($3,000,000) for the State to acquire fee simple interest or | |
6 | conservation easements to open space, farmland, watershed, and recreation lands. | |
7 | (g) Local Land Acquisition Matching Grant Program $2,000,000 | |
8 | Provides two million dollars ($2,000,000) for up to fifty percent (50%) matching grants to | |
9 | municipalities, local land trusts and nonprofit organizations to acquire fee-simple interest, | |
10 | development rights, or conservation easements on open space and urban parklands. | |
11 | (h) Local Recreation Development Matching Grant Program $2,000,000 | |
12 | Provides two million dollars ($2,000,000) for up to eighty percent (80%) matching grants | |
13 | to municipalities to acquire, develop, or rehabilitate local public recreational facilities in Rhode | |
14 | Island. | |
15 | SECTION 7. Sale of bonds and notes. | |
16 | Any bonds or notes issued under the authority of this Act shall be sold at not less than the | |
17 | principal amount thereof, in such mode and on such terms and conditions as the General Treasurer, | |
18 | with the approval of the Governor, shall deem to be in the best interests of the State. | |
19 | Any premiums and accrued interest, net of the cost of bond issuance and underwriter’s | |
20 | discount, which may be received on the sale of the capital development bonds or notes shall become | |
21 | part of the Rhode Island Capital Plan Fund of the State, unless directed by federal law or regulation | |
22 | to be used for some other purpose. | |
23 | In the event that the amount received from the sale of the capital development bonds or | |
24 | notes exceeds the amount necessary for the purposes stated in Section 6 hereof, the surplus may be | |
25 | used to the extent possible to retire the bonds as the same may become due, to redeem them in | |
26 | accordance with the terms thereof or otherwise to purchase them as the General Treasurer, with the | |
27 | approval of the Governor, shall deem to be in the best interests of the state. | |
28 | Any bonds or notes issued under the provisions of this Act and coupons on any capital | |
29 | development bonds, if properly executed by the manual or electronic signatures of officers of the | |
30 | State in office on the date of execution, shall be valid and binding according to their tenor, | |
31 | notwithstanding that before the delivery thereof and payment therefor, any or all such officers shall | |
32 | for any reason have ceased to hold office. | |
33 | SECTION 8. Bonds and notes to be tax exempt and general obligations of the State. | |
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1 | All bonds and notes issued under the authority of this Act shall be exempt from taxation in | |
2 | the State and shall be general obligations of the State, and the full faith and credit of the State is | |
3 | hereby pledged for the due payment of the principal and interest on each of such bonds and notes | |
4 | as the same shall become due. | |
5 | SECTION 9. Investment of moneys in fund. | |
6 | All moneys in the capital development fund not immediately required for payment pursuant | |
7 | to the provisions of this act may be invested by the investment commission, as established by | |
8 | Chapter 10 of Title 35, entitled “State Investment Commission,” pursuant to the provisions of such | |
9 | chapter; provided, however, that the securities in which the capital development fund is invested | |
10 | shall remain a part of the capital development fund until exchanged for other securities; and | |
11 | provided further, that the income from investments of the capital development fund shall become | |
12 | a part of the general fund of the State and shall be applied to the payment of debt service charges | |
13 | of the State, unless directed by federal law or regulation to be used for some other purpose, or to | |
14 | the extent necessary, to rebate to the United States treasury any income from investments (including | |
15 | gains from the disposition of investments) of proceeds of bonds or notes to the extent deemed | |
16 | necessary to exempt (in whole or in part) the interest paid on such bonds or notes from federal | |
17 | income taxation. | |
18 | SECTION 10. Appropriation. | |
19 | To the extent the debt service on these bonds is not otherwise provided, a sum sufficient to | |
20 | pay the interest and principal due each year on bonds and notes hereunder is hereby annually | |
21 | appropriated out of any money in the treasury not otherwise appropriated. | |
22 | SECTION 11. Advances from general fund. | |
23 | The General Treasurer is authorized, with the approval of the Director and the Governor, | |
24 | in anticipation of the issue of notes or bonds under the authority of this Act, to advance to the capital | |
25 | development bond fund for the purposes specified in Section 6 hereof, any funds of the State not | |
26 | specifically held for any particular purpose; provided, however, that all advances made to the | |
27 | capital development bond fund shall be returned to the general fund from the capital development | |
28 | bond fund forthwith upon the receipt by the capital development fund of proceeds resulting from | |
29 | the issue of notes or bonds to the extent of such advances. | |
30 | SECTION 12. Federal assistance and private funds. | |
31 | In carrying out this act, the Director, or his or her designee, is authorized on behalf of the | |
32 | State, with the approval of the Governor, to apply for and accept any federal assistance which may | |
33 | become available for the purpose of this Act, whether in the form of loan or grant or otherwise, to | |
34 | accept the provision of any federal legislation therefor, to enter into, act and carry out contracts in | |
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1 | connection therewith, to act as agent for the federal government in connection therewith, or to | |
2 | designate a subordinate so to act. Where federal assistance is made available, the project shall be | |
3 | carried out in accordance with applicable federal law, the rules and regulations thereunder and the | |
4 | contract or contracts providing for federal assistance, notwithstanding any contrary provisions of | |
5 | State law. Subject to the foregoing, any federal funds received for the purposes of this Act shall be | |
6 | deposited in the capital development bond fund and expended as a part thereof. The Director or | |
7 | his or her designee may also utilize any private funds that may be made available for the purposes | |
8 | of this Act. | |
9 | SECTION 13. Effective Date. | |
10 | Sections 1, 2, 3, 11, 12 and this Section 13 of this article shall take effect upon passage. | |
11 | The remaining sections of this article shall take effect when and if the State Board of Elections shall | |
12 | certify to the Secretary of State that a majority of the qualified electors voting on the proposition | |
13 | contained in Section 1 hereof have indicated their approval of all or any projects thereunder. | |
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