2022 -- S 2824 SUBSTITUTE A | |
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LC005613/SUB A | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2022 | |
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A N A C T | |
TO AUTHORIZE AND APPROVE A REFERENDUM TO BE SUBMITTED TO THE | |
QUALIFIED ELECTORS OF THE STATE OF RHODE ISLAND AT THE NEXT GENERAL | |
ELECTION TO ALLOW THE STATE OF RHODE ISLAND TO ISSUE GENERAL | |
OBLIGATION BONDS, REFUNDING BONDS, AND/OR TEMPORARY NOTES IN AN | |
AMOUNT NOT TO EXCEED TWELVE MILLION DOLLARS ($12,000,000) FOR THE NEW | |
CONSTRUCTION OF A STATE-OF-THE-ART CARBON-NEUTRAL EDUCATION | |
CENTER AND EVENT PAVILION AT ROGER WILLIAMS PARK ZOO. | |
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Introduced By: Senators Goodwin, and McCaffrey | |
Date Introduced: March 24, 2022 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Proposition to be submitted to the people. |
2 | At the general election to be held on the Tuesday next after the first Monday in November |
3 | 2022, there shall be submitted to the people ("People") of the State of Rhode Island ("State"), for |
4 | their approval or rejection, the following proposition: |
5 | "Shall the action of the general assembly, by an act passed at the January 2022 session, |
6 | authorizing the issuance of bonds, refunding bonds, and temporary notes of the State of Rhode |
7 | Island for the capital projects and in the amount with respect to each such project listed below be |
8 | approved, and the issuance of bonds, refunding bonds, and temporary notes authorized in |
9 | accordance with the provisions of said act?" |
10 | Project |
11 | Roger Williams Park and Zoo $12,000,000 |
12 | Provides twelve million dollars ($12,000,000) for Roger Williams Park and Zoo for the |
13 | construction of a state-of-the-art carbon-neutral education center, in addition to other projects |
14 | approved in other amounts as is otherwise specified in law. |
15 | SECTION 2. Ballot labels and applicability of general election laws. |
16 | The Secretary of State shall prepare and deliver to the State Board of Elections ballot labels |
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1 | for each of the projects provided for in section 1 hereof with the designations "approve" or "reject" |
2 | provided next to the description of each such project to enable voters to approve or reject each such |
3 | proposition. The general election laws, so far as consistent herewith, shall apply to this proposition. |
4 | SECTION 3. Approval of projects by people. |
5 | If a majority of the People voting on the proposition in section 1 hereof shall vote to |
6 | approve any project stated therein, said project shall be deemed to be approved by the People. The |
7 | authority to issue bonds, refunding bonds and/or temporary notes of the State shall be limited to |
8 | the aggregate amount for all such projects as set forth in the proposition, which has been approved |
9 | by the People. |
10 | SECTION 4. Bonds for capital development program. |
11 | The General Treasurer is hereby authorized and empowered, with the approval of the |
12 | Governor, and in accordance with the provisions of this act to issue capital development bonds in |
13 | serial form, in the name of and on behalf of the State of Rhode Island, in amounts as may be |
14 | specified by the Governor in an aggregate principal amount not to exceed the total amount for all |
15 | projects approved by the People and designated as "capital development loan of 2022 bonds." |
16 | Provided, however, that the aggregate principal amount of such capital development bonds and of |
17 | any temporary notes outstanding at any one time issued in anticipation thereof pursuant to section |
18 | 7 hereof shall not exceed the total amount for all such projects approved by the People. All |
19 | provisions in this act relating to "bonds" shall also be deemed to apply to "refunding bonds." |
20 | Capital development bonds issued under this act shall be in denominations of one thousand |
21 | dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or currency of the |
22 | United States which at the time of payment shall be legal tender for public and private debts. These |
23 | capital development bonds shall bear such date or dates, mature at specified time or times, but not |
24 | mature beyond the end of the twentieth State fiscal year following the fiscal year in which they are |
25 | issued; bear interest payable semi-annually at a specified rate or different or varying rates: be |
26 | payable at designated time or times at specified place or places; be subject to express terms of |
27 | redemption or recall, with or without premium; be in a form, with or without interest coupons |
28 | attached; carry such registration, conversion, reconversion, transfer, debt retirement, acceleration |
29 | and other provisions as may be fixed by the General Treasurer, with the approval by the Governor, |
30 | upon each issue of such capital development bonds at the time of each issue. Whenever the |
31 | Governor shall approve the issuance of such capital development bonds, the Governor's approval |
32 | shall be certified to the Secretary of State; the bonds shall be signed by the General Treasurer and |
33 | countersigned by the Secretary of State and shall bear the seal of the State. The signature approval |
34 | of the Governor shall be endorsed on each bond. |
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1 | SECTION 5. Refunding bonds for 2022 capital development program. |
2 | The General Treasurer is hereby authorized and empowered, with the approval of the |
3 | Governor, and in accordance with the provisions of this act, to issue bonds to refund the 2022 |
4 | capital development program bonds, in the name of and on behalf of the state, in amounts as may |
5 | be specified by the Governor in an aggregate principal amount not to exceed the total amount |
6 | approved by the People, to be designated as "capital development program loan of 2022 refunding |
7 | bonds" (hereinafter "Refunding Bonds"). |
8 | The General Treasurer with the approval of the Governor shall fix the terms and form of |
9 | any Refunding Bonds issued under this act in the same manner as the capital development bonds |
10 | issued under this act, except that the Refunding Bonds may not mature more than twenty (20) years |
11 | from the date of original issue of the capital development bonds being refunded. |
12 | The proceeds of the Refunding Bonds, exclusive of any premium and accrual interest and |
13 | net the underwriters' cost, and cost of bond issuance, shall, upon their receipt, be paid by the General |
14 | Treasurer immediately to the paying agent for the capital development bonds which are to be called |
15 | and prepaid. The paying agent shall hold the Refunding Bond proceeds in trust until they are applied |
16 | to prepay the capital development bonds. While such proceeds are held in trust, the proceeds may |
17 | be invested for the benefit of the State in obligations of the United States of America or the State |
18 | of Rhode Island. |
19 | If the General Treasurer shall deposit with the paying agent for the capital development |
20 | bonds the proceeds of the Refunding Bonds, or proceeds from other sources, amounts that, when |
21 | invested in obligations of the United States or the State of Rhode Island, are sufficient to pay all |
22 | principal, interest, and premium, if any, on the capital development bonds until these bonds are |
23 | called for prepayment, then such capital development bonds shall not be considered debts of the |
24 | State of Rhode Island for any purpose starting from the date of deposit of such monies with the |
25 | paying agent. The Refunding Bonds shall continue to be a debt of the State until paid. |
26 | The term "bond" shall include "note," and the term "refunding bonds" shall include |
27 | "refunding notes" when used in this act. |
28 | SECTION 6. Proceeds of capital development program. |
29 | The General Treasurer is directed to deposit the proceeds from the sale of capital |
30 | development bonds issued under this act, exclusive of premiums and accrued interest and net the |
31 | underwriters' cost, and cost of bond issuance, in one or more of the depositories in which the funds |
32 | of the State may be lawfully kept in special accounts (hereinafter cumulatively referred to as "such |
33 | capital development bond fund") appropriately designated for each of the projects set forth in |
34 | section 1 hereof which shall have been approved by the People to be used for the purpose of paying |
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1 | the cost of all such projects so approved. |
2 | All monies in the capital development bond fund shall be expended for the purposes |
3 | specified in the proposition provided for in section 1 hereof under the direction and supervision of |
4 | the Director of Administration (hereinafter referred to as "Director"). The Director or his or her |
5 | designee shall be vested with all power and authority necessary or incidental to the purposes of this |
6 | act, including but not limited to, the following authority: (a) to acquire land or other real property |
7 | or any interest, estate or right therein as may be necessary or advantageous to accomplish the |
8 | purposes of this act; (b) to direct payment for the preparation of any reports, plans and |
9 | specifications, and relocation expenses and other costs such as for furnishings, equipment |
10 | designing, inspecting and engineering, required in connection with the implementation of any |
11 | projects set forth in section 1 hereof; (c) to direct payment for the costs of construction, |
12 | rehabilitation, enlargement, provision of service utilities, and razing of facilities, and other |
13 | improvements to land in connection with the implementation of any projects set forth in section 1 |
14 | hereof; and (d) to direct payment for the cost of equipment, supplies, devices, materials and labor |
15 | for repair, renovation or conversion of systems and structures as necessary for the 2022 capital |
16 | development program bonds or notes hereunder from the proceeds thereof. No funds shall be |
17 | expended in excess of the amount of the capital development bond fund designated for each project |
18 | authorized in section 1 hereof. With respect to the bonds and temporary notes described in section |
19 | 1, the proceeds shall be used for the following purposes: |
20 | Roger Williams Park and Zoo $12,000,000 |
21 | Provides twelve million dollars ($12,000,000) for Roger Williams Park and Zoo for the |
22 | construction of a state-of-the-art carbon-neutral education center, |
23 | SECTION 7. Sale of bonds and notes. |
24 | Any bonds or notes issued under the authority of this act shall be sold at not less than the |
25 | principal amount thereof, in such mode and on such terms and conditions as the General Treasurer, |
26 | with the approval of the Governor, shall deem to be in the best interests of the State. |
27 | Any premiums and accrued interest, net of the cost of bond issuance and underwriter's |
28 | discount, which may be received on the sale of the capital development bonds or notes shall become |
29 | part of the Rhode Island Capital Plan Fund of the State, unless directed by federal law or regulation |
30 | to be used for some other purpose. |
31 | In the event that the amount received from the sale of the capital development bonds or |
32 | notes exceeds the amount necessary for the purposes stated in section 6 hereof, the surplus may be |
33 | used to the extent possible to retire the bonds as the same may become due, to redeem them in |
34 | accordance with the terms thereof or otherwise to purchase them as the General Treasurer, with the |
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1 | approval of the Governor, shall deem to be in the best interests of the state. |
2 | Any bonds or notes issued under the provisions of this act and coupons on any capital |
3 | development bonds, if properly executed by the manual or electronic signatures of officers of the |
4 | State in office on the date of execution, shall be valid and binding according to their tenor, |
5 | notwithstanding that before the delivery thereof and payment therefor, any or all such officers shall |
6 | for any reason have ceased to hold office. |
7 | SECTION 8. Bonds and notes to be tax exempt and general obligations of the State. All |
8 | bonds and notes issued under the authority of this act shall be exempt from taxation in the State |
9 | and shall be general obligations of the State, and the full faith and credit of the State is hereby |
10 | pledged for the due payment of the principal and interest on each of such bonds and notes as the |
11 | same shall become due. |
12 | SECTION 9. Investment of moneys in fund. |
13 | All monies in the capital development fund not immediately required for payment pursuant |
14 | to the provisions of this act may be invested by the investment commission, as established by |
15 | Chapter 10 of Title 35, entitled "State Investment Commission," pursuant to the provisions of such |
16 | chapter; provided, however, that the securities in which the capital development fund is invested |
17 | shall remain a part of the capital development fund until exchanged for other securities; and |
18 | provided further, that the income from investments of the capital development fund shall become |
19 | a part of the general fund of the State and shall be applied to the payment of debt service charges |
20 | of the State, unless directed by federal law or regulation to be used for some other purpose, or to |
21 | the extent necessary, to rebate to the United States treasury any income from investments (including |
22 | gains from the disposition of investments) of proceeds of bonds or notes to the extent deemed |
23 | necessary to exempt (in whole or in part) the interest paid on such bonds or notes from federal |
24 | income taxation. |
25 | SECTION 10. Appropriation. |
26 | To the extent the debt service on these bonds is not otherwise provided, a sum sufficient to |
27 | pay the interest and principal due each year on bonds and notes hereunder is hereby annually |
28 | appropriated out of any money in the treasury not otherwise appropriated. |
29 | SECTION 11. Advances from general fund. |
30 | The General Treasurer is authorized, with the approval of the Director and the Governor, |
31 | in anticipation of the issue of notes or bonds under the authority of this act, to advance to the capital |
32 | development bond fund for the purposes specified in section 6 hereof, any funds of the State not |
33 | specifically held for any particular purpose; provided, however, that all advances made to the |
34 | capital development bond fund shall be returned to the general fund from the capital development |
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1 | bond fund forthwith upon the receipt by the capital development fund of proceeds resulting from |
2 | the issue of notes or bonds to the extent of such advances. |
3 | SECTION 12. Federal assistance and private funds. |
4 | In carrying out this act, the Director, or his or her designee, is authorized on behalf of the |
5 | State, with the approval of the Governor, to apply for and accept any federal assistance which may |
6 | become available for the purpose of this act, whether in the form of loan or grant or otherwise, to |
7 | accept the provision of any federal legislation therefor, to enter into, act and carry out contracts in |
8 | connection therewith, to act as agent for the federal government in connection therewith, or to |
9 | designate a subordinate so to act. Where federal assistance is made available, the project shall be |
10 | carried out in accordance with applicable federal law, the rules and regulations thereunder and the |
11 | contract or contracts providing for federal assistance, notwithstanding any contrary provisions of |
12 | state law. Subject to the foregoing, any federal funds received for the purposes of this act shall be |
13 | deposited in the capital development bond fund and expended as a part thereof. The Director or his |
14 | or her designee may also utilize any private funds that may be made available for the purposes of |
15 | this act. |
16 | SECTION 13. Effective Date. |
17 | Sections 1, 2, 3, 11, 12 and this section 13 of this act shall take effect upon passage. |
18 | The remaining sections of this act shall take effect when and if the State Board of Elections |
19 | shall certify to the Secretary of State that a majority of the qualified electors voting on the |
20 | proposition contained in section 1 hereof have indicated their approval of all or any projects |
21 | thereunder. |
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LC005613/SUB A | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
TO AUTHORIZE AND APPROVE A REFERENDUM TO BE SUBMITTED TO THE | |
QUALIFIED ELECTORS OF THE STATE OF RHODE ISLAND AT THE NEXT GENERAL | |
ELECTION TO ALLOW THE STATE OF RHODE ISLAND TO ISSUE GENERAL | |
OBLIGATION BONDS, REFUNDING BONDS, AND/OR TEMPORARY NOTES IN AN | |
AMOUNT NOT TO EXCEED TWELVE MILLION DOLLARS ($12,000,000) FOR THE NEW | |
CONSTRUCTION OF A STATE-OF-THE-ART CARBON-NEUTRAL EDUCATION | |
CENTER AND EVENT PAVILION AT ROGER WILLIAMS PARK ZOO. | |
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1 | This resolution would allow the State of Rhode Island to issue general obligation bonds, |
2 | refunding bonds, and/or temporary notes in an amount not to exceed twelve million dollars |
3 | ($12,000,000) for the new construction of a state-of-the-art carbon-neutral education center and |
4 | event pavilion at Roger Williams Park Zoo (RWPZ). |
5 | Sections 1, 2, 3, 11, 12 and this section 13 of this act would take effect upon passage. |
6 | The remaining sections of this act would take effect when and if the State Board of |
7 | Elections shall certify to the Secretary of State that a majority of the qualified electors voting on |
8 | the proposition contained in section 1 hereof have indicated their approval of all or any projects |
9 | thereunder. |
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LC005613/SUB A | |
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