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| ARTICLE 5 |
RELATING TO CAPITAL DEVELOPMENT PROGRAM
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| SECTION 1. Proposition to be submitted to the people. -- At the general election to be |
| held on the Tuesday next after the first Monday in November 2018, there shall be submitted to the |
| people (“People”) (“people”) of the State state of Rhode Island (“State”) (“state”), for their |
| approval or rejection, the following proposition: |
| "Shall the action of the general assembly, by an act passed at the January 2018 session, |
| authorizing the issuance of bonds, refunding bonds, and/or temporary notes of the State state of |
| Rhode Island for the capital projects and in the amount with respect to each such project listed |
| below be approved, and the issuance of bonds, refunding bonds, and/or temporary notes authorized |
| in accordance with the provisions of said act?" |
| Project |
| (1) Rhode Island School Buildings $250,000,000 |
| Approval of this question will allow the State state of Rhode Island to issue general |
| obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed two- |
| hundred-fifty million dollars ($250,000,000) over a five-(5) year (5) period, and not to exceed one- |
| hundred million dollars ($100,000,000) in any one (1) year, to provide direct funding for |
| foundational level school housing aid and the school building authority capital fund. |
| (2) Higher Education Facilities $70,000,000 |
| Approval of this question will allow the State state of Rhode Island to issue general |
| obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed seventy |
| million dollars ($70,000,000) to higher education facilities, to be allocated as follows: |
| (a) University of Rhode Island Narragansett Bay Campus $45,000,000 |
| Provides forty-five million dollars ($45,000,000) to fund repairs and construct new |
| facilities on the University university of Rhode Island’s Narragansett Bay campus in support of |
| the educational and research needs for the marine disciplines. |
| (b) Rhode Island College School of Education and Human Development $25,000,000 |
| Provides twenty-five million dollars ($25,000,000) to fund the renovation of Horace Mann |
| Hall on the campus of Rhode Island College college, which houses the School of Education and |
| Human Development school of education and human development. |
| (3) Green Economy and Clean Water $47,300,000 |
| Approval of this question will allow the State state of Rhode Island to issue general |
| obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed forty-seven |
| million three hundred thousand dollars ($47,300,000) for environmental and recreational purposes, |
| to be allocated as follows: |
| (a) Coastal Resiliency and Public Access Projects $5,000,000 |
| Provides five million dollars ($5,000,000) for up to seventy-five percent (75%) matching |
| grants to public and non-profit entities for restoring and/or improving resiliency of vulnerable |
| coastal habitats, and restoring rivers and stream floodplains. These funds are expected to leverage |
| significant matching funds to support local programs to improve community resiliency and public |
| safety in the face of increased flooding, major storm events, and environmental degradation. |
| (b) Capital for Clean Water and Drinking Water $7,900,000 |
| Provides seven million nine hundred thousand dollars ($7,900,000) for clean water and |
| drinking water infrastructure improvements. Projects range from wastewater treatment upgrades |
| and storm water quality improvements to combine sewer overflow abatement projects. |
| (c) Wastewater Treatment Facility Resilience Improvements $5,000,000 |
| Provides five million dollars ($5,000,000) for up to fifty percent (50%) matching grants |
| for wastewater treatment facility resiliency improvements for facilities vulnerable to increased |
| flooding, major storm events, and environmental degradation. |
| (d) Dam Safety $4,400,000 |
| Provides four million four hundred thousand dollars ($4,400,000) for repairing and/or |
| removing state-owned dams. |
| (e) Dredging - Downtown Providence Rivers $7,000,000 |
| Provides seven million dollars ($7,000,000) for the state to obtain additional dredging |
| analysis and the dredging of the Downtown downtown Providence Rivers rivers from: The |
| Woonasquatucket River from I-95 north of Providence Place Mall to its confluence with the |
| Providence River; the Moshassuck River from Smith Street to its confluence with the Providence |
| River; and the Providence River from Steeple Street to Point Street; and dredging a sediment basin |
| upstream of the Providence Place Mall and I-95 for approximately six hundred feet (600'). |
| (f) State Bikeway Development Program $5,000,000 |
| Provides five million dollars ($5,000,000) for the State to design, repair, and construct |
| bikeways, including the East Bay bike path. |
| (g) Brownfield Remediation and Economic Development $4,000,000 |
| Provides four million dollars ($4,000,000) for up to eighty percent (80%) matching grants |
| to public, private, and/or non-profit entities for brownfield remediation projects. |
| (h) Local Recreation Projects $5,000,000 |
| Provides five million dollars ($5,000,000) for up to eighty percent (80%) matching grants |
| for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the |
| growing needs for active recreational facilities. |
| (i) Access to Farmland $2,000,000 |
| Provides two million dollars ($2,000,000) to protect the State’s state’s working farms |
| through the State Farmland Access Program state farmland access program and the purchase of |
| development rights by the agricultural lands preservation commission. |
| (j) Local Open Space $2,000,000 |
| Provides two million dollars ($2,000,000) for up to fifty percent (50%) matching grants to |
| municipalities, local land trusts, and nonprofit organizations to acquire fee-simple interest, |
| development rights, or conservation easements on open space and urban parklands. |
| SECTION 2. Ballot labels and applicability of general election laws. -- The Secretary |
| of State secretary of state shall prepare and deliver to the State Board of Elections state board of |
| elections ballot labels for each of the projects provided for in Section section 1 hereof with the |
| designations "approve" or "reject" provided next to the description of each such project to enable |
| voters to approve or reject each such proposition. The general election laws, so far as consistent |
| herewith, shall apply to this proposition. |
| SECTION 3. Approval of projects by people. -- If a majority of the People people voting |
| on the proposition in Section section 1 hereof shall vote to approve any project stated therein, said |
| the project shall be deemed to be approved by the People people. The authority to issue bonds, |
| refunding bonds and/or temporary notes of the State state shall be limited to the aggregate amount |
| for all such projects as set forth in the proposition, which has been approved by the People people. |
| SECTION 4. Bonds for capital development program. -- The General Treasurer general |
| treasurer is hereby authorized and empowered, with the approval of the Governor governor, and |
| in accordance with the provisions of this Act act to issue capital development bonds in serial form, |
| in the name of and on behalf of the State state of Rhode Island, in amounts as may be specified by |
| the Governor governor in an aggregate principal amount not to exceed the total amount for all |
| projects approved by the People people and designated as "capital development loan of 2018 |
| bonds." Provided, however, that the aggregate principal amount of such capital development bonds |
| and of any temporary notes outstanding at any one time issued in anticipation thereof pursuant to |
| Section section 7 hereof shall not exceed the total amount for all such projects approved by the |
| People people. All provisions in this Act act relating to "bonds" shall also be deemed to apply to |
| "refunding bonds." |
| Capital development bonds issued under this Act act shall be in denominations of one |
| thousand dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or currency |
| of the United States which at the time of payment shall be legal tender for public and private debts. |
| These capital development bonds shall bear such date or dates, mature at specified time or times, |
| but not mature beyond the end of the twentieth (20th) State state fiscal year following the fiscal |
| year in which they are issued; bear interest payable semi-annually at a specified rate or different or |
| varying rates:; be payable at designated time or times at specified place or places; be subject to |
| express terms of redemption or recall, with or without premium; be in a form, with or without |
| interest coupons attached; carry such registration, conversion, reconversion, transfer, debt |
| retirement, acceleration and other provisions as may be fixed by the General Treasurer General |
| Treasurer, with the approval by the Governor governor, upon each issue of such capital |
| development bonds at the time of each issue. Whenever the Governor governor shall approve the |
| issuance of such capital development bonds, the Governor’s governor’s approval shall be certified |
| to the Secretary of State secretary of state; the bonds shall be signed by the General Treasurer |
| general treasurer and countersigned by Secretary of State secretary of state and shall bear the |
| seal of the State state. The signature approval of the Governor governor shall be endorsed on each |
| bond. |
| SECTION 5. Refunding bonds for 2018 capital development program. -- The General |
| Treasurer The general treasurer is hereby authorized and empowered, with the approval of the |
| Governor governor, and in accordance with the provisions of this Act act, to issue bonds to refund |
| the 2018 capital development program bonds, in the name of and on behalf of the state, in amounts |
| as may be specified by the Governor governor in an aggregate principal amount not to exceed the |
| total amount approved by the People people, to be designated as "capital development program |
| loan of 2018 refunding bonds" (hereinafter "Refunding Bonds"). |
| The General Treasurer general treasurer with the approval of the Governor governor |
| shall fix the terms and form of any Refunding Bonds refunding bonds issued under this Act act |
| in the same manner as the capital development bonds issued under this Act act, except that the |
| Refunding Bonds refunding bonds may not mature more than twenty (20) years from the date of |
| original issue of the capital development bonds being refunded. |
| The proceeds of the Refunding Bonds refunding bonds, exclusive of any premium and |
| accrual interest and net the underwriters’ cost, and cost of bond insurance, shall, upon their receipt, |
| be paid by the General Treasurer general treasurer immediately to the paying agent for the capital |
| development bonds which are to be called and prepaid. The paying agent shall hold the Refunding |
| Bond refunding bond proceeds in trust until they are applied to prepay the capital development |
| bonds. While such the proceeds are held in trust, the proceeds may be invested for the benefit of |
| the State state in obligations of the United States of America or the State state of Rhode Island. |
| If the General Treasurer general treasurer shall deposit with the paying agent for the |
| capital development bonds the proceeds of the Refunding Bonds refunding bonds, or proceeds |
| from other sources, amounts that, when invested in obligations of the United States or the State |
| state of Rhode Island, are sufficient to pay all principal, interest, and premium, if any, on the capital |
| development bonds until these bonds are called for prepayment, then such capital development |
| bonds shall not be considered debts of the State state of Rhode Island for any purpose starting from |
| the date of deposit of such moneys with the paying agent. The Refunding Bonds refunding bonds |
| shall continue to be a debt of the State state until paid. |
| The term "bond" shall include "note," and the term "refunding bonds" shall include |
| "refunding notes" when used in this Act. |
| SECTION 6. Proceeds of capital development program. -- The General Treasurer |
| general treasurer is directed to deposit the proceeds from the sale of capital development bonds |
| issued under this Act act, exclusive of premiums and accrued interest and net the underwriters’ |
| cost, and cost of bond insurance, in one or more of the depositories in which the funds of the |
| State state may be lawfully kept in special accounts (hereinafter cumulatively referred to as "such |
| capital development bond fund") appropriately designated for each of the projects set forth in |
| Section section 1 hereof which shall have been approved by the People to be used for the purpose |
| of |
| paying the cost of all such projects so approved. |
| All monies in the capital development bond fund shall be expended for the purposes |
| specified in the proposition provided for in Section section 1 hereof under the direction and |
| supervision of the Director of Administration director of administration (hereinafter referred to |
| as "Director""director"). The Director director, or his or her designee, shall be vested with all |
| power and authority necessary or incidental to the purposes of this Act act, including but not limited |
| to, the following authority: (a) to To acquire land or other real property or any interest, estate, or |
| right therein as may be necessary or advantageous to accomplish the purposes of this Act act; (b) |
| to To direct payment for the preparation of any reports, plans and specifications, and relocation |
| expenses and other costs such as for furnishings, equipment designing, inspecting, and engineering, |
| required in connection with the implementation of any projects set forth in Section section 1 hereof; |
| (c) to To direct payment for the costs of construction, rehabilitation, enlargement, provision of |
| service utilities, and razing of facilities, and other improvements to land in connection with the |
| implementation of any projects set forth in Section section 1 hereof; and (d) to To direct payment |
| for the cost of equipment, supplies, devices, materials, and labor for repair, renovation, or |
| conversion of systems and structures as necessary for the 2018 capital development program bonds |
| or notes hereunder from the proceeds thereof. No funds shall be expended in excess of the amount |
| of the capital development bond fund designated for each project authorized in Section section 1 |
| hereof. With respect to the bonds and temporary notes described in Section section 1, the proceeds |
| shall be used for the following purposes: |
| Question 1, relating to bonds in the amount of two hundred-fifty million dollars |
| ($250,000,000) to provide funding for the construction, renovation, and rehabilitation of the state’s |
| public schools pursuant to § 45-38.2-4 (e). |
| Question 2, relating to bonds in the amount of seventy million dollars ($70,000,000) to |
| provide funding for higher education facilities to be allocated as follows: |
| (a) University of Rhode Island Narragansett Bay Campus $45,000,000 |
| Provides forty-five million dollars ($45,000,000) to renovate, build additions, and |
| construct new facilities, including a new Ocean Innovation Center ocean innovation center |
| building, to support the ongoing and evolving educational and research needs in marine biology, |
| oceanography, oceanic instrumentation and other marine disciplines at the Narragansett Bay |
| Campus. Constructing new facilities will allow the University to accommodate a new one hundred |
| twenty-five million dollars ($125,000,000) National Science Foundation federal research vessel |
| and other University-supported research vessels at the University’s Narragansett Bay campus |
| facilities. |
| (b) Rhode Island College School of Education and Human Development $25,000,000 |
| Provides twenty-five million dollars ($25,000,000) to renovate Horace Mann Hall on the |
| campus of Rhode Island College college in Providence. Horace Mann Hall houses the Feinstein |
| School of Education and Human Development education and human development, the historical |
| leader in producing Rhode Island’s public school teachers. The facility has exceeded its useful life |
| with no major renovations since it was constructed in 1969. The renovation will allow the Feinstein |
| School of Education and Human Development education and human development to ensure its |
| curriculum and programming are among the best in the nation and create a top learning environment |
| for students. |
| Question 3, relating to bonds in the amount of exceed forty-seven million three hundred |
| thousand dollars ($47,300,000) for environmental and recreational purposes, to be allocated as |
| follows: |
| (a) Coastal Resiliency and Public Access Projects $5,000,000 |
| Provides five million dollars ($5,000,000) for up to seventy-five percent (75%) matching |
| grants to public and non-profit entities for restoring and/or improving resiliency of vulnerable |
| coastal habitats, and restoring rivers and stream floodplains. |
| (b) Capital for Clean Water and Drinking Water $7,900,000 |
| Provides seven million nine hundred thousand dollars ($7,900,000) for clean water and |
| drinking water infrastructure improvements such as from wastewater treatment upgrades and storm |
| water quality improvements to combined sewer overflow abatement projects. |
| (c) Wastewater Treatment Facility Resilience Improvements $5,000,000 |
| Provides five million dollars ($5,000,000) for up to fifty percent (50%) matching grants |
| for wastewater treatment facility resiliency improvements for facilities vulnerable to increased |
| flooding, major storm events, and environmental degradation. |
| (d) Dam Safety $4,400,000 |
| Provides four million four hundred thousand dollars ($4,400,000) for repairing and/or |
| removing State-owned dams. |
| (e) Dredging - Downtown Providence Rivers $7,000,000 |
| Provides seven million dollars ($7,000,000) for the state to obtain additional dredging |
| analysis and the dredging of the Downtown Providence Rivers from: The Woonasquatucket River |
| from I-95 north of Providence Place Mall to its confluence with the Providence River; the |
| Moshassuck River from Smith Street to its confluence with the Providence River; and the |
| Providence River from Steeple Street to Point Street; and dredging a sediment basin upstream of |
| the Providence Place Mall and I-95 for approximately six hundred feet (600'). |
| (f) State Bikeway Development Program $5,000,000 |
| Provides five million dollars ($5,000,000) for the State state to design, repair, and construct |
| bikeways, including the East Bay bike path. |
| (g) Brownfield Remediation and Economic Development $4,000,000 |
| Provides four million dollars ($4,000,000) for up to eighty percent (80%) matching grants |
| to public, private, and/or non-profit entities for brownfield remediation projects. |
| (h) Local Recreation Projects $5,000,000 |
| Provides five million dollars ($5,000,000) for up to eighty percent (80%) matching grants |
| for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the |
| growing needs for active recreational facilities. |
| (i) Access to Farmland $2,000,000 |
| Provides two million dollars ($2,000,000) to protect the State’s state’s working farms |
| through the State Farmland Access Program state farmland access program and the purchase of |
| Development Rights by the Agricultural Lands Preservation Commission development rights by |
| the agricultural lands preservation commission. |
| (j) Local Open Space $2,000,000 |
| Provides two million dollars ($2,000,000) for up to fifty percent (50%) matching grants to |
| municipalities, local land trusts, and nonprofit organizations to acquire fee-simple interest, |
| development rights, or conservation easements on open space and urban parklands. |
| SECTION 7. Sale of bonds and notes. -- Any bonds or notes issued under the authority |
| of this Act act shall be sold at not less than the principal amount thereof, in such mode and on such |
| terms and conditions as the General Treasurer general treasurer, with the approval of the |
| Governor governor, shall deem to be in the best interests of the State state. |
| Any premiums and accrued interest, net of the cost of bond insurance and underwriter’s |
| discount, which may be received on the sale of the capital development bonds or notes shall become |
| part of the Municipal Road and Bridge Revolving Fund of the State municipal road and bridge |
| revolving fund of the state, unless directed by federal law or regulation to be used for some other |
| purpose. |
| In the event that the amount received from the sale of the capital development bonds or |
| notes exceeds the amount necessary for the purposes stated in Section section 6 hereof, the surplus |
| may be used to the extent possible to retire the bonds as the same may become due, to redeem them |
| in accordance with the terms thereof or otherwise to purchase them as the General Treasurer |
| general treasurer, with the approval of the Governor governor, shall deem to be in the best |
| interests of the state. |
| Any bonds or notes issued under the provisions of this Act act and coupons on any capital |
| development bonds, if properly executed by the manual or electronic signatures of officers of the |
| State state in office on the date of execution, shall be valid and binding according to their tenor, |
| notwithstanding that before the delivery thereof and payment therefor, any or all such officers shall |
| for any reason have ceased to hold office. |
| SECTION 8. Bonds and notes to be tax exempt and general obligations of the State. - |
| - All bonds and notes issued under the authority of this Act act shall be exempt from taxation in |
| the State state and shall be general obligations of the State state, and the full faith and credit of the |
| State state is hereby pledged for the due payment of the principal and interest on each of such the |
| bonds and notes as the same shall become due. |
| SECTION 9. Investment of moneys in fund. -- All moneys in the capital development |
| fund not immediately required for payment pursuant to the provisions of this act may be invested |
| by the investment commission, as established by Chapter 10 of Title 35, entitled “State Investment |
| Commission,” “state investment commission,” pursuant to the provisions of such chapter; |
| provided, however, that the securities in which the capital development fund is invested shall |
| remain a part of the capital development fund until exchanged for other securities; and provided |
| further, that the income from investments of the capital development fund shall become a part of |
| the general fund of the State state and shall be applied to the payment of debt service charges of |
| the State state, unless directed by federal law or regulation to be used for some other purpose, or |
| to the extent necessary, to rebate to the United States treasury any income from investments |
| (including gains from the disposition of investments) of proceeds of bonds or notes to the extent |
| deemed necessary to exempt (in whole or in part) the interest paid on such bonds or notes from |
| federal income taxation. |
| SECTION 10. Appropriation. -- To the extent the debt service on these bonds is not |
| otherwise provided, a sum sufficient to pay the interest and principal due each year on bonds and |
| notes hereunder is hereby annually appropriated out of any money in the treasury not otherwise |
| appropriated. |
| SECTION 11. Advances from general fund. -- The General Treasurer is authorized, with |
| the approval of the Director and the Governor director and the governor, in anticipation of the |
| issue of notes or bonds under the authority of this Act act, to advance to the capital development |
| bond fund for the purposes specified in Section section 6 hereof, any funds of the State state not |
| specifically held for any particular purpose; provided, however, that all advances made to the |
| capital development bond fund shall be returned to the general fund from the capital development |
| bond fund forthwith upon the receipt by the capital development fund of proceeds resulting from |
| the issue of notes or bonds to the extent of such advances. |
| SECTION 12. Federal assistance and private funds. -- In carrying out this act, the |
| Director director, or his or her designee, is authorized on behalf of the State state, with the approval |
| of the Governor governor, to apply for and accept any federal assistance which may become |
| available for the purpose of this Act act, whether in the form of loan or grant or otherwise, to accept |
| the provision of any federal legislation therefor, to enter into, act and carry out contracts in |
| connection therewith, to act as agent for the federal government in connection therewith, or to |
| designate a subordinate so to act. Where federal assistance is made available, the project shall be |
| carried out in accordance with applicable federal law, the rules and regulations thereunder and the |
| contract or contracts providing for federal assistance, notwithstanding any contrary provisions of |
| State state law. Subject to the foregoing, any federal funds received for the purposes of this Act |
| act shall be deposited in the capital development bond fund and expended as a part thereof. The |
| Director director or his or her designee may also utilize any private funds that may be made |
| available for the purposes of this Act act. |
| SECTION 13. Effective Date. -- Sections 1, 2, 3, 11 and 12 of this article shall take effect |
| upon passage. The remaining sections of this article shall take effect when and if the State Board |
| of Elections state board of elections shall certify to the Secretary of State Secretary of State |
| secretary of state that a majority of the qualified electors voting on the proposition contained in |
| Section section 1 hereof have indicated their approval of all or any projects thereunder. |