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| ARTICLE 4 |
RELATING TO DEBT MANAGEMENT ACT JOINT RESOLUTIONS
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| SECTION 1. This article shall serve as joint resolution required pursuant to Rhode Island |
| General Law § 35-18-1, et seq. and propose legislation related thereto. |
| SECTION 2. Section 2, Article 6 of Chapter 88 of the 2019 Public Laws is hereby amended |
| to read as follows: |
| Section 2. University of Rhode Island – Memorial Union – Auxiliary Enterprise |
| WHEREAS, The University of Rhode Island Board of Trustees board of trustees and the |
| University university have a long-standing commitment to the overall development of their |
| students; and |
| WHEREAS, The University university believes that the Memorial Union memorial |
| union celebrates life at URI and acts as the nexus for campus community, student engagement, and |
| leadership. It is an intersection connecting the academic core of campus and the campus's socially |
| active residential community. The student union at the University university is an integral part of |
| the educational ecosystem that shapes the student experience; and |
| WHEREAS, The University of Rhode Island Board of Trustees board of trustees and the |
| University of Rhode Island are proposing a project which that involves the renovation and |
| expansion of the Memorial Union memorial union to meet the ongoing and growing needs of their |
| students; and |
| WHEREAS, The University university engaged a qualified architectural firm, which has |
| completed an advanced planning study for this renovation; and |
| WHEREAS, The Rhode Island Public Corporation Debt Management Act requires the |
| General Assembly general assembly to provide its consent to the issuance or incurring by the State |
| state of Rhode Island and other public agencies of certain obligations including financing |
| guarantees or other agreements; and |
| WHEREAS, The design and construction associated with this work of an Auxiliary |
| Enterprise auxiliary enterprise building will be financed through the Rhode Island Health and |
| Educational Building Corporation health and educational building corporation (RIHEBC) |
| revenue bonds, with an expected term of thirty (30) years; and |
| WHEREAS, The total project costs associated with completion of the project through the |
| proposed financing method is fifty-one million five hundred thousand dollars ($51,500,000) fifty- |
| seven million six hundred thousand dollars ($57,600,000), including cost of issuance. Debt service |
| payments would be supported by revenues derived from student fees and retail lease payments |
| associated with the respective Auxiliary Enterprises auxiliary enterprises of the University of |
| Rhode Island occupying said facility. Total debt service on the bonds is not expected to exceed one |
| hundred twelve million three hundred thousand dollars ($112,300,000) one hundred twenty-five |
| million six hundred thousand dollars ($125,600,000) in the aggregate based on an average interest |
| rate of six (6%) percent; now, therefore be it |
| RESOLVED, That this General Assembly general assembly hereby approves financing in |
| an amount not to exceed fifty-one million five hundred thousand dollars ($51,500,000) fifty-seven |
| million six hundred thousand dollars ($57,600,000) for the Memorial Union memorial union |
| project for the auxiliary enterprise building on the University of Rhode Island campus; and be it |
| further |
| RESOLVED, That this Joint Resolution joint resolution shall take effect upon passage. |
| SECTION 3. Section 4, Article 6 of Chapter 88 of the 2019 Public Laws is hereby amended |
| to read as follows: |
| Section 4. University of Rhode Island – Combined Health & Counseling Center – Auxiliary |
| Enterprise |
| WHEREAS, The University of Rhode Island Board of Trustees board of trustees and the |
| University university have a long-standing commitment to the health and wellness of their |
| students; and |
| WHEREAS, The University university has a desire to create a one-stop center to address |
| the physical, emotional, and mental health of its students; and |
| WHEREAS, The University of Rhode Island Board of Trustees board of trustees and the |
| University of Rhode Island are proposing a project which that involves the construction of a new |
| Combined Health & Counseling Center combined health & counseling center to meet the |
| ongoing and growing health needs of their students; and |
| WHEREAS, The University university engaged a qualified architectural firm, which has |
| completed an advanced planning study for this new building; and |
| WHEREAS, The Rhode Island Public Corporation Debt Management Act requires the |
| General Assembly general assembly to provide its consent to the issuance or incurring by the State |
| state of Rhode Island and other public agencies of certain obligations including financing |
| guarantees or other agreements; and |
| WHEREAS, The design and construction associated with this work of an Auxiliary |
| Enterprise auxiliary enterprise building will be financed through the Rhode Island Health and |
| Educational Building Corporation health and educational building corporation (RIHEBC) |
| revenue bonds, with an expected term of thirty (30) years; and |
| WHEREAS, The total project costs associated with completion of the project through the |
| proposed financing method is twenty-six nine hundred thousand dollars ($26,900,000) twenty-nine |
| million dollars ($29,000,000), including cost of issuance. Debt service payments would be |
| supported by revenues derived from student fees associated with the respective Auxiliary |
| Enterprises auxiliary enterprises of the University of Rhode Island occupying said facility. Total |
| debt service on the bonds is not expected to exceed fifty-eight million seven hundred thousand |
| dollars ($58,700,000) sixty-three million three hundred thousand dollars ($63,300,000) in the |
| aggregate based on an average interest rate of six (6%) percent; now, therefore be it |
| RESOLVED, That this General Assembly general assembly hereby approves financing in |
| an amount not to exceed twenty-six million nine hundred thousand dollars ($26,900,000) twenty- |
| nine million dollars ($29,000,000) for the Combined Health & Counseling Center combined |
| health & counseling center project for the auxiliary enterprise building on the University of Rhode |
| Island campus; and be it further |
| RESOLVED, That, this Joint Resolution joint resolution shall take effect upon passage. |
| SECTION 4. This article shall take effect upon passage. |