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| ARTICLE 4 |
RELATING TO DEBT MANAGEMENT ACT JOINT RESOLUTIONS
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| SECTION 1. This Article shall serve as the joint resolution required pursuant to Rhode |
| Island Laws § 35-18-1, et seq. |
| SECTION 2. University of Rhode Island – Facilities Service Sector Upgrade. |
| WHEREAS, the University of Rhode Island Board of Trustees and the University of Rhode |
| Island are proposing a project which involves the design and construction to enhance and |
| reorganize the facilities within the service sector for more efficient and effective operations; |
| WHEREAS, the University has engaged qualified architectural and engineering firms to |
| perform master planning for this purpose; |
| WHEREAS, in the last few decades, the University has made significant improvements to |
| the campus infrastructure and building inventory that house academic functions, student activities, |
| and athletic events for the University’s faculty and students; |
| WHEREAS, it is in the best interest of the State, University, and the students and faculty |
| to have these improvements maintained and repaired; |
| WHEREAS, the University’s facilities group has the responsibility for maintenance and |
| repair of these 5.8 million square feet, comprising approximately 25% of the State’s real estate |
| portfolio; |
| WHEREAS, the buildings housing the facilities group were built in the 1950s through |
| 1970s, have passed the end of their 40-year useful life, and are in need of substantial capital renewal |
| or replacement; |
| WHEREAS, such improvements to the facilities group’s buildings are necessary to allow |
| for the ongoing support of the campus; and |
| WHEREAS, the total project cost associated with completion of this phase of the project |
| and proposed financing method is thirteen million dollars ($13,000,000), including cost of issuance, |
| debt service payments would be supported by revenues derived from the University’s unrestricted |
| general revenues, and total debt service on the bonds is not expected to exceed one million one |
| hundred fifty thousand dollars ($1,150,000) annually and twenty-three million dollars |
| ($23,000,000) in the aggregate based on an average interest rate of six (6%) percent; now, therefore |
| be it |
| RESOLVED, that this General Assembly hereby approves financing in an amount not to |
| exceed thirteen million dollars ($13,000,000) for the facilities service sector upgrade project at the |
| University of Rhode Island; and be it further |
| RESOLVED, that, this Joint Resolution shall take effect upon passage by this General |
| Assembly. |
| SECTION 3. University of Rhode Island – Utility Infrastructure Upgrade Phase II. |
| WHEREAS, the University of Rhode Island Board of Trustees and the University of Rhode |
| Island are proposing a project which involves the engineering and construction of upgrades and |
| component replacements to five municipal-level Kingston Campus utility systems; |
| WHEREAS, the University has engaged qualified engineering firms to examine its major |
| infrastructure systems; |
| WHEREAS, based on the condition and capabilities of these systems, the studies have |
| concluded that replacement of components and reconfiguration was advisable for each of these |
| extensive systems to ensure necessary steam, water, sanitary, and electrical support for the |
| University’s campuses for the next 20-40 years; |
| WHEREAS, the University has also developed the required Storm Water Management |
| Plan for the Kingston Campus, which provides guidelines that are being incorporated into new |
| building projects under development and are driving stand-alone storm water infrastructure projects |
| as well; |
| WHEREAS, the University has successfully completed many extremely important |
| individual utility infrastructure projects in its continuing progression of work to upgrade and |
| replace infrastructure systems but now needs additional investments beyond annual capital |
| resources; |
| WHEREAS, this project is the second phase in a phased implementation plan to upgrade |
| and improve the reliability of infrastructure on the University of Rhode Island’s campuses; and |
| WHEREAS, the total project cost associated with completion of this phase of the project |
| and proposed financing method is fifteen million four hundred fifty thousand dollars ($15,450,000), |
| including cost of issuance, debt service payments would be supported by revenues derived from |
| the University’s unrestricted general revenues, and total debt service on the bonds is not expected |
| to exceed one million three hundred fifty thousand dollars ($1,350,000) annually and twenty-seven |
| million dollars ($27,000,000) in the aggregate based on an average interest rate of six (6%) percent; |
| now, therefore be it |
| RESOLVED, that this General Assembly hereby approves financing in an amount not to |
| exceed fifteen million four hundred fifty thousand dollars ($15,450,000) for the Utility |
| Infrastructure Upgrade Phase II project at the University of Rhode Island; and be it further |
| RESOLVED, that this Joint Resolution shall take effect upon passage by this General |
| Assembly. |
| SECTION 4. This article shall take effect upon passage. |