| LA 020 |
| 2024 -- S 2859 Enacted 06/04/2024 |
| A N A C T |
| IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS SECTION 16-7-44 APPROVING THE ISSUANCE OF $125,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS OF THE CITY OF PROVIDENCE TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, LANDSCAPING, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE CITY AND ALL COSTS RELATED THERETO |
Introduced By: Senators Bissaillon, Ruggerio, Quezada, Zurier, Mack, Ciccone, Miller, Kallman, and Bell |
| Date Introduced: March 22, 2024 |
| It is enacted by the General Assembly as follows: |
| SECTION 1. As authorized by § 45-12-2 of the general laws, ordinance chapter 2022-34, |
| number 299 of the Providence city council effective on August 10, 2022 (the “bond ordinance”), |
| and a referendum approved by the voters of the city of Providence on November 8, 2022, the city |
| of Providence is empowered to issue general obligation bonds, notes and other evidences of |
| indebtedness to an amount not exceeding one hundred twenty-five million dollars ($125,000,000), |
| from time to time under its corporate name and seal, to finance the construction, renovation, |
| improvement, alteration, repair, landscaping, furnishing and equipping of schools and school |
| facilities throughout the city and all costs related thereto. As required by the bond ordinance, the |
| amount of the borrowing shall be reduced by the amount of certain grants actually received by the |
| city from the State of Rhode Island (“state”) bond proceeds, from the Rhode Island department of |
| education (“RIDE”), or from the Rhode Island school building authority; provided however, that |
| the amount of borrowing authorized shall not be reduced by the amount of any grant received by |
| the city for any portion of the projects funded by city capital reserve funds. |
| SECTION 2. In accordance with § 16-7-44 of the general laws, subject to approval of |
| RIDE, the principal and interest on such bonds shall be eligible for state housing aid reimbursement. |
| SECTION 3. This act serves as the enabling act required by § 16-7-44 of the general laws |
| and shall take effect upon passage. |
| ======== |
| LC005053 |
| ======== |