2024 -- S 2859 | |
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LC005053 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2024 | |
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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 | |
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Introduced By: Senators Bissaillon, Ruggerio, Quezada, Zurier, Mack, Ciccone, Miller, | |
Date Introduced: March 22, 2024 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. As authorized by § 45-12-2 of the general laws, ordinance chapter 2022-34, |
2 | number 299 of the Providence city council effective on August 10, 2022 (the “bond ordinance”), |
3 | and a referendum approved by the voters of the city of Providence on November 8, 2022, the city |
4 | of Providence is empowered to issue general obligation bonds, notes and other evidences of |
5 | indebtedness to an amount not exceeding one hundred twenty-five million dollars ($125,000,000), |
6 | from time to time under its corporate name and seal, to finance the construction, renovation, |
7 | improvement, alteration, repair, landscaping, furnishing and equipping of schools and school |
8 | facilities throughout the city and all costs related thereto. As required by the bond ordinance, the |
9 | amount of the borrowing shall be reduced by the amount of certain grants actually received by the |
10 | city from the State of Rhode Island (“state”) bond proceeds, from the Rhode Island department of |
11 | education (“RIDE”), or from the Rhode Island school building authority; provided however, that |
12 | the amount of borrowing authorized shall not be reduced by the amount of any grant received by |
13 | the city for any portion of the projects funded by city capital reserve funds. |
14 | SECTION 2. In accordance with § 16-7-44 of the general laws, subject to approval of |
15 | RIDE, the principal and interest on such bonds shall be eligible for state housing aid reimbursement. |
16 | SECTION 3. This act serves as the enabling act required by § 16-7-44 of the general laws |
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1 | and shall take effect upon passage. |
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EXPLANATION | |
OF | |
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 | |
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1 | This act serves as the enabling act required by § 16-7-44 of the general laws in order for |
2 | the principal and interest on bonds issued in support of school housing projects to be eligible for |
3 | state housing aid reimbursement. |
4 | This act would take effect upon passage. |
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