ARTICLE 4

RELATING TO DEBT MANAGEMENT ACT CONCURRENT RESOLUTION

     SECTION 1. This article shall serve as the concurrent resolution of approval required

pursuant to Rhode Island General Law § 35-18-1, et seq. for the financing of the below described

projects.

     SECTION 2. Section 3, Article 4 of Chapter 162 of the 2021 Public Laws is hereby

amended to read as follows:

     Section 3. University of Rhode Island – Combined Health & Counseling Center – Auxiliary

Enterprise

     WHEREAS, The University of Rhode Island board of trustees and the university have a

long-standing commitment to the health and wellness of their students; and

     WHEREAS, The 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 and the University of Rhode

Island are proposing a project which involves the construction of a new Combined Health &

Counseling Center to meet the ongoing and growing health needs of their students; and

     WHEREAS, The university engaged a qualified architectural firm, which has completed

an advanced planning study schematic design for this new building; and

     WHEREAS, The Rhode Island Public Corporation Debt Management Act requires the

general assembly to provide its consent to the issuance or incurring by the 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 building will be financed through the Rhode Island 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-nine million dollars ($29,000,000) thirty-three million six

hundred thousand dollars ($33,600,000), including the cost of issuance. Debt service payments

would be supported by revenues derived from student fees associated with the respective auxiliary

enterprises of the University of Rhode Island occupying said facility. Total debt service on the

bonds is not expected to exceed sixty-three million three hundred thousand dollars ($63,300,000)

seventy-eight million dollars ($78,000,000) in the aggregate based on an average interest rate of

six and one half (6.5%) percent; now, therefore be it

     RESOLVED, That this general assembly hereby approves financing in an amount not to

exceed twenty-nine million dollars ($29,000,000) thirty-three million six hundred thousand dollars

($33,600,000) for the combined health & counseling center project for the auxiliary enterprise

building on the University of Rhode Island campus; and be it further

     RESOLVED, That, this concurrent joint resolution shall take effect upon passage.

     SECTION 3. Section 2, Article 4 of Chapter 162 of the 2021 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 and the university have a

long-standing commitment to the overall development of their students; and

     WHEREAS, The university believes that the 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 is an integral part of the educational ecosystem that shapes the

student experience; and

     WHEREAS, The University of Rhode Island board of trustees and the University of Rhode

Island are proposing a project that involves the renovation and expansion of the memorial union to

meet the ongoing and growing needs of their students; and

     WHEREAS, The 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 to provide its consent to the issuance or incurring by the 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 building will be financed through the Rhode Island 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-seven million six hundred thousand dollars ($57,600,000), one

hundred eighteen million dollars ($118,000,000), including the 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 of the University of Rhode Island occupying

said facility. Total debt service on the bonds is not expected to exceed one hundred twenty-five

million six hundred thousand dollars ($125,600,000) two hundred seventy-two million

($272,000,000) in the aggregate based on an average interest rate of six and one half (6.5%) percent;

now, therefore be it

     RESOLVED, That this General Assembly hereby approves financing in an amount not to

exceed is fifty-seven million six hundred thousand dollars ($57,600,000) one hundred eighteen

million dollars ($118,000,000) for the Memorial Union project for the auxiliary enterprise building

on the University of Rhode Island campus; and be it further

     RESOLVED, That this concurrent joint resolution shall take effect upon passage.

     SECTION 4. This article shall take effect upon passage.