2026 -- S 2679

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LC005050

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2026

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J O I N T   R E S O L U T I O N

A N D A N   A C T

AUTHORIZING THE STATE TO ENTER INTO A FINANCING AGREEMENT RELATING

TO SCHOOL CONSTRUCTION IN THE CITY OF PAWTUCKET AND AUTHORIZING

THE CITY OF PAWTUCKET TO FINANCE RENOVATIONS AND REPAIRS TO SAMUEL

SLATER MIDDLE SCHOOL FACILITIES, OR THE ACQUISITION, CONSTRUCTION,

IMPROVEMENT, FURNISHING AND EQUIPPING OF A NEW MIDDLE SCHOOL AND

SCHOOL FACILITIES AND ALL EXPENSES INCIDENT THERETO INCLUDING, BUT

NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC FIELDS,

LANDSCAPING AND PARKING BY THE ISSUANCE OF NOT MORE THAN $22,500,000

CITY BONDS, CITY NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS

THEREFOR

     Introduced By: Senators Kallman, Britto, Urso, and Acosta

     Date Introduced: February 27, 2026

     Referred To: Senate Finance

     WHEREAS, Pursuant to Article XII of the Rhode Island Constitution, it is the duty of the

State of Rhode Island (the "state") and the Rhode Island general assembly to promote public

schools as the diffusion of knowledge is essential to the preservation of the rights and liberties of

the Rhode Island people; and

     WHEREAS, It is the duty of the state and the Rhode Island general assembly to adopt all

means which they deem necessary and proper to secure to the people, the advantages and

opportunities of education and guarantee adequate public school housing for all public school

children in the state; and

     WHEREAS, School facilities provide more than a place for instruction. The physical

learning environment contributes to the successful performance of educational programs designed

to meet students' educational needs and good educational outcomes depend on safe healthy school

buildings. Every student needs a safe, healthy, and sanitary learning environment that promotes

student learning and development; and

     WHEREAS, The Samuel Slater Middle School in the city of Pawtucket. Rhode Island

(the "city") is in need of major repairs and upgrades, which presently interfere with the effective

operation of the school and negatively affect the health safety and welfare of the children of

Pawtucket; and

     WHEREAS, State and city officials recently participated in a walkthrough of Samuel

Slater Middle School and fully recognize the urgent need for improved facilities at the school;

and

     WHEREAS, It is critical for the state and city to balance the demonstrated needs of

students with fiscal realities and the potential impact of tax increases on middle-class and

working families; and

     WHEREAS, For the first time since the state's enactment of the 4% property tax levy cap

in 1985, the city was required to obtain approval from the state department of revenue to exceed

the property tax levy cap and increase taxes in order to meet debt service obligations arising from

school construction bonds approved by voters in 2018; and

     WHEREAS, The city is currently midway through the Pawtucket High School project,

the largest school construction project in the state. and must carry the full costs of the High

School project until Rhode Island department of education ("RIDE") construction aid

reimbursements become payable upon completion of the High School project; and

     WHEREAS, As recently as 2010, the city was on the verge of state financial intervention,

or potentially, bankruptcy; and

     WHEREAS, Through hard work and prudent fiscal management for the past 15 years,

city officials have restored and strengthened the city's financial position; and

     WHEREAS, Given the city's existing school bond debt and other financial obligations,

the city does not, in the near term, have the ability to borrow for improvements to Slater Middle

School without sharply increasing taxes and jeopardizing the city's financial stability; and

     WHEREAS, The city cannot risk undermining years of budgetary restraint, prudent

cashflow management and responsible debt practices, or foreclose future opportunities for

successful borrowing, by undertaking Samuel Slater Middle School improvements at this time

without additional assistance from the state; and

     WHEREAS, The state desires to recognize, support and encourage the city's efforts to

balance fiscal responsibility with the provision of safe and healthy learning environments for all

students.

     It is enacted and resolved by the general assembly as follows:

     SECTION 1. Sections 1 through 3 of this act shall serve as the joint resolution required

pursuant to Rhode Island General Laws § 35-18-1, et-seq. (the "Rhode Island public corporation

debt management act").

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     SECTION 2. City of Pawtucket Samuel Slater Middle School Project.

     WHEREAS, The WHEREAS clauses in paragraphs 1 through 12 hereof are hereby

incorporated herein by reference.

     WHEREAS, The city is proposing a project consisting of renovations and repairs to

Samuel Slater Middle School facilities, or the acquisition, construction, improvement, furnishing

and equipping of a new middle school and school facilities and all expenses incident thereto

including, but not limited to, costs of design, demolition, athletic fields, landscaping and parking

(the "project"); and

     WHEREAS, It is less costly for the state to finance the project at lower interest rates and

seek debt service reimbursement from the city than for the city to finance the project at higher

interest rates and seek state housing aid reimbursement from the state; and

     WHEREAS, The project will be financed through bonds issued by the Rhode Island

Health and Educational Building Corporation (the "corporation") under its school financing

revenue bond program, with an expected term of not to exceed thirty (30) years and it is

anticipated that the state will be a signatory to a financing agreement with the corporation (the

"state financing agreement"); and

     WHEREAS, It is anticipated that the state's payment obligations to the corporation under

the state financing agreement will be subject to appropriation therefor by the general assembly in

each budget year; 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 certain

obligations, including financing guarantees or other payment agreements; and

     WHEREAS, The total project costs covered by the state financing agreement are

expected to be approximately $150,000,000. Debt service payments will be supported by

revenues received by the corporation under the state financing agreement which include annual

appropriations for debt service made by the state and payments from the city under the state

financing agreement or a financing agreement between the state and the city (the "city financing

agreement"). Total debt service on the bonds issued by the corporation (the "corporation bonds'')

is not expected to exceed approximately $11,648,000 -- $18,544,500 annually and approximately

$268,762,000 -- $346,394,250 in the aggregate, based on an average interest rate of five percent

(5%) and dependent on whether the bonds are amortized over fifteen (15) or thirty (30) years;

now, therefore be it

     RESOLVED, That this general assembly hereby approves financing for the project in the

amount of $150,000,000, plus original issue premium, if any, received in connection with the

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issuance of the corporation bonds, plus such additional amount as is required to finance costs of

issuance, funding of debt service reserves, if required, and capitalized interest thereon; and be it

further

     RESOLVED, That the state, acting through the governor and the general treasurer may

execute the state financing agreement as contemplated herein and any other agreements necessary

to effectuate the purposes of this act; and be it further

     RESOLVED, That the corporation bonds will be special obligations of the corporation

payable from funds received by the corporation under the state financing agreement and other

revenues received by the corporation, in any combination or priority as may be designated in the

proceedings of the corporation authorizing the issuance of such debt. The total debt service on the

corporation bonds is not expected to exceed approximately $11,648,000 - $18,544,500 annually

and approximately $268,762,000 - $346,394,250 in the aggregate, at an average interest rate of

approximately five percent (5%) and assuming an approximately thirty (30) years maturity; and

be it further

     RESOLVED, That the corporation bonds will not constitute indebtedness of the state or

any of its subdivisions or a debt for which the full faith and credit of the state or any of its

subdivisions is pledged. This act shall constitute an enabling act of the general assembly that is

required pursuant to § 16-7-44; and be it further

     RESOLVED, That no corporation bonds shall be issued unless the project shall be

approved by RIDE; and be it further

     RESOLVED, That the governor, the general treasurer and the state budget officer, on

behalf of the state are hereby authorized to execute such documents or other papers as either of

them deem necessary or desirable to carry out the intent of this act and are also authorized to take

all actions and execute all documents or agreements necessary to comply with federal tax and

securities laws, which documents or agreements may have a term coextensive with the maturity

of the corporation bonds authorized hereby, including Rule 15c2-12 of the Securities and

Exchange Commission (the "SEC rule") and to execute and deliver a continuing disclosure

agreement or certificate in connection with the corporation bonds in the form as shall be deemed

advisable by such officers in order to comply with the SEC rule.

     SECTION 3. Sections l, 2, and this section 3 of this act shall take effect upon the passage.

     SECTION 4. Sections 4 through 19 of this act shall be entitled "AN ACT

AUTHORIZING THE CITY OF PAWTUCKET TO FINANCE RENOVATIONS AND

REPAIRS TO SAMUEL SLATER MIDDLE SCHOOL FACILITIES, OR THE ACQUISITION,

CONSTRUCTION, IMPROVEMENT, FURNISHING AND EQUIPPING OF A NEW MIDDLE

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SCHOOL AND SCHOOL FACILITIES AND ALL EXPENSES INCIDENT THERETO,

INCLUDING, BUT NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC

FIELDS, LANDSCAPING AND PARKING BY THE ISSUANCE OF NOT MORE THAN

$22,500,000 CITY BONDS, CITY NOTES AND/OR OTHER EVIDENCES OF

INDEBTEDNESS THEREFOR".

     SECTION 5. The city of Pawtucket is hereby empowered, in addition to authority

previously granted, to issue bonds and other evidences of indebtedness (the "city bonds") in an

amount not exceeding twenty-two million five hundred thousand dollars ($22,500,000) from time

to time under its corporate name and seal. The city bonds shall be issued to the state or to the

Rhode Island health and educational building corporation (or to an entity designated by the state

or the Rhode Island health and educational building corporation) to evidence the obligation of the

city to pay for a portion of the project described in section 7. The city bonds of each issue may be

issued in the form of zero coupon bonds, capital appreciation bonds, serial bonds or term bonds or

a combination thereof and shall be payable either by maturity of principal in the case of serial

bonds or by mandatory serial redemption in the case of term bonds, in installments of principal,

the first installment to be not later than five (5) years and the last installment not later than thirty

(30) years after the date the city bonds are issued. The amortization of the city bonds need not

correspond to the amortization of the corporation bonds. Annual installments of principal may be

provided for by maturity of principal in the case of serial bonds or by mandatory serial

redemption in the case of term bonds. The amount of principal appreciation each year on any city

bonds, if any after the date of original issuance, shall not be considered to be principal

indebtedness for the purposes of any constitutional or statutory debt limit or any other limitation.

The appreciation of principal after the date of original issue shall be considered interest. Only the

original principal amount shall be counted in determining the principal amount so issued and any

interest component shall be disregarded.

     SECTION 6. This act shall constitute an enabling act of the general assembly that is

required pursuant to § 16-7-44. The project shall not be eligible for state housing aid

reimbursement calculated pursuant to § 16-7-39 but shall be eligible for foundational aid offered

on a pay-as-you-go basis pursuant to § 45-38.2-4. No city bonds shall be issued unless the school

project described herein has been approved by the RIDE.

     SECTION 7. The city bonds shall be signed by the mayor and the city treasurer and shall

be issued and sold in such amounts as the city council may authorize. The manner of sale,

denominations, maturities, interest rates and other terms, conditions and details of any city bonds

or city notes issued under this act may be fixed by the proceedings of the city council authorizing

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the issue or by separate resolution of the city council or, to the extent provisions for these matters

are not so made, they may be fixed by the officers authorized to sign the city bonds or city notes.

Notwithstanding anything contained in this act to the contrary, the city may enter into financing

agreements with the Rhode Island Health and Educational Building Corporation pursuant to

chapter 7 of title 16 and chapter 38. l of title 45 and, with respect to city bonds or city notes

issued in connection with such financing agreements, if any, the city may elect to have the

provisions of chapter 38.1 of title 45 apply to the issuance of the city bonds or city notes issued

hereunder to the extent the provisions of chapter 38.1 of title 45 are inconsistent herewith. Such

election may be fixed by the proceedings of the city council authorizing such issuance or by

separate resolution of the city council, or, to the extent provisions for these matters are not so

made, they may be fixed by the officers authorized to sign the city bonds or city notes. The

proceeds derived from the sale of the city bonds shall be delivered to the city treasurer, and such

proceeds exclusive of premiums and accrued interest shall be expended:

     (1) For renovations and repairs to Samuel Slater Middle School facilities, or the

acquisition, construction, improvement, furnishing and equipping of a new middle school and

school facilities and all expenses incident thereto including, but not limited to, costs of design,

demolition, athletic fields, landscaping and parking and all costs related thereto either directly or

as a reimbursement to the state to the extent the state pays for and or finances such costs

hereunder;

     (2) For payment of the principal or interest on temporary city notes issued under section

8;

     (3) In payment of capitalized interest on city bonds or city notes;

     (4) In repayment of advances under section 9; or

     (5) In payment of related costs of issuance of any city bonds or city notes. No purchaser

of any city bonds or city notes under this act shall be in any way responsible for the proper

application of the proceeds derived from the sales thereof. The project shall be carried out and all

contracts made therefor on behalf of the city by the city council, or the city council may delegate

such authority to the school committee or the school building committee. The proceeds of city

bonds or city notes issued under this act, any applicable federal or state assistance and other

monies referred to in sections 10 and 14, shall be deemed appropriated for the purposes of this act

without further action than that required by this act. The city bond issue authorized by this act

may be consolidated for the purposes of issuance and sale with any other bond issue of the city

heretofore or hereafter authorized; provided that, notwithstanding any such consolidation, the

proceeds from the sale of the city bonds authorized by this act shall be expended for the purposes

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set forth above.

     SECTION 8. The city council may by resolution authorize the issue from time to time of

interest bearing or discounted notes (the ''city notes") in anticipation of the issue of city bonds or

in anticipation of the receipt of federal or state aid for the purposes of this act. The amount of

original city notes issued in anticipation of city bonds may not exceed the amount of city bonds

which may be issued under this act, and the amount of original city notes issued in anticipation of

federal or state aid may not exceed the amount of available federal or state aid as estimated by the

city treasurer. Temporary city notes issued hereunder shall be signed by the manual or facsimile

signatures of the city treasurer and the mayor, shall be payable within five (5) years from their

respective dates, but the principal of and interest on city notes issued for a shorter period may be

renewed or paid from time to time by the issue of other city notes thereunder provided the period

from the date of an original note to the maturity or any note issued to renew or pay the same debt

or the interest thereon shall not exceed five (5) years. Any temporary city notes in anticipation of

city bonds issued under this section may be refunded prior to the maturity of the city notes by the

issuance of additional temporary city notes; provided that, no such refunding shall result in any

amount of such temporary city notes outstanding at any one time in excess of two hundred

percent (200%) of the amount of city bonds which may be issued under this act; and provided,

further that, if the issuance of any such refunding city notes results in any amount of such

temporary city notes outstanding at any one time in excess of the amount of city bonds which

may be issued under this act, the proceeds of such refunding city notes shall be deposited in a

separate fund established with the bank which is paying agent for the city notes being refunded.

Pending their use to pay the city notes being refunded, monies in the fund shall be invested for

the benefit of the city by the paying agent at the direction of the city treasurer in any investment

permitted under section 10. The monies in the fund and any investments held as a part of the fund

shall be held in trust and shall be applied by the paying agent solely to the payment or

prepayment of the principal of and interest on the city notes being refunded. Upon payment of all

principal of and interest on the city notes, any excess monies in the fund shall be distributed to the

city. The city may pay the principal of and interest on city notes, in full, from other than the

issuance of refunding city notes prior to the issuance of city bonds pursuant to section 5 hereof. In

such case, the city's authority to issue city bonds or city notes in anticipation of city bonds under

this act shall continue provided that:

     (1) The city council passes a resolution evidencing the city's intent to pay off the city

notes without extinguishing the authority to issue city bonds or city notes; and

     (2) That the period from the date of an original city note to the maturity date of any other

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city note shall not exceed five (5) years.

     SECTION 9. Pending any authorization or issue of city bonds hereunder or pending or in

lieu of any authorization or issue of city notes hereunder, the city treasurer, with the approval of

the city council, may, to the extent that city bonds or city notes may be issued hereunder, apply

funds in the treasury of the city to the purposes specified in section 7, such advances to be repaid

without interest from the proceeds of city bonds or city notes subsequently issued or from the

proceeds of applicable federal or state assistance or from other available funds.

     SECTION 10. Any proceeds of city bonds or city notes issued hereunder or of any

applicable federal or state assistance, pending their expenditure, may be deposited or invested by

the city treasurer in demand deposits, time deposits or savings deposits in banks which are

members of the Federal Deposit Insurance Corporation or in obligations issued or guaranteed by

the United States of America or by any agency or instrumentality thereof or as may be provided

in any other applicable law of the State of Rhode Island or resolution of the city council or

pursuant to an investment policy of the city.

     SECTION 11. Any accrued interest received upon the sale of city bonds or city notes

hereunder shall be applied to the payment of the first interest due thereon. Any premiums arising

from the sale of city bonds or city notes hereunder and any earnings or net profit realized from the

deposit or investment of funds hereunder shall, in the discretion of the city treasurer, be applied to

the cost of preparing, issuing, and marketing city bonds or city notes hereunder to the extent not

otherwise provided, to the payment of the cost of the project, to the costs of additional

improvements coming within the description of the project, to the payment of the principal of or

interest on city bonds or city notes issued hereunder or to any one or more of the foregoing. The

cost of preparing, issuing and marketing city bonds or city notes hereunder may also, in the

discretion of the city treasurer, be met from bond or note proceeds exclusive of accrued interest or

from other monies available therefor. Any balance of city bond or note proceeds remaining after

payment of the cost of the projects and the cost of preparing, issuing and marketing city bonds or

city notes hereunder shall be applied to the payment of the principal of or interest on city bonds or

city notes issued hereunder. To the extent permitted by applicable federal laws, any earnings or

net profit realized from the deposit or investment of funds hereunder may, upon receipt, be added

to and dealt with as part of the revenues of the city from property taxes. In exercising any

discretion under this section, the city treasurer shall be governed by any instructions adopted by

resolution of the city council.

     SECTION 12. All city bonds and city notes issued under this act and the debts evidenced

thereby shall be obligatory on the city in the same manner and to the same extent as other debts

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lawfully contracted by it and shall be excepted from the operation of § 45-12-2. No such

obligation shall at any time be included in the debt of the city for the purpose of ascertaining its

borrowing capacity. The city shall annually appropriate a sum sufficient to pay the principal and

interest coming due within the year on city bonds and city notes issued hereunder to the extent

that monies therefor are not otherwise provided. If such sum is not appropriated, it shall

nevertheless be added to the annual tax levy. In order to provide such sum in each year and

notwithstanding any provision of law to the contrary, all taxable property in the city shall be

subject to ad valorem taxation by the city without limitation as to rate or amount.

     SECTION 13. Any city bonds or city notes issued under the provisions of this act, if

properly executed by officers of the city in office on the date of execution, shall be valid and

binding according to their terms notwithstanding that before the delivery thereof and payment

therefor any or all of such officers shall for any reason have ceased to hold office.

     SECTION 14. The city, acting by resolution of its city council is authorized to apply for,

contract for and expend any federal or state advances or other grants or assistance which may be

available for the purposes of this act, and any such expenditures may be in addition to other

monies provided in this act. To the extent of any inconsistency between any law of this state and

any applicable federal law or regulation, the latter shall prevail. Federal and state advances, with

interest where applicable, whether contracted for prior to or after the effective date of this act,

may be repaid as project costs under section 7.

     SECTION 15. City bonds and city notes may be issued under this act without obtaining

the approval of any governmental agency or the taking of any proceedings or the happening of

any conditions except as specifically required by this act for such issue. In carrying out any

project financed in whole or in part under this act, including where applicable the condemnation

of any land or interest in land, and in the levy and collection of assessments or other charges

permitted by law on account of any such project, all action shall be taken which is necessary to

meet constitutional requirements whether or not such action is otherwise required by statute; but

the validity of city bonds and city notes issued hereunder shall in no way depend upon the

validity or occurrence of such action.

     SECTION 16. All or any portion of the authority to issue city bonds and city notes under

this act may be extinguished by resolution of the city council, without further action by the

general assembly seven (7) years after the effective date of this act.

     SECTION 17. The city treasurer and the mayor, on behalf of the city, are hereby

authorized to execute such documents or other papers as either of them deem necessary or

desirable to carry out the intent of this act and are also authorized to take all actions and execute

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all documents or agreements necessary to comply with federal tax and securities laws, which

documents or agreements may have a term coextensive with the maturity of the city bonds

authorized hereby, including the SEC rule and to execute and deliver a continuing disclosure

agreement or certificate in connection with the city bonds or notes in the form as shall be deemed

advisable by such officers in order to comply with the SEC rule.

     SECTION 18. The question of the approval of sections 4 through 17 of this act shall be

submitted to the electors of the city at the election to be held on November 3, 2026, or at a special

local election (other than a primary), on a date as shall be designated by the city council. The

question shall be submitted in substantially the following form: "Shall an Act, passed at the 2026

session of the General Assembly, entitled in part, 'AN ACT AUTHORIZING THE CITY OF

PAWTUCKET TO FINANCE RENOVATIONS AND REPAIRS TO SAMUEL SLATER

MIDDLE SCHOOL FACILITIES, OR THE ACQUISITION, CONSTRUCTION,

IMPROVEMENT. FURNISHING AND EQUIPPING OF A NEW MIDDLE SCHOOL AND

SCHOOL FACULTIES AND ALL EXPENSES INCIDENT THERETO INCLUDING, BUT

NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC FIELDS,

LANDSCAPING AND PARKING BY THE ISSUANCE OF NOT MORE THAN $22,500,000

CITY BONDS, CITY NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS

THEREFOR' be approved?" and the warning for the election shall contain the question to be

submitted. From the time the election is warned and until it is held, it shall be the duty of the city

clerk to keep a copy of the act available at their office for public inspection, but the validity of the

election shall not be affected by this requirement.

     SECTION 19. Sections l through 3 and sections 18 and 19 of this act shall take effect

upon the passage. Sections 4 through 17 of this act shall take effect upon the approval of this act

by a majority of those voting on the question at the election prescribed by section 18.

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EXPLANATION

OF

J O I N T   R E S O L U T I O N

A N D A N   A C T

AUTHORIZING THE STATE TO ENTER INTO A FINANCING AGREEMENT RELATING

TO SCHOOL CONSTRUCTION IN THE CITY OF PAWTUCKET AND AUTHORIZING

THE CITY OF PAWTUCKET TO FINANCE RENOVATIONS AND REPAIRS TO SAMUEL

SLATER MIDDLE SCHOOL FACILITIES, OR THE ACQUISITION, CONSTRUCTION,

IMPROVEMENT, FURNISHING AND EQUIPPING OF A NEW MIDDLE SCHOOL AND

SCHOOL FACILITIES AND ALL EXPENSES INCIDENT THERETO INCLUDING, BUT

NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC FIELDS,

LANDSCAPING AND PARKING BY THE ISSUANCE OF NOT MORE THAN $22,500,000

CITY BONDS, CITY NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS

THEREFOR

***

     This act would serve as the joint resolution required pursuant to Rhode Island General

Laws §35-18-1, et seq (the "Rhode Island public corporation debt management act") to finance

the middle school project described below.

     This act would also authorize the city of Pawtucket to issue city bonds, city notes or other

evidences of indebtedness in an amount not to exceed twenty-two million five hundred thousand

dollars ($22,500,000) to finance renovations and repairs to Samuel Slater Middle School

facilities, or the acquisition, construction, improvement, furnishing and equipping of a new

middle school and school facilities and all expenses incident thereto including, but not limited to,

costs of design, demolition, athletic fields, landscaping and parking.

     This act would also constitute an enabling act of the general assembly that is required

pursuant to § 16-7-44. The project would not be eligible for state housing aid reimbursement

calculated pursuant to § 16-7-39 but would be eligible for foundational aid offered on a pay-as-

you-go basis pursuant to § 45-38.2-4. No bonds shall be issued under the act unless the project

has been approved by the Rhode Island department of education.

     Sections 1 through 3 and sections 18 and 19 of the act shall take effect upon passage.

Sections 4 through 17 of the act shall take effect upon the approval of the act by a majority of city

electors voting on the question at the election prescribed by section 18 of the act.

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