07-R420
2007 -- H 6584
Enacted 11/04/07
J O I N T R E S O L U T I O N
APPROVING THE
ISSUANCE OF LEASE PARTICIPATION REFUNDING CERTIFICATES AND RELATED FINANCING LEASES BY THE STATE OF
RHODE ISLAND
Introduced By:
Representative Steven M. Costantino
Date Introduced: October
30, 2007
WHEREAS,
the Rhode Island Public Corporation Debt Management Act (R.I. General
Laws
Sections 35-18-1, et. seq.) requires the General Assembly to provide its
consent to the
issuance
of debt or financing leases incurred by the State of Rhode Island and other
public
agencies
of certain obligations; and
WHEREAS,
the State of Rhode Island has previously issued its $4,500,000 Lease
Participation
Certificates, Series 1995 (the "Series 1995 Certificates") which
remain outstanding
in
the principal amount of $2,345,000; and
WHEREAS,
the State of Rhode Island has previously issued its $24,000,000 Lease
Participation
Certificates (Howard Center Improvements – 1997 Series) (the "Series 1997
Certificates")
which remain outstanding in the principal amount of $14,725,000; and
WHEREAS,
the State of Rhode Island has previously issued its $33,335,000 Lease
Participation
Certificates (Shepard's Building – 1997 Refunding Series A) (the "Series
1997A
Certificates")
which remain outstanding in the principal amount of $22,135,000; and
WHEREAS,
the State of Rhode Island has previously issued its $28,180,000 Lease
Participation
Certificates (Central Power Plant Project – 2000 Series C) (the "Series
2000C
Certificates")
which remain outstanding in the principal amount of $21,230,000 (the Series
2000C)
Certificates along with (the Series 1995 Certificates, the Series 1997
Certificates and the
Series
1997A Certificates collectively, the "Prior Certificates"); and
WHEREAS,
the interest rate environment is such that refunding the Prior Certificates
will
generate significant savings for the State of Rhode Island; now, therefore be
it
RESOLVED,
that this General Assembly hereby approves the issuance of one or more
series
of Certificates of Participation in a total amount not to exceed sixty eight
million dollars
($68,000,000)
for the refunding of the Prior Certificates and the State entering into one or
more
related
financing leases provided overall net present value savings is achieved equal
to or greater
than
3% of the par amount of the Prior Certificates to be refunded; and be it
further
RESOLVED,
that this Joint Resolution shall take effect immediately upon its passage by
the
General Assembly.
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LC03455
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