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| ARTICLE 4 |
RELATING TO DEBT MANAGEMENT ACT JOINT RESOLUTIONS
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| SECTION 1. This article shall serve as the joint resolutions of approval required pursuant |
| to Rhode Island Law § 35-18-1, et seq. for the financing and/or the guarantee of the below described |
| projects. |
| SECTION 2. Rhode Island College – Residential Life Renovations – Auxiliary Enterprise |
| WHEREAS, The Council on Postsecondary Education and Rhode Island College |
| (“College”) are proposing a project which involves the renovation of five (5) residence halls on the |
| College campus; and |
| WHEREAS, The College is committed to providing adequate and suitable housing for its |
| students that will attract undergraduate resident students to the College; and |
| WHEREAS, The renovations will address improvements to critical infrastructure for |
| continued occupancy of the five (5) residency halls, and the aesthetic improvements to be made |
| will enhance the on-campus experience for the resident students; and |
| WHEREAS, The College engaged a qualified architectural firm, which completed an |
| analysis on the condition of these residence halls. |
| WHEREAS, The project consists of the renovation and replacement of building envelopes, |
| elevators, mechanical systems, fire alarms, sprinklers, and other improvements needed to improve |
| the residential sector of the campus, which project is included in the College Capital Improvement |
| Plan; 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 costs associated with this auxiliary enterprise project will be financed |
| through Rhode Island Health and Education Building Corporation (RIHEBC) revenue bonds, with |
| an expected term of twenty (20) years; and |
| WHEREAS, The total project cost associated with the completion of this project and |
| proposed financing method is twenty million six hundred thousand dollars ($20,600,000), including |
| capitalized interest, if any, and associated costs of financing. Debt service payments would be |
| supported by revenues derived from the College’s Residential Life auxiliary student fees, and total |
| debt service on the bonds is not expected to exceed one million eight hundred twenty-five thousand |
| dollars ($1,825,000) annually and thirty-six million five hundred thousand dollars ($36,500,000) |
| in the aggregate based on an average interest rate of six percent (6%) and a twenty (20) year term; |
| now, therefore be it |
| RESOLVED, That this General Assembly hereby approves financing in an amount not to |
| exceed totals debt service payments of thirty-six million five hundred thousand dollars |
| ($36,500,000) for the residential life renovations project on the College campus; and be it further |
| RESOLVED, That this joint resolution shall take effect upon passage. |
| SECTION 3. University of Rhode Island -- Repaving and Hardscape Improvements |
| WHEREAS, The University of Rhode Island Board of Trustees and the University of |
| Rhode Island (“University”) are proposing a project which involves the re-pavement and |
| reconstruction of major parking facilities, internal roadways and walkways, and associated |
| infrastructure on the University’s Kingston, Narragansett Bay, and W. Alton Jones campuses; and |
| WHEREAS, The project and its proposed funding have been duly reviewed and approved |
| by the University of Rhode Island Board of Trustees as part of the FY 2027–2031 Capital |
| Improvement Plan; and |
| WHEREAS, The University has made progress in the improvement of its extensive |
| inventory of paved surfaces on its campuses, the scope of repaving and reconstruction of major |
| parking facilities, internal roadways and walkways, and associated infrastructure is substantial and |
| ongoing; and |
| WHEREAS, A recent comprehensive campus plan recommends the redevelopment of |
| campus roadways, allowing safe travel for pedestrians, cyclists, vehicles, and other modes of travel; |
| and |
| WHEREAS, The design and execution of this comprehensive plan will improve the |
| campus’s environmental impact; and |
| WHEREAS, These timely project commitments serve the objectives of both the University |
| and the local community; 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 paving work will be financed through Rhode Island Health |
| and Education Building Corporation revenue bonds, with an expected term of twenty (20) years in |
| the amount of twenty million dollars ($20,000,000); and |
| WHEREAS, The project cost associated with completion of the project and the proposed |
| financing method is twenty million dollars ($20,000,000), including the cost of issuance. Debt |
| service payments would be supported by both the University’s unrestricted general revenues and |
| enterprise funding from the University’s parking services operation. Total debt service on the bonds |
| is not expected to exceed one million seven hundred forty-three thousand seven hundred fifty |
| dollars ($1,743,750) annually and thirty-four million eight hundred seventy-five thousand dollars |
| ($34,875,000) in the aggregate based on an average interest rate of six percent (6%); now, therefore, |
| be it |
| RESOLVED, That this General Assembly hereby approves financing in an amount not to |
| exceed total debt service payments of thirty-four million eight hundred seventy-five thousand |
| dollars ($34,875,000) for the repaving and hardscape improvements projects at the University of |
| Rhode Island; and be it further |
| RESOLVED, That this Joint Resolution shall take effect upon passage. |
| SECTION 4. University of Rhode Island – Automotive and Administrative Services |
| WHEREAS, The University of Rhode Island Board of Trustees and the University of |
| Rhode Island (“University”) are proposing a project which provides proper working space for |
| “Automotive and Administrative Mail and Printing Services” in the University’s service sector; |
| and |
| WHEREAS, The University has made progress in the improvement of its service center to |
| align with the improvements made to the academic, research, and student life facilities; and |
| WHEREAS, The project and its proposed funding have been duly reviewed and approved |
| by the University of Rhode Island Board of Trustees as part of the FY 2027–2031 Capital |
| Improvement Plan; and |
| WHEREAS, The design and execution of this project will improve the delivery of the |
| associated services to the campus; and |
| WHEREAS, The individual projects may be delivered in a phased approach; and |
| WHEREAS, These timely project commitments serve the objectives of the University; 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 paving work will be financed through Rhode Island Health |
| and Education Building Corporation revenue bonds, with an expected term of twenty (20) years in |
| the amount of fourteen million four hundred thousand dollars ($14,400,000); and |
| WHEREAS, The project cost associated with completion of the project and the proposed |
| financing method is fourteen million four hundred thousand dollars ($14,400,000), including the |
| cost of issuance. Debt service payments would be supported by the University’s unrestricted |
| general revenues. Total debt service on the bonds is not expected to exceed one million two hundred |
| fifty-seven thousand five hundred dollars ($1,257,500) annually and twenty-five million one |
| hundred fifty thousand dollars ($25,150,000) in the aggregate based on an average interest rate of |
| six percent (6%); now, therefore, be it |
| RESOLVED, That this General Assembly hereby approves financing in an amount not to |
| exceed total debt service payments of twenty-five million one hundred fifty thousand dollars |
| ($25,150,000) for the Automotive and Administrative Services project at the University; and be it |
| further |
| RESOLVED, That this Joint Resolution shall take effect upon passage. |
| SECTION 5. This article shall take effect upon passage. |