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| ARTICLE 5 AS AMENDED |
RELATING TO CAPITAL DEVELOPMENT PROGRAM
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| SECTION 1. Proposition to be submitted to the people. -- At the general election to be held |
| on the Tuesday next after the first Monday in November 2026, there shall be submitted to the people |
| ("People") of the State of Rhode Island ("State"), for their approval or rejection, the following |
| proposition: |
| "Shall the action of the general assembly, by an act passed at the January 2026 session, |
| authorizing the issuance of bonds, refunding bonds, and temporary notes of the State of Rhode |
| Island for the capital projects and in the amount with respect to each such project listed below be |
| approved, and the issuance of bonds, refunding bonds, and/or temporary notes authorized in |
| accordance with the provisions of said act?" |
| Project |
| (1) Higher Education Facilities $275,000,000 |
| Approval of this question will allow the State to issue general obligation bonds, refunding |
| bonds, and/or temporary notes in an amount not to exceed two hundred and seventy-five million |
| dollars ($275,000,000) for capital improvements to higher education facilities, to be allocated as |
| follows: |
| (a) University of Rhode Island Integrated Health Building $165,000,000 |
| Provides one hundred and sixty-five million dollars ($165,000,000) for the construction of |
| the new Integrated Health Building on the University of Rhode Island's Kingston campus to |
| advance health education, clinical training, and workforce development. |
| (b) RIC Adams Library Renovations $50,000,000 |
| Provides fifty million dollars ($50,000,000) to fund the construction of a student success |
| and career readiness center and renovations located at the Adams Library on the Rhode Island |
| College campus. |
| (c) CCRI Workforce Innovation Center $60,000,000 |
| Provides sixty million dollars ($60,000,000) to fund the construction of a new workforce |
| innovation center located on the Warwick campus of the Community College of Rhode Island. |
| Funds will be used for the construction of a modern career and technical educational facility |
| designed to support workforce readiness and address critical workforce shortages in the State. |
| (2) Housing and Homeownership $120,000,000 |
| Approval of this question will allow the State to issue general obligation bonds, refunding |
| bonds, and/or temporary notes in an amount not to exceed one hundred and twenty million dollars |
| ($120,000,000) to increase and preserve the availability of affordable and accessible housing to |
| meet the needs of all Rhode Islanders and support community revitalization through the |
| redevelopment of existing structures, new construction, property acquisition, and infrastructure |
| improvements. Of this amount, at least twenty-five million dollars ($25,000,000) shall be allocated |
| towards increasing production of housing intended for homeownership and up to ten million dollars |
| ($10,000,000) may be used to support a program for public housing development. |
| (3) Economic Development $100,000,000 |
| Approval of this question will allow the State to issue general obligation bonds, refunding |
| bonds, and/or temporary notes in an amount not to exceed one hundred million dollars |
| ($100,000,000) to fund industrial facilities infrastructure improvements for economic development |
| purposes to fund site development and growth industry infrastructure, to be allocated as follows: |
| (a) Site Development $55,000,000 |
| Provides fifty-five million dollars ($55,000,000) for land acquisition or assembly, |
| environmental remediation, infrastructure and utility installation, site preparation or development, |
| and project investments. Eligible uses include, but are not limited to, large-scale industrial site |
| development to create pad-ready locations and/or facilities, infrastructure improvements and |
| investments within the Quonset Business Park, and land acquisition, preparation, and project |
| investments within the I-195 District. |
| (b) Growth Industry Infrastructure $45,000,000 |
| Provides forty-five million dollars ($45,000,000) for infrastructure, facilities, projects, and |
| investments that support Rhode Island's ocean, defense, life sciences, data analytics and related |
| industries. Eligible uses include, but are not limited to, water-based test ranges and onshore ocean |
| or defense-related innovation/production facilities, as well as facilities, projects, and investments |
| that advance businesses and job growth in the life sciences. |
| (4) Cultural Economy $50,000,000 |
| Approval of this question will allow the State to issue general obligation bonds, refunding |
| bonds, and/or temporary notes in an amount not to exceed fifty million dollars ($50,000,000) to |
| provide funding for cultural economy efforts to be allocated as follows: |
| (a) State History Center $45,000,000 |
| Provides forty-five million dollars ($45,000,000) for the construction of a new Rhode Island State |
| History Center. |
| (b) State Preservation Grants Program $5,000,000 |
| Provides five million dollars ($5,000,000) in matching grants administered by the Rhode |
| Island Historical Preservation and Heritage Commission to cities, towns and nonprofit |
| organizations for capital improvements to public historic sites, museums and cultural art centers |
| located in historic structures, and heritage museums throughout the State. |
| (5) Green Economy Bonds $55,000,000 |
| Approval of this question will allow the State to issue general obligation bonds, refunding |
| bonds, and/or temporary notes in an amount not to exceed fifty-five million dollars ($55,000,000) |
| for environmental and recreational purposes, to be allocated as follows: |
| (a) Brownfields Remediation and Economic Development $3,000,000 |
| Provides three million dollars ($3,000,000) for up to eighty percent (80%) matching grants |
| to public, private, and/or non-profit entities for brownfield remediation projects. |
| (b) Facility Improvements $12,000,000 |
| Provides twelve million dollars ($12,000,000) for the renovation and repair of existing |
| facilities and recreational venues as well as the development and construction of new facilities and |
| parks. |
| (c) Local Recreation Projects $1,000,000 |
| Provides one million dollars ($1,000,000) for up to eighty percent (80%) matching grants |
| for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the |
| growing needs for active outdoor recreational facilities. |
| (d) Marine Infrastructure Development $1,000,000 |
| Provides one million dollars ($1,000,000) to provide asset protection and emergency repair |
| needs for most facilities, including recreational facilities, marine infrastructure, and more. |
| (e) Resilient Rhody Infrastructure Fund $25,000,000 |
| Provides twenty-five million dollars ($25,000,000) to provide financial assistance to local |
| governmental units for restoring and/or improving resiliency of infrastructure, vulnerable coastal |
| habitats, and restoring rivers and stream floodplains. These funds will be prioritized to leverage |
| significant funds to support local programs to improve community resiliency, stormwater |
| abatement and public safety in the face of increased flooding, major storm events, and |
| environmental degradation. |
| (f) Narragansett Bay Watershed Restoration $7,000,000 |
| Provides seven million dollars ($7,000,000) for activities to restore and protect the water |
| quality and enhance the economic viability and environmental sustainability of Narragansett Bay |
| and the State's watersheds. Eligible activities include nonpoint source pollution abatement, |
| including stormwater management; nutrient loading abatement; commercial, industrial and |
| agricultural pollution abatement; and riparian buffer and watershed ecosystem restoration. |
| (g) Agriculture Land Preservation Commission $3,000,000 |
| Provides three million dollars ($3,000,000) to the agricultural land preservation |
| commission for farmland protection. |
| (h) Open Space Program $3,000,000 |
| Provides three million dollars ($3,000,000) for the State to acquire fee simple interest or |
| conservation easements to open space, watershed, and recreational lands. |
| SECTION 2. Ballot labels and applicability of general election laws. -- The Secretary of |
| State shall prepare and deliver to the State Board of Elections ballot labels for each of the projects |
| provided for in Section 1 hereof with the designations "approve" or "reject" provided next to the |
| description of each such project to enable voters to approve or reject each such proposition. The |
| general election laws, so far as consistent herewith, shall apply to this proposition. |
| SECTION 3. Approval of projects by the people. -- If a majority of the People voting on |
| the proposition in Section 1 hereof shall vote to approve any project stated therein, said project |
| shall be deemed to be approved by the People. The authority to issue bonds, refunding bonds and/or |
| temporary notes of the State shall be limited to the aggregate amount for all such projects as set |
| forth in the proposition, which has been approved by the People. |
| SECTION 4. Bonds for the capital development program. -- The General Treasurer is |
| hereby authorized and empowered, with the approval of the Governor, and in accordance with the |
| provisions of this Act to issue capital development bonds in serial form, in the name of and on |
| behalf of the State, in amounts as may be specified by the Governor in an aggregate principal |
| amount not to exceed the total amount for all projects approved by the People and designated as |
| "capital development loan of 2026 bonds." Provided, however, that the aggregate principal amount |
| of such capital development bonds and of any temporary notes outstanding at any one time issued |
| in anticipation thereof pursuant to Section 7 hereof shall not exceed the total amount for all such |
| projects approved by the People. All provisions in this Act relating to "bonds" shall also be deemed |
| to apply to "refunding bonds." |
| Capital development bonds issued under this Act shall be in denominations of one thousand |
| dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or currency of the |
| United States which at the time of payment shall be legal tender for public and private debts. These |
| capital development bonds shall bear such date or dates, mature at specified time or times, but not |
| mature beyond the end of the twentieth (20th) State fiscal year following the fiscal year in which |
| they are issued; bear interest payable semi-annually at a specified rate or different or varying rates: |
| be payable at designated time or times at specified place or places; be subject to express terms of |
| redemption or recall, with or without premium; be in a form, with or without interest coupons |
| attached; carry such registration, conversion, reconversion, transfer, debt retirement, acceleration |
| and other provisions as may be fixed by the General Treasurer, with the approval by the Governor, |
| upon each issue of such capital development bonds at the time of each issue. Whenever the |
| Governor shall approve the issuance of such capital development bonds, the Governor's approval |
| shall be certified to the Secretary of State; the bonds shall be signed by the General Treasurer and |
| countersigned by Secretary of State and shall bear the seal of the State. The signature approval of |
| the Governor shall be endorsed on each bond. |
| SECTION 5. Refunding bonds for the 2026 capital development program. -- The General |
| Treasurer is hereby authorized and empowered, with the approval of the Governor, and in |
| accordance with the provisions of this Act, to issue bonds to refund the 2026 capital development |
| program bonds, in the name of and on behalf of the State, in amounts as may be specified by the |
| Governor in an aggregate principal amount not to exceed the total amount approved by the People, |
| to be designated as "capital development program loan of 2026 refunding bonds" (hereinafter |
| "Refunding Bonds"). |
| The General Treasurer with the approval of the Governor shall fix the terms and form of |
| any Refunding Bonds issued under this Act in the same manner as the capital development bonds |
| issued under this Act, except that the Refunding Bonds may not mature more than twenty (20) years |
| from the date of original issue of the capital development bonds being refunded. |
| The proceeds of the Refunding Bonds, exclusive of any premium and accrual interest and |
| net the underwriters' cost, and cost of bond issuance, shall, upon their receipt, be paid by the General |
| Treasurer immediately to the paying agent for the capital development bonds which are to be called |
| and prepaid. The paying agent shall hold the Refunding Bond proceeds in trust until they are applied |
| to prepay the capital development bonds. While such proceeds are held in trust, the proceeds may |
| be invested for the benefit of the State in obligations of the United States of America or the State. |
| If the General Treasurer shall deposit with the paying agent for the capital development |
| bonds the proceeds of the Refunding Bonds, or proceeds from other sources, amounts that, when |
| invested in obligations of the United States or the State, are sufficient to pay all principal, interest, |
| and premium, if any, on the capital development bonds until these bonds are called for prepayment, |
| then such capital development bonds shall not be considered debts of the State for any purpose |
| starting from the date of deposit of such monies with the paying agent. The Refunding Bonds shall |
| continue to be a debt of the State until paid. |
| The term "bond" shall include "note," and the term "refunding bonds" shall include |
| "refunding notes" when used in this Act. |
| SECTION 6. Proceeds of the capital development program. -- The General Treasurer is |
| directed to deposit the proceeds from the sale of capital development bonds issued under this Act, |
| exclusive of premiums and accrued interest and net the underwriters' cost, and cost of bond |
| issuance, in one or more of the depositories in which the funds of the State may be lawfully kept in |
| special accounts (hereinafter cumulatively referred to as the "capital development bond fund") |
| appropriately designated for each of the projects set forth in Section 1 hereof which shall have been |
| approved by the People to be used for the purpose of paying the cost of all such projects so |
| approved. |
| All monies in the capital development bond fund shall be expended for the purposes |
| specified in the proposition provided for in Section 1 hereof under the direction and supervision of |
| the Director of Administration (hereinafter referred to as "Director"). The Director or his or her |
| designee shall be vested with all power and authority necessary or incidental to the purposes of this |
| Act, including but not limited to, the following authority: (a) To acquire land or other real property |
| or any interest, estate or right therein as may be necessary or advantageous to accomplish the |
| purposes of this Act; (b) To direct payment for the preparation of any reports, plans and |
| specifications, and relocation expenses and other costs such as for furnishings, equipment |
| designing, inspecting and engineering, required in connection with the implementation of any |
| projects set forth in Section 1 hereof; (c) To direct payment for the costs of construction, |
| rehabilitation, enlargement, provision of service utilities, and razing of facilities, and other |
| improvements to land in connection with the implementation of any projects set forth in Section 1 |
| hereof; and (d) To direct payment for the cost of equipment, supplies, devices, materials and labor |
| for repair, renovation or conversion of systems and structures as necessary for the 2026 capital |
| development program bonds or notes hereunder from the proceeds thereof. No funds shall be |
| expended in excess of the amount of the capital development bond fund designated for each project |
| authorized in Section 1 hereof. With respect to the bonds and temporary notes described in Section |
| 1, the proceeds shall be used for the following purposes: |
| Question 1, relating to bonds in the amount of two hundred and seventy-five million dollars |
| ($275,000,000) to provide funding for higher education facilities to be allocated as follows: |
| (a) University of Rhode Island Integrated Health Building $165,000,000 |
| Provides one hundred and sixty-five million dollars ($165,000,000) for the construction of |
| the new Integrated Health Building on the University of Rhode Island's Kingston campus to |
| advance health education, clinical training, and workforce development. |
| (b) RIC Adams Library Renovations $50,000,000 |
| Provides fifty million dollars ($50,000,000) to fund the construction of a student success |
| and career readiness center and renovations located at the Adams Library the Rhode Island College |
| campus. |
| (c) CCRI Workforce Innovation Center $60,000,000 |
| Provides sixty million dollars ($60,000,000) to fund the construction of a new workforce |
| innovation center located on the Warwick campus of the Community College of Rhode Island. |
| Funds will be used for the construction of a modern career and technical educational facility |
| designed to support workforce readiness and address critical workforce shortages in the State. |
| Question 2, relating to bonds in the amount of one hundred and twenty million dollars |
| ($120,000,000) to increase and preserve the availability of affordable and accessible housing to |
| meet the needs of all Rhode Islanders and support community revitalization through the |
| redevelopment of existing structures, new construction, property acquisition, and infrastructure |
| improvements. Of this amount, at least twenty-five million dollars ($25,000,000), shall be allocated |
| towards increasing production of housing intended for homeownership and up to ten million dollars |
| ($10,000,000) may be used to support a program for public housing development. |
| Question 3, relating to bonds in the amount of one hundred million dollars ($100,000,000) |
| to fund industrial facilities infrastructure improvements for economic development purposes to |
| fund site development and growth industry infrastructure, to be allocated as follows: |
| (a) Site Development $55,000,000 |
| Provides fifty-five million dollars ($55,000,000) for land acquisition or assembly, |
| environmental remediation, infrastructure and utility installation, site preparation or development, |
| and project investments. Eligible uses include, but are not limited to, large-scale industrial site |
| development to create pad-ready locations and/or facilities, infrastructure improvements and |
| investments within the Quonset Business Park, and land acquisition, preparation, and project |
| investments within the I-195 District. |
| (b) Growth Industry Infrastructure $45,000,000 |
| Provides forty-five million dollars ($45,000,000) for infrastructure, facilities, projects, and |
| investments that support Rhode Island's ocean, defense, life sciences, data analytics and related |
| industries. Eligible uses include, but are not limited to, water-based test ranges and onshore ocean |
| or defense-related innovation/production facilities, as well as facilities, projects, and investments |
| that advance businesses and job growth in the life sciences. |
| Question 4, relating to bonds in the amount of fifty million dollars ($50,000,000) to provide |
| funding for cultural economy efforts to be allocated as follows: |
| (a) State History Center $45,000,000 |
| Provides forty-five million dollars ($45,000,000) for the construction of a new Rhode |
| Island State History Center. |
| (b) State Preservation Grants Program $5,000,000 |
| Provides five million dollars ($5,000,000) in matching grants administered by the Rhode |
| Island Historical Preservation and Heritage Commission to cities, towns and nonprofit |
| organizations for capital improvements to public historic sites, museums and cultural art centers |
| located in historic structures, and heritage museums throughout the State. |
| Question 5, relating to bonds in the amount of fifty-five million dollars ($55,000,000) for |
| environmental and recreational purposes, to be allocated as follows: |
| (a) Brownfields Remediation and Economic Development $3,000,000 |
| Provides three million dollars ($3,000,000) for up to eighty percent (80%) matching grants |
| to public, private, and/or non-profit entities for brownfield remediation projects. |
| (b) Facility Improvements $12,000,000 |
| Provides twelve million dollars ($12,000,000) for the renovation and repair of existing |
| facilities and recreational venues as well as the development and construction of new facilities and |
| parks. |
| (c) Local Recreation Projects $1,000,000 |
| Provides one million dollars ($1,000,000) for up to eighty percent (80%) matching grants |
| for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the |
| growing needs for active outdoor recreational facilities. |
| (d) Marine Infrastructure Development $1,000,000 |
| Provides one million dollars ($1,000,000) to provide asset protection and emergency repair |
| needs for most facilities, including recreational facilities, marine infrastructure, and more. |
| (e) Resilient Rhody Infrastructure Fund $25,000,000 |
| Provides twenty-five million dollars ($25,000,000) to provide financial assistance to local |
| governmental units for restoring and/or improving resiliency of infrastructure, vulnerable coastal |
| habitats, and restoring rivers and stream floodplains. These funds will be prioritized to leverage |
| significant funds to support local programs to improve community resiliency, stormwater |
| abatement and public safety in the face of increased flooding, major storm events, and |
| environmental degradation. |
| (f) Narragansett Bay Watershed Restoration $7,000,000 |
| Provides seven million dollars ($7,000,000) for activities to restore and protect the water |
| quality and enhance the economic viability and environmental sustainability of Narragansett Bay |
| and the State's watersheds. Eligible activities include nonpoint source pollution abatement, |
| including stormwater management; nutrient loading abatement; commercial, industrial and |
| agricultural pollution abatement; and riparian buffer and watershed ecosystem restoration. |
| (g) Agriculture Land Preservation Commission $3,000,000 |
| Provides three million dollars ($3,000,000) to the agricultural land preservation |
| commission for farmland protection. |
| (h) Open Space Program $3,000,000 |
| Provides three million dollars ($3,000,000) for the State to acquire fee simple interest or |
| conservation easements to open space, watershed, and recreational lands. |
| SECTION 7. Sale of bonds and notes. -- Any bonds or notes issued under the authority of |
| this Act shall be sold at not less than the principal amount thereof, in such mode and on such terms |
| and conditions as the General Treasurer, with the approval of the Governor, shall deem to be in the |
| best interests of the State. |
| Any premiums and accrued interest, net of the cost of bond issuance and underwriter's |
| discount, which may be received on the sale of the capital development bonds or notes shall become |
| part of the Rhode Island Capital Plan Fund of the State, unless directed by federal law or regulation |
| to be used for some other purpose. |
| In the event that the amount received from the sale of the capital development bonds or |
| notes exceeds the amount necessary for the purposes stated in Section 6 hereof, the surplus may be |
| used to the extent possible to retire the bonds as the same may become due, to redeem them in |
| accordance with the terms thereof or otherwise to purchase them as the General Treasurer, with the |
| approval of the Governor, shall deem to be in the best interests of the State. |
| Any bonds or notes issued under the provisions of this Act and coupons on any capital |
| development bonds, if properly executed by the manual or electronic signatures of officers of the |
| State in office on the date of execution, shall be valid and binding according to their tenor, |
| notwithstanding that before the delivery thereof and payment therefor, any or all such officers shall |
| for any reason have ceased to hold office. |
| SECTION 8. Bonds and notes to be tax exempt and general obligations of the State. -- All |
| bonds and notes issued under the authority of this Act shall be exempt from taxation in the State |
| and shall be general obligations of the State, and the full faith and credit of the State is hereby |
| pledged for the due payment of the principal and interest on each of such bonds and notes as the |
| same shall become due. |
| SECTION 9. Investment of monies in fund. -- All monies in the capital development fund |
| not immediately required for payment pursuant to the provisions of this Act may be invested by the |
| investment commission, as established by Chapter 10 of Title 35, entitled "State Investment |
| Commission," pursuant to the provisions of such chapter; provided, however, that the securities in |
| which the capital development fund is invested shall remain a part of the capital development fund |
| until exchanged for other securities; and provided further, that the income from investments of the |
| capital development fund shall become a part of the general fund of the State and shall be applied |
| to the payment of debt service charges of the State, unless directed by federal law or regulation to |
| be used for some other purpose, or to the extent necessary, to rebate to the United States treasury |
| any income from investments (including gains from the disposition of investments) of proceeds of |
| bonds or notes to the extent deemed necessary to exempt (in whole or in part) the interest paid on |
| such bonds or notes from federal income taxation. |
| SECTION 10. Appropriation. -- To the extent the debt service on these bonds is not |
| otherwise provided, a sum sufficient to pay the interest and principal due each year on bonds and |
| notes hereunder is hereby annually appropriated out of any money in the treasury not otherwise |
| appropriated. |
| SECTION 11. Advances from general fund. -- The General Treasurer is authorized, with |
| the approval of the Director and the Governor, in anticipation of the issue of notes or bonds under |
| the authority of this Act, to advance to the capital development bond fund for the purposes specified |
| in Section 6 hereof, any funds of the State not specifically held for any particular purpose; provided, |
| however, that all advances made to the capital development bond fund shall be returned to the |
| general fund from the capital development bond fund forthwith upon the receipt by the capital |
| development fund of proceeds resulting from the issue of notes or bonds to the extent of such |
| advances. |
| SECTION 12. Federal assistance and private funds. -- In carrying out this act, the Director, |
| or his or her designee, is authorized on behalf of the State, with the approval of the Governor, to |
| apply for and accept any federal assistance which may become available for the purpose of this |
| Act, whether in the form of loan or grant or otherwise, to accept the provision of any federal |
| legislation therefor, to enter into, act and carry out contracts in connection therewith, to act as agent |
| for the federal government in connection therewith, or to designate a subordinate so to act. Where |
| federal assistance is made available, the project shall be carried out in accordance with applicable |
| federal law, the rules and regulations thereunder and the contract or contracts providing for federal |
| assistance, notwithstanding any contrary provisions of State law. Subject to the foregoing, any |
| federal funds received for the purposes of this Act shall be deposited in the capital development |
| bond fund and expended as a part thereof. The Director or his or her designee may also utilize any |
| private funds that may be made available for the purposes of this Act. |
| SECTION 13. Effective Date. -- Sections 1, 2, 3, 11, 12 and this Section 13 of this article |
| shall take effect upon passage. The remaining sections of this article shall take effect when and if |
| the State Board of Elections shall certify to the Secretary of State that a majority of the qualified |
| electors voting on the proposition contained in Section 1 hereof have indicated their approval of all |
| or any projects thereunder. |