H8204, the official text

H8204 2026 -- H 8204 ======== LC005667 ======== STATE OF RHODE ISLAND IN GENERAL ASSEMBLY JANUARY SESSION, A.D. 2026 ____________ 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: Representatives Messier, and Alzate Date Introduced: February 27, 2026 Referred To: House Finance 1 WHEREAS, Pursuant to Article XII of the Rhode Island Constitution, it is the duty of the 2 State of Rhode Island (the state ) and the Rhode Island general assembly to promote public 3 schools as the diffusion of knowledge is essential to the preservation of the rights and liberties of 4 the Rhode Island people; and 5 WHEREAS, It is the duty of the state and the Rhode Island general assembly to adopt all 6 means which they deem necessary and proper to secure to the people, the advantages and 7 opportunities of education and guarantee adequate public school housing for all public school 8 children in the state; and 9 WHEREAS, School facilities provide more than a place for instruction. The physical 10 learning environment contributes to the successful performance of educational programs designed 11 to meet students educational needs and good educational outcomes depend on safe healthy school 12 buildings. Every student needs a safe, healthy, and sanitary learning environment that promotes 13 student learning and development; and 14 WHEREAS, The Samuel Slater Middle School in the city of Pawtucket. Rhode Island 15 (the city ) is in need of major repairs and upgrades, which presently interfere with the effective 1 operation of the school and negatively affect the health safety and welfare of the children of 2 Pawtucket; and 3 WHEREAS, State and city officials recently participated in a walkthrough of Samuel 4 Slater Middle School and fully recognize the urgent need for improved facilities at the school; 5 and 6 WHEREAS, It is critical for the state and city to balance the demonstrated needs of 7 students with fiscal realities and the potential impact of tax increases on middle-class and 8 working families; and 9 WHEREAS, For the first time since the state s enactment of the 4% property tax levy cap 10 in 1985, the city was required to obtain approval from the state department of revenue to exceed 11 the property tax levy cap and increase taxes in order to meet debt service obligations arising from 12 school construction bonds approved by voters in 2018; and 13 WHEREAS, The city is currently midway through the Pawtucket High School project, 14 the largest school construction project in the state. and must carry the full costs of the High 15 School project until Rhode Island department of education ( RIDE ) construction aid 16 reimbursements become payable upon completion of the High School project; and 17 WHEREAS, As recently as 2010, the city was on the verge of state financial intervention, 18 or potentially, bankruptcy; and 19 WHEREAS, Through hard work and prudent fiscal management for the past 15 years, 20 city officials have restored and strengthened the city s financial position; and 21 WHEREAS, Given the city s existing school bond debt and other financial obligations, 22 the city does not, in the near term, have the ability to borrow for improvements to Slater Middle 23 School without sharply increasing taxes and jeopardizing the city s financial stability; and 24 WHEREAS, The city cannot risk undermining years of budgetary restraint, prudent 25 cashflow management and responsible debt practices, or foreclose future opportunities for 26 successful borrowing, by undertaking Samuel Slater Middle School improvements at this time 27 without additional assistance from the state; and 28 WHEREAS, The state desires to recognize, support and encourage the city s efforts to 29 balance fiscal responsibility with the provision of safe and healthy learning environments for all 30 students. 31 It is enacted and resolved by the general assembly as follows: 32 SECTION 1. Sections 1 through 3 of this act shall serve as the joint resolution required 33 pursuant to Rhode Island General Laws § 35-18-1, et-seq. (the Rhode Island public corporation 34 debt management act ). LC005667 - Page 2 of 11 1 SECTION 2. City of Pawtucket Samuel Slater Middle School Project. 2 WHEREAS, The WHEREAS clauses in paragraphs 1 through 12 hereof are hereby 3 incorporated herein by reference. 4 WHEREAS, The city is proposing a project consisting of renovations and repairs to 5 Samuel Slater Middle School facilities, or the acquisition, construction, improvement, furnishing 6 and equipping of a new middle school and school facilities and all expenses incident thereto 7 including, but not limited to, costs of design, demolition, athletic fields, landscaping and parking 8 (the project ); and 9 WHEREAS, It is less costly for the state to finance the project at lower interest rates and 10 seek debt service reimbursement from the city than for the city to finance the project at higher 11 interest rates and seek state housing aid reimbursement from the state; and 12 WHEREAS, The project will be financed through bonds issued by the Rhode Island 13 Health and Educational Building Corporation (the corporation ) under its school financing 14 revenue bond program, with an expected term of not to exceed thirty (30) years and it is 15 anticipated that the state will be a signatory to a financing agreement with the corporation (the 16 state financing agreement ); and 17 WHEREAS, It is anticipated that the state s payment obligations to the corporation under 18 the state financing agreement will be subject to appropriation therefor by the general assembly in 19 each budget year; and 20 WHEREAS, The Rhode Island public corporation debt management act requires the 21 general assembly to provide its consent to the issuance or incurring by the state of certain 22 obligations, including financing guarantees or other payment agreements; and 23 WHEREAS, The total project costs covered by the state financing agreement are 24 expected to be approximately $150,000,000. Debt service payments will be supported by 25 revenues received by the corporation under the state financing agreement which include annual 26 appropriations for debt service made by the state and payments from the city under the state 27 financing agreement or a financing agreement between the state and the city (the city financing 28 agreement ). Total debt service on the bonds issued by the corporation (the corporation bonds ) 29 is not expected to exceed approximately $11,648,000 -- $18,544,500 annually and approximately 30 $268,762,000 -- $346,394,250 in the aggregate, based on an average interest rate of five percent 31 (5%) and dependent on whether the bonds are amortized over fifteen (15) or thirty (30) years; 32 now, therefore be it 33 RESOLVED, That this general assembly hereby approves financing for the project in the 34 amount of $150,000,000, plus original issue premium, if any, received in connection with the LC005667 - Page 3 of 11 1 issuance of the corporation bonds, plus such additional amount as is required to finance costs of 2 issuance, funding of debt service reserves, if required, and capitalized interest thereon; and be it 3 further 4 RESOLVED, That the state, acting through the governor and the general treasurer may 5 execute the state financing agreement as contemplated herein and any other agreements necessary 6 to effectuate the purposes of this act; and be it further 7 RESOLVED, That the corporation bonds will be special obligations of the corporation 8 payable from funds received by the corporation under the state financing agreement and other 9 revenues received by the corporation, in any combination or priority as may be designated in the 10 proceedings of the corporation authorizing the issuance of such debt. The total debt service on the 11 corporation bonds is not expected to exceed approximately $11,648,000 - $18,544,500 annually 12 and approximately $268,762,000 - $346,394,250 in the aggregate, at an average interest rate of 13 approximately five percent (5%) and assuming an approximately thirty (30) years maturity; and 14 be it further 15 RESOLVED, That the corporation bonds will not constitute indebtedness of the state or 16 any of its subdivisions or a debt for which the full faith and credit of the state or any of its 17 subdivisions is pledged. This act shall constitute an enabling act of the general assembly that is 18 required pursuant to § 16-7-44; and be it further 19 RESOLVED, That no corporation bonds shall be issued unless the project shall be 20 approved by RIDE; and be it further 21 RESOLVED, That the governor, the general treasurer and the state budget officer, on 22 behalf of the state are hereby authorized to execute such documents or other papers as either of 23 them deem necessary or desirable to carry out the intent of this act and are also authorized to take 24 all actions and execute all documents or agreements necessary to comply with federal tax and 25 securities laws, which documents or agreements may have a term coextensive with the maturity 26 of the corporation bonds authorized hereby, including Rule 15c2-12 of the Securities and 27 Exchange Commission (the SEC rule ) and to execute and deliver a continuing disclosure 28 agreement or certificate in connection with the corporation bonds in the form as shall be deemed 29 advisable by such officers in order to comply with the SEC rule. 30 SECTION 3. Sections l, 2, and this section 3 of this act shall take effect upon the passage. 31 SECTION 4. Sections 4 through 19 of this act shall be entitled AN ACT 32 AUTHORIZING THE CITY OF PAWTUCKET TO FINANCE RENOVATIONS AND 33 REPAIRS TO SAMUEL SLATER MIDDLE SCHOOL FACILITIES, OR THE ACQUISITION, 34 CONSTRUCTION, IMPROVEMENT, FURNISHING AND EQUIPPING OF A NEW MIDDLE LC005667 - Page 4 of 11 1 SCHOOL AND SCHOOL FACILITIES AND ALL EXPENSES INCIDENT THERETO, 2 INCLUDING, BUT NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC 3 FIELDS, LANDSCAPING AND PARKING BY THE ISSUANCE OF NOT MORE THAN 4 $22,500,000 CITY BONDS, CITY NOTES AND/OR OTHER EVIDENCES OF 5 INDEBTEDNESS THEREFOR . 6 SECTION 5. The city of Pawtucket is hereby empowered, in addition to authority 7 previously granted, to issue bonds and other evidences of indebtedness (the city bonds ) in an 8 amount not exceeding twenty-two million five hundred thousand dollars ($22,500,000) from time 9 to time under its corporate name and seal. The city bonds shall be issued to the state or to the 10 Rhode Island health and educational building corporation (or to an entity designated by the state 11 or the Rhode Island health and educational building corporation) to evidence the obligation of the 12 city to pay for a portion of the project described in section 7. The city bonds of each issue may be 13 issued in the form of zero coupon bonds, capital appreciation bonds, serial bonds or term bonds or 14 a combination thereof and shall be payable either by maturity of principal in the case of serial 15 bonds or by mandatory serial redemption in the case of term bonds, in installments of principal, 16 the first installment to be not later than five (5) years and the last installment not later than thirty 17 (30) years after the date the city bonds are issued. The amortization of the city bonds need not 18 correspond to the amortization of the corporation bonds. Annual installments of principal may be 19 provided for by maturity of principal in the case of serial bonds or by mandatory serial 20 redemption in the case of term bonds. The amount of principal appreciation each year on any city 21 bonds, if any after the date of original issuance, shall not be considered to be principal 22 indebtedness for the purposes of any constitutional or statutory debt limit or any other limitation. 23 The appreciation of principal after the date of original issue shall be considered interest. Only the 24 original principal amount shall be counted in determining the principal amount so issued and any 25 interest component shall be disregarded. 26 SECTION 6. This act shall constitute an enabling act of the general assembly that is 27 required pursuant to § 16-7-44. The project shall not be eligible for state housing aid 28 reimbursement calculated pursuant to § 16-7-39 but shall be eligible for foundational aid offered 29 on a pay-as-you-go basis pursuant to § 45-38.2-4. No city bonds shall be issued unless the school 30 project described herein has been approved by the RIDE. 31 SECTION 7. The city bonds shall be signed by the mayor and the city treasurer and shall 32 be issued and sold in such amounts as the city council may authorize. The manner of sale, 33 denominations, maturities, interest rates and other terms, conditions and details of any city bonds 34 or city notes issued under this act may be fixed by the proceedings of the city council authorizing LC005667 - Page 5 of 11 1 the issue or by separate resolution of the city council or, to the extent provisions for these matters 2 are not so made, they may be fixed by the officers authorized to sign the city bonds or city notes. 3 Notwithstanding anything contained in this act to the contrary, the city may enter into financing 4 agreements with the Rhode Island Health and Educational Building Corporation pursuant to 5 chapter 7 of title 16 and chapter 38. l of title 45 and, with respect to city bonds or city notes 6 issued in connection with such financing agreements, if any, the city may elect to have the 7 provisions of chapter 38.1 of title 45 apply to the issuance of the city bonds or city notes issued 8 hereunder to the extent the provisions of chapter 38.1 of title 45 are inconsistent herewith. Such 9 election may be fixed by the proceedings of the city council authorizing such issuance or by 10 separate resolution of the city council, or, to the extent provisions for these matters are not so 11 made, they may be fixed by the officers authorized to sign the city bonds or city notes. The 12 proceeds derived from the sale of the city bonds shall be delivered to the city treasurer, and such 13 proceeds exclusive of premiums and accrued interest shall be expended: 14 (1) For renovations and repairs to Samuel Slater Middle School facilities, or the 15 acquisition, construction, improvement, furnishing and equipping of a new middle school and 16 school facilities and all expenses incident thereto including, but not limited to, costs of design, 17 demolition, athletic fields, landscaping and parking and all costs related thereto either directly or 18 as a reimbursement to the state to the extent the state pays for and or finances such costs 19 hereunder; 20 (2) For payment of the principal or interest on temporary city notes issued under section 21 8; 22 (3) In payment of capitalized interest on city bonds or city notes; 23 (4) In repayment of advances under section 9; or 24 (5) In payment of related costs of issuance of any city bonds or city notes. No purchaser 25 of any city bonds or city notes under this act shall be in any way responsible for the proper 26 application of the proceeds derived from the sales thereof. The project shall be carried out and all 27 contracts made therefor on behalf of the city by the city council, or the city council may delegate 28 such authority to the school committee or the school building committee. The proceeds of city 29 bonds or city notes issued under this act, any applicable federal or state assistance and other 30 monies referred to in sections 10 and 14, shall be deemed appropriated for the purposes of this act 31 without further action than that required by this act. The city bond issue authorized by this act 32 may be consolidated for the purposes of issuance and sale with any other bond issue of the city 33 heretofore or hereafter authorized; provided that, notwithstanding any such consolidation, the 34 proceeds from the sale of the city bonds authorized by this act shall be expended for the purposes LC005667 - Page 6 of 11 1 set forth above. 2 SECTION 8. The city council may by resolution authorize the issue from time to time of 3 interest bearing or discounted notes (the city notes ) in anticipation of the issue of city bonds or 4 in anticipation of the receipt of federal or state aid for the purposes of this act. The amount of 5 original city notes issued in anticipation of city bonds may not exceed the amount of city bonds 6 which may be issued under this act, and the amount of original city notes issued in anticipation of 7 federal or state aid may not exceed the amount of available federal or state aid as estimated by the 8 city treasurer. Temporary city notes issued hereunder shall be signed by the manual or facsimile 9 signatures of the city treasurer and the mayor, shall be payable within five (5) years from their 10 respective dates, but the principal of and interest on city notes issued for a shorter period may be 11 renewed or paid from time to time by the issue of other city notes thereunder provided the period 12 from the date of an original note to the maturity or any note issued to renew or pay the same debt 13 or the interest thereon shall not exceed five (5) years. Any temporary city notes in anticipation of 14 city bonds issued under this section may be refunded prior to the maturity of the city notes by the 15 issuance of additional temporary city notes; provided that, no such refunding shall result in any 16 amount of such temporary city notes outstanding at any one time in excess of two hundred 17 percent (200%) of the amount of city bonds which may be issued under this act; and provided, 18 further that, if the issuance of any such refunding city notes results in any amount of such 19 temporary city notes outstanding at any one time in excess of the amount of city bonds which 20 may be issued under this act, the proceeds of such refunding city notes shall be deposited in a 21 separate fund established with the bank which is paying agent for the city notes being refunded. 22 Pending their use to pay the city notes being refunded, monies in the fund shall be invested for 23 the benefit of the city by the paying agent at the direction of the city treasurer in any investment 24 permitted under section 10. The monies in the fund and any investments held as a part of the fund 25 shall be held in trust and shall be applied by the paying agent solely to the payment or 26 prepayment of the principal of and interest on the city notes being refunded. Upon payment of all 27 principal of and interest on the city notes, any excess monies in the fund shall be distributed to the 28 city. The city may pay the principal of and interest on city notes, in full, from other than the 29 issuance of refunding city notes prior to the issuance of city bonds pursuant to section 5 hereof. In 30 such case, the city s authority to issue city bonds or city notes in anticipation of city bonds under 31 this act shall continue provided that: 32 (1) The city council passes a resolution evidencing the city s intent to pay off the city 33 notes without extinguishing the authority to issue city bonds or city notes; and 34 (2) That the period from the date of an original city note to the maturity date of any other LC005667 - Page 7 of 11 1 city note shall not exceed five (5) years. 2 SECTION 9. Pending any authorization or issue of city bonds hereunder or pending or in 3 lieu of any authorization or issue of city notes hereunder, the city treasurer, with the approval of 4 the city council, may, to the extent that city bonds or city notes may be issued hereunder, apply 5 funds in the treasury of the city to the purposes specified in section 7, such advances to be repaid 6 without interest from the proceeds of city bonds or city notes subsequently issued or from the 7 proceeds of applicable federal or state assistance or from other available funds. 8 SECTION 10. Any proceeds of city bonds or city notes issued hereunder or of any 9 applicable federal or state assistance, pending their expenditure, may be deposited or invested by 10 the city treasurer in demand deposits, time deposits or savings deposits in banks which are 11 members of the Federal Deposit Insurance Corporation or in obligations issued or guaranteed by 12 the United States of America or by any agency or instrumentality thereof or as may be provided 13 in any other applicable law of the State of Rhode Island or resolution of the city council or 14 pursuant to an investment policy of the city. 15 SECTION 11. Any accrued interest received upon the sale of city bonds or city notes 16 hereunder shall be applied to the payment of the first interest due thereon. Any premiums arising 17 from the sale of city bonds or city notes hereunder and any earnings or net profit realized from the 18 deposit or investment of funds hereunder shall, in the discretion of the city treasurer, be applied to 19 the cost of preparing, issuing, and marketing city bonds or city notes hereunder to the extent not 20 otherwise provided, to the payment of the cost of the project, to the costs of additional 21 improvements coming within the description of the project, to the payment of the principal of or 22 interest on city bonds or city notes issued hereunder or to any one or more of the foregoing. The 23 cost of preparing, issuing and marketing city bonds or city notes hereunder may also, in the 24 discretion of the city treasurer, be met from bond or note proceeds exclusive of accrued interest or 25 from other monies available therefor. Any balance of city bond or note proceeds remaining after 26 payment of the cost of the projects and the cost of preparing, issuing and marketing city bonds or 27 city notes hereunder shall be applied to the payment of the principal of or interest on city bonds or 28 city notes issued hereunder. To the extent permitted by applicable federal laws, any earnings or 29 net profit realized from the deposit or investment of funds hereunder may, upon receipt, be added 30 to and dealt with as part of the revenues of the city from property taxes. In exercising any 31 discretion under this section, the city treasurer shall be governed by any instructions adopted by 32 resolution of the city council. 33 SECTION 12. All city bonds and city notes issued under this act and the debts evidenced 34 thereby shall be obligatory on the city in the same manner and to the same extent as other debts LC005667 - Page 8 of 11 1 lawfully contracted by it and shall be excepted from the operation of § 45-12-2. No such 2 obligation shall at any time be included in the debt of the city for the purpose of ascertaining its 3 borrowing capacity. The city shall annually appropriate a sum sufficient to pay the principal and 4 interest coming due within the year on city bonds and city notes issued hereunder to the extent 5 that monies therefor are not otherwise provided. If such sum is not appropriated, it shall 6 nevertheless be added to the annual tax levy. In order to provide such sum in each year and 7 notwithstanding any provision of law to the contrary, all taxable property in the city shall be 8 subject to ad valorem taxation by the city without limitation as to rate or amount. 9 SECTION 13. Any city bonds or city notes issued under the provisions of this act, if 10 properly executed by officers of the city in office on the date of execution, shall be valid and 11 binding according to their terms notwithstanding that before the delivery thereof and payment 12 therefor any or all of such officers shall for any reason have ceased to hold office. 13 SECTION 14. The city, acting by resolution of its city council is authorized to apply for, 14 contract for and expend any federal or state advances or other grants or assistance which may be 15 available for the purposes of this act, and any such expenditures may be in addition to other 16 monies provided in this act. To the extent of any inconsistency between any law of this state and 17 any applicable federal law or regulation, the latter shall prevail. Federal and state advances, with 18 interest where applicable, whether contracted for prior to or after the effective date of this act, 19 may be repaid as project costs under section 7. 20 SECTION 15. City bonds and city notes may be issued under this act without obtaining 21 the approval of any governmental agency or the taking of any proceedings or the happening of 22 any conditions except as specifically required by this act for such issue. In carrying out any 23 project financed in whole or in part under this act, including where applicable the condemnation 24 of any land or interest in land, and in the levy and collection of assessments or other charges 25 permitted by law on account of any such project, all action shall be taken which is necessary to 26 meet constitutional requirements whether or not such action is otherwise required by statute; but 27 the validity of city bonds and city notes issued hereunder shall in no way depend upon the 28 validity or occurrence of such action. 29 SECTION 16. All or any portion of the authority to issue city bonds and city notes under 30 this act may be extinguished by resolution of the city council, without further action by the 31 general assembly seven (7) years after the effective date of this act. 32 SECTION 17. The city treasurer and the mayor, on behalf of the city, are hereby 33 authorized to execute such documents or other papers as either of them deem necessary or 34 desirable to carry out the intent of this act and are also authorized to take all actions and execute LC005667 - Page 9 of 11 1 all documents or agreements necessary to comply with federal tax and securities laws, which 2 documents or agreements may have a term coextensive with the maturity of the city bonds 3 authorized hereby, including the SEC rule and to execute and deliver a continuing disclosure 4 agreement or certificate in connection with the city bonds or notes in the form as shall be deemed 5 advisable by such officers in order to comply with the SEC rule. 6 SECTION 18. The question of the approval of sections 4 through 17 of this act shall be 7 submitted to the electors of the city at the election to be held on November 3, 2026, or at a special 8 local election (other than a primary), on a date as shall be designated by the city council. The 9 question shall be submitted in substantially the following form: Shall an Act, passed at the 2026 10 session of the General Assembly, entitled in part, AN ACT AUTHORIZING THE CITY OF 11 PAWTUCKET TO FINANCE RENOVATIONS AND REPAIRS TO SAMUEL SLATER 12 MIDDLE SCHOOL FACILITIES, OR THE ACQUISITION, CONSTRUCTION, 13 IMPROVEMENT. FURNISHING AND EQUIPPING OF A NEW MIDDLE SCHOOL AND 14 SCHOOL FACULTIES AND ALL EXPENSES INCIDENT THERETO INCLUDING, BUT 15 NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC FIELDS, 16 LANDSCAPING AND PARKING BY THE ISSUANCE OF NOT MORE THAN $22,500,000 17 CITY BONDS, CITY NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS 18 THEREFOR be approved? and the warning for the election shall contain the question to be 19 submitted. From the time the election is warned and until it is held, it shall be the duty of the city 20 clerk to keep a copy of the act available at their office for public inspection, but the validity of the 21 election shall not be affected by this requirement. 22 SECTION 19. Sections l through 3 and sections 18 and 19 of this act shall take effect 23 upon the passage. Sections 4 through 17 of this act shall take effect upon the approval of this act 24 by a majority of those voting on the question at the election prescribed by section 18. ======== LC005667 ======== LC005667 - Page 10 of 11 EXPLANATION OF J O I N T R E S O L U T I O NJ 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 *** 1 This act would serve as the joint resolution required pursuant to Rhode Island General 2 Laws §35-18-1, et seq (the Rhode Island public corporation debt management act ) to finance 3 the middle school project described below. 4 This act would also authorize the city of Pawtucket to issue city bonds, city notes or other 5 evidences of indebtedness in an amount not to exceed twenty-two million five hundred thousand 6 dollars ($22,500,000) to finance renovations and repairs to Samuel Slater Middle School 7 facilities, or the acquisition, construction, improvement, furnishing and equipping of a new 8 middle school and school facilities and all expenses incident thereto including, but not limited to, 9 costs of design, demolition, athletic fields, landscaping and parking. 10 This act would also constitute an enabling act of the general assembly that is required 11 pursuant to § 16-7-44. The project would not be eligible for state housing aid reimbursement 12 calculated pursuant to § 16-7-39 but would be eligible for foundational aid offered on a pay-as- 13 you-go basis pursuant to § 45-38.2-4. No bonds shall be issued under the act unless the project 14 has been approved by the Rhode Island department of education. 15 Sections 1 through 3 and sections 18 and 19 of the act shall take effect upon passage. 16 Sections 4 through 17 of the act shall take effect upon the approval of the act by a majority of city 17 electors voting on the question at the election prescribed by section 18 of the act. ======== LC005667 ======== LC005667 - Page 11 of 11