Bill
Bill > S2858
RI S2858
RI S2858AUTHORIZING THE CITY OF PROVIDENCE TO ISSUE NOT TO EXCEED $400,000,000 GENERAL OBLIGATION BONDS AND NOTES TO FINANCE THE CONSTRUCTION, RELATED DEMOLITION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, LANDSCAPING, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE CITY AND ALL COSTS RELATED THERETO, SUBJECT TO APPROVAL OF STATE HOUSING AID AT A REIMBURSEMENT RATE OR STATE SHARE RATIO OF NOT LESS THAN 75% AT THE TIME OF ISSUANCE AND PROVIDED THAT THE AUTHORIZATION SHALL BE RE
summary
Introduced
03/22/2024
03/22/2024
In Committee
06/04/2024
06/04/2024
Crossed Over
06/06/2024
06/06/2024
Passed
06/17/2024
06/17/2024
Dead
Signed/Enacted/Adopted
06/17/2024
06/17/2024
Introduced Session
2024 Regular Session
Bill Summary
AUTHORIZING THE CITY OF PROVIDENCE TO ISSUE NOT TO EXCEED $400,000,000 GENERAL OBLIGATION BONDS AND NOTES TO FINANCE THE CONSTRUCTION, RELATED DEMOLITION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, LANDSCAPING, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE CITY AND ALL COSTS RELATED THERETO, SUBJECT TO APPROVAL OF STATE HOUSING AID AT A REIMBURSEMENT RATE OR STATE SHARE RATIO OF NOT LESS THAN 75% AT THE TIME OF ISSUANCE AND PROVIDED THAT THE AUTHORIZATION SHALL BE REDUCED BY THE AMOUNT OF CERTAIN GRANTS RECEIVED FROM STATE BOND PROCEEDS, FROM THE RHODE ISLAND DEPARTMENT OF EDUCATION OR FROM THE RHODE ISLAND SCHOOL BUILDING AUTHORITY
AI Summary
This bill authorizes the City of Providence to issue up to $400,000,000 in general obligation bonds and notes to finance the construction, renovation, and other improvements to schools and school facilities throughout the city. The bonds can only be issued if the city secures state housing aid reimbursement of at least 75% of the debt service. The authorization will be reduced by the amount of any grants received from state bond proceeds, the Rhode Island Department of Education, or the Rhode Island School Building Authority. The bill also requires voter approval of the authorization and includes various provisions related to issuing the bonds and notes.
Committee Categories
Budget and Finance
Sponsors (9)
Jacob Bissaillon (D)*,
Sam Bell (D),
Frank Ciccone (D),
Meghan Kallman (D),
Tiara Mack (D),
Joshua Miller (D),
Ana Quezada (D),
Dominick Ruggerio (D),
Sam Zurier (D),
Last Action
Signed by Governor (on 06/17/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://status.rilegislature.gov/ |
| BillText | https://webserver.rilegislature.gov/BillText24/SenateText24/S2858A.pdf |
| BillText | https://webserver.rilegislature.gov/BillText24/SenateText24/S2858.pdf |
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