Bill > H7704

This bill proposes to put a question before the voters at the next general election in November 2026, asking them to approve the issuance of state bonds, which are essentially loans, to fund the construction of a medical school at the University of Rhode Island's Kingston campus. If a majority of voters approve this proposition, the state will be authorized to borrow up to $22,500,000 for this project. The bill outlines how these bonds will be managed, including provisions for their sale, repayment, and the use of the funds, which will be held in a dedicated "capital development bond fund" and overseen by the Director of Administration. The bill also allows for the acceptance of federal and private funds to supplement the project and specifies that certain sections of the bill will take effect immediately upon passage, while the rest will only become law if the bond issuance is approved by the voters.

Budget and Finance

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