Rhode Island 2023 Regular Session

Rhode Island Senate Bill S0510

Introduced
3/7/23  
Refer
3/7/23  
Report Pass
5/23/23  
Engrossed
5/30/23  
Refer
5/31/23  
Report Pass
6/12/23  
Enrolled
6/13/23  

Caption

Amending Chapters 106 And 107 Of The Local Acts Of 2021 Both Entitled "relating To School Construction And Financing In The City Of Central Falls And Authorizing The City Of Central Falls To Issue Not To Exceed $5,760,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of Schools And School Facilities In The City"

Impact

This legislation introduces a significant change by clarifying the use of bond premium, allowing additional funds to be directed towards specific project costs without reducing the original bond principal. This financial maneuver is expected to enhance the funding available for school improvements in Central Falls, ultimately aiming to foster better educational infrastructure within the city. The overall debt service associated with these bonds is estimated to average around $9.4 million annually. However, it is structured to ensure that no full faith and credit of the State is pledged to these bonds, maintaining fiscal responsibility.

Summary

Bill S0510 aims to amend existing legislation regarding school construction and financing for the city of Central Falls in Rhode Island. Specifically, the bill seeks to permit the use of premium generated from the sale of bonds or notes to cover costs associated with the Central Falls School Project. The principal amount for these financial instruments is set to not exceed $144,000,000, which will be utilized for various school-related construction and renovation activities in the city. The funding mechanism relies on bonds issued through the Rhode Island Health and Educational Building Corporation under its school financing revenue bond program, anticipated to have a term of up to 30 years.

Contention

The bill's passage signifies an ongoing commitment to improve educational facilities in Central Falls, yet it also raises questions regarding the state's role in local school financing. While proponents advocate for streamlined access to crucial funds necessary for educational improvement, there remains a point of contention regarding the potential long-term impacts of such financial arrangements on local fiscal autonomy and budgeting processes. There are concerns that increasing reliance on bonds might shift budgetary pressures onto future generations if not managed prudently.

Companion Bills

No companion bills found.

Previously Filed As

RI S0674

AUTHORIZING THE CITY OF CENTRAL FALLS TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $15,000,000 BONDS, NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS THEREFOR

RI H8300

AUTHORIZING THE CITY OF CENTRAL FALLS TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $25,000,000 BONDS, NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS THEREFOR

RI S3087

AUTHORIZING THE CITY OF CENTRAL FALLS TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $25,000,000 BONDS, NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS THEREFOR

RI H6077

AUTHORIZING THE CITY OF CENTRAL FALLS TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $15,000,000 BONDS, NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS THEREFOR

RI H8488

AUTHORIZING THE TOWN OF PORTSMOUTH TO ISSUE NOT TO EXCEED $41,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS TO FINANCE THE CONSTRUCTION, ADDITIONS, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE TOWN

RI S3243

AUTHORIZING THE TOWN OF PORTSMOUTH TO ISSUE NOT TO EXCEED $41,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS TO FINANCE THE CONSTRUCTION, ADDITIONS, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE TOWN

RI H6299

AUTHORIZING THE CITY OF WARWICK TO ISSUE NOT TO EXCEED $50,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, LANDSCAPING, DEMOLITION, ARCHITECTURAL COSTS, ENGINEERING, FURNISHING AND EQUIPPING OF

RI S1096

AUTHORIZING THE CITY OF WARWICK TO ISSUE NOT TO EXCEED $50,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, LANDSCAPING, DEMOLITION, ARCHITECTURAL COSTS, ENGINEERING, FURNISHING AND EQUIPPING OF

RI S2679

JOINT RESOLUTION 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 (Authorizes the city of Pawtucket to issue bonds for school renovations.)

RI H8204

JOINT RESOLUTION 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 (Authorizes bonds to finance school construction in the city of Pawtucket.)

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