Rhode Island Senate Bill S2972

Rhode Island 2022 Regular Session

• Introduced: 5/19/22
• Refer: 5/19/22
• Report Pass: 5/24/22
• Engrossed: 6/2/22
• Refer: 6/7/22
• Report Pass: 6/15/22
• Enrolled: 6/17/22
• Passed: 6/29/22

Caption

Authorizing The City Of Pawtucket To Provide For The Improvement And Replacement Of Road Safety Improvements And Traffic Control Devices In The City Of Pawtucket And Authorizing The Financing Thereof, Including The Issue Of Not More Than $1,000,000 Bonds, Notes And Other Evidences Of Indebtedness Therefor, To Fund The Capital Improvement Program For The Two Fiscal Years 2024 And 2025

Impact

The legislation is poised to impact local laws surrounding funding for public works projects. By providing a structured mechanism for the city to raise funds through the issuance of bonds, S2972 aims to streamline the financing of necessary road safety improvements, which may contribute to increased public safety and better traffic management in Pawtucket. This act is calculated to support community development by enhancing infrastructure that is vital for safe travel.

Summary

Bill S2972 authorizes the city of Pawtucket to issue bonds and other evidences of indebtedness amounting to no more than $1,000,000. This funding aims to facilitate the improvement and replacement of road safety measures and traffic control devices within the city. The act encompasses the issuance of debt instruments to be repaid over a defined period, thereby aiming to enhance public infrastructure while ensuring fiscal responsibility.

Contention

As with any financial legislation, there may be discussion surrounding the potential burden of debt on the city's finances. Critics might express concern over the long-term implications of increased indebtedness, particularly regarding how it could limit the city's financial flexibility in future budgetary processes. Supporters, however, emphasize the urgency of improving road safety and view the issuance of bonds as a necessary investment in the city's infrastructure.

Effectiveness

The passage of this bill involves provisions ensuring that community members are involved in the approval process for the issuance of bonds, as the question will be presented to voters at the next general election. This democratic process underscores the importance of public input in local governance and highlights the city's commitment to transparent decision-making about fiscal matters.