Rhode Island 2024 Regular Session

Rhode Island Senate Bill S2579

Introduced
3/1/24  

Caption

Authorizes the submission of several bond proposals to the people of the state at the general election to be held in November, 2024, relating to capital development and the "cultural economy initiatives."

Impact

The bill's approval will lead to considerable changes in state law regarding public investments and infrastructure development. By allowing for the issuance of bonds, it empowers the state to raise necessary funds upfront for these critical projects that are anticipated to create jobs, enhance educational prospects, and improve living conditions throughout Rhode Island. The community discussions surrounding these initiatives have underscored the importance of creating a balanced approach towards financing while being mindful of state debt and future fiscal responsibilities.

Summary

Bill S2579, introduced in 2024, pertains to the Capital Development Program in Rhode Island. It aims to authorize the issuance of several bonds to fund significant projects that will bolster the state's infrastructure, educational facilities, and community initiatives. A major proposition includes issuing bonds estimated at $135 million for higher education facilities, including substantial investments for a biomedical sciences building at the University of Rhode Island and renovations at Rhode Island College. Additionally, the bill proposes a new Rhode Island State Archives and History Center with an allocation of $60 million, coupled with $100 million dedicated to affordable housing developments and community revitalization efforts.

Contention

As with many large-scale funding initiatives, S2579 has witnessed a mixed reaction. Proponents argue that these investments are essential for future economic growth and stability, particularly in education and housing, which remain pressing issues in the state. However, concerns have been raised regarding the state's long-term debt implications and the necessity of such bond measures at this moment. There are calls for a clear plan to manage the funding and effective tracking of how the bond revenues are utilized, ensuring they translate into tangible benefits for Rhode Island's citizens.

Companion Bills

No companion bills found.

Previously Filed As

RI S1070

Authorizing The Town Of Lincoln To Issue Not To Exceed $14,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Development And Construction Of A New Town-wide Centralized Rescue Station And The Furnishing And Equipping Thereof And All Costs Related Thereto

RI H6453

Authorizing The Town Of Lincoln To Issue Not To Exceed $14,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Development And Construction Of A New Town-wide Centralized Rescue Station And The Furnishing And Equipping Thereof And All Costs Related Thereto

RI H5199

Relating To Making Revised Appropriations In Support Of Fy 2023

RI H5200

Making Appropriations For The Support Of The State For The Fiscal Year Ending June 30, 2024

RI S1091

Authorizing The Town Of Cumberland To Issue Not To Exceed $52,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of A New Elementary School And Other Related School Facilities And The Demolition Of An Existing Elementary School On Land Presently Occupied By The B.f. Norton School In The Town Provided That The Authorization Shall Be Reduced By Any Grant Received From The School Building Authority Capital Fund

RI H6479

Authorizing The Town Of Cumberland To Issue Not To Exceed $52,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of A New Elementary School And Other Related School Facilities And The Demolition Of An Existing Elementary School On Land Presently Occupied By The B.f. Norton School In The Town Provided That The Authorization Shall Be Reduced By Any Grant Received From The School Building Authority Capital Fund

RI H6276

Authorizing The Town Of South Kingstown To Issue Not To Exceed $125,000,000 General Obligation Bonds And Notes To Finance The Acquisition, Construction, Improvement, Renovation, Furnishing And Equipping Of A New High School, Athletic Facility, And Other School Facilities In The Town And All Expenses Incident Thereto, Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping And Parking And All Attendant Expenses, Including Engineering, Architectural And Other Project-related Consulting Costs, 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

RI S0994

Authorizing The Town Of South Kingstown To Issue Not To Exceed $125,000,000 General Obligation Bonds And Notes To Finance The Acquisition, Construction, Improvement, Renovation, Furnishing And Equipping Of A New High School, Athletic Facility, And Other School Facilities In The Town And All Expenses Incident Thereto, Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping And Parking And All Attendant Expenses, Including Engineering, Architectural And Other Project-related Consulting Costs, 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

RI S0981

Authorizing The Town Of East Greenwich To Finance The Acquisition, Construction, Improvement, Renovation, Alteration, Furnishing And Equipping Of Public Schools And School Facilities In The Town And All Expenses Incident Thereto Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping, Parking And Costs Of Financing And To Issue Not More Than $180,000,000 Bonds And/or Notes Therefor

RI H6376

Authorizing The Town Of East Greenwich To Finance The Acquisition, Construction, Improvement, Renovation, Alteration, Furnishing And Equipping Of Public Schools And School Facilities In The Town And All Expenses Incident Thereto Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping, Parking And Costs Of Financing And To Issue Not More Than $180,000,000 Bonds And/or Notes Therefor

Similar Bills

RI H7919

Authorizes the submission of several bond proposals to the people of the state at the general election to be held in November, 2024, relating to capital development and the "cultural economy initiatives."

RI H7550

Authorizes the submission of proposals for several bonds to the people of the state at the general election to be held in November, 2024. These bonds relate to capital development and the "green economy."

RI S2496

Authorizes the submission of proposals for several bonds to the people of the state at the general election to be held in November, 2024. These bonds relate to capital development and the "green economy."

NJ S4467

Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2026.

NJ A5621

Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2026.

NJ A4425

Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2025.

NJ S3383

Authorizes NJ Infrastructure Bank to expend certain sums to make loans for environmental infrastructure projects for FY2025.

NJ S3879

Amends lists of projects eligible to receive loans for environmental infrastructure projects from NJ Infrastructure Bank for FY2025.