Rhode Island 2024 Regular Session

Rhode Island Senate Bill S2550

Introduced
3/1/24  
Refer
3/1/24  
Report Pass
3/12/24  
Engrossed
3/14/24  
Enrolled
3/21/24  

Caption

AUTHORIZING THE CHARIHO REGIONAL SCHOOL DISTRICT TO FINANCE THE CONSTRUCTION, FURNISHING AND EQUIPPING OF THREE ELEMENTARY SCHOOLS

Impact

The passage of this bill, if approved, would significantly impact local education infrastructure by expanding elementary education capacity in the Chariho Regional School District. Given the reliance on bonds, the financial implications for local residents would include eventual repayment obligations tied to property taxes or other district funding mechanisms. The bill sets clear timelines for project commencement and completion, adding a structured framework for borrowing and use of funds while ensuring the alignment with state regulations on school housing aid, which should facilitate additional financial support where applicable.

Summary

S2550 is a bill that aims to authorize the Chariho Regional School District to finance the construction, furnishing, and equipping of three elementary schools located in Charlestown, Richmond, and Hopkinton. The total financing amount proposed for this initiative is capped at $150 million through the issuance of bonds and/or notes. The funding will also cover improvements at the Switch Road Campus, including health and safety projects, playgrounds, and landscaping, among other incidental costs. The proposal has a crucial condition regarding state housing aid, which requires a reimbursement rate of at least 61% at the time of issuance, potentially increasing to over 76% upon project completion.

Contention

While the bill enjoys support for its intended enhancements to the educational environment, there may be points of contention regarding the fiscal responsibility tied to such a large bond issuance. Concerns could arise from community members about long-term debt and its impact on local taxes. Furthermore, the requirement for voter approval in a special election adds a layer of democratic process that may catalyze discussions around budget priorities and educational needs in the context of broader financial planning for the region. The balancing act between necessary funding for education and the local tax burden can generate significant debate among stakeholders.

Companion Bills

No companion bills found.

Previously Filed As

RI H6454

Authorizing The Town Of Lincoln To Issue Not To Exceed $25,000,000 General Obligation Bonds And Notes For The Construction, Renovation, Rehabilitation, Repair, Improvements, Furnishing And Equipping Of And/or Additions To Lincoln Elementary Schools

RI S1069

Authorizing The Town Of Lincoln To Issue Not To Exceed $25,000,000 General Obligation Bonds And Notes For The Construction, Renovation, Rehabilitation, Repair, Improvements, Furnishing And Equipping Of And/or Additions To Lincoln Elementary Schools

RI H5526

Authorizing The Town Of Middletown To Issue Not To Exceed $190,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Furnishing And Equipping Of A Middle School And High School And The Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of School Facilities Throughout The Town And All Attendant Expenses Including, But Not Limited To, Demolition, Engineering, Architectural And Landscaping Costs

RI S0206

Authorizing The Town Of Middletown To Issue Not To Exceed $190,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Furnishing And Equipping Of A Middle School And High School And The Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of School Facilities Throughout The Town And All Attendant Expenses Including, But Not Limited To, Demolition, Engineering, Architectural And Landscaping Costs

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

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 S0018

Authorizing The Town Of North Providence To Issue Not To Exceed $125,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Rehabilitation, Repair, Improvements, Furnishing And Equipping Of And/or Additions To Schools And School Facilities In The Town, Including, But Not Limited To, The Construction Of Three Elementary Schools, The Renovation Of Two Middle Schools And The Construction Of New Administrative Offices, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 79.8% For Expenditures Eligible For Reimbursement

RI H5101

Authorizing The Town Of North Providence To Issue Not To Exceed $125,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Rehabilitation, Repair, Improvements, Furnishing And Equipping Of And/or Additions To Schools And School Facilities In The Town, Including, But Not Limited To, The Construction Of Three Elementary Schools, The Renovation Of Two Middle Schools And The Construction Of New Administrative Offices, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 79.8% For Expenditures Eligible For Reimbursement

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

Similar Bills

CA AB51

Education finance: General Fund cashflow loans: Inglewood Unified School District: interest waivers.

OK HB2600

Counties and county officers; confidential communications with legal counsel; conflict of interest; district attorney; representation; emergency.

RI S1073

Authorizing The Bristol Warren Regional School District To Issue Not To Exceed Two Hundred Million Dollars

RI H6455

Authorizing The Bristol Warren Regional School District To Issue Not To Exceed Two Hundred Million Dollars

RI S3117

AUTHORIZING THE CHARIHO REGIONAL SCHOOL DISTRICT TO FINANCE IMPROVEMENTS, FURNISHING, AND EQUIPMENT REPLACEMENTS AT THE SWITCH ROAD CAMPUS INCLUDING, BUT NOT LIMITED TO, COSTS OF DEMOLITION, DESIGN, HEALTH AND SAFETY PROJECTS, ROOFING, PLAYGROUNDS, LANDSCAPING, PAVING AND ALL EXPENSES INCIDENTAL THERETO BY THE ISSUANCE OF NOT MORE THAN $15,000,000 BONDS AND/OR NOTES THEREFOR, SUBJECT TO APPROVAL OF STATE HOUSING AID AT A REIMBURSEMENT RATE OR STATE SHARE RATIO OF NOT LESS THAN 61% AT THE TIME OF ISSUANCE, WHICH RATE OR RATIO MAY INCREASE TO 65% AT PROJECT COMPLETION

RI H8313

AUTHORIZING THE CHARIHO REGIONAL SCHOOL DISTRICT TO FINANCE IMPROVEMENTS, FURNISHING, AND EQUIPMENT REPLACEMENTS AT THE SWITCH ROAD CAMPUS INCLUDING, BUT NOT LIMITED TO, COSTS OF DEMOLITION, DESIGN, HEALTH AND SAFETY PROJECTS, ROOFING, PLAYGROUNDS, LANDSCAPING, PAVING AND ALL EXPENSES INCIDENTAL THERETO BY THE ISSUANCE OF NOT MORE THAN $15,000,000 BONDS AND/OR NOTES THEREFOR, SUBJECT TO APPROVAL OF STATE HOUSING AID AT A REIMBURSEMENT RATE OR STATE SHARE RATIO OF NOT LESS THAN 61% AT THE TIME OF ISSUANCE, WHICH RATE OR RATIO MAY INCREASE TO 65% AT PROJECT COMPLETION

MA H1575

Relative to reducing damage caused by the current foreclosure crisis in the historic districts of Massachusetts

MA H1382

Relative to reducing damage caused by the current foreclosure crisis in the historic districts of Massachusetts