If passed, H7953 would enable municipalities, healthcare providers, and educational institutions to obtain bonds for funding projects that directly benefit local communities. This includes constructing and renovating public educational facilities and healthcare centers. The bill emphasizes the significance of these facilities in providing both adequate educational environments for students and necessary healthcare services for residents, thereby contributing to the overall improvement in the quality of life throughout Rhode Island.
Summary
House Bill H7953, introduced by Representative Patricia A. Serpa, seeks to amend certain sections of the General Laws relating to the Health and Educational Building Corporation. The primary objective of this bill is to enhance the ability of municipalities and educational institutions in Rhode Island to improve public health, education, and welfare through better access to funding and resources necessary for the construction and operation of vital facilities. The bill operates under the premise that strategic investment in educational and healthcare infrastructure is essential for the state’s long-term prosperity and the well-being of its residents.
Contention
During discussions surrounding HB H7953, some legislators expressed concerns about the potential implications of increased debt through bond issuance. Critics worry that a reliance on bond financing could place future financial burdens on both municipalities and taxpayers. They voiced the need for careful oversight and management of funds to ensure that this financial strategy does not lead to fiscal irresponsibility or an increase in local taxes. Supporters, however, argue that the investment is necessary for keeping pace with growing educational and healthcare demands and that the long-term benefits significantly outweigh potential risks.
Updates the statutory terminology by replacing the phrase "institutions of higher learning" with that of "educational institutions" and redefines child daycare centers as educational institutions.
Updates the statutory terminology by replacing the phrase "institutions of higher learning" with that of "educational institutions", and would redefine child daycare centers as educational institutions.
Exempts from taxation the real and tangible personal property of the Johnnycake Center Realty Corporation, a domestic nonprofit corporation, located in South Kingstown.
Exempts from taxation the real and tangible personal property of the Johnnycake Center Realty Corporation, a domestic nonprofit corporation, located in South Kingstown.
Mandates quasi-public corporations limit the use of all funds and property to perform the function or service for which the quasi-public corporation was created. Also prohibits the transfer or reallocation of funds held by a quasi-public corporation.
Exempts from taxation the real and tangible personal property of St. Elizabeth's Home, a Rhode Island domestic nonprofit corporation, located in East Greenwich, Warwick, and Providence, Rhode Island.
Updates the statutory terminology by replacing the phrase "institutions of higher learning" with that of "educational institutions" and redefines child daycare centers as educational institutions.
Updates the statutory terminology by replacing the phrase "institutions of higher learning" with that of "educational institutions", and would redefine child daycare centers as educational institutions.