Rhode Island House Bill H8328

Rhode Island 2022 Regular Session

• Introduced: 6/8/22
• Refer: 6/8/22
• Report Pass: 6/16/22
• Engrossed: 6/21/22
• Enrolled: 6/22/22
• Passed: 6/30/22

Caption

Authorizing The City Of Warwick To Issue Not To Exceed $350,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Improvement, Alteration, Repair, Landscaping, Furnishing And Equipping Of Two New High Schools And School Facilities To Replace Pilgrim High School And Tollgate High School, And All Attendant Expenses Including, But Not Limited To, Demolition, Engineering And Architectural Costs, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 45% At The Time Of Issuance And 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

Impact

The bill stipulates that the bonds issued will only be eligible for state housing aid reimbursement if certain conditions regarding approval from the Rhode Island Department of Education (RIDE) are met. The reimbursement rate is set at a minimum of 45% at the time of issuance. Additionally, the authorization to issue bonds will be reduced by the amount of grants received from state bond proceeds or from the Rhode Island Department of Education, thereby promoting prudent fiscal management and state cooperation in funding educational enhancements.

Summary

House Bill H8328 proposes to authorize the city of Warwick to issue up to $350,000,000 in general obligation bonds for the purpose of financing the construction, renovation, improvement, alteration, repair, landscaping, furnishing, and equipping of two new high schools and associated facilities to replace Pilgrim High School and Tollgate High School. This legislative act is significant in addressing the current educational infrastructure needs within Warwick, aiming to provide updated facilities that meet modern educational standards and accommodate student populations effectively.

Contention

While the bill received unanimous support in its recent vote (68 to 0), discussions around school funding and the necessity of such large-scale investments have been nuanced. Critics may argue against increasing debt via bond issuance, questioning long-term impacts on the city’s financial obligations and tax rates. Proponents, however, see this as a vital step toward modernizing the educational infrastructure, which is crucial for meeting the community’s educational needs and supporting student success in Warwick.