Rhode Island Senate Bill S0995

Rhode Island 2023 Regular Session

• Introduced: 5/15/23
• Refer: 5/15/23
• Report Pass: 5/23/23
• Engrossed: 5/30/23
• Enrolled: 6/6/23
• Passed: 6/12/23

Caption

In Accordance With Rhode Island General Laws Section 16-7-44 Approving The Issuance Of $1,000,000 Bonds By The Town Of Scituate To Finance A Water Project At The Scituate High School/middle School Including, But Not Limited To, Bonds And Notes Issued Pursuant To Financing Agreements With The Rhode Island Infrastructure Bank

Impact

The legislation is framed as an enabling act in accordance with Rhode Island General Laws Section 16-7-44. Any principal amount from the bonds will be eligible for state housing aid reimbursement, making it financially beneficial for the Town of Scituate as they work on this critical infrastructure project. This could lead to improved water facilities for the local educational institutions involved.

Summary

Bill S0995 pertains to the approval of the issuance of $1,000,000 in bonds by the Town of Scituate to finance a water project at the Scituate High School/Middle School. This initiative has been backed by prior authorization from the town’s electors and town council resolutions earlier in 2023. The bill explicitly allows the town to undertake necessary contracts and agreements to facilitate these bonds, potentially through the Rhode Island Infrastructure Bank, although issuing through the bank is not mandated.

Contention

One notable point is that bonds issued under this act for school projects will not be eligible for state aid reimbursements unless they have been approved by the Rhode Island Department of Education. This clause underscores the importance of meeting certain standards and conditions in order for the financial support to be realized for the water project, which may lead to debates concerning accessibility of funds for school infrastructure improvements.