2023 -- S 1073
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LC003069
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S TATE OF RHODE IS LAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2023
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A N A C T
AUTHORIZING THE BRISTOL WARREN REGIONAL SCHOOL DISTRICT TO ISSUE
NOT TO EXCEED TWO HU NDRED MILLION DOLLAR S ($200,000,000) IN GENERAL
OBLIGATION BONDS AND NOTES TO FINANCE THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT, RENOVAT ION, FURNISHING AND EQUIPPING OF A NEW HIGH
SCHOOL, ATHLETIC FACILITY, AND SCHOOL FACILITIES IN THE DISTRICT,
FURNISHINGS AND EQUIPMENT AND ALL EXPENS ES INCIDENT THERETO,
INCLUDING, BUT NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC
FIELDS, LANDSCAPING, AND PARKING AND ALL ATTENDANT EXPENSES,
INCLUDING ENGINEERING, ARCHITECTURAL, SURVEYING AND OTHER PROJECT-
RELATED CONSULTING C OSTS
Introduced By: Senators Lauria, Felag, and Ujifusa
Date Introduced: May 25, 2023
Referred To: Senate Finance
It is enacted by the General Assembly as follows:
SECTION 1. The Bristol Warren Regional School District (the “district”) is hereby 1
empowered, in addition to authority previously granted, to issue bonds in an amount not exceeding 2
two hundred million dollars ($200,000,000) from time to time under its corporate name and seal or 3
a facsimile of such seal. The bonds of each issue may be issued in the form of serial bonds or term 4
bonds or a combination thereof and shall be payable either by maturity of principal in the case of 5
serial bonds or by mandatory sinking fund installments in the case of term bonds, in annual 6
installments of principal, the first installment to be not later than five (5) years and the last 7
installment not later than thirty (30) years after the date of the bonds. All such bonds of a particular 8
issue may be issued in the form of zero coupon bonds, capital appreciation bonds, serial bonds or 9
term bonds or a combination thereof. The amount of principal appreciation each year on any bonds, 10
after the date of original issuance, shall not be considered to be principal indebtedness for the 11
purposes of any constitutional or statutory debt limit or any other limitation. The appreciation of 12
principal after the date of original issue shall be considered interest. Only the original principal 13
amount shall be counted in determining the principal amount so issued and any interest component 14
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shall be disregarded. 1
SECTION 2. The district may be eligible for school housing aid reimbursement on debt 2
service pursuant to chapter 7 of title 16, or for a grant, loan or other financial assistance from 3
proceeds of bonds issued by the State of Rhode Island (the “state”), from the Rhode Island 4
department of education (“RIDE”) or from the Rhode Island school building authority. 5
SECTION 3. The bonds shall be signed by the manual or facsimile signatures of the district 6
treasurer and the chairperson of the regional district school committee and shall be issued and sold 7
in such amounts as the regional district school committee may authorize by resolution with the 8
approval of the joint finance committee of the district. The manner of sale, denominations, 9
maturities, interest rates and other terms, conditions and details of any bonds or notes issued under 10
this act may be fixed by the resolution of the regional district school committee authorizing the 11
issue or by separate resolution of the regional district school committee or, to the extent provisions 12
for these matters are not so made, they may be fixed by the officers authorized to sign the bonds or 13
notes. Notwithstanding anything contained in this act to the contrary, the district may enter into 14
financing agreements with the Rhode Island health and educational building corporation pursuant 15
to chapter 7 of title 16 and chapter 38.1 of title 45 and, with respect to bonds or notes issued 16
in connection with such financing agreements, if any, the district may elect to have the provisions 17
of chapter 38.1 of title 45 apply to the issuance of the bonds or notes issued hereunder to the 18
extent the provisions of chapter 38.1 of title 45 are inconsistent herewith. In addition, the district 19
may enter into financing agreements with the Rhode Island infrastructure bank pursuant to the 20
provisions of chapter 12.2 of title 46 and, with respect to bonds or notes issued in connection with 21
such financing agreements, if any, the district may elect to have the provisions of chapter 12.2 of 22
title 46 apply to the issuance of the bonds or notes issued hereunder to the extent the provisions 23
of chapter 12.2 of title 46 are inconsistent herewith. Such election may be fixed by the 24
proceedings of the regional district school committee authorizing such issuance of by separate 25
resolution of the regional district school committee, or, to the extent provisions for these matters 26
are not so made, they may be fixed by the officers authorized to sign the bonds or notes. The 27
proceeds derived from the sale of the bonds or notes shall be delivered to the district treasurer and 28
such proceeds exclusive of premiums and accrued interest shall be expended: (1) To finance the 29
acquisition, construction, improvement, renovation, furnishing and equipping of a new high school, 30
athletic facility, and school facilities in the district, and all expenses incident thereto, including, 31
but not limited to, costs of design, demolition, athletic fields, landscaping and parking, acquisition 32
of furnishings and equipment, and all attendant expenses including, but not limited to, engineering, 33
architectural, surveying and other project-related consulting costs; (2) In payment of the principal 34
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of or interest on temporary notes issued under section 4; (3) In repayment of advances under section 1
5; (4) In payment of related costs of issuance of any bonds or notes; and/or (5) In payment of 2
capitalized interest during construction of the project (the “project”). No purchaser of any bonds or 3
notes under this act shall be in any way responsible for the proper application of the proceeds 4
derived from the sale thereof. The project shall be carried out and all contracts made therefore on 5
behalf of the district by the regional district school committee with due regard to any 6
recommendation of the school building committee. The regional district school committee and the 7
school building committee and their agents are authorized to enter, without delay and at reasonable 8
times, any public school buildings and other public school property for the purpose of 9
accomplishing the project and to do all acts and deeds necessary or convenient in connection with 10
the project. The proceeds of bonds or notes issued under this act, any applicable federal or state 11
assistance and the other monies referred to in sections 7 and 10 shall be deemed appropriated for 12
the purposes of this act without further action than that required by this act. The bonds authorized 13
by this act may be consolidated for the purpose of issuance and sale with any other bonds of the 14
district heretofore or hereafter authorized; provided that, notwithstanding any such consolidation, 15
the proceeds from the sale of the bonds authorized by this act shall be expended for the purposes 16
set forth above. 17
SECTION 4. The regional district school committee may by resolution authorize the 18
issuance from time to time of interest bearing or discounted notes in anticipation of the issuance of 19
bonds or in anticipation of the receipt of federal or state aid for the purposes of this act. The amount 20
of original notes issued in anticipation of bonds may not exceed the amount of bonds which may 21
be issued under this act and the amount of original notes issued in anticipation of federal or state 22
aid may not exceed the amount of available federal or state aid as estimated by the treasurer. 23
Temporary notes issued hereunder shall be signed by the manual or facsimile signatures of the 24
district treasurer and the chairperson of the regional district school committee and shall be payable 25
within five (5) years from their respective dates, but the principal of and interest on notes issued 26
for a shorter period may be renewed or paid from time to time by the issuance of other notes 27
hereunder; provided the period from the date of an original note to the maturity of any note issued 28
to renew or pay the same debt or interest thereon shall not exceed five (5) years. Any temporary 29
notes in anticipation of bonds issued under this section may be refunded prior to the maturity of the 30
notes by the issuance of additional temporary notes; provided that, no such refunding shall result 31
in any amount of such temporary notes outstanding at any one time in excess of two hundred 32
percent (200%) of the amount of bonds which may be issued under this act; and provided further, 33
that if the issuance of any such refunding notes results in any amount of such temporary notes 34
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outstanding at any one time in excess of the amount of bonds which may be issued under this act, 1
the proceeds of such refunding notes shall be deposited in trust in a separate fund established for 2
the notes being refunded. Pending their use to pay the notes being refunded, monies in the fund 3
shall be invested for the benefit of the district by the paying agent at the direction of the district 4
treasurer in any investment permitted under section 6. The monies in the fund and any investments 5
held as part of the fund shall be held in trust and shall be applied by the paying agent solely to the 6
payment or prepayment of the principal of and interest on the notes being refunded. Upon payment 7
of all principal of and interest on the notes, any excess monies in the fund shall be distributed to 8
the district. The district may pay the principal of and interest on notes in full from other than the 9
issuance of refunding notes prior to the issuance of bonds pursuant to section 1 hereof. In such case, 10
the district’s authority to issue bonds or notes in anticipation of bonds under this act shall continue 11
provided that: (1) The regional district school committee passes a resolution evidencing the 12
district’s intent to pay off the notes without extinguishing the authority to issue bonds or notes; and 13
(2) That the period from the date of an original note to the maturity date of any other note shall not 14
exceed five (5) years. 15
SECTION 5. Pending any authorization or issue of bonds hereunder or pending or in lieu 16
of any authorization or issue of notes hereunder, the district treasurer, with the approval of the 17
regional district school committee, may, to the extent that bonds or notes may be issued hereunder, 18
apply funds in the treasury of the district to the purposes specified in section 3, such advances to 19
be repaid without interest from the proceeds of bonds or notes subsequently issued or from the 20
proceeds of applicable federal or state assistance or from other available funds. 21
SECTION 6. Any proceeds of bonds or notes issued hereunder or of any applicable federal 22
or state assistance, pending their expenditure may be deposited or invested by the district treasurer 23
in demand deposits, time deposits or savings deposits in banks which are members of the Federal 24
Deposit Insurance Corporation or in obligations issued or guaranteed by the United States of 25
America or by any agency or instrumentality thereof or as may be provided in any other applicable 26
law of the State of Rhode Island or resolution of the regional district school committee or pursuant 27
to an investment policy of the district, duly adopted by the regional school committee. 28
SECTION 7. Any accrued interest received upon the sale of bonds or notes hereunder shall 29
be applied to the payment of the first interest due thereon. Any premium arising from the sale of 30
bonds or notes hereunder shall, in the discretion of the district treasurer, be applied to the cost of 31
preparing, issuing and marketing bonds or notes hereunder to the extent not otherwise provided, to 32
the payment of the project costs, to the payment of the principal of or interest on bonds or notes 33
issued hereunder or to any one or more of the foregoing. The cost of preparing, issuing and 34
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marketing bonds or notes hereunder may also, in the discretion of the district treasurer, be met from 1
bond or note proceeds exclusive of accrued interest or from other monies available therefor. Any 2
balance of bond or note proceeds remaining after payment of the cost of the project and the cost of 3
preparing, issuing and marketing bonds or notes hereunder, shall be applied to the payment of the 4
principal of or interest on bonds or notes issued hereunder. To the extent permitted by applicable 5
federal laws, any earnings or net profit realized from the deposit or investment of funds hereunder 6
may, upon receipt, be added to and dealt with as part of the revenues of the district from its member 7
towns. In exercising any discretion under this section, the district treasurer shall be governed by 8
any instructions adopted by resolution of the regional district school committee. 9
SECTION 8. All bonds and notes issued under this act and the debts evidenced thereby 10
shall be obligatory on the district in the same manner and to the same extent as other debts lawfully 11
contracted by incorporated towns of the State of Rhode Island. All bonds and notes issued under 12
this act and the debts evidenced thereby shall be exempted from the operation of § 16-3-17, section 13
3 of chapter 330 of the public laws of the State of Rhode Island (the “enabling legislation”) and 14
any other provision of charter, special law or general law limiting the issuance of debt. No such 15
obligation shall at any time be included in the debt of either member town for the purposes of 16
ascertaining its borrowing capacity, nor shall it be subject to the provisions of § 45-12-2 with 17
respect to each member town. The district shall annually appropriate and apportion between the 18
member towns, a sum sufficient to pay the principal and interest coming due within the year on 19
bonds and notes issued hereunder to the extent that monies therefor are not otherwise provided, and 20
each member town shall, annually appropriate a sum sufficient to pay its share of the 21
apportionment. If such sum is not appropriated, it shall nevertheless be added to the annual tax levy 22
of each member town. In order to provide such sum in each year and notwithstanding any provision 23
of law to the contrary, all taxable property in each member town of the district shall be subject to 24
ad valorem taxation by the member town of the district without limitation as to rate or amount to 25
pay the member town’s share of such apportionment. 26
SECTION 9. Any bonds or notes issued under the provisions of this act, and coupons, if 27
any, if properly executed by officers of the district in office on the date of execution, shall be valid 28
and binding according to their terms notwithstanding that before the delivery thereof and payment 29
therefor any or all of such officers shall for any reason have ceased to hold office. 30
SECTION 10. The district, acting by resolution of its regional district school committee, 31
is authorized to apply for, contract for and expend any federal or state advances or other grants or 32
assistance which may be available for the purposes of this act, and any such expenditures may be 33
in addition to the monies provided in this act. To the extent of any inconsistency between any law 34
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of this state and any applicable federal law or regulation, the latter shall prevail. Federal and state 1
advances, with interest where applicable, whether contracted for prior to or after the effective date 2
of this act, may be repaid as project costs under section 3. 3
SECTION 11. Bonds and notes may be issued under this act without obtaining the approval 4
of any governmental agency or the taking of any proceedings or the happening of any conditions 5
except as specifically required by this act for such issue. In carrying out any project financed in 6
whole or in part under this act, including where applicable the condemnation of any land or interest 7
in land, and in the levy and collection of assessments or other charges permitted by law on account 8
of any such project, all action shall be taken which is necessary to meet constitutional requirements 9
whether or not such action is otherwise required by statute, but the validity of bonds and notes 10
issued hereunder shall in no way depend upon the validity or occurrence of such action. 11
SECTION 12. The district treasurer and the chairperson of the regional district school 12
committee, on behalf of the district, are hereby authorized to execute such instruments, documents 13
or other papers as either of them deem necessary or desirable to carry out the intent of this act and 14
are also authorized to take all actions and execute all instruments, documents or agreements 15
necessary to comply with federal tax and securities laws, which instruments, documents or 16
agreements may have a term coextensive with the maturity of the bonds authorized hereby, 17
including Rule 15c2-12 of the Securities and Exchange Commission (the “Rule”) and to execute 18
and deliver a continuing disclosure agreement or certificate in connection with the bonds or notes 19
in the form as shall be deemed advisable by such officers in order to comply with the Rule. 20
SECTION 13. All or any portion of the authorized but unissued authority to issue bonds 21
and notes under this act may be extinguished by resolution of the regional district school committee, 22
with the approval of the joint finance committee, after ten (10) years shall have passed from the 23
approval of this act provided for in section 14, without further action by the general assembly. 24
SECTION 14. The question of the approval of this act shall be submitted to the electors of 25
the towns of Bristol and Warren, at a general or local election, other than a primary, to be held on 26
November 7, 2023, or on another date determined by resolution of the regional district school 27
committee. The question shall be submitted in substantially the following form: “Shall an act passed 28
at the 2023 session of the general assembly entitled ‘AN ACT AUTHORIZING THE BRISTOL 29
WARREN REGIONAL SCHOOL DISTRICT TO ISSUE NOT TO EXCEED TWO HUNDRED 30
MILLION DOLLARS ($200,000,000) GENERAL OBLIGATION BONDS AND NOTES T O 31
FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, 32
FURNISHING AND EQUIPPING OF A NEW HIGH SCHOOL, ATHLETIC FACILITY, AND 33
SCHOOL FACILITIES IN THE DISTRICT, FURNISHINGS AND EQUIPMENT THEREOF, 34
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AND ALL EXPENSES INCIDENT THERETO, INCLUDING, BUT NOT LIMITED TO, COSTS 1
OF DESIGN, DEMOLITION, ATHLETIC FIELDS, LANDSCAPING AND PARKING AND 2
ALL ATTENDANT EXPENSES, INCLUDING ENGINEERING, ARCHITECTURAL, 3
SURVEYING AND OTHER PROJECT -RELATED CONSULTING COSTS be approved? ’” and 4
the warning for the election shall contain the question to be submitted. From the time the election 5
is warned and until it is held, it shall be the duty of the clerk of each member town of the district to 6
keep a copy of this act available at the clerk’s office for public inspection, but the validity of the 7
election shall not be affected by this requirement. To the extent of any inconsistency between this 8
act and the district enabling legislation, this act shall prevail. 9
SECTION 15. This section and section 14 shall take effect upon the passage of this act. 10
The remainder of this act shall take effect upon the approval of this act by a majority of the district 11
of those voting on the question at the election prescribed by section 14. 12
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EXPLANATION
OF
A N A C T
AUTHORIZING THE BRISTOL WARREN REGIONAL SCHOOL DISTRICT TO ISSUE
NOT TO EXCEED TWO HU NDRED MILLION DOLLAR S ($200,000,000) IN GENERAL
OBLIGATION BONDS AND NOTES TO FINANCE THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT, RENOV ATION, FURNISHING AND EQUIPPING OF A NEW HIGH
SCHOOL, ATHLETIC FACILITY, AND SCHOOL FACILITIES IN THE DISTRICT,
FURNISHINGS AND EQUIPMENT AND ALL EXPENS ES INCIDENT THERETO,
INCLUDING, BUT NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC
FIELDS, LANDSCAPING, AND PARKING AND ALL ATTENDANT EXP ENSES,
INCLUDING ENGINEERING, ARCHITECTURAL, SURVEYING AND OTHER PR OJECT-
RELATED CONSULTING C OSTS
***
This act authorizes the district to issue not more than two hundred million dollars 1
($200,000,000) bonds and notes to finance the acquisition, construction, improvement, renovation, 2
furnishing and equipping of a new high school, athletic facility, and school facilities in the district 3
and all expenses incident thereto, including, but not limited to, costs of design, 4
demolition, athletic fields, landscaping and parking and all attendant expenses, including 5
engineering, architectural, surveying and other project-related consulting costs. 6
Sections 14 and 15 of this act would take effect upon passage. The remainder of the act 7
would take effect upon approval by the electors of the district of the question provided for in Section 8
14. 9
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