RI S2679

Authorizes the State of Rhode Island to enter into a financing agreement for approximately $150,000,000 in total project costs for Samuel Slater Middle School renovations or construction of a new middle school facility in Pawtucket, with bonds issued through the Rhode Island Health and Educational Building Corporation for up to 30 years at an estimated 5% interest rate.

Empowers the City of Pawtucket to issue up to $22,500,000 in city bonds, notes, or other debt instruments to cover the city's portion of the project costs, including design, demolition, athletic fields, landscaping, and parking expenses.

Requires voter approval from Pawtucket electors at the November 3, 2026 general election or a special local election designated by the city council before sections 4-17 of the act can take effect.

Exempts the project from traditional state housing aid reimbursement under § 16-7-39, but makes it eligible for foundational aid on a pay-as-you-go basis under § 45-38.2-4, and requires Rhode Island Department of Education approval before any bonds can be issued.

Addresses Pawtucket's fiscal constraints, noting the city was required to exceed the 4% property tax levy cap for the first time since 1985 due to existing school construction debt from the ongoing Pawtucket High School project, the largest school construction project in the state.