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RI S3021
Joint Resolution
Status
3/5/2026
Primary Sponsor
Leonidas Raptakis
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AI Summary
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Proposes an amendment to Article VI, Sections 16 and 17 of the Rhode Island Constitution regarding state borrowing powers
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Requires state-created departments, authorities, corporations, and quasi-public corporations to obtain express consent from both the General Assembly and voters before incurring state debts or "moral obligation" debts exceeding $50,000
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Maintains existing provisions allowing the state to borrow up to 20% of prior year tax receipts and 10% of other receipts (capped at 30% total) in anticipation of revenues, with same-year repayment required
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Requires the proposed amendment to be submitted to voters at the next statewide general election for approval or rejection
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Secretary of State must publish the amendment in state newspapers and include it in election warrants prior to the vote
Legislative Description
JOINT RESOLUTION TO APPROVE AND PUBLISH AND SUBMIT TO THE ELECTORS A PROPOSITION OF AMENDMENT TO THE CONSTITUTION -- OF THE LEGISLATIVE POWER (Proposes a state constitutional amendment that no department or other entity created by the state would have poser to incur debt in excess of $ 50,000, without express approval from the legislature and voters.)
Last Action
Introduced, referred to Senate Finance
3/5/2026