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RI S3087
Bill
Status
3/13/2026
Primary Sponsor
Jonathon Acosta
Click for details
AI Summary
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Authorizes Central Falls to issue up to $25,000,000 in bonds, notes, or other debt instruments to finance construction, renovation, improvement, alteration, repair, furnishing, and equipping of schools and school facilities
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Bonds may be issued as serial bonds, term bonds, zero coupon bonds, or capital appreciation bonds, with first principal payment due within 5 years and final payment within 30 years of issuance
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Central Falls voters previously approved this bond authorization at the November 5, 2024 election; the city had earlier voter approval for up to $26,049,000 in school-related bonds
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School projects funded under this act are not eligible for state housing aid reimbursement under § 16-7-44 unless approved by the Rhode Island Department of Education
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Supersedes two prior 2025 public acts (H 6077 and S 0674) as applied to Central Falls and takes effect upon passage
Legislative Description
AUTHORIZING THE CITY OF CENTRAL FALLS TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $25,000,000 BONDS, NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS THEREFOR
Last Action
Introduced, referred to Senate Finance
3/13/2026