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HB 8622

AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, REPAIR AND ALTERATION OF PLAYGROUNDS, ATHLETIC FIELDS AND RELATED EQUIPMENT IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $4,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR

2026 Regular Session Introduced by Jackie Baginski and 7 co-sponsors

Cranston may finance up to 4 million for playgrounds and athletic fields by issuing general obligation bonds/notes with flexible terms to fund improvements.

06/26/2026 Effective without Governor's signature
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WeVote Research Nonpartisan
Bill Summary · HB 8622

Summary of HB 8622 (Rhode Island, 2026) – Cranston Playground and Athletic Fields Financing

Main purpose

Authorizes the City of Cranston to finance improvements to playgrounds, athletic fields, and related equipment in the city by issuing general obligation bonds and notes totaling up to $4,000,000. The measure sets the framework for issuing, securing, and repaying the debt and clarifies how proceeds may be used and managed.

Key provisions and changes

  • Authority to borrow: The bill grants Cranston, in addition to prior authority, the power to issue not more than $4,000,000 in general obligation bonds and notes.
  • Bond structure and terms:
    • Bonds may mature in annual installments from the first due not later than five years after issuance to the last not later than 30 years.
    • Bond forms may include zero coupon bonds, capital appreciation bonds, serial bonds, term bonds, or a combination.
    • Principal repayments can be through serial amortization or sinking fund installments for term bonds.
    • Principal appreciation after issuance is treated as interest for debt limit purposes; only the original principal is counted toward debt limits.
  • Uses of proceeds: Proceeds must be used to finance acquisition, construction, improvement, renovation, repair, and alteration of playgrounds, athletic fields, and related equipment. Proceeds may also cover:
    • Principal or interest on temporary notes,
    • Repayment of advances,
    • Costs of issuance,
    • Financing capitalized interest.
  • Powers of city officials: The mayor and director of finance may sign, issue, and sell bonds; they may consolidate with other Cranston bonds if desired, while ensuring proceeds are used for the specified purposes.
  • Anticipation financing: The city council may issue interim notes in anticipation of bonds, with limits on amounts and terms (up to five-year maturities; renewals allowed under defined conditions).
  • Powers during delays: The city treasurer may temporarily apply city funds to authorized purposes, repaid without interest from future bond proceeds or available aid.
  • Investment and use of proceeds: Proceeds and any earnings may be invested in permitted instruments; earnings may be used to pay project costs, debt service, or related expenses; any surplus may be applied to debt service.
  • Debt treatment and annual appropriation: Bonds/notes are city obligations, exempt from certain debt limits, with annual appropriation of funds for debt service, or, if not appropriated, an accompanying ad valorem tax levy may be applied.
  • Election and approval: A ballot question will be presented to Cranston electors at the November 3, 2026 election (or a designated special election) asking voters to approve the act. Section 12 outlines the election process and timing.
  • Effective date: Sections 12 and 13 (election-related provisions) take effect upon passage; the remainder takes effect upon approval by voters in the specified election.

Affected parties and scope

  • Primary beneficiaries: Cranston residents and users of city playgrounds and athletic facilities, who would gain potential upgrades and new or improved recreational spaces.
  • Financial actors: Cranston city government (mayor, director of finance, city council) and the city’s bonding/issuance processes; bondholders and taxpayers subject to debt service and ad valorem taxes if needed.
  • Jurisdictional reach: Limited to Cranston, Rhode Island.

Procedural and timeline notes

  • The bill requires voter approval at a 2026 election.
  • If approved, the act authorizes up to $4 million in bonds/notes and sets out a framework for issuance, repayment, and ongoing financial management.
  • Sections 12-13 contain the election-related effective dates; the rest becomes effective upon voter approval.

Compiled from official sources — confirm details with the bill’s official record.

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