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SB 3356

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 Hanna Gallo and 3 co-sponsors

Cranston may issue up to $4,000,000 in general obligation bonds/notes to finance playground and athletic facility improvements, subject to voter approval and detailed debt terms.

06/26/2026 Effective without Governor's signature
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WeVote Research Nonpartisan
Bill Summary · SB 3356

Purpose and intent

  • SB 3356 would authorize the City of Cranston to finance capital improvements to its playgrounds, athletic fields, and related equipment by issuing general obligation bonds and notes of up to $4,000,000.
  • The act envisions funding the acquisition, construction, improvement, renovation, repair, and alteration of such facilities and equipment within Cranston.

Key provisions and changes

  • Bond authority: Cranston may issue up to $4,000,000 in general obligation bonds and notes from time to time. Each bond issue can mature from 5 to 30 years and may be structured as zero coupon bonds, capital appreciation bonds, serial bonds, term bonds, or a combination.
  • Debt structure details:
    • Principal payments can be made in annual installments (serial bonds) or via sinking fund installments (term bonds).
    • Principal appreciation after issuance is treated as interest for debt limit purposes; only original principal is counted toward debt limits.
  • Issuance and sale:
    • Bonds are to be signed by the director of finance and the mayor, and proceeds used for specified projects and related costs (issuance costs, project costs, capitalized interest, etc.).
    • Proceeds may be consolidated with other Cranston bonds, but must be applied to the stated purposes.
    • The city may execute necessary documents to comply with tax and securities laws, including continuing disclosure obligations.
  • Anticipation notes:
    • The city council may issue temporary notes in anticipation of bonds or anticipated federal/state aid, with maturities up to five years and rolling renewals allowed under specified limits.
    • Refunding of temporary notes is allowed under certain conditions, with caps on outstanding amounts relative to bond issuance capacity.
  • Interim financing and investment:
    • The city treasurer may advance funds to cover eligible purposes before bond issuance, to be repaid from future bond proceeds or eligible assistance.
    • Proceeds and investments may be placed in permitted deposits and eligible securities; net earnings and premiums may be used to cover issuance costs, project costs, or debt service.
  • Debt and budgeting provisions:
    • Bonds and their debt are binding on the city and exempt from certain debt-cap calculations; the city must annually appropriate funds to pay principal and interest, or levy taxes if necessary.
    • Taxes may be levied without rate or amount limitations to ensure debt service payments.
  • Effect on validity:
    • Bonds and coupons remain valid even if certain officials change offices.
  • Federal/state assistance:
    • The city may apply for and expend federal/state advances or grants related to the act; federal law prevails in case of conflict.
  • Election and oversight:
    • The act would require voter approval (November 3, 2026 general election or a designated special election) for the authorization to issue up to $4,000,000 in bonds and notes.
    • The form of the ballot question is specified.
  • Effective date:
    • Sections 12 and 13 (the requirement for voter approval and the election process) take effect upon passage.
    • The remainder of the act takes effect upon approval by a majority of voters at the election.

Who or what is affected

  • Primary: City of Cranston, its treasury, and its governing bodies (city council, mayor, director of finance).
  • Beneficiaries: residents of Cranston who use or benefit from upgraded playgrounds, athletic fields, and related equipment.
  • Financial markets and vendors: potential buyers of Cranston bonds and notes, and providers of related bond issuance services.
  • Taxpayers: funding of debt service may rely on ad valorem taxes if necessary to meet debt obligations.

Procedural and timeline aspects

  • Minimum timeline: voter approval is required in the 2026 general election (or a council-designated special election) before the act’s bond authority can be exercised.
  • After passage and election approval:
    • The city may issue bonds/notes up to $4,000,000 with the described terms.
    • Bond proceeds are limited to the specified purposes and associated costs.
  • Extinguishment of unused authority: any unused portion of the authorized bonding capacity may be extinguished by city council resolution seven years after the act’s effective date.
  • Legislative oversight: the act can be amended or superseded by subsequent state actions, but the act explicitly prevails over inconsistent city charter provisions to the extent of conflict.

Overall, SB 3356 provides Cranston with a defined, voter-approved mechanism to finance improvements to playgrounds and athletic facilities through up to $4 million in general obligation bonds and notes, with detailed debt structuring, spending, and oversight provisions.

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

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