WeVote
Log In

Bill

Bill

HB 8623

AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE DESIGN, CONSTRUCTION, REPAIR, REHABILITATION AND IMPROVEMENT OF STREETS, SIDEWALKS AND BRIDGES IN THE CITY INCLUDING, BUT NOT LIMITED TO, PAVING, DRAINAGE, TRAFFIC CONTROL DEVICES, ROAD MAINTENANCE EQUIPMENT, SAFETY IMPROVEMENTS AND LANDSCAPING AND ALL COSTS INCIDENTAL OR RELATED THERETO BY THE ISSUANCE OF NOT MORE THAN $8,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR

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

Cranston is authorized to issue up to $8 million in GO bonds to fund street, sidewalk, and bridge improvements and related costs.

06/26/2026 Effective without Governor's signature
0
WeVote Research Nonpartisan
Bill Summary · HB 8623

Overview

  • Jurisdiction: Rhode Island
  • Bill: HB 8623 (2026)
  • Title: AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE DESIGN, CONSTRUCTION, REPAIR, REHABILITATION AND IMPROVEMENT OF STREETS, SIDEWALKS AND BRIDGES IN THE CITY INCLUDING, BUT NOT LIMITED TO, PAVING, DRAINAGE, TRAFFIC CONTROL DEVICES, ROAD MAINTENANCE EQUIPMENT, SAFETY IMPROVEMENTS AND LANDSCAPING AND ALL COSTS INCIDENTAL OR RELATED THERETO BY THE ISSUANCE OF NOT MORE THAN $8,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR

Purpose and Intent

  • The bill would authorize the City of Cranston to issue up to $8 million in general obligation (GO) bonds and notes to fund design, construction, repair, rehabilitation, and improvement of streets, sidewalks, and bridges, along with related components such as paving, drainage, traffic control devices, road maintenance equipment, safety improvements, and landscaping.

Key Provisions

  • Authorized Debt: Not more than $8,000,000 in GO bonds and notes.
  • Debt Term and Structure: Bonds may mature in annual installments between 5 and 30 years after issuance. Allowed forms include zero coupon bonds, capital appreciation bonds, serial bonds, or term bonds, or a combination. Principal repayment can be by serial maturities or sinking fund installments.
  • Principal Appreciation: Principal appreciation after issuance can be treated as interest for debt limit purposes; only original principal is counted toward debt limits.
  • Issuance and Signatories: Bonds would be signed by the director of finance and the mayor. Sale terms, denominations, maturities, and interest rates are determined by city council proceedings or by authorized officers.
  • Use of Proceeds: Proceeds must be used to finance street, sidewalk, and bridge projects and related costs; may also cover debt service on temporary notes, advances, issuance costs, and financing of capitalized interest.
  • Federal/State Assistance: Proceeds may be supplemented by federal/state aid, with precedence given to applicable federal law.
  • Anticipation Notes and Refinancing: The city council may issue anticipation notes (bonds or notes) in advance of bonds or in anticipation of aid, with specific limits on amounts and renewal terms.
  • Pledges and Investments: Funds may be deposited or invested in permitted financial instruments; accrued interest and investment earnings may be used for project costs, debt service, or other authorized uses.
  • Pledge of Tax Revenue: The city must annually appropriate funds to pay debt service, and if not, property taxes may be levied to satisfy annual obligations.
  • Election Requirement: The authorization is subject to voter approval. The act states that Section 12 (the submission to electors) must be approved by Cranston voters in the November 3, 2026 general election (or a specially called election).
  • Effective Date: Sections 12 and 13 take effect upon passage. The remainder of the act takes effect upon voter approval.

Affected Parties and Impact

  • Local Government: Cranston would gain explicit authority to issue up to $8 million in GO bonds/notes to fund transportation infrastructure improvements.
  • Taxpayers: Ultimately responsible for debt service via annual appropriations or property taxes if other funding is unavailable.
  • Project Effects: Potential improvements to streets, sidewalks, bridges, drainage, traffic controls, safety features, and landscaping; enhanced maintenance equipment and related project costs.

Procedural/Timeline Considerations

  • Legislative path: Requires statewide passage as a local act and is contingent on Cranston voters approving the bond authorization in the 2026 election.
  • Election timing: Either November 3, 2026 general election or a designated special city-wide election.
  • Sunset/Extinguishment: Unissued authority can be extinguished by city council resolution seven years after the act’s effective date if not exercised.

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

Sign in to ask a question.