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HB 8592

AN ACT AUTHORIZING THE CITY OF PAWTUCKET TO PROVIDE FOR THE DESIGN, CONSTRUCTION, RECONSTRUCTION, REPAIR AND EQUIPPING OF STREETS, SIDEWALKS AND OTHER TRANSPORTATION INFRASTRUCTURE IMPROVEMENTS INCLUDING, BUT NOT LIMITED TO, DRAINAGE AND LANDSCAPING AND AUTHORIZING THE FINANCING THEREOF, INCLUDING THE ISSUE OF NOT MORE THAN $2,000,000 BONDS AND NOTES THEREFOR, TO FUND THE CAPITAL IMPROVEMENT PROGRAM FOR THE TWO FISCAL YEARS 2028 AND 2029

2026 Regular Session Introduced by Karen Alzate and 3 co-sponsors

Pawtucket may issue up to $2 million in bonds/notes for 2028–2029 transportation improvements, funded by general obligations and voter-approved debt.

06/23/2026 Signed by Governor
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WeVote Research Nonpartisan
Bill Summary · HB 8592

Overview

HB 8592 (Rhode Island, 2026) authorizes the City of Pawtucket to issue up to $2,000,000 in general obligation bonds or notes to fund a capital improvement program for the 2028 and 2029 fiscal years. The bill covers design, construction, reconstruction, repair, and equipping of streets, sidewalks, and other transportation infrastructure, including drainage and landscaping. It outlines bond terms, financing mechanisms, permitted uses of proceeds, and voter approval requirements.

Main Purpose and Intent

  • Create a authorized financing mechanism for Pawtucket to invest in transportation-related infrastructure.
  • Provide a dedicated funding stream (through bonds/notes) for planned capital improvements during the 2028–2029 period.
  • Allow the city to advance, design, build, and upgrade streets, sidewalks, drainage, landscaping, and related infrastructure.

Key Provisions and Changes

  • Section 1: Authorization to issue up to $2,000,000 in bonds/notes, issued in the city’s name. Bonds may be serial, term, or a combination, with principal payments starting within 3 years and concluding within 30 years.
  • Section 2: Details on signing, sale by city council, and use of bond proceeds. Proceeds must be expended for the specified project scope (streets, sidewalks, drainage, landscaping, and related costs), financing costs, interest during construction, and related purposes. Proceeds and applicable aid are deemed appropriated for these purposes.
  • Section 3: City council may issue anticipation notes (temporary notes) in advance of bonds or aid, with limitations:
    • Original notes in anticipation of bonds cannot exceed the authorized bond amount.
    • Notes anticipated from aid cannot exceed available aid.
    • Notes have up to 5-year maturities; rules on renewal and refunding emphasize control to prevent excessive outstanding debt.
  • Section 4: City treasurer may temporarily apply general treasury funds to the project needs, with repayment from subsequent bonds/notes or aid.
  • Section 5: Investment and deposit rules for proceeds and interim funds (FDIC-insured banks, U.S. government securities, or compliant investments).
  • Section 6: Handling of interest, premiums, and investment earnings; discretion to apply to project costs or debt service.
  • Section 7: Debt obligations are general city debts but excluded from standard debt capacity calculations; annual appropriation to cover debt service is required, and if not, property tax can be levied without rate or amount limitations to cover payments.
  • Section 8–11: Validity, use of federal/state aid, tax and securities compliance, and disclosure requirements.
  • Section 12: Unissued debt authority may be extinguished by city council after seven years.
  • Section 13–14: Voter approval required. The act’s key financing proposal must be approved at the next general election (with option for a special election). The ballot form and timing are specified; if approved, the remainder of the act takes effect.

Affected Parties and Impacts

  • Primary: City of Pawtucket, which would issue up to $2 million in bonds/notes for capital transportation projects.
  • Beneficiaries: City residents and commuters who use streets, sidewalks, drainage systems, and related infrastructure, benefiting from upgraded transportation infrastructure.
  • Financial/Tax Implications: Potential property tax adjustments to cover annual debt service if other funding is insufficient; debt would be treated as a general obligation of the city, though not counted in statutory debt limits in the same way as other debts.

Timelines and Procedural Aspects

  • Bond authorization covers projects for fiscal years 2028 and 2029.
  • Voter approval required at the next general election (with potential for a special election).
  • Seven-year window to extinguish unissued debt authority (Section 12).
  • Temporary notes, interest terms, and refunding provisions governed to maintain debt controls.

Note: If you’d like, I can provide a plain-language ballot summary or a side-by-side comparison with Pawtucket’s current debt authority.

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

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