WeVote
Log In

Bill

Bill

SB 3186

AN ACT AUTHORIZING THE TOWN OF JAMESTOWN TO FUND AFFORDABLE HOUSING PROJECTS AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR

2026 Regular Session Introduced by Dawn Euer

Jamestown may issue up to $3 million in bonds to fund affordable housing, but only if approved by voters in the 2026 election.

06/11/2026 Effective without Governor's signature
0
WeVote Research Nonpartisan
Bill Summary · SB 3186

Summary of SB 3186 (Session 2026, Rhode Island)

Title: AN ACT AUTHORIZING THE TOWN OF JAMESTOWN TO FUND AFFORDABLE HOUSING PROJECTS AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR

Sponsor: Senator Dawn M. Euer

Committees: Senate Housing & Municipal Government

Date Introduced: April 3, 2026
Governing jurisdiction: Town of Jamestown, Rhode Island

1) Purpose and Intent

  • The bill would empower the Town of Jamestown to issue up to $3,000,000 in bonds and notes, specifically to fund affordable housing projects.
  • It requires voter approval at a local election (November 3, 2026) before the bond authority is exercised.
  • The act is designed to supplement existing authority, enabling targeted financing for affordable housing development and related property acquisitions.

2) Key Provisions and Changes

  • Bond Authority

    • Authorized amount: not exceeding $3,000,000, to be issued from time to time.
    • Form of bonds: serial bonds, term bonds, or a combination.
    • Repayment: annual installments of principal (either level principal for serials or scheduled amortization for term bonds), with first installment within 5 years and last by 30 years after issuance.
    • Financing structure: annual debt service (principal + interest) to be as level as practicable or with more rapid amortization if chosen.

  • Issuance, Signatures, and Sale

    • Bonds may be signed by the town’s finance director and the town council president/VP (by manual or facsimile signatures).
    • Sale terms (including denominations, maturities, interest rates) may be set by council resolutions or delegated to signing officers.

  • Use of Proceeds

    • Proceeds, excluding premiums and accrued interest, must be used for: 1) Creation of additional affordable housing (acquisition of real property and improvements; development of town-owned properties as affordable housing). 2) Payment of principal or interest on temporary notes issued under the act. 3) Repayment of advances under the act.
    • The act defines “affordable housing” per Rhode Island statute § 42-128-8.1 (and its amendments).

  • Anticipation and Federal/State Advances

    • The council may issue interest-bearing or discounted notes in anticipation of bonds or anticipated aid.
    • Limits: original notes in anticipation of bonds cannot exceed the authorized bond amount; notes anticipated from aid cannot exceed estimated available aid.
    • Temporary notes are payable within 5 years and may be renewed or refinanced within the same overall 5-year window.

  • Interim Financing and Pledge of Funds

    • The finance director, with town council approval, may advance funds from the treasury to be repaid later from bond proceeds or applicable aid.
    • Such advances are interest-free and repaid from future bond proceeds or aid.

  • Investment and Expenditures

    • Proceeds may be deposited in FDIC-insured banks, U.S. government obligations, or other permitted investments.
    • Accrued interest is applied to the first interest due; premiums and investment earnings may be used to offset program costs or bond-related expenses, or to pay debt service.

  • Debt and Tax Considerations

    • Bonds/notes are binding obligations of Jamestown and excluded from certain debt calculations; the town must annually appropriate funds to pay annual debt service, with levy authority if needed.
    • Bond issuance is designed to comply with federal tax considerations (interest exclusion, potential Build America/Recovery Zone-type considerations, and SEC/MSRB compliance).

  • Pledge of Elections and Effective Date

    • Section 11: Ballot question required for voter approval at the 2026 general election.
    • Sections 11–12: Take effect upon passage; remaining sections take effect if the majority vote approves the bond proposal.

3) Who is Affected

  • Jamestown residents and taxpayers: potential impact through a local property tax levy or related debt service if approved and funded.
  • Town government: empowered to issue and manage up to $3 million in bonds/notes for affordable housing, including decision-making on issuance, investment, and project administration.
  • Affordable housing projects: eligible properties and plans may receive financing and implementation support if the bond proceeds are used as authorized.

4) Procedural and Timeline Aspects

  • Ballot Vote: The measure must be approved by Jamestown voters in the November 3, 2026 general election.
  • Effective Date: Sections 11–12 (procedural framework) take effect upon passage; the remaining sections require voter approval to become effective.
  • Administrative Oversight: Finance director and town council oversee bond issuance, use of proceeds, investments, and compliance with applicable federal/state laws.

Overall, SB 3186 would authorize Jamestown to finance affordable housing initiatives through a capped bond issuance, contingent on local voter approval, with detailed provisions governing structure, use of proceeds, interim financing, and administration.

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

Sign in to ask a question.