Bill
HB 8313
Authorizes up to $217 million in state general obligation bonds to fund four higher education facility projects (URI, RIC, CCRI, IYRS) pending voter approval.
Jurisdiction: Rhode Island | Session: 2026 | Introduced: March 18, 2026 | Referred to: House Finance
Purpose
- To place before voters a statewide proposition at the November 2026 general election authorizing the issuance of general obligation bonds (and related refunding bonds or temporary notes) totaling up to $217 million for a Capital Development Program (CDP) focused on higher education facilities.
- If voters approve, the state may issue bonds to finance the listed capital projects and related costs, in the amounts specified below.
Key Provisions and Changes
1) Proposed Projects and Funding (Section 1)
- Total for higher education facilities: $217,000,000, allocated to four subprojects:
- University of Rhode Island (URI) Integrated Health Building: $105,000,000
- Rhode Island College (RIC) Adams Library Renovations: $50,000,000
- Community College of Rhode Island (CCRI) Workforce Innovation Center: $60,000,000
- Office of Post Secondary Advanced Composites Program (New equipment for IYRS School of Technology & Trades in Newport): $2,000,000
2) Ballot Process (Section 2)
- The Secretary of State will prepare ballot labels with “approve” or “reject” options for each project.
- General election laws govern the process, consistent with this act.
3) Approval Process for Projects (Section 3)
- If a majority vote approves the listed projects, the projects are approved by the people.
- The authorized total for bond issuance is limited to the approved amounts.
4) Bond Issuance (Section 4)
- The General Treasurer, with Governor approval, may issue capital development bonds (serial form) up to the aggregate approved amount.
- Bonds are general obligations of the state, with the full faith and credit pledged for payment.
- Bond terms: denominations of $1,000 or multiples; various terms, maturity no later than the end of the 20th state fiscal year following issuance; semiannual interest; redemption terms as set by the Treasurer and Governor.
5) Refunding Bonds (Section 5)
- Authority to issue refunding bonds for the 2026 CDP, with terms similar to bonds but not maturing more than 20 years from original issue.
- Proceeds used to prepay existing CDP bonds; proceeds may be invested in U.S. or Rhode Island securities.
6) Use of Bond Proceeds (Section 6)
- Proceeds (excluding premiums, accrued interest, and net underwriter costs) deposited into a Capital Development Bond Fund.
- Funds used to pay project costs, including land acquisition, planning, relocation, construction, equipment, and any related services.
- Project-specific allocations align with Section 1.
7) Sale, Tax Status, and Debt Management (Sections 7–9)
- Bonds sold at not less than par value; premiums and interest may be used to fund the capital plan, retire bonds, or other state uses as permitted.
- Bonds/notes are tax-exempt and constitute general obligations of the state.
- Investment of bond fund monies allowed; investment income generally goes to the state general fund to support debt service, unless federal law directs otherwise.
8) Appropriation and Advances (Sections 10–11)
- Annual appropriation to cover debt service if necessary.
- General Fund advances to the CDP fund in anticipation of bond issuance, repayable from proceeds.
9) Federal/private Funds (Section 12)
- The Director may seek or accept federal assistance or private funds to support the projects, deposited into the CDP fund as appropriate.
Effective Dates (Section 13)
- Sections 1, 2, 3, 11, and 12 take effect upon passage.
- Remaining sections take effect only after the State Board of Elections certifies that a majority of voters approved the projects in Section 1.
Who Is Affected
- Voters statewide (through the November 2026 election) will decide whether to authorize the bond issuance.
- State finances and debt management authorities (General Treasurer, Governor, Director of Administration) would administer bond issuance, servicing, and project contracting if approved.
- Beneficiaries include higher education institutions and facilities (URI, RIC, CCRI, and IYRS Newport) and related workforce and training programs.
Timeline and Process
- Introduction and referral: March 18, 2026.
- Ballot for November 2026 general election, contingent on voter approval.
- If approved, bond issuance would occur under specified limits, with long-term debt service beginning in future fiscal years as bonds mature.
Notes
- The bill is framed as an act “relating to Capital Development Program – 2026 Bond Referenda.”
- Summary level details the allocations for each project and the bonding framework, including refunding options and investment provisions.
Compiled from official sources — confirm details with the bill’s official record.
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