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SR 2679

JOINT RESOLUTION AUTHORIZING THE STATE TO ENTER INTO A FINANCING AGREEMENT RELATING TO SCHOOL CONSTRUCTION IN THE CITY OF PAWTUCKET AND AUTHORIZING THE CITY OF PAWTUCKET TO FINANCE RENOVATIONS AND REPAIRS TO SAMUEL SLATER MIDDLE SCHOOL FACILITIES, OR THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, FURNISHING AND EQUIPPING OF A NEW MIDDLE SCHOOL AND SCHOOL FACILITIES AND ALL EXPENSES INCIDENT THERETO INCLUDING, BUT NOT LIMITED TO, COSTS OF DESIGN, DEMOLITION, ATHLETIC FIELDS, LANDSCAPING AND PARKING BY THE ISSUANCE OF NOT MORE THAN $22,500,000 CITY BONDS, CITY NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS THEREFOR

2026 Regular Session Introduced by Jonathon Acosta and 3 co-sponsors

The bill authorizes state-backed financing and up to $22.5 million in Pawtucket city bonds to renovate or replace Samuel Slater Middle School, with voter approval required.

05/28/2026 Committee recommends passage
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WeVote Research Nonpartisan
Bill Summary · SR 2679

Overview

SR 2679 is a joint resolution and act from Rhode Island’s 2026 session approving a financing plan for school construction in Pawtucket. The measure would authorize the state to enter into a financing agreement to support Samuel Slater Middle School improvements, and would authorize the City of Pawtucket to issue up to $22.5 million in city bonds/notes to fund renovations, repairs, or the acquisition/construction of a new middle school and related facilities and costs.

Purpose and intent

  • Recognizes the need for safe, healthy, and up-to-date school facilities for Pawtucket students.
  • Seeks to balance educational needs with fiscal responsibility by leveraging state financing to obtain lower interest rates, while the city remains responsible for debt service.
  • Aims to complete or advance Samuel Slater Middle School improvements without triggering adverse fiscal impacts on Pawtucket’s budget or tax base.

Key provisions

  • State financing: The bill would authorize the Rhode Island Health and Educational Building Corporation (the “corporation”) to issue bonds totaling roughly $150 million to finance the project, with the state entering a financing agreement that the governor and state treasurer may execute. Debt service is projected to be roughly $11.6 million to $18.5 million annually, with total aggregate debt service between about $268.8 million and $346.4 million over 30 years (assuming ~5% interest). The state’s obligations would be subject to annual appropriation and would not pledge the full faith and credit of the state.
  • City financing: The City of Pawtucket may issue up to $22.5 million in city bonds/notes to cover its share of project costs, including design, renovations, athletic fields, landscaping, and parking. City bonds may take various forms (serial, term, zero-coupon, etc.). Amortization terms can differ from the corporation bonds.
  • Use of proceeds: City bond proceeds would finance renovations/repairs at Slater Middle School or the acquisition/construction/improvement/financing of a new middle school and related costs. Proceeds can be used directly or as reimbursements to the state.
  • Financing structure: The city may enter into financing agreements with the Rhode Island Health and Educational Building Corporation, and may elect to have applicable provisions of Chapter 38.1 of Title 45 apply to the city bonds/notes as appropriate. The corporation bonds are the primary debt obligation, with city debt supporting the project through reimbursements and other revenues.
  • RIDE approval: No bonds may be issued unless the Rhode Island Department of Education (RIDE) approves the project.
  • Elections and timing: Sections 4–17 (covering city financing) require voter approval in Pawtucket at a November 3, 2026 election (or a designated local special election). The act’s Sections 1–3 and 18–19 take effect upon passage; Sections 4–17 take effect only after the election approval.
  • Governance and compliance: The act authorizes the governor, treasurer, and budget officer to execute necessary documents and to comply with federal securities and tax laws, including SEC Rule 15c2-12 and continuing disclosure requirements.

Who is affected

  • Samuel Slater Middle School students and staff in Pawtucket, whose facilities would receive renovations or replacement.
  • The City of Pawtucket, which would issue up to $22.5 million in city debt and manage related project administration and debt service.
  • The State of Rhode Island, which would enter into a financing agreement and provide debt service support through the corporation, subject to annual appropriation.
  • RIDE, which must approve the project before any bonds are issued.

Procedural and timeline aspects

  • Introduced February 27, 2026; referred to Senate Finance.
  • Requires Pawtucket voter approval in the November 3, 2026 election (or a special local election) for Sections 4–17 to take effect.
  • Sections 1–3 and 18–19 take effect upon passage.
  • Overall financing plan spans up to 30 years, with long-term debt service projections based on estimated interest rates and amortization.

Overall, SR 2679 outlines a coordinated, state-assisted approach to upgrading Pawtucket’s middle school facilities while preserving the city’s fiscal stability and ensuring project oversight and accountability.

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

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