2019 -- S 0847

========

LC002533

========

     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2019

____________

A N   A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS § 16-7-44 APPROVING THE

ISSUANCE OF NOT TO EXCEED $20,000,000 LEASE REVENUE BONDS OR OTHER

EVIDENCES OF INDEBTEDNESS BY THE PROVIDENCE PUBLIC BUILDINGS

AUTHORITY TO FINANCE THE ACQUISITION, DESIGN, CONSTRUCTION, REPAIR,

REHABILITATION, REPLACEMENT AND IMPROVEMENT OF HEALTH AND SAFETY

PROJECTS AT THE CITY'S SCHOOLS AND SCHOOL FACILITIES, INCLUDING BUT

NOT LIMITED TO BUILDING ENVELOPE REPAIR, MECHANICAL, ELECTRICAL AND

PLUMBING IMPROVEMENTS, FIRE CODE COMPLIANCE AND PEST CONTROL,

INCLUDING DESIGN AND FEASIBILITY, ENGINEERING OR OTHER STUDIES

     Introduced By: Senator Maryellen Goodwin

     Date Introduced: April 30, 2019

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. In accordance with Chapter 50 of Title 45, of the general laws, the

Providence Public Buildings Authority is hereby empowered to issue lease revenue bonds or

other evidences of indebtedness up to an amount not exceeding twenty million dollars

($20,000,000) from time to time under its corporate name and seal, to provide funding for the

acquisition, design, construction, repair, rehabilitation, replacement and improvement of health

and safety projects at the City's schools and school facilities, including but not limited to building

envelope repair, mechanical, electrical and plumbing improvements, fire code compliance and

pest control, including design and feasibility, engineering or other studies which may be

necessary in connection therewith and other acts incidental thereto.

     SECTION 2. In accordance with § 16-7-44 of the general laws, the principal of, and

interest on such bonds or evidences of indebtedness for projects for which the Rhode Island

Department of Education ("RIDE") has granted approval shall be eligible for state housing aid

reimbursement.

     SECTION 3. This act serves as the enabling act required by Rhode Island General Laws

§ 16-7-44 and shall take effect upon passage, provided that only such lease revenue bonds or

other evidences of indebtedness for projects as that have received RIDE approval shall be eligible

for state housing aid reimbursement.

========

LC002533

========

LC002533 - Page 2 of 3

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

IN ACCORDANCE WITH RHODE ISLAND GENERAL LAWS § 16-7-44 APPROVING THE

ISSUANCE OF NOT TO EXCEED $20,000,000 LEASE REVENUE BONDS OR OTHER

EVIDENCES OF INDEBTEDNESS BY THE PROVIDENCE PUBLIC BUILDINGS

AUTHORITY TO FINANCE THE ACQUISITION, DESIGN, CONSTRUCTION, REPAIR,

REHABILITATION, REPLACEMENT AND IMPROVEMENT OF HEALTH AND SAFETY

PROJECTS AT THE CITY'S SCHOOLS AND SCHOOL FACILITIES, INCLUDING BUT

NOT LIMITED TO BUILDING ENVELOPE REPAIR, MECHANICAL, ELECTRICAL AND

PLUMBING IMPROVEMENTS, FIRE CODE COMPLIANCE AND PEST CONTROL,

INCLUDING DESIGN AND FEASIBILITY, ENGINEERING OR OTHER STUDIES

***

     This act serves as the enabling act required by Rhode Island General Laws § 16-7-44 in

order for the bonds or evidences of indebtedness issued by the Providence Public Buildings

Authority in support of Providence school housing projects to be eligible for state housing aid

reimbursement.

     This act shall take effect upon passage provided that only such lease revenue bonds or

other evidences of indebtedness for projects as shall have received Rhode Island Department of

Education ("RIDE") approval shall be eligible for state housing aid reimbursement.

========

LC002533

========

LC002533 - Page 3 of 3