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1 | ARTICLE 5 | |
2 | RELATING TO CAPITAL DEVELOPMENT PROGRAM | |
3 | SECTION 1. Proposition to be submitted to the people. -- At the general election to be | |
4 | held on the Tuesday next after the first Monday in November 2020, there shall be submitted to the | |
5 | people (“People”) of the State of Rhode Island (“State”), for their approval or rejection, the | |
6 | following proposition: | |
7 | "Shall the action of the general assembly, by an act passed at the January 2020 session, | |
8 | authorizing the issuance of bonds, refunding bonds, and temporary notes of the State of Rhode Island | |
9 | for the capital projects and in the amount with respect to each such project listed below be approved, | |
10 | and the issuance of bonds, refunding bonds, and temporary notes authorized in accordance with the | |
11 | provisions of said act?" | |
12 | Project | |
13 | (1)Higher Education Facilities Bond $117,300,000 | |
14 | Approval of this question will allow the State of Rhode Island to issue general obligation | |
15 | bonds, refunding bonds, and/or temporary notes in an amount not to exceed one hundred seventeen | |
16 | million three hundred thousand dollars ($117,300,000) for capital improvements to higher education | |
17 | facilities, to be allocated as follows: | |
18 | (a) University of Rhode Island Fine Arts Center $57,300,000 | |
19 | Provides fifty-seven million three hundred thousand dollars ($57,300,000) to fund repairs | |
20 | and construct a new facility on the University of Rhode Island’s Kingston campus in support of the | |
21 | educational needs for the musical, theatrical, visual, and graphic arts disciplines. | |
22 | (b) Rhode Island College Clarke Science Building Renovation $38,000,000 | |
23 | Provides thirty-eight million dollars ($38,000,000) to reconstruct Clarke Science Building | |
24 | on the campus of Rhode Island College. This project will improve the science and technology | |
25 | laboratories and facilities that support high-demand degree programs critical to the college’s | |
26 | mission of statewide workforce development. | |
27 | (c) Community College of Rhode Island Renovation and Modernization $12,000,000 | |
28 | Provides twelve million dollars ($12,000,000) to fund restoration and enhancement of | |
29 | academic and student support spaces and other infrastructure on the four campuses of the | |
30 | Community College of Rhode Island (CCRI). Funds will go towards modernizing and renovating | |
31 | facilities, addressing repairs, improving safety and energy efficiency, and replacing outdated | |
32 | technology and equipment used for teaching and learning. | |
33 | (d) Center for Ocean Innovation $10,000,000 | |
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1 | Provides ten million dollars ($10,000,000) for the development of a Center for Ocean | |
2 | Innovation in collaboration with the URI Graduate School of Oceanography, promoting cutting | |
3 | edge education, research and innovation, solidifying Rhode Island’s leadership in the Blue | |
4 | Economy. The funds will support the construction, renovation, attaining and securing of | |
5 | facilities/spaces as well as investment in infrastructure and equipment to support the education and | |
6 | the creation, incubation, exploration, testing, prototyping, piloting, and deployment of undersea | |
7 | and other maritime technologies to create a “Smart Bay”. | |
8 | (2) Beach, Clean Water and Green Bond $64,000,000 | |
9 | Approval of this question will allow the State of Rhode Island to issue general obligation | |
10 | bonds, refunding bonds, and/or temporary notes in an amount not to exceed sixty-four million | |
11 | dollars ($64,000,000) for environmental and recreational purposes, to be allocated as follows: | |
12 | (a) State Beaches, Parks, and Campgrounds $35,00,000 | |
13 | Provides thirty-five million dollars ($35,000,000) for major capital improvements to state | |
14 | beaches, parks, and campgrounds, including the design, development, expansion, and renovation | |
15 | of new and existing facilities. Improvements may include a new facility at Goddard Park beach; | |
16 | upgraded facilities including new bathrooms at Roger Wheeler State beach, Scarborough State | |
17 | beach, Misquamicut State beach, and Brenton Point; and campground improvements including new | |
18 | bathrooms facilities and utility upgrades. | |
19 | (b) Local Recreation Projects | |
20 | $4,000,000 | |
21 | Provides four million dollars ($4,000,000) for up to eighty percent (80%) matching grants | |
22 | for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the growing | |
23 | needs for active outdoor recreational facilities. | |
24 | (c) Natural and Working Lands | |
25 | $3,000,000 | |
26 | Provides three million dollars ($3,000,000) to protect working forest and farm lands | |
27 | throughout Rhode Island including through the purchase of forest conservation easements, the | |
28 | purchase of development rights by the Agricultural Lands Preservation Commission, and the State | |
29 | Farmland Access Program. | |
30 | (d) Clean Water and Drinking Water $15,000,000 | |
31 | Provides fifteen million dollars ($15,000,000) for clean water and drinking water | |
32 | infrastructure improvements. Clean water projects include wastewater collection and treatment | |
33 | upgrades, stormwater resilience improvements, combined sewer overflow initiatives, water pollution | |
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1 | control, and other water quality protection activities. Drinking water projects include construction of | |
2 | and improvements to water supply, treatment, and distribution infrastructure. | |
3 | (e) Municipal Resiliency $7,000,000 | |
4 | Provides seven million dollars ($7,000,000) for up to seventy-five percent (75%) matching | |
5 | grants to municipalities for restoring and/or improving resiliency of infrastructure, vulnerable coastal | |
6 | habitats, and restoring rivers and stream floodplains. These funds are expected to leverage significant | |
7 | matching funds to support local programs to improve community resiliency and public safety in the | |
8 | face of increased flooding, major storm events, and environmental degradation. | |
9 | (3) Housing and Infrastructure Bond $87,500,000 | |
10 | Approval of this question will allow the State of Rhode Island to issue general obligation | |
11 | bonds, refunding bonds, and/or temporary notes in an amount not to exceed eighty-seven million five | |
12 | hundred thousand dollars ($87,500,000) to housing, facility improvement and infrastructure projects, | |
13 | to be allocated as follows: | |
14 | (a) Housing Opportunity $25,000,000 | |
15 | Provides twenty-five million dollars ($25,000,000) to increase the availability of affordable | |
16 | housing through the redevelopment of existing structures and new construction. | |
17 | (b) Port of Davisville Infrastructure at Quonset $20,000,000 | |
18 | Provides twenty million dollars ($20,000,000) for infrastructure projects that will support the | |
19 | continued growth and modernization at the Port of Davisville. This investment will finance the Port | |
20 | master plan, including construction of a new Pier at Terminal Five, the rehabilitation of Pier One, and | |
21 | dredging. These projects will position Davisville to accommodate offshore wind project cargo and | |
22 | logistics staging while continuing to support the Port’s existing businesses. | |
23 | (c) Industrial Site Development $21,500,000 | |
24 | Provides twenty-one million five hundred thousand dollars ($21,500,000) for industrial site | |
25 | development and economic revitalization. The funds will be allocated competitively to prepare sites | |
26 | for the development of facilities for purposes related to manufacturing, assembly, distribution, and | |
27 | other job-producing commercial activities. Funds may also be used for infrastructure, including | |
28 | municipal infrastructure, to catalyze development. | |
29 | (d) Early Childhood Care and Education Capital Fund $15,000,000 | |
30 | Provides fifteen million dollars ($15,000,000) for physical improvements to and | |
31 | development of licensed early childhood care and education facilities through the Early Childhood | |
32 | Care and Education Capital Fund. Quality early childhood education and child care is necessary for | |
33 | a robust economy in support of parents in the workplace and as foundation to the academic success | |
34 | of Rhode Island’s children. In 2019, only twenty percent (20%) of the physical space licensed for the | |
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1 | State’s four-year-old population meets the State definition of quality, and there are eighteen (18) cities | |
2 | and towns that do not have any infant/toddler care options. These funds will support greater access to | |
3 | safe, high-quality early learning opportunities for Rhode Island children. | |
4 | (e) Cultural Arts and the Economy Grant Program $5,000,000 | |
5 | Provides five million dollars ($5,000,000) in funding for 1:1 matching grants to continue the | |
6 | Cultural Arts and the Economy Grant program administered by the Rhode Island State Council on | |
7 | the Arts (RISCA) for capital improvement, preservation and renovation projects for public and | |
8 | nonprofit artistic, performance centers, museums and cultural art centers located throughout the State | |
9 | of Rhode Island. | |
10 | 1. Trinity Repertory Company $2,500,000 | |
11 | For the Lederer Theater and the Pell Chafee Performance Center, both in Providence, used | |
12 | for performance facilities, educational instruction, production and administration. | |
13 | 2. Rhode Island Philharmonic $1,500,000 | |
14 | For the Carter Center for Music Education and Performance in East Providence, used for | |
15 | music teaching, learning, performance and administration. | |
16 | 3. Other funds to be allocated by RISCA $1,000,000 | |
17 | For 1:1 matching grants to be allocated by RISCA to 501(c)(3) nonprofit cultural | |
18 | organizations which lease or own their performance space, and for RISCA expenses in administering | |
19 | the program. In awarding such grants RISCA shall consider financial need, the availability or actual | |
20 | expenditure of matching funds for the projects, available gifts or grants for projects, the amount of | |
21 | square footage to be improved, the geographical location and characteristics of audiences benefitted. | |
22 | (f) State Preservation Grants Program $1,000,000 | |
23 | Provides one million dollars ($1,000,000) in funding to cities, towns and nonprofit | |
24 | organizations to preserve, renovate and improve public and nonprofit historic sites, museums, and | |
25 | cultural art centers located in historic structures in the State of Rhode Island to be administered by | |
26 | the Rhode Island Historical Preservation and Heritage Commission. | |
27 | SECTION 2. Ballot labels and applicability of general election laws. -- The Secretary of | |
28 | State shall prepare and deliver to the State Board of Elections ballot labels for each of the projects | |
29 | provided for in Section 1 hereof with the designations "approve" or "reject" provided next to the | |
30 | description of each such project to enable voters to approve or reject each such proposition. The | |
31 | general election laws, so far as consistent herewith, shall apply to this proposition. | |
32 | SECTION 3. Approval of projects by people. -- If a majority of the People voting on the | |
33 | proposition in Section 1 hereof shall vote to approve any project stated therein, said project shall be | |
34 | deemed to be approved by the People. The authority to issue bonds, refunding bonds and/or | |
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1 | temporary notes of the State shall be limited to the aggregate amount for all such projects as set forth | |
2 | in the proposition, which has been approved by the People. | |
3 | SECTION 4. Bonds for capital development program. -- The General Treasurer is hereby | |
4 | authorized and empowered, with the approval of the Governor, and in accordance with the provisions | |
5 | of this Act to issue capital development bonds in serial form, in the name of and on behalf of the State | |
6 | of Rhode Island, in amounts as may be specified by the Governor in an aggregate principal amount | |
7 | not to exceed the total amount for all projects approved by the People and designated as "capital | |
8 | development loan of 2020 bonds." Provided, however, that the aggregate principal amount of such | |
9 | capital development bonds and of any temporary notes outstanding at any one time issued in | |
10 | anticipation thereof pursuant to Section 7 hereof shall not exceed the total amount for all such projects | |
11 | approved by the People. All provisions in this Act relating to "bonds" shall also be deemed to apply | |
12 | to "refunding bonds." | |
13 | Capital development bonds issued under this Act shall be in denominations of one thousand | |
14 | dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or currency of the United | |
15 | States which at the time of payment shall be legal tender for public and private debts. These capital | |
16 | development bonds shall bear such date or dates, mature at specified time or times, but not mature | |
17 | beyond the end of the twentieth (20th) State fiscal year following the fiscal year in which they are | |
18 | issued; bear interest payable semi-annually at a specified rate or different or varying rates: be payable | |
19 | at designated time or times at specified place or places; be subject to express terms of redemption or | |
20 | recall, with or without premium; be in a form, with or without interest coupons attached; carry such | |
21 | registration, conversion, reconversion, transfer, debt retirement, acceleration and other provisions as | |
22 | may be fixed by the General Treasurer, with the approval by the Governor, upon each issue of such | |
23 | capital development bonds at the time of each issue. Whenever the Governor shall approve the | |
24 | issuance of such capital development bonds, the Governor’s approval shall be certified to the | |
25 | Secretary of State; the bonds shall be signed by the General Treasurer and countersigned by Secretary | |
26 | of State and shall bear the seal of the State. The signature approval of the Governor shall be endorsed | |
27 | on each bond. | |
28 | SECTION 5. Refunding bonds for 2020 capital development program. -- The General | |
29 | Treasurer is hereby authorized and empowered, with the approval of the Governor, and in accordance | |
30 | with the provisions of this Act, to issue bonds to refund the 2020 capital development program bonds, | |
31 | in the name of and on behalf of the state, in amounts as may be specified by the Governor in an | |
32 | aggregate principal amount not to exceed the total amount approved by the People, to be designated | |
33 | as "capital development program loan of 2020 refunding bonds" (hereinafter "Refunding Bonds"). | |
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1 | The General Treasurer with the approval of the Governor shall fix the terms and form of any | |
2 | Refunding Bonds issued under this Act in the same manner as the capital development bonds issued | |
3 | under this Act, except that the Refunding Bonds may not mature more than twenty (20) years from | |
4 | the date of original issue of the capital development bonds being refunded. | |
5 | The proceeds of the Refunding Bonds, exclusive of any premium and accrual interest and net | |
6 | the underwriters’ cost, and cost of bond issuance, shall, upon their receipt, be paid by the General | |
7 | Treasurer immediately to the paying agent for the capital development bonds which are to be called | |
8 | and prepaid. The paying agent shall hold the Refunding Bond proceeds in trust until they are applied | |
9 | to prepay the capital development bonds. While such proceeds are held in trust, the proceeds may be | |
10 | invested for the benefit of the State in obligations of the United States of America or the State of | |
11 | Rhode Island. | |
12 | If the General Treasurer shall deposit with the paying agent for the capital development bonds | |
13 | the proceeds of the Refunding Bonds, or proceeds from other sources, amounts that, when invested | |
14 | in obligations of the United States or the State of Rhode Island, are sufficient to pay all principal, | |
15 | interest, and premium, if any, on the capital development bonds until these bonds are called for | |
16 | prepayment, then such capital development bonds shall not be considered debts of the State of Rhode | |
17 | Island for any purpose starting from the date of deposit of such moneys with the paying agent. The | |
18 | Refunding Bonds shall continue to be a debt of the State until paid. | |
19 | The term "bond" shall include "note," and the term "refunding bonds" shall include | |
20 | "refunding notes" when used in this Act. | |
21 | SECTION 6. Proceeds of capital development program. -- The General Treasurer is | |
22 | directed to deposit the proceeds from the sale of capital development bonds issued under this Act, | |
23 | exclusive of premiums and accrued interest and net the underwriters’ cost, and cost of bond | |
24 | issuance, in one or more of the depositories in which the funds of the State may be lawfully kept in | |
25 | special accounts (hereinafter cumulatively referred to as "such capital development bond fund") | |
26 | appropriately designated for each of the projects set forth in Section 1 hereof which shall have been | |
27 | approved by the People to be used for the purpose of paying the cost of all such projects so | |
28 | approved. | |
29 | All monies in the capital development bond fund shall be expended for the purposes specified | |
30 | in the proposition provided for in Section 1 hereof under the direction and supervision of the Director | |
31 | of Administration (hereinafter referred to as "Director"). The Director or his or her designee shall be | |
32 | vested with all power and authority necessary or incidental to the purposes of this Act, including but | |
33 | not limited to, the following authority: (a) to acquire land or other real property or any interest, estate | |
34 | or right therein as may be necessary or advantageous to accomplish the purposes of this Act; (b) to | |
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1 | direct payment for the preparation of any reports, plans and specifications, and relocation expenses | |
2 | and other costs such as for furnishings, equipment designing, inspecting and engineering, required in | |
3 | connection with the implementation of any projects set forth in Section 1 hereof; (c) to direct payment | |
4 | for the costs of construction, rehabilitation, enlargement, provision of service utilities, and razing of | |
5 | facilities, and other improvements to land in connection with the implementation of any projects set | |
6 | forth in Section 1 hereof; and (d) to direct payment for the cost of equipment, supplies, devices, | |
7 | materials and labor for repair, renovation or conversion of systems and structures as necessary for the | |
8 | 2020 capital development program bonds or notes hereunder from the proceeds thereof. No funds | |
9 | shall be expended in excess of the amount of the capital development bond fund designated for each | |
10 | project authorized in Section 1 hereof. With respect to the bonds and temporary notes described in | |
11 | Section 1, the proceeds shall be used for the following purposes: | |
12 | Question 1, relating to bonds in the amount of one hundred seventeen million three hundred | |
13 | thousand dollars ($117,300,000) to provide funding for higher education facilities to be allocated as | |
14 | follows: | |
15 | (a) University of Rhode Island Fine Arts Center | |
16 | $57,300,000 | |
17 | Provides fifty-seven million three hundred thousand dollars ($57,300,000) to fund repairs | |
18 | and construct a new facility on the University of Rhode Island’s Kingston campus in support of the | |
19 | educational needs for the musical, theatrical, visual, and graphic arts disciplines. | |
20 | (b) Rhode Island College Clarke Science Building Renovation $38,000,000 | |
21 | Provides thirty eight million dollars ($38,000,000) to reconstruct Clarke Science Building on | |
22 | the campus of Rhode Island College. This project will improve the science and technology | |
23 | laboratories and facilities that support high-demand degree programs critical to the college’s mission | |
24 | of statewide workforce development. | |
25 | (c) Community College of Rhode Island Renovation and Modernization | |
26 | $12,000,000 | |
27 | Provides twelve million dollars ($12,000,000) to fund restoration and enhancement of | |
28 | academic and student support spaces and other infrastructure on the four campuses of the Community | |
29 | College of Rhode Island (CCRI). Funds will go towards modernizing and renovating facilities, | |
30 | addressing repairs, improving safety and energy efficiency, and replacing outdated technology and | |
31 | equipment used for teaching and learning. | |
32 | (d) Center for Ocean Innovation $10,000,000 | |
33 | Provides ten million dollars ($10,000,000) for the development of a Center for Ocean | |
34 | Innovation in collaboration with the URI Graduate School of Oceanography, promoting cutting edge | |
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1 | education, research and innovation, solidifying Rhode Island’s leadership in the Blue Economy. The | |
2 | funds will support the construction, renovation, attaining and securing of facilities/spaces as well as | |
3 | investment in infrastructure and equipment to support the education and the creation, incubation, | |
4 | exploration, testing, prototyping, piloting, and deployment of undersea and other maritime | |
5 | technologies to create a “Smart Bay”. | |
6 | Question 2, relating to bonds in the amount of exceed sixty-four million dollars | |
7 | ($64,000,000) for environmental and recreational purposes, to be allocated as follows: | |
8 | (a) State Beaches, Parks, and Campgrounds $35,00,000 | |
9 | Provides thirty-five million dollars ($35,000,000) for major capital improvements to state | |
10 | beaches, parks, and campgrounds, including the design, development, expansion, and renovation of | |
11 | new and existing facilities. Improvements may include a new facility at Goddard Park beach; | |
12 | upgraded facilities including new bathrooms at Roger Wheeler State beach, Scarborough State beach, | |
13 | Misquamicut State beach, and Brenton Point; and campground improvements including new | |
14 | bathrooms facilities and utility upgrades. | |
15 | (b) Local Recreation Projects $4,000,000 | |
16 | Provides four million dollars ($4,000,000) for up to eighty percent (80%) matching grants | |
17 | for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the growing | |
18 | needs for active outdoor recreational facilities. | |
19 | (c) Natural and Working Lands | |
20 | $3,000,000 | |
21 | Provides three million dollars ($3,000,000) to protect working forest and farm lands | |
22 | throughout Rhode Island including through the purchase of forest conservation easements, the | |
23 | purchase of development rights by the Agricultural Lands Preservation Commission, and the State | |
24 | Farmland Access Program. | |
25 | (d) Clean Water and Drinking Water $15,000,000 | |
26 | Provides fifteen million ($15,000,000) for clean water and drinking water infrastructure | |
27 | improvements. Clean water projects include wastewater collection and treatment upgrades, | |
28 | stormwater resilience improvements, combined sewer overflow initiatives, water pollution control, | |
29 | and other water quality protection activities. Drinking water projects include construction of and | |
30 | improvements to water supply, treatment, and distribution infrastructure. | |
31 | (e) Municipal Resiliency Projects $7,000,000 | |
32 | Provides seven million dollars ($7,000,000) for up to seventy-five percent (75%) matching | |
33 | grants to municipalities for restoring and/or improving resiliency of infrastructure, vulnerable coastal | |
34 | habitats, and restoring rivers and stream floodplains. These funds are expected to leverage significant | |
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1 | matching funds to support local programs to improve community resiliency and public safety in the | |
2 | face of increased flooding, major storm events, and environmental degradation. | |
3 | Question 3, relating to bonds in the amount of eighty-seven million five hundred thousand | |
4 | dollars ($87,500,000) for housing, facility improvement, and infrastructure purposes, to be allocated | |
5 | as follows: | |
6 | (a) Housing Opportunity $25,000,000 | |
7 | Provides twenty-five million dollars ($25,000,000) to increase the availability of affordable | |
8 | housing through the redevelopment of existing structures and new construction. | |
9 | (b) Port of Davisville Infrastructure at Quonset $20,000,000 | |
10 | Provides twenty million dollars ($20,000,000) for infrastructure projects that will support the | |
11 | continued growth and modernization at the Port of Davisville. This investment will finance the Port | |
12 | master plan, including construction of a new Pier at Terminal Five, the rehabilitation of Pier One, and | |
13 | dredging. These projects will position Davisville to accommodate offshore wind project cargo and | |
14 | logistics staging while continuing to support the Port’s existing businesses. | |
15 | (c) Industrial Site Development (Site Readiness) $21,500,000 | |
16 | Provides twenty-one million five hundred thousand dollars ($21,500,000) for industrial site | |
17 | development and economic revitalization. The funds will be allocated competitively to prepare sites | |
18 | for the development of facilities for purposes related to manufacturing, assembly, distribution, and | |
19 | other job-producing commercial activities. Funds may also be used for infrastructure, including | |
20 | municipal infrastructure, to catalyze development. | |
21 | (d) Early Childhood Care and Education Capital Fund $15,000,000 | |
22 | Provides fifteen million dollars ($15,000,000) for physical improvements to and | |
23 | development of early childhood education facilities through the Early Childhood Care and Education | |
24 | Capital Fund. Quality early childhood education and child care is necessary for a robust economy in | |
25 | support of parents in the workplace and as foundation to the academic success of Rhode Island’s | |
26 | children. In 2019, only twenty percent (20%) of the physical space licensed for the State’s four-year- | |
27 | old population meets the State definition of quality, and there are eighteen (18) cities and towns that | |
28 | do not have any infant/toddler care options. These funds will support greater access to safe, high- | |
29 | quality early learning opportunities for Rhode Island children. | |
30 | (e) Cultural Arts and the Economy Grant Program | |
31 | Provides funds for 1:1 matching grants to continue the Cultural Arts and the Economy Grant | |
32 | program administered by the Rhode Island State Council on the Arts (RISCA) for capital | |
33 | improvement, preservation and renovation projects for public and nonprofit artistic, performance | |
34 | centers and cultural art centers located throughout the State of Rhode Island. Contracts for | |
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1 | construction entered into, on, or after November 6, 2014 shall be in compliance with § 37-13-1 et seq. | |
2 | (prevailing wage); however, contracts entered into prior to November 6, 2014 shall not be subject to | |
3 | this requirement. | |
4 | 1. Trinity Repertory Company $2,500,000 | |
5 | For the Lederer Theater, in Providence, used for performance facilities, educational | |
6 | instruction, production and administration. | |
7 | 2. Rhode Island Philharmonic $1,500,000 | |
8 | For the Carter Center for Music Education and Performance in East Providence, used for | |
9 | music teaching, learning, performance and administration. | |
10 | 3. Other funds to be allocated by RISCA $1,000,000 | |
11 | For 1:1 matching grants to be allocated by RISCA to 501(c)(3) nonprofit cultural | |
12 | organizations which lease or own their performance space, and for RISCA expenses in administering | |
13 | the program. In awarding such grants RISCA shall consider financial need, the availability or actual | |
14 | expenditure of matching funds for the projects, available gifts or grants for projects, the amount of | |
15 | square footage to be improved, the geographical location and characteristics of audiences benefitted. | |
16 | (f) State Preservation Grants Program $1,000,000 | |
17 | Provides one million dollars ($1,000,000) in funding to cities, towns and nonprofit | |
18 | organizations to preserve, renovate and improve public and nonprofit historic sites, museums, and | |
19 | cultural art centers located in historic structures in the State of Rhode Island to be administered by | |
20 | the Rhode Island Historical Preservation and Heritage Commission. | |
21 | SECTION 7. Sale of bonds and notes. -- Any bonds or notes issued under the authority of | |
22 | this Act shall be sold at not less than the principal amount thereof, in such mode and on such terms | |
23 | and conditions as the General Treasurer, with the approval of the Governor, shall deem to be in the | |
24 | best interests of the State. | |
25 | Any premiums and accrued interest, net of the cost of bond issuance and underwriter’s | |
26 | discount, which may be received on the sale of the capital development bonds or notes shall become | |
27 | part of the Municipal Road and Bridge Revolving Fund of the State, unless directed by federal law or | |
28 | regulation to be used for some other purpose. | |
29 | In the event that the amount received from the sale of the capital development bonds or notes | |
30 | exceeds the amount necessary for the purposes stated in Section 6 hereof, the surplus may be used to | |
31 | the extent possible to retire the bonds as the same may become due, to redeem them in accordance | |
32 | with the terms thereof or otherwise to purchase them as the General Treasurer, with the approval of | |
33 | the Governor, shall deem to be in the best interests of the state. | |
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1 | Any bonds or notes issued under the provisions of this Act and coupons on any capital | |
2 | development bonds, if properly executed by the manual or electronic signatures of officers of the | |
3 | State in office on the date of execution, shall be valid and binding according to their tenor, | |
4 | notwithstanding that before the delivery thereof and payment therefor, any or all such officers shall | |
5 | for any reason have ceased to hold office. | |
6 | SECTION 8. Bonds and notes to be tax exempt and general obligations of the State. -- | |
7 | All bonds and notes issued under the authority of this Act shall be exempt from taxation in the State | |
8 | and shall be general obligations of the State, and the full faith and credit of the State is hereby pledged | |
9 | for the due payment of the principal and interest on each of such bonds and notes as the same shall | |
10 | become due. | |
11 | SECTION 9. Investment of moneys in fund. -- All moneys in the capital development fund | |
12 | not immediately required for payment pursuant to the provisions of this act may be invested by the | |
13 | investment commission, as established by Chapter 10 of Title 35, entitled “State Investment | |
14 | Commission,” pursuant to the provisions of such chapter; provided, however, that the securities in | |
15 | which the capital development fund is invested shall remain a part of the capital development fund | |
16 | until exchanged for other securities; and provided further, that the income from investments of the | |
17 | capital development fund shall become a part of the general fund of the State and shall be applied to | |
18 | the payment of debt service charges of the State, unless directed by federal law or regulation to be | |
19 | used for some other purpose, or to the extent necessary, to rebate to the United States treasury any | |
20 | income from investments (including gains from the disposition of investments) of proceeds of bonds | |
21 | or notes to the extent deemed necessary to exempt (in whole or in part) the interest paid on such bonds | |
22 | or notes from federal income taxation. | |
23 | SECTION 10. Appropriation. -- To the extent the debt service on these bonds is not | |
24 | otherwise provided, a sum sufficient to pay the interest and principal due each year on bonds and | |
25 | notes hereunder is hereby annually appropriated out of any money in the treasury not otherwise | |
26 | appropriated. | |
27 | SECTION 11. Advances from general fund. -- The General Treasurer is authorized, with | |
28 | the approval of the Director and the Governor, in anticipation of the issue of notes or bonds under the | |
29 | authority of this Act, to advance to the capital development bond fund for the purposes specified in | |
30 | Section 6 hereof, any funds of the State not specifically held for any particular purpose; provided, | |
31 | however, that all advances made to the capital development bond fund shall be returned to the general | |
32 | fund from the capital development bond fund forthwith upon the receipt by the capital development | |
33 | fund of proceeds resulting from the issue of notes or bonds to the extent of such advances. | |
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1 | SECTION 12. Federal assistance and private funds. -- In carrying out this act, the | |
2 | Director, or his or her designee, is authorized on behalf of the State, with the approval of the Governor, | |
3 | to apply for and accept any federal assistance which may become available for the purpose of this | |
4 | Act, whether in the form of loan or grant or otherwise, to accept the provision of any federal legislation | |
5 | therefor, to enter into, act and carry out contracts in connection therewith, to act as agent for the | |
6 | federal government in connection therewith, or to designate a subordinate so to act. Where federal | |
7 | assistance is made available, the project shall be carried out in accordance with applicable federal | |
8 | law, the rules and regulations thereunder and the contract or contracts providing for federal assistance, | |
9 | notwithstanding any contrary provisions of State law. Subject to the foregoing, any federal funds | |
10 | received for the purposes of this Act shall be deposited in the capital development bond fund and | |
11 | expended as a part thereof. The Director or his or her designee may also utilize any private funds that | |
12 | may be made available for the purposes of this Act. | |
13 | SECTION 13. Effective Date. -- Sections 1, 2, 3, 11, 12 and this Section 13 of this article | |
14 | shall take effect upon passage. The remaining sections of this article shall take effect when and if the | |
15 | State Board of Elections shall certify to the Secretary of State that a majority of the qualified electors | |
16 | voting on the proposition contained in Section 1 hereof have indicated their approval of all or any | |
17 | projects thereunder. | |
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