2020 -- S 2743

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LC004679

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2020

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J O I N T   R E S O L U T I O N

TO AUTHORIZE AND APPROVE A REFERENDUM TO BE SUBMITTED TO THE

QUALIFIED ELECTORS OF THE STATE OF RHODE ISLAND AT THE NEXT GENERAL

ELECTION FOR BLANKET AUTHORITY FOR THE GENERAL TREASURER TO

REFINANCE BONDS

     Introduced By: Senator Samuel W. Bell

     Date Introduced: March 04, 2020

     Referred To: Senate Finance

     RESOLVED, There shall be submitted to the qualified electors of the state of Rhode

Island at the next general election for their approval the following referendum question:

     "Should the general treasurer be granted the sole authority to refinance revenue bonds

and non-general obligation bonds by pledging the general obligation of the state; provided,

however, that the refinancing of those bonds reduces the interest rate payable upon the refinanced

bonds resulting in net savings to the state in the payment of that indebtedness or to the entity

issuing the non-general obligation bonds; and on condition that the approval of the general

assembly shall be required if the duration period during which the original bonds must be paid is

more than fifty percent (50%) of the original duration period of the bonds without the approval of

the general assembly?"

     RESOLVED, That the said proposition of amendment shall be submitted to the electors

for their approval or rejection at the next statewide general election. The voting places in the

several cities and towns shall be kept open during the hours required by law for voting therein for

general officers of the state; and be it further

     RESOLVED, That the Secretary of State shall cause the said proposition of amendment

to be published as a part of this resolution in the newspapers of the state prior to the date of the

said meetings of the said electors; and the said proposition shall be inserted in the warrants or

notices to be issued previous to said meetings of the electors for the purpose of warning the town,

ward, or district meetings, and said proposition shall be read by the town, city, ward, or district

meetings to be held as aforesaid; and be it further

     RESOLVED, That the town, city, ward, and district meetings to be held as aforesaid shall

be warned, and the list of voters shall be canvassed and made up, and the said town, ward, and

district meetings shall be conducted in the same manner as now provided by law for the town,

city, ward, and district meetings for the election of general officers of the state.

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LC004679

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

J O I N T   R E S O L U T I O N

TO AUTHORIZE AND APPROVE A REFERENDUM TO BE SUBMITTED TO THE

QUALIFIED ELECTORS OF THE STATE OF RHODE ISLAND AT THE NEXT GENERAL

ELECTION FOR BLANKET AUTHORITY FOR THE GENERAL TREASURER TO

REFINANCE BONDS

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     This joint resolution would submit a referendum to voters to authorize the general

treasurer sole authority to refinance bonds to include revenue bonds and non-general obligation

bonds by pledging general obligation of the state; provided, however, that the refinance results in

net savings to the state. General assembly approval would be required for the repayment period to

be extended beyond fifty percent (50%) of the original duration period of the bonds.

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LC004679

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LC004679 - Page 3 of 3