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art.004/4/004/3/004/2/004/1

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     ARTICLE 4

RELATING TO DEBT MANAGEMENT ACT JOINT RESOLUTIONS

     SECTION 1. This article shall serve as joint resolution required pursuant to Rhode Island

General Law § 35-18-1, et seq. and propose legislation related thereto.

     SECTION 2. Section 2, Article 6 of Chapter 88 of the 2019 Public Laws is hereby amended

to read as follows:

     Section 2. University of Rhode Island – Memorial Union – Auxiliary Enterprise

     WHEREAS, The University of Rhode Island Board of Trustees and the University have a

long-standing commitment to the overall development of their students; and

     WHEREAS, The University believes that the Memorial Union celebrates life at URI and

acts as the nexus for campus community, student engagement, and leadership. It is an intersection

connecting the academic core of campus and the campus's socially active residential community.

The student union at the University is an integral part of the educational ecosystem that shapes the

student experience; and

     WHEREAS, The University of Rhode Island Board of Trustees and the University of

Rhode Island are proposing a project which involves the renovation and expansion of the Memorial

Union to meet the ongoing and growing needs of their students; and

     WHEREAS, The University engaged a qualified architectural firm, which has completed

an advanced planning study for this renovation; and

     WHEREAS, The Rhode Island Public Corporation Debt Management Act requires the

General Assembly to provide its consent to the issuance or incurring by the State of Rhode Island

and other public agencies of certain obligations including financing guarantees or other agreements;

and

     WHEREAS, The design and construction associated with this work of an Auxiliary

Enterprise building will be financed through the Rhode Island Health and Educational Building

Corporation (RIHEBC) revenue bonds, with an expected term of thirty (30) years; and

     WHEREAS, The total project costs associated with completion of the project through the

proposed financing method is fifty-one million five hundred thousand dollars ($51,500,000) fifty-

seven million six hundred thousand dollars ($57,600,000), including cost of issuance. Debt service

payments would be supported by revenues derived from student fees and retail lease payments

associated with the respective Auxiliary Enterprises of the University of Rhode Island occupying

said facility. Total debt service on the bonds is not expected to exceed one hundred twelve million

three hundred thousand dollars ($112,300,000) one hundred twenty-five million six hundred

thousand dollars ($125,600,000) in the aggregate based on an average interest rate of six (6%)

percent; now, therefore be it

     RESOLVED, That this General Assembly hereby approves financing in an amount not to

exceed fifty-one million five hundred thousand dollars ($51,500,000) fifty-seven million six

hundred thousand dollars ($57,600,000) for the Memorial Union project for the auxiliary enterprise

building on the University of Rhode Island campus; and be it further

     RESOLVED, That this Joint Resolution shall take effect upon passage.

     SECTION 3. Section 4, Article 6 of Chapter 88 of the 2019 Public Laws is hereby amended

to read as follows:

     Section 4. University of Rhode Island – Combined Health & Counseling Center – Auxiliary

Enterprise

     WHEREAS, The University of Rhode Island Board of Trustees and the University have a

long-standing commitment to the health and wellness of their students; and

     WHEREAS, The University has a desire to create a one-stop center to address the physical,

emotional, and mental health of its students; and

     WHEREAS, The University of Rhode Island Board of Trustees and the University of

Rhode Island are proposing a project which involves the construction of a new Combined Health

& Counseling Center to meet the ongoing and growing health needs of their students; and

     WHEREAS, The University engaged a qualified architectural firm, which has completed

an advanced planning study for this new building; and

     WHEREAS, The Rhode Island Public Corporation Debt Management Act requires the

General Assembly to provide its consent to the issuance or incurring by the State of Rhode Island

and other public agencies of certain obligations including financing guarantees or other agreements;

and

     WHEREAS, The design and construction associated with this work of an Auxiliary

Enterprise building will be financed through the Rhode Island Health and Educational Building

Corporation (RIHEBC) revenue bonds, with an expected term of thirty (30) years; and

     WHEREAS, The total project costs associated with completion of the project through the

proposed financing method is twenty-six nine hundred thousand dollars ($26,900,000) twenty-nine

million dollars ($29,000,000), including cost of issuance. Debt service payments would be

supported by revenues derived from student fees associated with the respective Auxiliary

Enterprises of the University of Rhode Island occupying said facility. Total debt service on the

bonds is not expected to exceed fifty-eight million seven hundred thousand dollars ($58,700,000)

sixty-three million three hundred thousand dollars ($63,300,000) in the aggregate based on an

average interest rate of six (6%) percent; now, therefore be it

     RESOLVED, That this General Assembly hereby approves financing in an amount not to

exceed twenty-six million nine hundred thousand dollars ($26,900,000) twenty-nine million dollars

($29,000,000) for the Combined Health & Counseling Center project for the auxiliary enterprise

building on the University of Rhode Island campus; and be it further

     RESOLVED, That, this Joint Resolution shall take effect upon passage.

     SECTION 4. This article shall take effect upon passage.