ARTICLE 5 SUBSTITUTE A AS AMENDED
RELATING TO
CAPITAL DEVELOPMENT PROGRAM
SECTION
1. Proposition to be submitted to the people.
-- At the general election to be
held on the Tuesday next after the first Monday in November
2010, there shall be submitted to
the people for their approval or rejection the following
proposition:
"Shall the action
of the general assembly, by an act passed at the January 2010 session,
authorizing the issuance of bonds, refunding bonds, and temporary
notes of the state for the
capital projects and in the amount with respect to each such
project listed below be approved, and
the issuance of bonds, refunding bonds, and temporary
notes authorized in accordance with the
provisions of said act?"
Project
(1) Higher Education
Facilities $78,000,000
Approval of this
question will allow the State of
bonds, refunding bonds, and temporary notes in an amount
not to exceed sixty one million dollars
($61,000,000) for the construction of a new chemistry
building at the
and seventeen million dollars ($17,000,000) for the
renovation and construction of an addition to
the
(2) Transportation
$84,700,000
Approval of this
question will authorize the State of
obligation bonds, refunding bonds, and temporary notes in an
amount not to exceed eighty
million dollars ($80,000,000) to match federal funds and
provide direct funding for improvements
to the state’s highways, roads, and bridges and four
million seven hundred thousand dollars
($4,700,000) to purchase and/or rehabilitate buses for
the Rhode Island Public Transit Authority’s
bus fleet.
(3) Open Space and Recreation $14,700,000
Approval of this question will authorize the State of
obligation bonds, refunding bonds, and temporary notes in an
amount not to exceed ten million
dollars ($10,000,000) for the purpose of acquiring title to
all or a portion of land in and around
the former
million two hundred thousand dollars ($3,200,000) for the
purpose of transferring title to 25
department of environmental management, with the funds to be
used to reimburse the
highway administration for the market value of the property
preserving the same as open space
and for recreation, and to further issue general
obligation bonds, refunding bonds, and temporary
notes in an amount not to exceed one million five hundred
thousand dollars ($1,500,000) for the
purpose of improvements and renovations to
dedicated to the preservation and public accessibility of the
Fort.
SECTION
2. Ballot labels and applicability of general
election laws. -- The secretary
of state shall prepare and deliver to the state board of
elections ballot labels for each of the
projects provided for in section 1 hereof with the
designations "approve" or "reject" provided next
to the description of each such project to enable voters
to approve or reject each such proposition.
The general election laws, so far as consistent
herewith, shall apply to this proposition.
SECTION
3. Approval of projects by people.
-- If a majority of the people voting on
the proposition provided for in section 1 hereof shall
vote to approve the proposition as to any
project provided for in section 1 hereof, said project shall
be deemed to be approved by the
people. The authority to issue bonds, refunding bonds and
temporary notes of the state shall be
limited to the aggregate amount for all such projects as set
forth in the proposition provided for in
section 1 hereof which has been approved by the people.
SECTION
4. Bonds for capital development program.
-- The general treasurer is
hereby authorized and empowered with the approval of the
governor and in accordance with the
provisions of this act, to issue from time to time capital
development bonds in serial form in the
name and on behalf of the state in amounts as may be specified
from time to time by the governor
in an aggregate principal amount not to exceed the total
amount for all projects approved by the
people and designated as "capital development loan of
2010 bonds" provided, however, that the
aggregate principal amount of such capital development bonds
and of any temporary notes
outstanding at any one time issued in anticipation thereof
pursuant to section 7 hereof shall not
exceed the total amount for all such projects as have been
approved by the people. All provisions
in this act relating to "bonds" shall also be
deemed to apply to "refunding bonds".
Capital development
bonds issued under this act shall be in denominations of one
thousand dollars ($1,000) each, or multiples thereof, and
shall be payable in any coin or currency
of the United States which at the time of payment shall
be legal tender for public and private
debts. These capital development bonds shall bear such date
or dates, mature at specified time or
times, but not beyond the end of the twentieth state fiscal
year following the state fiscal year in
which they are issued, bear interest payable semi-annually
at a specified rate or different or
varying rates, be payable at designated time or times at
specified place or places, be subject to
expressed terms of redemption or recall, with or without
premium, be in a form, with or without
interest coupons attached, carry such registration,
conversion, reconversion, transfer, debt
retirement, acceleration and other provisions as may be fixed by
the general treasurer, with the
approval of the governor, upon each issue of such capital
development bonds at the time of each
issue. Whenever the governor shall approve the issuance of
such capital development bonds, he
or she shall certify approval to the secretary of state;
the bonds shall be signed by the general
treasurer and countersigned by the manual or facsimile
signature of the secretary of state and
shall bear the seal of the state or a facsimile thereof.
The approval of the governor shall be
endorsed on each bond so approved with a facsimile of his or
her signature.
SECTION
5. Refunding bonds for 2010 capital development
program. -- The general
treasurer is hereby authorized and empowered, with the approval
of the governor and in
accordance with the provisions of this act, to issue from time
to time bonds to refund the 2010
capital development program bonds in the name and on behalf
of the state, in amounts as may be
specified from time to time by the governor in an aggregate
principal amount not to exceed the
total amount approved by the people, to be designated as
"capital development program loan of
2010 refunding bonds"
(hereinafter "refunding bonds").
The general treasurer
with the approval of the governor shall fix the terms and form of
any refunding bonds issued under this act in the same
manner as the capital development bonds
issued under this act, except that the refunding bonds may
not mature more than twenty (20)
years from the date of original issue of the capital
development bonds being refunded.
The proceeds of the
refunding bonds, exclusive of any premium and accrual interest and
net the underwriters’ cost, and cost of bond insurance,
shall, upon their receipt, be paid by the
general treasurer immediately to the paying agent for the
capital development bonds which are to
be called and prepaid. The paying agent shall hold the
refunding bond proceeds in trust until they
are applied to prepay the capital development bonds.
While such proceeds are held in trust, they
may be invested for the benefit of the state in
obligations of the
State of
If the general treasurer
shall deposit with the paying agent for the capital development
bonds the proceeds of the refunding bonds or proceeds from
other sources amounts that, when
invested in obligations of the
principal, interest, and premium, if any, on the capital
development bonds until these bonds are
called for prepayment, then such capital development bonds
shall not be considered debts of the
State of
agent. The refunding bonds shall continue to be a debt of
the state until paid.
The term
"bond" shall include "note", and the term "refunding
bonds" shall include
"refunding notes"
when used in this act.
SECTION
6. Proceeds of capital development program.
-- The general treasurer is
directed to deposit the proceeds from the sale of capital
development bonds issued under this act,
exclusive of premiums and accrued interest and net the
underwriters’ cost, and cost of bond
insurance, in one or more of the depositories in which the
funds of the state may be lawfully kept
in special accounts (hereinafter cumulatively referred
to as "such capital development bond
fund") appropriately designated for each of the projects
set forth in section 1 hereof which shall
have been approved by the people to be used for the
purpose of paying the cost of all such
projects so approved.
All monies in the
capital development bond fund shall be expended for the purposes
specified in the proposition provided for in section 1 hereof
under the direction and supervision of
the director of administration (hereinafter referred to
as "director"). The director or his or her
designee shall be vested with all power and authority necessary
or incidental to the purposes of
this act, including but not limited to, the following
authority: (a) to acquire land or other real
property or any interest, estate or right therein as may be
necessary or advantageous to
accomplish the purposes of this act; (b) to direct payment for
the preparation of any reports, plans
and specifications, and relocation expenses and other
costs such as for furnishings, equipment
designing, inspecting and engineering, required in connection
with the implementation of any
projects set forth in section 1 hereof; (c) to direct payment
for the costs of construction,
rehabilitation, enlargement, provision of service utilities, and
razing of facilities, and other
improvements to land in connection with the implementation of any
projects set forth in section 1
hereof; and (d) to direct payment for the cost of equipment,
supplies, devices, materials and labor
for repair, renovation or conversion of systems and
structures as necessary for 2010 capital
development program bonds or notes hereunder from the proceeds
thereof. No funds shall be
expended in excess of the amount of the capital development
bond fund designated for each
project authorized in section 1 hereof. With respect to the
bonds and temporary notes described in
section 1, the proceeds shall be utilized for the following
purposes:
Question 1 relating to
bonds in the amount of seventy eight million dollars ($78,000,000)
for Higher Education shall be allocated as follows:
(a) New
Provide funds for the
construction of a new chemistry building and related infrastructure
and utility connections at the
(b)
Renovations/Addition to
Provide funds for the
renovation of, and construction of an addition to, the
related infrastructure and utility connections at
Question 2 relating to bonds
in the amount of eighty four million seven hundred thousand
dollars ($84,700,000) for transportation purposes shall be
allocated as follows:
(a) Highway improvement
program $80,000,000
Provide funds for the
Department of Transportation to match federal funds or to provide
direct funding for improvements to the state’s highway,
roads and bridges.
(b) Bus
Replacement/Rehabilitation $4,700,000
Provide
funds for the Rhode Island Public Transit Authority to purchase new buses or
for
rehabilitation of existing buses in the bus fleet.
Question
3 relating to bonds in the amount of fourteen million seven hundred thousand
dollars ($14,700,000) for open space shall be allocated as
follows:
(a)
Rocky Point Park $10,000,000
Provide
funds for the purpose of acquiring title to all or a portion of land in and
around
the former
(b)
Provide
funds for the purpose of transferring title to
Island 02903 from the
department of transportation to the department of environmental
management, with the funds to be used to reimburse the
the market value of the property preserving the same as
open space and for recreation.
(c)
Provide
funds for the purpose of improvements and renovations to
in the city of
SECTION
7.
of this act shall be sold from time to time at not less
than the principal amount thereof, in such
mode and on such terms and conditions as the general
treasurer, with the approval of the
governor, shall deem to be for the best interests of the
state.
Any premiums and accrued
interest, net of the cost of bond insurance and underwriters
discount, that may be received on the sale of the capital
development bonds or notes shall become
part of the Rhode Island Capital Fund of the state, unless
directed by federal law or regulation to
be used for some other purpose.
In the event that the amount
received from the sale of the capital development bonds or
notes exceeds the amount necessary for the purposes stated
in section 6 hereof, the surplus may
be used to the extent possible to retire the bonds as
the same may become due, to redeem them in
accordance with the terms thereof or otherwise to purchase them
as the general treasurer, with the
approval of the governor, shall deem to be for the best
interests of the state.
Any bonds or notes
issued under the provisions of this act and coupons on any capital
development bonds, if properly executed by the manual or
facsimile signatures of officers of the
state in office on the date of execution shall be valid and
binding according to their tenor,
notwithstanding that before the delivery thereof and payment therefor, any or all such officers
shall for any reason have ceased to hold office.
SECTION
8. Bonds and notes to be tax exempt and general
obligations of the state. -
- All bonds
and notes issued under the authority of this act shall be exempt from taxation
in the
state and shall be general obligations of the state, and
the full faith and credit of the state is hereby
pledged for the due payment of the principal and interest on
each of such bonds and notes as the
same shall become due.
SECTION
9. Investment of moneys in fund.
-- All moneys in the capital development
fund not immediately required for payment pursuant to the
provisions of this act may be invested
by the investment commission, as established by chapter
35-10, pursuant to the provisions of such
chapter; provided, however, that the securities in which the
capital development fund is invested
shall remain a part of the capital development fund until
exchanged for other securities; and
provided further, that the income from investments of the
capital development fund shall become
a part of the general fund of the state and shall be
applied to the payment of debt service charges
of the state, unless directed by federal law or
regulation to be used for some other purpose, or to
the extent necessary, to rebate to the
(including gains from the
disposition of investments) of proceeds of bonds or notes to the extent
deemed necessary to exempt (in whole or in part) the
interest paid on such bonds or notes from
federal income taxation.
SECTION
10. Appropriation. --
To the extent the debt service on these bonds is not
otherwise provided, a sum sufficient to pay the interest and
principal due each year on bonds and
notes hereunder is hereby annually appropriated out of any
money in the treasury not otherwise
appropriated.
SECTION
11. Advances from general fund.
-- The general treasurer is authorized from
time to time with the approval of the director and the
governor, in anticipation of the issue of
notes or bonds under the authority of this act, to advance
to the capital development bond fund for
the purposes specified in section 6 hereof, any funds of
the state not specifically held for any
particular purpose; provided, however, that all advances made to
the capital development bond
fund shall be returned to the general fund from the
capital development bond fund forthwith upon
the receipt by the capital development fund of proceeds
resulting from the issue of notes or bonds
to the extent of such advances.
SECTION
12. Federal assistance and private funds.
-- In carrying out this act, the
director, or his or her designee, is authorized on behalf of the
state, with the approval of the
governor, to apply for and accept any federal assistance which
may become available for the
purpose of this act, whether in the form of loan or grant or
otherwise, to accept the provision of
any federal legislation therefor,
to enter into, act and carry out contracts in connection therewith,
to act as agent for the federal government in connection
therewith, or to designate a subordinate
so to act. Where federal assistance is made available,
the project shall be carried out in
accordance with applicable federal law, the rules and
regulations thereunder and the contract or
contracts providing for federal assistance, notwithstanding any
contrary provisions of state law.
Subject to the foregoing, any federal funds received
for the purposes of this act shall be deposited
in the capital development bond fund and expended as a
part thereof. The director or his or her
designee may also utilize any private funds that may be made
available for the purposes of this
act.
SECTION 13. Effective Date.
-- Sections 1, 2, 3, 11, and 12 of this article shall take
effect upon passage. The remaining sections of this article
shall take effect when and if the state
board of elections shall certify to the secretary of state
that a majority of the qualified electors
voting on the propositions contained in section 1 hereof
have indicated their approval of all or any
projects thereunder.