SECTION 1. University of Rhode Island Fraternity Circle Improvements Phase I.
     WHEREAS, The University of Rhode Island is proposing a utility and infrastructure
project to replace, improve, and reorganize aged, incrementally developed utility and paved
infrastructure in the sector of the Kingston Campus devoted to fraternity and sorority houses,
referred to as Fraternity Circle Improvements Phase I, including improvements to water,
wastewater, electrical, telecommunications, natural gas connections, and storm water
management systems, as well as roadways, walkways, and parking lots as a first phase of
improvements reflected in a "master plan" for this unique neighborhood of on-campus residences
serving organizations of students; and
     WHEREAS, Fraternities and sororities first developed in the early 1900s at the
University of Rhode Island and were expanded with the initial designation and development of
the "fraternity circle" neighborhood that was established in 1964, with the complement of
fraternity and sorority buildings presently housing over 800 students, while maintaining strong
bonds with affiliated alumni supporters of the University; and
     WHEREAS, The capacity of the present water distribution system in this sector is a
concern for serving sprinkler systems in both present and future houses and the wastewater
system and storm water management systems must be improved and contemporized; and
     WHEREAS, The upgrade and reconfiguration of gas, electric, and telecommunication
infrastructure in the district, with the cooperation of National Grid and the university's
networking and telecommunications operation, will address reliability, safety and long-term
functionality, while reconfigured roadways, with service access, improved pedestrian safety, and
parking area enhancements will bring this sector in line with the hardscape, exterior lighting, and
blue-light emergency phone complements in the adjacent residence hall districts; and
     WHEREAS, The design and construction of this project will be financed through Rhode
Island Health and Educational Building Corporation (RIHEBC) revenue bonds, with an expected
term of twenty (20) years; and
     WHEREAS, Debt service payments would be supported by university general revenues;
now, therefore, be it
     RESOLVED, That the total amount of the debt approved to be issued in the aggregate
shall be limited to not more than five million one hundred thousand dollars ($5,100,000). Total
debt service on the bonds is not expected to exceed four hundred seven thousand dollars
($407,000) annually and eight million one hundred forty thousand dollars ($8,140,000) in the
aggregate based on an average interest rate of five (5.0%) percent and a twenty (20) year
maturity; and be it further
     RESOLVED, That the Fraternity Circle Improvement Project Phase I is an important
investment in the upgrade of essential utility systems to enhance public safety, ensure reliability
and capacity, and safeguard the woodland/wetland setting of this sector of the Kingston Campus;
and that this general assembly hereby approves financing; and it be further
     RESOLVED, That this Joint Resolution shall take effect upon passage by this General
     SECTION 2. Rhode Island Turnpike and Bridge Authority.
     WHEREAS, The Rhode Island Turnpike and Bridge Authority (the "Authority") is a
public corporation of the State of Rhode Island (the "State"), constituting a public instrumentality
and agency exercising public and essential governmental functions of the State, created by the
General Assembly pursuant to Rhode Island General Laws § 24-12-1, et seq. (as enacted,
reenacted and amended, hereinafter referred to as the "Act"); and
     WHEREAS, The State recognizes that the Pell Bridge, the Jamestown Verrazzano Bridge
and other facilities of the Authority are an essential part of the State's transportation system and
facilitates the tourism industry; and it is the policy of the State that the public welfare and the
further economic development and the prosperity of the State requires the maintenance of such
facilities and the financing thereof; and
     WHEREAS, The Act provides that the Authority shall have the power to charge and
collect tolls for the use of its facilities; and
     WHEREAS, Pursuant to Rhode Island General Laws § 31-36-20, three and one-half cents
($0.035) per gallon of the motor fuel tax is transferred to the Authority to be used for
maintenance, operations, capital expenditures and debt service on any of its projects as defined in
chapter 12 of title 24; and
     WHEREAS, The Act also provides that the Authority shall have the power to acquire,
hold and dispose of real and personal property in the exercise of its powers and performance of its
duties; and
     WHEREAS, The Act authorizes the Authority to make and enter into all contracts and
agreements necessary or incidental to the performance of its duties and the execution of its
powers under the Act, to issue revenue bonds of the Authority for any of its purposes and to
refund its bonds, borrow money in anticipation of the issuance of its bonds, and secure its bonds
and notes by the pledge of its tolls and other revenues; and
     WHEREAS, In furtherance of its corporate purposes, the Authority is authorized to issue
from time to time its negotiable revenue bonds and notes in one or more series in such principal
amounts for the purpose of paying all or a part of the costs of any one or more projects authorized
by the Act, making provision for working capital and a reserve for interest; and
     WHEREAS, Pursuant to Rhode Island General Laws §§ 35-18-3 and 35-18-4 of the
Rhode Island Public Corporation Debt Management Act (as enacted, reenacted and amended, the
"Debt Management Act"), the Authority has requested the approval of the General Assembly of
the Authority's issuance of not more than sixty five million dollars ($65,000,000) Rhode Island
Turnpike and Bridge Authority Revenue Bonds with a term not to exceed thirty (30) years and six
(6) months (together with any notes issued in anticipation of the issuance of bonds, the " Bonds")
to be secured by toll, transfers of motor fuel taxes and/or other revenues, for the purpose of
providing funds to finance the renovation, renewal, repair, rehabilitation, retrofitting, upgrading
and improvement of the Pell Bridge, the Jamestown Verrazzano Bridge, the Sakonnet River
Bridge, Mount Hope Bridge, and other projects authorized under the Act, replacement of the
components thereof, working capital, capitalized interest, a debt service reserve and the costs of
issuing and insuring the Bonds (the "Project"); and
     WHEREAS, The Project constitutes essential public facilities directly benefiting the
State; and
     WHEREAS, The Authority is authorized pursuant to § 24-12-28 of the Act to secure its
bonds by a pledge of the tolls and other revenues received by the Authority; and
     WHEREAS, The State shall directly benefit economically from the Project by the repair,
maintenance and improvement of the State transportation infrastructure; and
     WHEREAS, In the event that not all of the Bond proceeds are used to carry out the
specified Project, the Authority will use any remaining funds to pay debt service on the Bonds;
     Now, therefore, be it
     RESOLVED, That this General Assembly finds that the Project is an essential public
facility and is of a type and nature consistent with the purposes and within the powers of the
Authority to undertake, and hereby approves the Authority's issuance of not more than sixty-five
million dollars ($65,000,000) in Bonds, which amount is in addition to all prior authorizations;
and be it further
     RESOLVED, That the Bonds will be special obligations of the Authority payable from
funds received by the Authority from tolls and other revenues received by the Authority. The total
debt service on the Bonds is estimated to average approximately five million seventy-five
thousand dollars ($5,075,000) per year or approximately one hundred fifty million two hundred
fifty thousand dollars one hundred fifty-two million two hundred fifty thousand dollars
($152,250,000) in the aggregate, prior to the receipt of any federal subsidy and/or assistance, at
an average interest rate of approximately six and three-quarters percent (6.75%) and an
approximately a thirty (30) year maturity; and be it further
     RESOLVED, That the Bonds will not constitute indebtedness of the State or any of its
subdivisions or a debt for which the full faith and credit of the State or any of its subdivisions is
     RESOLVED, That this Joint Resolution shall take effect upon passage by this General
     SECTION 3. Chapter 24-12 of the General Laws entitled "Rhode Island Turnpike and
Bridge Authority" is hereby amended by adding thereto the following section:
     24-12-59. Bondholders' rights not to be affected by the state. -- The state does pledge
to and agree with the holders of any bonds or notes issued under this chapter that the state will not
limit or alter the rights vested in the authority to fulfill the terms of any agreements made with the
holders until those bonds or notes, together with their interest, with interest on any unpaid
installments of interest, and all costs and expenses in connection with any action or proceeding by
or on behalf of those holders, are fully met and discharged. The authority is authorized to include
this pledge and agreement of the state in any agreement with the holders of those bonds or notes.
     SECTION 4. This article shall take effect upon passage.