=======
art.005/4/005/3/005/2/005/1
=======
ARTICLE 5
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 2018, there shall be submitted to the
people (“People”) (“people”) of the State state of Rhode Island (“State”) (“state”), for their
approval or rejection, the following proposition:
     "Shall the action of the general assembly, by an act passed at the January 2018 session,
authorizing the issuance of bonds, refunding bonds, and/or temporary notes of the State state of
Rhode Island 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/or temporary notes authorized
in accordance with the provisions of said act?"
     Project
     (1) Rhode Island School Buildings $250,000,000
     Approval of this question will allow the State state of Rhode Island to issue general
obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed two-
hundred-fifty million dollars ($250,000,000) over a five-(5) year (5) period, and not to exceed one-
hundred million dollars ($100,000,000) in any one (1) year, to provide direct funding for
foundational level school housing aid and the school building authority capital fund.
     (2) Higher Education Facilities $70,000,000
     Approval of this question will allow the State state of Rhode Island to issue general
obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed seventy
million dollars ($70,000,000) to higher education facilities, to be allocated as follows:
     (a) University of Rhode Island Narragansett Bay Campus $45,000,000
     Provides forty-five million dollars ($45,000,000) to fund repairs and construct new
facilities on the University university of Rhode Island’s Narragansett Bay campus in support of
the educational and research needs for the marine disciplines.
     (b) Rhode Island College School of Education and Human Development $25,000,000
     Provides twenty-five million dollars ($25,000,000) to fund the renovation of Horace Mann
Hall on the campus of Rhode Island College college, which houses the School of Education and
Human Development school of education and human development.
     (3) Green Economy and Clean Water $47,300,000
     Approval of this question will allow the State state of Rhode Island to issue general
obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed forty-seven
million three hundred thousand dollars ($47,300,000) for environmental and recreational purposes,
to be allocated as follows:
     (a) Coastal Resiliency and Public Access Projects $5,000,000
     Provides five million dollars ($5,000,000) for up to seventy-five percent (75%) matching
grants to public and non-profit entities for restoring and/or improving resiliency of vulnerable
coastal habitats, and restoring rivers and stream floodplains. These funds are expected to leverage
significant matching funds to support local programs to improve community resiliency and public
safety in the face of increased flooding, major storm events, and environmental degradation.
     (b) Capital for Clean Water and Drinking Water $7,900,000
     Provides seven million nine hundred thousand dollars ($7,900,000) for clean water and
drinking water infrastructure improvements. Projects range from wastewater treatment upgrades
and storm water quality improvements to combine sewer overflow abatement projects.
     (c) Wastewater Treatment Facility Resilience Improvements $5,000,000
     Provides five million dollars ($5,000,000) for up to fifty percent (50%) matching grants
for wastewater treatment facility resiliency improvements for facilities vulnerable to increased
flooding, major storm events, and environmental degradation.
     (d) Dam Safety $4,400,000
     Provides four million four hundred thousand dollars ($4,400,000) for repairing and/or
removing state-owned dams.
     (e) Dredging - Downtown Providence Rivers $7,000,000
     Provides seven million dollars ($7,000,000) for the state to obtain additional dredging
analysis and the dredging of the Downtown downtown Providence Rivers rivers from: The
Woonasquatucket River from I-95 north of Providence Place Mall to its confluence with the
Providence River; the Moshassuck River from Smith Street to its confluence with the Providence
River; and the Providence River from Steeple Street to Point Street; and dredging a sediment basin
upstream of the Providence Place Mall and I-95 for approximately six hundred feet (600').
     (f) State Bikeway Development Program $5,000,000
     Provides five million dollars ($5,000,000) for the State to design, repair, and construct
bikeways, including the East Bay bike path.
     (g) Brownfield Remediation and Economic Development $4,000,000
     Provides four million dollars ($4,000,000) for up to eighty percent (80%) matching grants
to public, private, and/or non-profit entities for brownfield remediation projects.
     (h) Local Recreation Projects $5,000,000
     Provides five million dollars ($5,000,000) for up to eighty percent (80%) matching grants
for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the
growing needs for active recreational facilities.
     (i) Access to Farmland $2,000,000
     Provides two million dollars ($2,000,000) to protect the State’s state’s working farms
through the State Farmland Access Program state farmland access program and the purchase of
development rights by the agricultural lands preservation commission.
     (j) Local Open Space $2,000,000
     Provides two million dollars ($2,000,000) for up to fifty percent (50%) matching grants to
municipalities, local land trusts, and nonprofit organizations to acquire fee-simple interest,
development rights, or conservation easements on open space and urban parklands.
     SECTION 2. Ballot labels and applicability of general election laws. -- The Secretary
of State secretary of state shall prepare and deliver to the State Board of Elections state board of
elections ballot labels for each of the projects provided for in Section 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 people voting
on the proposition in Section section 1 hereof shall vote to approve any project stated therein, said
the project shall be deemed to be approved by the People people. The authority to issue bonds,
refunding bonds and/or temporary notes of the State state shall be limited to the aggregate amount
for all such projects as set forth in the proposition, which has been approved by the People people.
     SECTION 4. Bonds for capital development program. -- The General Treasurer general
treasurer is hereby authorized and empowered, with the approval of the Governor governor, and
in accordance with the provisions of this Act act to issue capital development bonds in serial form,
in the name of and on behalf of the State state of Rhode Island, in amounts as may be specified by
the Governor governor in an aggregate principal amount not to exceed the total amount for all
projects approved by the People people and designated as "capital development loan of 2018
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 section 7 hereof shall not exceed the total amount for all such projects approved by the
People people. All provisions in this Act act relating to "bonds" shall also be deemed to apply to
"refunding bonds."
     Capital development bonds issued under this Act 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 mature beyond the end of the twentieth (20th) State state fiscal year following the 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
express 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 General
Treasurer, with the approval by the Governor governor, upon each issue of such capital
development bonds at the time of each issue. Whenever the Governor governor shall approve the
issuance of such capital development bonds, the Governor’s governor’s approval shall be certified
to the Secretary of State secretary of state; the bonds shall be signed by the General Treasurer
general treasurer and countersigned by Secretary of State secretary of state and shall bear the
seal of the State state. The signature approval of the Governor governor shall be endorsed on each
bond.
     SECTION 5. Refunding bonds for 2018 capital development program. -- The General
Treasurer The general treasurer is hereby authorized and empowered, with the approval of the
Governor governor, and in accordance with the provisions of this Act act, to issue bonds to refund
the 2018 capital development program bonds, in the name of and on behalf of the state, in amounts
as may be specified by the Governor governor in an aggregate principal amount not to exceed the
total amount approved by the People people, to be designated as "capital development program
loan of 2018 refunding bonds" (hereinafter "Refunding Bonds").
     The General Treasurer general treasurer with the approval of the Governor governor
shall fix the terms and form of any Refunding Bonds refunding bonds issued under this Act act
in the same manner as the capital development bonds issued under this Act act, except that the
Refunding Bonds 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 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 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 refunding bond proceeds in trust until they are applied to prepay the capital development
bonds. While such the proceeds are held in trust, the proceeds may be invested for the benefit of
the State state in obligations of the United States of America or the State state of Rhode Island.
     If the General Treasurer general treasurer shall deposit with the paying agent for the
capital development bonds the proceeds of the Refunding Bonds refunding bonds, or proceeds
from other sources, amounts that, when invested in obligations of the United States or the State
state of Rhode Island, are sufficient to pay all 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 state of Rhode Island for any purpose starting from
the date of deposit of such moneys with the paying agent. The Refunding Bonds refunding bonds
shall continue to be a debt of the State 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
general treasurer is directed to deposit the proceeds from the sale of capital development bonds
issued under this Act 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 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 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 section 1 hereof under the direction and
supervision of the Director of Administration director of administration (hereinafter referred to
as "Director""director"). The Director director, or his or her designee, shall be vested with all
power and authority necessary or incidental to the purposes of this Act act, including but not limited
to, the following authority: (a) to 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 act; (b)
to 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 section 1 hereof;
(c) to 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 section 1 hereof; and (d) to 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 the 2018 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 section 1
hereof. With respect to the bonds and temporary notes described in Section section 1, the proceeds
shall be used for the following purposes:
     Question 1, relating to bonds in the amount of two hundred-fifty million dollars
($250,000,000) to provide funding for the construction, renovation, and rehabilitation of the state’s
public schools pursuant to § 45-38.2-4 (e).
     Question 2, relating to bonds in the amount of seventy million dollars ($70,000,000) to
provide funding for higher education facilities to be allocated as follows:
     (a) University of Rhode Island Narragansett Bay Campus $45,000,000
     Provides forty-five million dollars ($45,000,000) to renovate, build additions, and
construct new facilities, including a new Ocean Innovation Center ocean innovation center
building, to support the ongoing and evolving educational and research needs in marine biology,
oceanography, oceanic instrumentation and other marine disciplines at the Narragansett Bay
Campus. Constructing new facilities will allow the University to accommodate a new one hundred
twenty-five million dollars ($125,000,000) National Science Foundation federal research vessel
and other University-supported research vessels at the University’s Narragansett Bay campus
facilities.
     (b) Rhode Island College School of Education and Human Development $25,000,000
     Provides twenty-five million dollars ($25,000,000) to renovate Horace Mann Hall on the
campus of Rhode Island College college in Providence. Horace Mann Hall houses the Feinstein
School of Education and Human Development education and human development, the historical
leader in producing Rhode Island’s public school teachers. The facility has exceeded its useful life
with no major renovations since it was constructed in 1969. The renovation will allow the Feinstein
School of Education and Human Development education and human development to ensure its
curriculum and programming are among the best in the nation and create a top learning environment
for students.
     Question 3, relating to bonds in the amount of exceed forty-seven million three hundred
thousand dollars ($47,300,000) for environmental and recreational purposes, to be allocated as
follows:
     (a) Coastal Resiliency and Public Access Projects $5,000,000
     Provides five million dollars ($5,000,000) for up to seventy-five percent (75%) matching
grants to public and non-profit entities for restoring and/or improving resiliency of vulnerable
coastal habitats, and restoring rivers and stream floodplains.
     (b) Capital for Clean Water and Drinking Water $7,900,000
     Provides seven million nine hundred thousand dollars ($7,900,000) for clean water and
drinking water infrastructure improvements such as from wastewater treatment upgrades and storm
water quality improvements to combined sewer overflow abatement projects.
     (c) Wastewater Treatment Facility Resilience Improvements $5,000,000
     Provides five million dollars ($5,000,000) for up to fifty percent (50%) matching grants
for wastewater treatment facility resiliency improvements for facilities vulnerable to increased
flooding, major storm events, and environmental degradation.
     (d) Dam Safety $4,400,000
     Provides four million four hundred thousand dollars ($4,400,000) for repairing and/or
removing State-owned dams.
     (e) Dredging - Downtown Providence Rivers $7,000,000
     Provides seven million dollars ($7,000,000) for the state to obtain additional dredging
analysis and the dredging of the Downtown Providence Rivers from: The Woonasquatucket River
from I-95 north of Providence Place Mall to its confluence with the Providence River; the
Moshassuck River from Smith Street to its confluence with the Providence River; and the
Providence River from Steeple Street to Point Street; and dredging a sediment basin upstream of
the Providence Place Mall and I-95 for approximately six hundred feet (600').
      (f) State Bikeway Development Program $5,000,000
     Provides five million dollars ($5,000,000) for the State state to design, repair, and construct
bikeways, including the East Bay bike path.
     (g) Brownfield Remediation and Economic Development $4,000,000
     Provides four million dollars ($4,000,000) for up to eighty percent (80%) matching grants
to public, private, and/or non-profit entities for brownfield remediation projects.
     (h) Local Recreation Projects $5,000,000
     Provides five million dollars ($5,000,000) for up to eighty percent (80%) matching grants
for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the
growing needs for active recreational facilities.
     (i) Access to Farmland $2,000,000
     Provides two million dollars ($2,000,000) to protect the State’s state’s working farms
through the State Farmland Access Program state farmland access program and the purchase of
Development Rights by the Agricultural Lands Preservation Commission development rights by
the agricultural lands preservation commission.
     (j) Local Open Space $2,000,000
     Provides two million dollars ($2,000,000) for up to fifty percent (50%) matching grants to
municipalities, local land trusts, and nonprofit organizations to acquire fee-simple interest,
development rights, or conservation easements on open space and urban parklands.
     SECTION 7. Sale of bonds and notes. -- Any bonds or notes issued under the authority
of this Act act shall be sold at not less than the principal amount thereof, in such mode and on such
terms and conditions as the General Treasurer general treasurer, with the approval of the
Governor governor, shall deem to be in the best interests of the State state.
     Any premiums and accrued interest, net of the cost of bond insurance and underwriter’s
discount, which may be received on the sale of the capital development bonds or notes shall become
part of the Municipal Road and Bridge Revolving Fund of the State municipal road and bridge
revolving 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 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
general treasurer, with the approval of the Governor governor, shall deem to be in the best
interests of the state.
     Any bonds or notes issued under the provisions of this Act act and coupons on any capital
development bonds, if properly executed by the manual or electronic signatures of officers of the
State 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 act shall be exempt from taxation in
the State state and shall be general obligations of the State state, and the full faith and credit of the
State state is hereby pledged for the due payment of the principal and interest on each of such the
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 10 of Title 35, entitled “State Investment
Commission,” “state investment commission,” 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 state and shall be applied to the payment of debt service charges of
the State state, unless directed by federal law or regulation to be used for some other purpose, or
to the extent necessary, to rebate to the United States treasury any income from investments
(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, with
the approval of the Director and the Governor director and the governor, in anticipation of the
issue of notes or bonds under the authority of this Act act, to advance to the capital development
bond fund for the purposes specified in Section section 6 hereof, any funds of the State 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 director, or his or her designee, is authorized on behalf of the State state, with the approval
of the Governor governor, to apply for and accept any federal assistance which may become
available for the purpose of this Act 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 state law. Subject to the foregoing, any federal funds received for the purposes of this Act
act shall be deposited in the capital development bond fund and expended as a part thereof. The
Director director or his or her designee may also utilize any private funds that may be made
available for the purposes of this Act 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 state board of elections shall certify to the Secretary of State Secretary of State
secretary of state that a majority of the qualified electors voting on the proposition contained in
Section section 1 hereof have indicated their approval of all or any projects thereunder.