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art.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 the joint resolution required pursuant to Rhode

Island Laws § 35-18-1, et seq.

SECTION 2. University of Rhode Island – Facilities Service Sector Upgrade.

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

Island are proposing a project which involves the design and construction to enhance and

reorganize the facilities within the service sector for more efficient and effective operations;

WHEREAS, the University has engaged qualified architectural and engineering firms to

perform master planning for this purpose;

WHEREAS, in the last few decades, the University has made significant improvements to

the campus infrastructure and building inventory that house academic functions, student activities,

and athletic events for the University’s faculty and students;

WHEREAS, it is in the best interest of the State, University, and the students and faculty

to have these improvements maintained and repaired;

WHEREAS, the University’s facilities group has the responsibility for maintenance and

repair of these 5.8 million square feet, comprising approximately 25% of the State’s real estate

portfolio;

WHEREAS, the buildings housing the facilities group were built in the 1950s through

1970s, have passed the end of their 40-year useful life, and are in need of substantial capital renewal

or replacement;

WHEREAS, such improvements to the facilities group’s buildings are necessary to allow

for the ongoing support of the campus; and

WHEREAS, the total project cost associated with completion of this phase of the project

and proposed financing method is thirteen million dollars ($13,000,000), including cost of issuance,

debt service payments would be supported by revenues derived from the University’s unrestricted

general revenues, and total debt service on the bonds is not expected to exceed one million one

hundred fifty thousand dollars ($1,150,000) annually and twenty-three million dollars

($23,000,000) 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 thirteen million dollars ($13,000,000) for the facilities service sector upgrade project at the

University of Rhode Island; and be it further

RESOLVED, that, this Joint Resolution shall take effect upon passage by this General

Assembly.

SECTION 3. University of Rhode Island – Utility Infrastructure Upgrade Phase II.

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

Island are proposing a project which involves the engineering and construction of upgrades and

component replacements to five municipal-level Kingston Campus utility systems;

WHEREAS, the University has engaged qualified engineering firms to examine its major

infrastructure systems;

WHEREAS, based on the condition and capabilities of these systems, the studies have

concluded that replacement of components and reconfiguration was advisable for each of these

extensive systems to ensure necessary steam, water, sanitary, and electrical support for the

University’s campuses for the next 20-40 years;

WHEREAS, the University has also developed the required Storm Water Management

Plan for the Kingston Campus, which provides guidelines that are being incorporated into new

building projects under development and are driving stand-alone storm water infrastructure projects

as well;

WHEREAS, the University has successfully completed many extremely important

individual utility infrastructure projects in its continuing progression of work to upgrade and

replace infrastructure systems but now needs additional investments beyond annual capital

resources;

WHEREAS, this project is the second phase in a phased implementation plan to upgrade

and improve the reliability of infrastructure on the University of Rhode Island’s campuses; and

WHEREAS, the total project cost associated with completion of this phase of the project

and proposed financing method is fifteen million four hundred fifty thousand dollars ($15,450,000),

including cost of issuance, debt service payments would be supported by revenues derived from

the University’s unrestricted general revenues, and total debt service on the bonds is not expected

to exceed one million three hundred fifty thousand dollars ($1,350,000) annually and twenty-seven

million dollars ($27,000,000) 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 fifteen million four hundred fifty thousand dollars ($15,450,000) for the Utility

Infrastructure Upgrade Phase II project at the University of Rhode Island; and be it further

RESOLVED, that this Joint Resolution shall take effect upon passage by this General

Assembly.

SECTION 4. This article shall take effect upon passage.