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| ARTICLE 5 |
RELATING TO CAPITAL DEVELOPMENT PROGRAM
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| 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 |
| 2022, there shall be submitted to the people ("People") of the State of Rhode Island ("State"), for |
| their approval or rejection, the following proposition: |
| "Shall the action of the general assembly, by an act passed at the January 2022 session, |
| authorizing the issuance of bonds, refunding bonds, and temporary notes of the 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 temporary notes authorized in |
| accordance with the provisions of said act?" |
| Project |
| (1) University of Rhode Island Narragansett Bay Campus $100,000,000 |
| Provides one hundred million dollars ($100,000,000) to fund repairs and construct new |
| facilities on the University of Rhode Island's Narragansett Bay Campus in support of the |
| educational and research needs for the marine disciplines. |
| (2) Rhode Island School Buildings $250,000,000 |
| Approval of this question will allow the 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) to provide direct funding for school construction projects, such as |
| the construction of new school facilities and the rehabilitation of existing school facilities. |
| (3) Green Economy Bonds $50,000,000 |
| Approval of this question will allow the State of Rhode Island to issue general obligation |
| bonds, refunding bonds, and/or temporary notes in an amount not to exceed fifty million dollars |
| ($50,000,000) for environmental and recreational purposes, to be allocated as follows: |
| (a) Municipal Resiliency $16,000,000 |
| Provides sixteen million dollars ($16,000,000) for up to seventy-five percent (75%) |
| matching grants to municipalities for restoring and/or improving resiliency of infrastructure, |
| 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) Small Business Energy Loan Program $5,000,000 |
| Provides five million dollars ($5,000,000) for grants for small businesses to remove |
| impediments to clean energy project implementation and would provide zero interest and below |
| market rate loans for clean energy projects. |
| (c) Narragansett Bay and Watershed Restoration $3,000,000 |
| Provides three million dollars ($3,000,000) for activities to restore and protect the water |
| quality and enhance the economic viability and environmental sustainability of Narragansett Bay |
| and the state's watersheds. Eligible activities include nonpoint source pollution abatement, |
| including stormwater management; nutrient loading abatement; commercial, industrial and |
| agricultural pollution abatement; and riparian buffer and watershed ecosystem restoration. |
| (d) Forest Restoration $3,000,000 |
| Provides three million dollars ($3,000,000) to maintain forest and wildlife habitat and |
| infrastructure on state properties, including state management areas. |
| (e) Brownfields 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 nonprofit entities for brownfield remediation projects. |
| (f) State Land Acquisition Program $3,000,000 |
| Provides three million dollars ($3,000,000) for the State to acquire fee simple interest or |
| conservation easements to open space, farmland, watershed, and recreation lands. |
| (g) Local Land Acquisition Matching Grant Program $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. |
| (h) Local Recreation Development Matching Grant Program $2,000,000 |
| Provides two million dollars ($2,000,000) for up to eighty percent (80%) matching grants |
| to municipalities to acquire, develop, or rehabilitate local public recreational facilities in Rhode |
| Island. |
| (i) Roger Williams Park and Zoo $12,000,000 |
| Provides twelve million dollars ($12,000,000) for Roger Williams Park and Zoo for the |
| construction of a state-of-the-art-carbon-neutral education center. |
| 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 in Section 1 hereof shall vote to |
| approve any project stated therein, said project shall be deemed to be approved by the People. The |
| authority to issue bonds, refunding bonds and/or temporary notes of the 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. |
| 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 capital development bonds in |
| serial form, in the name of and on behalf of the State of Rhode Island, in amounts as may be |
| specified 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 2022 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 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 |
| mature beyond the end of the twentieth 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, with the approval by 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, the Governor's approval |
| shall be certified to the Secretary of State; the bonds shall be signed by the General Treasurer and |
| countersigned by Secretary of State and shall bear the seal of the State. The signature approval of |
| the Governor shall be endorsed on each bond. |
| SECTION 5. Refunding bonds for 2022 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 bonds to refund the 2022 |
| capital development program bonds, in the name of and on behalf of the state, in amounts as may |
| be specified 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 2022 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 issuance, 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, the proceeds may |
| be invested for the benefit of the State in obligations of the United States of America or the State |
| of Rhode Island. |
| 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 United States or the 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 of Rhode Island for any purpose starting from the date of deposit of such monies with the |
| paying 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 issuance, 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 the 2022 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 used for the following purposes: |
| Question 1, relating to bonds in the amount of one hundred million dollars ($100,000,000) |
| to fund repairs and construct new facilities on the University of Rhode Island's Narragansett Bay |
| Campus in support of the educational and research needs for the marine disciplines. |
| Question 2, 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 ยง 45-38.2-4 (f). |
| Question 3, relating to bonds in the amount of fifty million dollars ($50,000,000) for |
| environmental and recreational purposes, to be allocated as follows: |
| (a) Municipal Resiliency $16,000,000 |
| Provides sixteen million dollars ($16,000,000) for up to seventy-five percent (75%) |
| matching grants to municipalities for restoring and/or improving resiliency of infrastructure, |
| 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) Small Business Energy Loan Program $5,000,000 |
| Provides five million dollars ($5,000,000) for grants for small businesses to remove |
| impediments to clean energy project implementation and would provide zero interest and below |
| market rate loans for clean energy projects. |
| (c) Narragansett Bay and Watershed Restoration $3,000,000 |
| Provides three million dollars ($3,000,000) for activities to restore and protect the water |
| quality and enhance the economic viability and environmental sustainability of Narragansett Bay |
| and the state's watersheds. Eligible activities include nonpoint source pollution abatement, |
| including stormwater management; nutrient loading abatement; commercial, industrial and |
| agricultural pollution abatement; and riparian buffer and watershed ecosystem restoration. |
| (d) Forest Restoration $3,000,000 |
| Provides three million dollars ($3,000,000) to maintain forest and wildlife habitat and |
| infrastructure on state properties, including state management areas. |
| (e) Brownfields 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 nonprofit entities for brownfield remediation projects. |
| (f) State Land Acquisition Program $3,000,000 |
| Provides three million dollars ($3,000,000) for the State to acquire fee simple interest or |
| conservation easements to open space, farmland, watershed, and recreation lands. |
| (g) Local Land Acquisition Matching Grant Program $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. |
| (h) Local Recreation Development Matching Grant Program $2,000,000 |
| Provides two million dollars ($2,000,000) for up to eighty percent (80%) matching grants |
| to municipalities to acquire, develop, or rehabilitate local public recreational facilities in Rhode |
| Island. |
| (i) Roger Williams Park and Zoo $12,000,000 |
| Provides twelve million dollars ($12,000,000) for Roger Williams Park and Zoo for the |
| construction of a state-of-the-art-carbon-neutral education center. |
| SECTION 7. Sale of bonds and notes. |
| Any bonds or notes issued under the authority of this 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, |
| with the approval of the Governor, shall deem to be in the best interests of the State. |
| Any premiums and accrued interest, net of the cost of bond issuance and underwriter's |
| discount, which may be received on the sale of the capital development bonds or notes shall become |
| part of the Rhode Island Capital Plan 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 in 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 electronic 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 monies 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," 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 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, |
| 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, 12 and this Section 13 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 proposition |
| contained in Section 1 hereof have indicated their approval of all or any projects thereunder. |