Rhode IslandH60772025 Regular SessionHouse

AN ACT AUTHORIZING THE CITY OF CENTRAL FALLS TO FINANCE THE CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $15,000,000 BONDS, NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS THEREFOR .

Sponsored By: Joshua J. Giraldo (Democratic)

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Analyzed Economic Effects

3 provisions identified: 0 benefits, 1 costs, 2 mixed.

Central Falls property taxes back school debt

Central Falls must budget enough each year for school-debt principal and interest, unless other money covers those payments. Any required amount not budgeted is added to the annual property-tax levy. All taxable city property can be taxed based on its value, without a rate or dollar limit, for these payments. Property owners may pay more, but the law sets no individual tax increase.

Central Falls can borrow for schools

Central Falls can issue up to $15 million in bonds, notes, or other debt for city school projects. The money can pay to build, renovate, repair, furnish, and equip schools, including related costs. The city must repay bond principal in annual installments. The first installment is due within five years, and the last within 30 years of the bond date.

Outside funding options for Central Falls schools

By City Council resolution, Central Falls can apply for, arrange, and spend available state or federal school-project assistance. The law guarantees no funding and sets no aid amount. Advances may need repayment with interest as project costs. State school-building aid reimbursement for this debt requires approval of the projects by the Rhode Island Department of Education.

Sponsors & Cosponsors

Sponsor

Joshua J. Giraldo
Democratic • House

Cosponsors

Karen Alzate
Democratic • House
Jennifer A. Stewart
Democratic • House
Brandon T. Voas
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 72 • No: 0

House vote • 5/27/2025

CENTRAL FALLS - BONDS & NOTES PASSAGE