Rhode IslandH83002026 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 $25,000,000 BONDS, NOTES AND/OR OTHER EVIDENCES OF INDEBTEDNESS THEREFOR .

Sponsored By: Joshua J. Giraldo (Democratic)

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Bill Overview

Analyzed Economic Effects

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

Property taxes back school bond payments

The city must pay bond principal and interest each year. If it does not budget enough, the unpaid amount is added to the annual property tax levy. All taxable property can be taxed without a rate or amount limit to make these payments. School projects only get state housing aid if the Rhode Island Department of Education approves them. Interest from the bond sale pays the first interest bill, and the finance director can use premiums and investment earnings to pay project costs or debt, or add them to the tax levy as allowed.

Sunset and replacement of city bond rules

Seven years after the act’s approval, the city council can cancel any unused borrowing authority by resolution. The law also replaces earlier public acts for Central Falls, so these rules now control the city’s school bond plan.

Central Falls can borrow $25 million for schools

The law lets Central Falls borrow up to $25 million, on top of an earlier $26.049 million, to build and fix schools. The city can issue bonds or short‑term notes; notes must be repaid within five years and bonds within 30 years. Money can pay for construction, repairs, furniture and equipment, issuance costs, and interest during construction. The city may invest idle funds, use temporary treasury advances, and choose state financing programs to lower costs. It can issue without other agency approvals, and bonds stay valid even if officers leave before delivery.

Sponsors & Cosponsors

Sponsor

Joshua J. Giraldo
Democratic • House

Cosponsors

Karen Alzate
Democratic • House
Brandon T. Voas
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 73 • No: 0

House vote • 6/2/2026

CENTRAL FALLS - BONDS & NOTES PASSAGE