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Rhode IslandH84882026 Regular SessionHouse

AN ACT AUTHORIZING THE TOWN OF PORTSMOUTH TO ISSUE NOT TO EXCEED $41,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS TO FINANCE THE CONSTRUCTION, ADDITIONS, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE TOWN .

Sponsored By: Terri Cortvriend (Democratic)

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Bill Overview

Analyzed Economic Effects

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

Portsmouth can raise taxes for bonds

All bonds and notes under this law are unconditional debts of Portsmouth. The town must budget enough each year to pay principal and interest. If not, the amount is added to the tax levy. All taxable property can be taxed without limit to cover payments. This can raise property taxes for Portsmouth households.

Voter-approved $41 million for schools

The law lets Portsmouth borrow up to $41 million to build and fix school facilities. Voters must approve this at the Nov 3, 2026 election or at a special election. School projects must be approved by the R.I. Department of Education to get state housing aid reimbursement. Seven years after the law takes effect, the town council can end any unused borrowing authority.

Portsmouth borrowing and spending rules

Bonds can be serial, term, zero coupon, or capital appreciation, with first principal due within 5 years and final within 30 years. The town can issue temporary notes for up to 5 years; outstanding temporary notes may not exceed 200% of the authorized bond amount. The town may advance treasury funds now and repay them later without interest. Bond money must be used for school projects and related costs; unspent funds can be kept in insured banks or U.S. obligations. The town may use state financing programs to fund these projects.

Sponsors & Cosponsors

Sponsor

  • Terri Cortvriend

    Democratic • House

Cosponsors

  • Susan R. Donovan

    Democratic • House

  • Michelle E. McGaw

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 73 • No: 0

House vote • 6/2/2026

PORTSMOUTH - BONDS & NOTES PASSAGE

Yes: 73 • No: 0

Actions Timeline

  1. Effective without Governor's signature

    6/26/2026Governor

  2. Transmitted to Governor

    6/18/2026Governor

  3. Senate passed in concurrence

    6/10/2026Senate

  4. Placed on the Senate Consent Calendar (06/10/2026)

    6/9/2026Senate

  5. House read and passed

    6/2/2026House

  6. Placed on House Calendar (06/02/2026)

    5/29/2026House

  7. Committee recommends passage

    5/26/2026

  8. Scheduled for consideration (05/26/2026)

    5/22/2026

  9. Committee recommended measure be held for further study

    5/19/2026

  10. Scheduled for hearing and/or consideration (05/19/2026)

    5/15/2026

  11. Introduced, referred to House Finance

    4/29/2026House

Bill Text

  • H8488 - As Introduced

    4/29/2026

    HTMLPDF

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