# Rhode Island H8488: 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 . Rhode Island H8488, 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 ., is a 2026 Regular Session House bill sponsored by Terri Cortvriend (Democratic); status became law, last action 2026-06-26 (Effective without Governor's signature) (as of 2026-11-01). - Canonical: https://policyrisk.com/state-bill/RI-H8488-2026 - As of: 2026-11-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Bill: Rhode Island H8488 - State: Rhode Island - Session: 2026 Regular Session - Title: 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 . - Status: became law - Chamber: House - Introduced: 2026-04-29 - Last action: 2026-06-26, Effective without Governor's signature - Sponsor: Terri Cortvriend (Democratic) - Cosponsors: 2 - Touches household money: no - Roll calls: 1 (73 yes, 0 no in all) - Economic provisions PRIA read: 3 ## Summary No summary available. ## Bill overview: provisions PRIA read - Portsmouth can raise taxes for bonds: cost, high. 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… - Voter-approved $41 million for schools: mixed, medium. 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… - Portsmouth borrowing and spending rules: mixed, low. 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 fund… ## Sponsors and cosponsors - Sponsor: Terri Cortvriend (Democratic), House - Cosponsor: Susan R. Donovan (Democratic), House - Cosponsor: Michelle E. McGaw (Democratic), House ## Roll call votes | Date | Chamber | Motion | Result | Yes | No | Other | | --- | --- | --- | --- | --- | --- | --- | | 2026-06-02 | House | PORTSMOUTH - BONDS & NOTES PASSAGE | pass | 73 | 0 | | ## Actions (11) - 2026-06-26: Effective without Governor's signature (Governor) - 2026-06-18: Transmitted to Governor (Governor) - 2026-06-10: Senate passed in concurrence (Senate) - 2026-06-09: Placed on the Senate Consent Calendar (06/10/2026) (Senate) - 2026-06-02: House read and passed (House) - 2026-05-29: Placed on House Calendar (06/02/2026) (House) - 2026-05-26: Committee recommends passage - 2026-05-22: Scheduled for consideration (05/26/2026) - 2026-05-19: Committee recommended measure be held for further study - 2026-05-15: Scheduled for hearing and/or consideration (05/19/2026) - 2026-04-29: Introduced, referred to House Finance (House) ## Bill text - H8488 - As Introduced, 2026-04-29: [HTML](https://webserver.rilegislature.gov/BillText26/HouseText26/H8488.htm), [PDF](https://webserver.rilegislature.gov/BillText26/HouseText26/H8488.pdf) ## Related bills - H8605: JOINT RESOLUTION MAKING AN APPROPRIATION TO PAY CERTAIN CLAIMS . (became law) - H8586: AN ACT RELATING TO HIGHWAYS -- RHODE ISLAND TURNPIKE AND BRIDGE AUTHORITY . (became law) - H8580: AN ACT RELATING TO THE NORTH TIVERTON FIRE DISTRICT . (became law) - H8506: AN ACT RELATING TO TOWNS AND CITIES -- RELATING TO CENTRAL FALLS PENSION PLAN . (became law) - H8525: AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES . (became law) - H8437: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION . (became law) ## Sources - [H8488 - As Introduced (HTML)](https://webserver.rilegislature.gov/BillText26/HouseText26/H8488.htm) - [H8488 - As Introduced (PDF)](https://webserver.rilegislature.gov/BillText26/HouseText26/H8488.pdf) ## Related - [H8605: JOINT RESOLUTION MAKING AN APPROPRIATION TO PAY CERTAIN CLAIMS .](https://policyrisk.com/state-bill/RI-H8605-2026) - [H8586: AN ACT RELATING TO HIGHWAYS -- RHODE ISLAND TURNPIKE AND BRIDGE AUTHORITY .](https://policyrisk.com/state-bill/RI-H8586-2026) - [H8580: AN ACT RELATING TO THE NORTH TIVERTON FIRE DISTRICT .](https://policyrisk.com/state-bill/RI-H8580-2026) - [H8506: AN ACT RELATING TO TOWNS AND CITIES -- RELATING TO CENTRAL FALLS PENSION PLAN .](https://policyrisk.com/state-bill/RI-H8506-2026) - [H8525: AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES .](https://policyrisk.com/state-bill/RI-H8525-2026) - [H8437: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION .](https://policyrisk.com/state-bill/RI-H8437-2026) - [Rhode Island bills](https://policyrisk.com/states/rhode-island/bills) - [Rhode Island state hub](https://policyrisk.com/states/rhode-island) - [All state legislation](https://policyrisk.com/state-bills) Source: PRIA, https://policyrisk.com/state-bill/RI-H8488-2026 (as of 2026-11-01).