Rhode IslandH85072026 Regular SessionHouse

AN ACT AUTHORIZING THE TOWN OF NARRAGANSETT TO FINANCE THE EQUIPPING, EXPANSION, IMPROVEMENT AND RENOVATION OF FIRE STATIONS IN THE TOWN OF NARRAGANSETT AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR .

Sponsored By: Carol Hagan McEntee (Democratic)

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Bill Overview

Analyzed Economic Effects

7 provisions identified: 2 benefits, 1 costs, 4 mixed.

Property taxes back the bond payments

Bonds and notes under this law are town debts. Each year, the town must set aside enough to pay principal and interest. If it does not, the unpaid amount is added to that year’s tax levy. All taxable property in Narragansett can be taxed without limit to cover these payments. These rules apply only if voters approve on November 3, 2026.

Borrow $3 million to upgrade fire stations

The law lets Narragansett borrow up to $3,000,000 to equip, expand, improve, and renovate its fire stations. Bond money must be used only for these projects, related costs, paying principal or interest on short‑term notes, or repaying approved advances. This borrowing authority takes effect only if a majority of town voters approve it on November 3, 2026.

Town can seek state or federal grants

The town may apply for and use state or federal grants for these fire station projects. Grants can lower how much the town needs to borrow. Federal rules control if they conflict with state rules. This authority applies only if voters approve on November 3, 2026.

Streamlined bond issuance and validity rules

The town may issue these bonds without extra government approvals beyond what this act requires, and this act overrides the town charter if they conflict. Bonds stay valid even if the signing officers leave office before delivery. These rules apply only if voters approve on November 3, 2026.

How the town borrows and repays

The town may sell serial or term bonds. The first principal payment is due within five years, and the last within thirty years. The town may issue short‑term notes in anticipation of bonds or state/federal aid, within limits, and repay them within five years. With town council approval, the treasurer may advance town funds to start work and repay those advances later without interest. These tools apply only if voters approve on November 3, 2026.

Manage bond money and tax-exempt status

The treasurer may hold or invest bond money in bank deposits or U.S. government obligations until it is spent. Interest from the bond sale pays the first interest bill. Premiums and earnings may pay issuance costs, project work, or principal and interest, as directed. The treasurer takes steps to keep bond interest tax‑exempt, including any required federal rebate. These rules apply only if voters approve on November 3, 2026.

Voters decide on fire station bonds

Narragansett voters decide this bond question at the general election on November 3, 2026. The town clerk keeps a copy of the act available for public review until the vote. The rest of the law takes effect only if a majority approves the question.

Sponsors & Cosponsors

Sponsor

Carol Hagan McEntee
Democratic • House

Cosponsors

Teresa A. Tanzi
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 64 • No: 0

House vote • 5/21/2026

NARRAGANSETT - BONDS AND NOTES PASSAGE