Rhode IslandH85942026 Regular SessionHouse

AN ACT AUTHORIZING THE CITY OF PAWTUCKET TO PROVIDE FOR THE REPAVING OF STREETS IN THE CITY AND AUTHORIZING THE FINANCING THEREOF, INCLUDING THE ISSUE OF NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR, TO FUND THE CAPITAL IMPROVEMENT PROGRAM FOR THE TWO FISCAL YEARS 2028 AND 2029 .

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Bill Overview

Analyzed Economic Effects

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

Property tax backstop for bond payments

The city must set aside enough money each year to pay bond principal and interest due. If there is a shortfall, it is added to the annual tax levy. All taxable property in Pawtucket can be taxed without any rate or amount limit to make these payments.

Voters decide on $3M road bonds

The law lets Pawtucket borrow up to $3,000,000 to repave city streets and cover related costs. The bond plan must be approved by Pawtucket voters before any bonds are issued. The question goes on the next general election ballot, or an earlier special city-wide or state election if the mayor directs it. The city clerk keeps a copy of the act on file during the election period.

Rules to sell and repay bonds

The law sets rules for selling, investing, and repaying the road bonds. The first principal payment must be within 3 years, and the last within 30 years. The city may use short-term notes for up to 5 years, with refunding notes kept under 200% of the authorized bonds. The treasurer and mayor set sale terms, can invest proceeds in banks or U.S. government obligations, use premiums and earnings for costs, and accept federal or state aid. The treasurer can advance city funds and repay them without interest from later bond proceeds or aid; unused borrowing authority can be canceled after 7 years; officers can sign needed tax and disclosure documents; and issuance does not require extra agency approvals.

Sponsors & Cosponsors

Sponsor

Mary Messier
Democratic • House

Cosponsors

Karen Alzate
Democratic • House
Cherie L. Cruz
Democratic • House
Jennifer A. Stewart
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 67 • No: 0

House vote • 6/8/2026

PAWTUCKET BONDS AND NOTES PASSAGE