Rhode IslandH86202026 Regular SessionHouse

AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE REPAIR, CONSTRUCTION AND REHABILITATION OF STORM DRAINS AND DRAINAGE IMPROVEMENTS, AND THE REMEDIATION AND MITIGATION OF DRAINAGE AND FLOODING PROBLEMS, BY THE ISSUANCE OF NOT MORE THAN $4,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR .

Sponsored By: Christopher G. Paplauskas (Republican)

Became Law

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 2 benefits, 1 costs, 2 mixed.

Up to $4M for flood fixes

The law lets Cranston raise up to $4 million to fix storm drains and cut flood risk. Money can pay for construction, repairs, bond costs, interest during work, and repaying short-term city advances. The city can bundle these bonds with other city bonds, but must spend this money only on drainage and flood work. Cranston can also seek state or federal grants to add funds. Seven years after this law takes effect, the council can cancel any unused borrowing authority. Issuing this debt and spending the money requires voter approval first.

Property tax backstop for bonds

The city must set aside enough each year to pay bond and note payments. If it does not, that amount is added to the annual tax levy. All taxable property in Cranston can be taxed without limit to cover these debts. This creates a potential tax impact for property owners and renters.

Managing and selling the bonds

The city can issue these bonds without approval from other agencies, as long as it follows this law. The finance director and mayor can sign needed tax and securities documents and long‑term disclosure agreements. Bonds stay valid even if signing officers leave office before delivery. The treasurer can invest bond money and aid until used; earnings can help pay project costs or debt service.

Voters must approve borrowing

Cranston voters must approve this borrowing. The vote is at the November 3, 2026 general election, unless the city holds a special citywide election earlier. The ballot question language is set by law.

Rules for how Cranston borrows

Bonds can be zero‑coupon, capital‑appreciation, serial, or term. The first principal payment is due within 5 years, and the last within 30 years. The city can issue short‑term notes up to $4 million, payable within 5 years; refunding notes outstanding are capped at $8 million. These bonds do not count against the city’s statutory debt limit. Any growth in principal after sale counts as interest for debt‑limit rules.

Sponsors & Cosponsors

Sponsor

Christopher G. Paplauskas
Republican • House

Cosponsors

Jacquelyn M. Baginski
Democratic • House
David A. Bennett
Democratic • House
Richard R. Fascia
Republican • House
Arthur Handy
Democratic • House
Joseph M. McNamara
Democratic • House
Brandon C. Potter
Democratic • House
Robert J. Quattrocchi
Republican • House

Roll Call Votes

All Roll Calls

Yes: 71 • No: 0

House vote • 6/11/2026

CRANSTON - BONDS & NOTES PASSAGE