Rhode IslandH86222026 Regular SessionHouse

AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, REPAIR AND ALTERATION OF PLAYGROUNDS, ATHLETIC FIELDS AND RELATED EQUIPMENT IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $4,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR .

Sponsored By: Christopher G. Paplauskas (Republican)

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Bill Overview

Analyzed Economic Effects

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

Cranston parks upgrades with $4M bonds

The law lets Cranston borrow up to $4 million for parks and fields, if voters approve. Money pays to buy, build, fix, and improve playgrounds, athletic fields, and related equipment. It can also pay temporary-note principal and interest, repay approved city advances, cover issuance costs, and fund capitalized interest.

Property taxes back Cranston park bonds

The city must budget enough each year to pay bond principal and interest. If it does not, the unpaid amount is added to the annual property tax levy. All taxable property in Cranston can be taxed without limit to make these payments. These obligations are excluded from certain state debt-limit calculations.

Voters decide Cranston park bond

Cranston voters decide the bond at the November 3, 2026 general election, or at a special citywide election if the council calls one. The ballot asks to approve up to $4 million for playgrounds, athletic fields, and equipment. The city clerk keeps a copy of the act available for public inspection before the vote.

Rules for selling and managing Cranston bonds

The treasurer can advance city funds to start work, with council approval, and later repay them from bonds or grants. The city may apply for federal or state aid. Bond money and aid can be invested in banks or U.S. government obligations. Accrued interest from a sale pays the first interest due, and net earnings or premiums may pay costs or debt; if federal law allows, earnings can be treated as property tax revenue. Bonds must start principal no later than 5 years after issue and finish no later than 30 years; short-term notes must be paid within 5 years and cannot exceed 200% outstanding without special fund controls. The council sets sale terms; the finance director and mayor sign and handle required federal tax and securities disclosures; bonds remain valid even if signers leave office. After seven years, the council may cancel any unused borrowing authority.

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