Rhode IslandH86232026 Regular SessionHouse

AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE DESIGN, CONSTRUCTION, REPAIR, REHABILITATION AND IMPROVEMENT OF STREETS, SIDEWALKS AND BRIDGES IN THE CITY INCLUDING, BUT NOT LIMITED TO, PAVING, DRAINAGE, TRAFFIC CONTROL DEVICES, ROAD MAINTENANCE EQUIPMENT, SAFETY IMPROVEMENTS AND LANDSCAPING AND ALL COSTS INCIDENTAL OR RELATED THERETO BY THE ISSUANCE OF NOT MORE THAN $8,000,000 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 road bonds need voter approval

Cranston can borrow up to $8 million to fix streets, sidewalks, and bridges. Voters must approve this at the November 3, 2026 general election, or a city-wide special election. Any unused borrowing power can be canceled seven years after the law’s effective date.

Property taxes back Cranston road bonds

The city must set aside enough money each year to pay these bonds. If not, that amount is added to the property tax. All taxable property can be taxed without limit to pay this debt. These bonds do not count under a specific state debt limit. Principal payments must start within 5 years and finish within 30 years. The city may use zero-coupon or capital appreciation bonds, and any later principal growth counts as interest for debt-limit rules.

How bond money is spent and invested

Bond money must pay for the road, sidewalk, and bridge work and related costs. It can also pay temporary note interest or principal, repay city advances, cover issuance costs, and fund capitalized interest. The city treasurer may invest unspent money in bank deposits or U.S. government obligations. Interest from the sale pays the first interest due. Extra earnings or premiums can fund more work, pay debt, or reduce costs, and sometimes count as property tax revenue if federal rules allow.

Short-term notes, advances, and grants

The city can use short-term notes before selling bonds or before grant money arrives. Notes tied to bonds cannot exceed the $8 million authority and must be repaid within 5 years. Notes tied to expected state or federal aid cannot exceed the expected aid. Refunded notes outstanding cannot be more than 200% of the bond authority at one time. The treasurer may advance city funds with council approval and later repay them without interest. The city may apply for state or federal grants. The finance director and mayor can sign documents to meet federal tax and securities 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: 72 • No: 0

House vote • 6/11/2026

CRANSTON - BONDS & NOTES PASSAGE