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Rhode IslandS26742026 Regular SessionSenate

AN ACT AUTHORIZING THE CITY OF PROVIDENCE TO ISSUE NOT TO EXCEED $25,000,000 GENERAL OBLIGATION BONDS AND NOTES TO FUND THE PROVIDENCE HOUSING TRUST FUND TO FINANCE AFFORDABLE MULTI-FAMILY HOUSING PROJECTS IN THE CITY .

Sponsored By: Jacob Bissaillon (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 0 costs, 3 mixed.

Providence housing bonds with tax pledge

The law puts a city ballot question on November 3, 2026. If voters approve, Providence can issue up to $25 million in general obligation bonds and notes to fund the Providence Housing Trust Fund for affordable multi‑family homes. Bond money must go to the Trust Fund and related costs, like paying short‑term notes and issuance costs. These bonds are full city debts. The city must budget for payments each year, and any shortfall is added to the property tax levy on all taxable property. This can add affordable apartments over time but may raise property taxes for owners.

Flexible rules for city bond sales

The city may structure bonds as serial or term, with first principal due within 5 years and final within 30. It can issue zero‑coupon and capital appreciation bonds; any later appreciation counts as interest for debt‑limit rules. The council can issue short‑term notes while waiting for bonds or aid; notes must be paid within 5 years and cannot exceed 200% of the authorized bond amount in refundings. The treasurer may invest proceeds in insured deposits or U.S. government‑backed securities and may use premiums and allowed earnings for costs, projects, or debt service, consistent with federal law. City officials can sign all documents needed to meet tax and securities rules, including continuing disclosure.

City advances and outside aid for housing

With council approval, the treasurer can advance city funds to start projects before bond or grant money arrives. These advances are repaid without interest from bonds, federal or state aid, or other funds. The city may apply for and spend federal or state grants or advances for these housing projects, and any required repayment counts as a project cost. Seven years after this act takes effect, the council may cancel any unused borrowing authority by resolution.

Sponsors & Cosponsors

Sponsor

  • Jacob Bissaillon

    Democratic • Senate

Cosponsors

  • Samuel W. Bell

    Democratic • Senate

  • Frank A. Ciccone, III

    Democratic • Senate

  • Stefano V. Famiglietti

    Democratic • Senate

  • Meghan E. Kallman

    Democratic • Senate

  • Tiara T. Mack

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 107 • No: 0

House vote • 6/8/2026

PROVIDENCE BONDS AND NOTES PASSAGE IN CONCURRENCE

Yes: 69 • No: 0

Senate vote • 5/26/2026

THE CITY OF PROVIDENCE -- BONDS Passage

Yes: 38 • No: 0

Actions Timeline

  1. Signed by Governor

    6/19/2026Governor

  2. Transmitted to Governor

    6/16/2026Governor

  3. House passed in concurrence

    6/8/2026House

  4. Placed on the House Consent Calendar (06/08/2026)

    6/5/2026House

  5. Senate read and passed

    5/26/2026Senate

  6. Placed on Senate Calendar (05/26/2026)

    5/20/2026Senate

  7. Committee recommends passage

    5/19/2026

  8. Scheduled for consideration (05/19/2026)

    5/15/2026

  9. Committee heard

    5/12/2026

  10. Scheduled for hearing and/or consideration (05/12/2026)

    5/8/2026

  11. Introduced, referred to Senate Finance

    2/27/2026Senate

Bill Text

  • S2674 - As Introduced

    2/27/2026

    HTMLPDF

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