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Rhode IslandS33542026 Regular SessionSenate

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: Todd M. Patalano (Democratic)

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 2 benefits, 0 costs, 3 mixed.

Property taxes back stormwater bonds

If voters approve the bonds, the city must set aside enough each year to pay principal and interest. If it does not, that amount is added to the annual tax levy, with no rate limit on taxable property. Interest from the sale pays the first bill. Any investment earnings or sale premiums can reduce costs or, when federal law allows, count as property tax revenue.

Up to $4M for storm drains

The law sends the question to voters on November 3, 2026, or a special city election. If a majority approves, Cranston can borrow up to $4 million to fix storm drains and flooding. The city treasurer uses the money for the projects, issuance costs, temporary note payments, prior advances, and capitalized interest. Until spent, funds can be kept in FDIC banks or U.S.-backed securities.

Flexible bond terms and protections

If voters approve, bonds must start principal payments within five years and finish within thirty years. The city may use serial, term, zero-coupon, or capital appreciation bonds; principal growth after issue counts as interest for debt limits. Properly signed bonds stay valid even if officers leave before delivery. Once approved, the city may issue these bonds without other agency approvals.

Voter approval and time limits

Voters decide this borrowing at the November 3, 2026 general election or a special city-wide election. Sections 12 and 13 are in effect now; the rest takes effect only if a majority votes yes. Seven years after the act’s effective date, the council may end any unused borrowing authority by resolution.

Short-term notes to start work

If voters approve, the city can sell short-term notes before bonds or aid arrive. Notes must be paid within five years from the original issue; renewals cannot go past that limit. Notes tied to bonds cannot exceed the authorized bond amount; refunding above that requires a trust fund for the old notes. With council approval, the treasurer can also advance city money now and repay it later without interest.

Sponsors & Cosponsors

Sponsor

  • Todd M. Patalano

    Democratic • Senate

Cosponsors

  • Hanna M. Gallo

    Democratic • Senate

  • Matthew L. LaMountain

    Democratic • Senate

  • Lammis J. Vargas

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 107 • No: 0

House vote • 6/11/2026

CITY OF CRANSTON PASSAGE IN CONCURRENCE

Yes: 69 • No: 0

Senate vote • 6/10/2026

THE CITY OF CRANSTON -- BONDS Passage

Yes: 38 • No: 0

Actions Timeline

  1. Effective without Governor's signature

    6/26/2026Governor

  2. Transmitted to Governor

    6/18/2026Governor

  3. House passed in concurrence

    6/11/2026House

  4. Placed on House Calendar (06/11/2026)

    6/11/2026House

  5. Senate read and passed

    6/10/2026Senate

  6. Placed on Senate Calendar (06/10/2026)

    6/9/2026Senate

  7. Committee recommends passage

    6/9/2026

  8. Scheduled for hearing and/or consideration (06/09/2026)

    6/5/2026

  9. Introduced, referred to Senate Housing and Municipal Government

    6/5/2026Senate

Bill Text

  • S3354 - As Introduced

    6/5/2026

    HTMLPDF

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