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Rhode IslandS33552026 Regular SessionSenate

AN ACT AUTHORIZING THE CITY OF CRANSTON TO ISSUE NOT TO EXCEED $25,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS TO FINANCE THE PURCHASE AND/OR ACQUISITION OF LAND AND BUILDINGS, CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, LANDSCAPING, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE CITY .

Sponsored By: Todd M. Patalano (Democratic)

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 1 benefits, 1 costs, 3 mixed.

Property taxes back school bonds

All bonds and notes are general obligations of Cranston. Each year the city must budget enough to pay principal and interest, or the amount is added to the tax levy. All taxable property can be taxed without a rate limit to make these payments. These bonds are excluded from certain debt limits and charter rules.

Cranston school bonds need voter approval

The law asks Cranston voters to approve up to $25 million in school bonds at the November 3, 2026 election, unless a special citywide vote is set. The borrowing takes effect only if a majority says yes. Money can buy land and buildings and build or fix school facilities. First principal is due within five years; final payoff is within 30 years. Seven years after this act takes effect, the city council may cancel any unused borrowing authority.

State aid only with RIDE approval

School projects qualify for state school housing aid only if the Rhode Island Department of Education approves them. Projects without RIDE approval do not get state reimbursement. This law also serves as the enabling act needed for local aid eligibility.

Invest and use bond earnings

The city may invest bond proceeds and any federal or state aid in bank deposits or U.S. government obligations, as law allows. Interest received from bond sales must pay the first interest due. Premiums and allowed investment earnings can cover issuance or project costs, reduce principal or interest, or be added to city revenues, per finance director decisions and council rules within federal law. These steps can slightly lower net borrowing costs.

Short-term notes and city advances

The city can issue short-term notes before bonds or aid arrive. Notes must be repaid within five years; renewals are limited so the total time does not exceed five years from the original note. Outstanding temporary notes cannot exceed 200% of the authorized bonds. If a refunding would exceed that cap, proceeds must be held in a special trust to pay the notes. The finance director, with council approval, may also advance city funds to start projects, to be repaid without interest from bonds, aid, or other funds.

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

AUTHORIZING THE 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

  • S3355 - As Introduced

    6/5/2026

    HTMLPDF

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