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Rhode IslandS33572026 Regular SessionSenate

AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE ACQUISITION, DEMOLITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, REPAIR, ALTERATION, FURNISHING AND EQUIPPING OF PUBLIC BUILDINGS IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $2,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR .

Sponsored By: Todd M. Patalano (Democratic)

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 0 benefits, 1 costs, 2 mixed.

Property taxes back the bonds

Bonds and notes issued under this law are binding debts of Cranston. Each year, the city must budget enough to pay principal and interest. If it does not, the unpaid amount is added to the annual tax levy. All taxable property in Cranston is subject to ad valorem taxes with no rate or amount limit to cover these payments. This can raise property taxes for homeowners and renters in the city.

$2 million for public buildings

The law authorizes Cranston to borrow up to $2 million to buy, fix, and equip public buildings. Voters must approve this at the Nov 3, 2026 general election, or at a citywide special election set by the council. The ballot language is set by the act. Seven years after the law takes effect, the city council may cancel any unused borrowing authority.

How Cranston structures the debt

Bonds must start principal payments within 5 years and finish within 30 years. The city may use serial, term, zero-coupon, or capital appreciation bonds. It may issue short‑term notes for up to 5 years; original notes cannot exceed $2 million, and refunding notes outstanding are capped at 200% of the bond authorization. With council approval, the treasurer can advance city funds before bonds are sold and repay them later without interest. While waiting to spend, proceeds can be placed in FDIC bank accounts or U.S. government‑backed securities. Accrued interest pays the first interest due; investment earnings and sale premiums can pay project costs, issuance costs, or debt service and, where federal law allows, may be treated as property tax revenue. For debt limits, any principal growth after issuance counts as interest; only the original principal counts as debt.

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

  • S3357 - As Introduced

    6/5/2026

    HTMLPDF

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