Rhode Island S3242: AN ACT AUTHORIZING THE CHARIHO REGIONAL SCHOOL DISTRICT TO FINANCE THE CONSTRUCTION, FURNISHING AND EQUIPPING OF AN ELEMENTARY SCHOOL SERVING THE TOWNS OF CHARLESTOWN, RICHMOND AND HOPKINTON, CONSISTING OF ONE OR MORE BUILDINGS ON A SINGLE CAMPUS, AND IMPROVEMENTS AT THE SWITCH ROAD CAMPUS INCLUDING, BUT NOT LIMITED TO, COSTS OF LAND ACQUISITION, DEMOLITION, DESIGN, HEALTH AND SAFETY PROJECTS, PLAYGROUNDS, LANDSCAPING, PAVING, AND ALL EXPENSES INCIDENTAL THERETO, BY THE ISSUANCE OF NOT MORE THAN $116,000,000 BONDS AND/OR NOTES THEREFOR, SUBJECT TO APPROVAL OF STATE HOUSING AID AT A REIMBURSEMENT RATE OR STATE SHARE RATIO OF NOT LESS THAN 61% AT THE TIME OF ISSUANCE, WHICH RATE OR RATIO MAY INCREASE TO 65% AT PROJECT COMPLETION (Authorizes the Chariho Regional School District to finance the construction, furnishing and equipping of an elementary school and to issue not more than $116,000,000 bonds and/or notes.)

What the bill says

A resolution LC006408 - Page 3 of evidencing the regional school district committee's intent to pay off the notes without extinguishing the authority to issue bonds or notes; and (2) That the period from the date of an original note to the maturity date of any other note shall not exceed five (5) years. SECTION 4. Bonds and notes shall not be issued unless the Chariho Regional School District has received a letter from the Rhode Island Department of Elementary and Secondary Education confirming that the board of education has approved the facilities to be financed for school housing aid and th.

From the introduced text, May 1, 2026:

a resolution LC006408 - Page 3 of evidencing the regional school district committee's intent to pay off the notes without extinguishing the authority to issue bonds or notes; and (2) That the period from the date of an original note to the maturity date of any other note shall not exceed five (5) years. SECTION 4. Bonds and notes shall not be issued unless the Chariho Regional School District has received a letter from the Rhode Island Department of Elementary and Secondary Education confirming that the board of education has approved the facilities to be financed for school housing aid and that the then-current reimbursement rate pursuant to §§ 16-7-35 through 16-7-47 of the general laws, as amended from time to time, or pursuant to any other law hereafter enacted providing for funds to municipalities or regional school districts for school housing aid purposes, is not less than sixty-one percent (61%) of debt service for eligible costs at the time of issuance. Such school housing aid reimbursement rate or state share ratio may be increased through the award of incentives pursuant to §§ 16-7-39 and 16-7-40 of the general laws at the completion of each portion of the project. Failure of any portion of the project to be awarded state housing aid at a reimbursement rate or share ratio higher …