Rhode Island S3356: AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, REPAIR AND ALTERATION OF PLAYGROUNDS, ATHLETIC FIELDS AND RELATED EQUIPMENT IN THE CITY BY THE ISSUANCE OF NOT MORE THAN $4,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR (Authorizes the city of Cranston to issue not more than $4,000,000 general obligation bonds/temporary notes for the acquisition, construction, improvement, renovation, repair and alteration of playgrounds, athletic fields and related equipment in the city.)

What the bill says

A resolution evidencing the city'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. Pending any authorization or issue of bonds hereunder or pending or in lieu of any authorization or issue of notes hereunder, the city treasurer, with the approval of the city council given by an order or resolution, may, to the extent that bonds or notes may be issued hereunder, apply funds in the treasury of the city to the purpose.

From the introduced text, June 5, 2026:

a resolution evidencing the city'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. Pending any authorization or issue of bonds hereunder or pending or in lieu of any authorization or issue of notes hereunder, the city treasurer, with the approval of the city council given by an order or resolution, may, to the extent that bonds or notes may be issued hereunder, apply funds in the treasury of the city to the purposes specified in section 2, such advances to be repaid without interest from the proceeds of bonds or notes subsequently issued or from the proceeds of applicable federal or state assistance or from other available funds. SECTION 5. Any proceeds of bonds or notes issued hereunder or of any applicable federal or state assistance, pending their expenditure, and may be deposited or invested by the city treasurer in demand deposits, time deposits or savings deposits in banks which are members of the Federal LC006577 - Page 3 of Deposit Insurance Corporation or in obligations issued or guaranteed by the United States of America or by any agency or instrumentality thereof or as may …