Rhode Island H7491: AN ACT AUTHORIZING THE CITY OF PROVIDENCE TO ISSUE NOT TO EXCEED $25,000,000 GENERAL OBLIGATION BONDS AND NOTES TO FUND THE PROVIDENCE HOUSING TRUST FUND TO FINANCE AFFORDABLE MULTI-FAMILY HOUSING PROJECTS IN THE CITY (Authorizes the city of Providence to issue not more than $25,000,000 in general obligation bonds and notes to fund the providence housing trust fund to finance affordable multi-family housing projects 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 issuance of bonds hereunder or pending or in lieu of any authorization or issuance of notes hereunder, the city treasurer, with the approval of the city council may, to the extent that bonds or notes may be issued hereunder, apply funds in the general treasury of the city to the purposes specified in sect.

From the introduced text, February 4, 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 issuance of bonds hereunder or pending or in lieu of any authorization or issuance of notes hereunder, the city treasurer, with the approval of the city council may, to the extent that bonds or notes may be issued hereunder, apply funds in the general 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 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 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 be provided in any other applicable law of the State of …