Rhode Island H8620: AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE REPAIR, CONSTRUCTION AND REHABILITATION OF STORM DRAINS AND DRAINAGE IMPROVEMENTS, AND THE REMEDIATION AND MITIGATION OF DRAINAGE AND FLOODING PROBLEMS, BY THE ISSUANCE OF NOT MORE THAN $4,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR (Authorizes Cranston to issue not more than $4,000,000 general obligation bonds and temporary notes for the repair, construction and rehabilitation of storm drains and drainage improvements, and remediation and mitigation of drainage and flooding problems.)

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 LC006567 - Page 3 of 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 …