Rhode Island H8625: AN ACT AUTHORIZING THE CITY OF CRANSTON TO ISSUE NOT TO EXCEED $25,000,000 GENERAL OBLIGATION BONDS, NOTES AND OTHER EVIDENCES OF INDEBTEDNESS TO FINANCE THE PURCHASE AND/OR ACQUISITION OF LAND AND BUILDINGS, CONSTRUCTION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, LANDSCAPING, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE CITY (Authorizes Cranston to issue no more $25,000,000 obligation bonds, notes, evidences of indebtedness to finance the purchase and/or acquisition of land/buildings, construction, renovation, improvement, alteration, repair, landscaping, furnishing, equipping)

What the bill says

A resolution or order evidencing the city's intent to pay off the notes without LC006573 - Page 3 of 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 5. Pending any authorization or issue of bonds hereunder or pending or in lieu of any authorization or issue of notes hereunder, the director of finance, 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 t.

From the introduced text, June 5, 2026:

a resolution or order evidencing the city's intent to pay off the notes without LC006573 - Page 3 of 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 5. Pending any authorization or issue of bonds hereunder or pending or in lieu of any authorization or issue of notes hereunder, the director of finance, 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 3, 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 6. 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 director of finance, 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 …