Cranston may borrow up to $8 million for street and bridge work

Cranston may issue up to $8 million in bonds and short-term notes to pay for street, sidewalk, and bridge projects. The money may pay for designing, building, repairing, and improving streets, sidewalks, and bridges, along with related costs. The financing authority takes effect only if a majority of voters who vote on the question approve it. Sections 12 and 13 take effect upon passage. The financing authority takes effect only after voters approve the question at the November 3, 2026 general election or a citywide special election.

The city must provide for yearly payments on bonds and notes issued under the act; any amount not otherwise provided must be added to the annual tax levy. All taxable property in Cranston is subject to the city tax levy for these payments, without a rate or amount limit. This applies only to bonds and notes issued under the act. The yearly payment requirement applies when principal or interest comes due.