Cranston could borrow up to $8 million for fire equipment

Cranston could issue up to $8 million in bonds and temporary notes for fire and public safety equipment. The money could pay for buying, improving, renovating, and repairing fire and public safety equipment in Cranston. The city council would authorize the bond or note issues and set their terms. The proceeds could also pay related borrowing costs, temporary notes, advances, and interest on the projects. The city could use available state or federal assistance and other money for these purposes. Bond principal would be repaid in annual installments, with the first due within five years and the final installment due within 30 years after issuance. The city council could end unused borrowing authority seven years after the act takes effect.

Cranston voters would decide whether to approve the borrowing authority. The question would go to Cranston voters at the November 3, 2026 general election or at a citywide special election chosen by the city council. A majority of voters voting on the question must approve the act before its main borrowing provisions take effect. The city council could apply for and spend available federal or state grants or advances for the projects. The city would owe principal and interest on issued debt, and unpaid amounts would be added to the annual tax levy. The election and effective-date sections take effect when the act passes. The rest of the act takes effect only if a majority approves it at the required election.