Cranston could borrow $4 million for storm and flood projects

Cranston could issue up to $4 million in general obligation bonds and temporary notes. The borrowing would finance storm-drain repairs and construction, drainage improvements, and work to reduce or address drainage and flooding problems. The city council would authorize each bond or note issue. The bond and note proceeds would be limited to the listed projects and related financing costs. The remaining provisions would require approval by a majority of city voters voting on the question. The voter-approval question would be held at the November 3, 2026 general election or at a special citywide election set by the city council. The borrowing authority would take effect only after voter approval.

The city could issue temporary notes, use treasury funds, and seek federal or state aid to pay project costs before long-term bonds are issued. These financing options would support the storm-drain, drainage, and flooding projects covered by the act. Temporary notes anticipating bonds could not exceed the authorized bond amount. Notes anticipating federal or state aid could not exceed the aid estimated to be available. City treasury advances would be repaid from later bond proceeds, federal or state assistance, or other available funds. The city could use these options while awaiting bond or note authorization, bond issuance, or federal or state assistance.

Cranston would have to provide enough money each year to pay the principal and interest on bonds and notes not covered by other funds. The obligation would apply to bonds and notes issued under this act and could be met through taxes on taxable property in the city. If the city does not appropriate enough money, the amount would still be added to the annual tax levy. The text permits property taxes without a rate or amount limit for these payments. The payment requirement would apply each year while principal or interest on the bonds and notes comes due.