Cranston voters would decide on $25 million school borrowing

Cranston could issue up to $25 million in bonds, notes, or other debt for school projects. The money could pay for land, buildings, construction, repairs, improvements, equipment, landscaping, and related costs for schools and school facilities throughout Cranston. The bill says bonds may not be issued unless the state-aid conditions in section 2 are met. The city council would decide the amounts and terms of each issue. The city could also use temporary notes, city funds, or available federal or state assistance for these purposes. This borrowing authority would take effect only if Cranston voters approve the question described in section 14.

Cranston would have to use yearly tax collections to pay the debt's principal and interest when other money is unavailable. The requirement would cover bonds and notes issued under this act, and all taxable property in Cranston could be taxed without a rate or amount limit to provide the payment. The city would first use other money available for the debt service. If the needed amount were not included in the annual budget, it would still be added to the annual tax levy. This payment rule would apply after the act's borrowing provisions take effect and while debt issued under the act remains unpaid.

Cranston voters would decide whether to approve the act at the November 3, 2026 general election or at a special citywide election chosen by the city council. The vote would concern the authority to finance school projects through up to $25 million in bonds and related debt. Sections 14, 15, and 16 would take effect when the act passes. The remaining sections would take effect only if a majority of voters approves the question. School debt would not qualify for state aid reimbursement unless RIDE approves the school projects. The voter question would be held on November 3, 2026, unless the city council selects an earlier or later special citywide election date.