Portsmouth voters would decide on $41 million school borrowing

Portsmouth would be allowed to issue up to $41 million in bonds or short-term notes for school projects. The money could fund school construction, additions, renovations, improvements, repairs, furnishings, equipment, and related costs throughout Portsmouth. The bonds could be issued only if the conditions in section 2 are met. School projects would not qualify for state housing aid reimbursement unless the Rhode Island Department of Education approved them. The town council would authorize the amounts and terms of each issue. The bond and note authority would begin only if voters approve the act at the required election; bonds could run for up to 30 years, and temporary notes could run for up to five years.

Portsmouth voters would decide whether to approve the act. The question would go to voters at the November 3, 2026 general election or at a special election chosen by the town council. A majority of those voting on the question would have to approve the act before its main provisions take effect. The town clerk would keep a copy of the act available for public inspection after the election is warned and until the election is held. The election provisions would take effect when the act passes; the remaining provisions would take effect only after voter approval.

The town would have to set aside enough money each year to pay principal and interest on the bonds and notes. The repayment duty would cover debt issued under this act when other available money does not cover the payments. If the town does not set aside enough money, the unpaid amount would be added to the yearly tax levy. All taxable property in Portsmouth could be subject to town property taxes without a stated rate or amount limit for these payments. The payment and tax provisions would apply each year while principal or interest on the authorized debt remains due.