(a)  Subject to the provisions of subsection (b), upon the written request of the corporation, the general treasurer shall pay to the corporation, from time to time, from the proceeds of any bonds or notes issued by the state for the purposes of this chapter or funds otherwise lawfully payable to the corporation for the purposes of this chapter, such amounts as shall have been appropriated or lawfully designated for the fund. All amounts so paid shall be credited to the fund in addition to any other amounts credited or expected to be credited to the fund.

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Terms Used In Rhode Island General Laws 45-38.2-4

  • Approved project: means any project approved for financial assistance by the Council on Elementary and Secondary Education;

    (3)  "Corporation" means the Rhode Island health and educational building corporation as set forth in chapter 38. See Rhode Island General Laws 45-38.2-1

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9

(b)  The corporation and the state may enter into, execute, and deliver one or more agreements setting forth or otherwise determining the terms, conditions, and procedures for, and the amount, time, and manner of payment of, all amounts available from the state to the corporation under this section.

(c)  The corporation, per order of the school building authority capital fund, is authorized to grant a district or municipality its state share of an approved project cost, pursuant to § 16-7-39 and § 16-77.1-5. Construction pay-as-you-go grants received from the school building authority capital fund shall not be considered a form of indebtedness subject to the provisions of § 16-7-44.

(d)(1)  Notwithstanding the provisions of § 45-12-19 and § 45-12-20, and notwithstanding city or town charter provisions to the contrary, prior to July 1, 2016, no voter approval shall be required for loans in any amount made to a city or town for the local education agency’s share of total project costs.

(2)  Notwithstanding the provisions of § 45-12-19 and § 45-12-20, and notwithstanding city or town charter provisions to the contrary, on or after July 1, 2016, up to five hundred thousand dollars ($500,000) may be loaned to a city or town for the local education agency’s share of total project costs without the requirement of voter approval.

(e)(1)  Funds from the two hundred fifty million ($250,000,000) in general obligation bonds, if approved on the November 2018 ballot, shall first be used to support the state share of foundational housing aid and shall be offered to local education agencies on a pay-as-you-go basis and not as a reimbursement of debt service for previously completed projects.

(2)  Funds to support the state share of foundational housing aid in a given year on a pay-as-you-go basis shall be offered proportionately to local education agencies based on the total state share of foundational housing aid awarded to projects in that year.

(3)  Any excess funds may be transferred to the school building authority capital fund in an amount not to exceed five percent (5%) of any amount of bonds issued in a given year.

(f)  Notwithstanding any provision to the contrary, the term of any bond, capital lease, or other financing instrument shall not exceed the useful life of the project being financed.

(g)  In accordance with § 45-10-5.1 and § 45-10-6, the auditor general shall give guidance to municipalities and school districts on the uniform financial reporting of construction debt authorized and issued, and on funding received from the state within ninety (90) days of the passage of this article.

History of Section.
P.L. 2015, ch. 141, art. 9, § 4; P.L. 2016, ch. 53, § 1; P.L. 2018, ch. 47, art. 9, § 4.