AN ACT SUBMITTING TO THE ELECTORS A PROPOSITION TO ISSUE BONDS FOR A MEDICAL SCHOOL AT THE UNIVERSITY OF RHODE ISLAND (Submits a proposition to be placed on the ballot at the next general election authorizing the issuance of bonds for a medical school on the University of Rhode Island's Kingston campus.)

H7704

2026 -- H 7704
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LC004512
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STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
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A N A C T
SUBMITTING TO THE ELECTORS A PROPOSITION TO ISSUE BONDS FOR A MEDICAL
SCHOOL AT THE UNIVERSITY OF RHODE ISLAND

Introduced By:
Representatives Fogarty, Tanzi, McEntee, Speakman, Caldwell,
Donovan, Carson, Bennett, McGaw, and Boylan

Date Introduced:
February 11, 2026

Referred To:
House Finance
It is enacted by the General Assembly as follows:
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SECTION 1. Proposition to be submitted to the people. -- At the general election to be held
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on the Tuesday next after the first Monday in November 2026, there shall be submitted to the people
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(“People”) of the State of Rhode Island (“State”), for their approval or rejection, the following
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proposition:
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"Shall the action of the general assembly, by an act passed at the January 2026 session,
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authorizing the issuance of bonds, refunding bonds, and temporary notes of the State of Rhode
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Island for the capital project and in the amount with respect to such project listed below be
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approved, and the issuance of bonds, refunding bonds, and/or temporary notes authorized in
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accordance with the provisions of said act?"
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Project
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University of Rhode Island Medical School $22,500,000
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Approval of this question will allow the State to issue general obligation bonds, refunding
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bonds, and/or temporary notes in an amount not to exceed twenty-two million five hundred
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thousand dollars ($22,500,000) to fund a medical school.
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SECTION 2. Ballot labels and applicability of general election laws. -- The Secretary of
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State shall prepare and deliver to the State Board of Elections ballot labels for the project provided
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for in Section 1 hereof with the designations "approve" or "reject" provided next to the description
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of such project to enable voters to approve or reject each such proposition. The general election

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laws, so far as consistent herewith, shall apply to this proposition.
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SECTION 3. Approval of the project by the people. -- If a majority of the People voting
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on the proposition in Section 1 hereof shall vote to approve the project stated therein, said project
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shall be deemed to be approved by the People. The authority to issue bonds, refunding bonds and/or
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temporary notes of the State shall be limited to the aggregate amount for such project as set forth
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in the proposition, which has been approved by the People.
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SECTION 4. Bonds for the capital development program. -- The General Treasurer is
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hereby authorized and empowered, with the approval of the Governor, and in accordance with the
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provisions of this Act to issue capital development bonds in serial form, in the name of and on
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behalf of the State, in amounts as may be specified by the Governor in an aggregate principal
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amount not to exceed the total amount for the project approved by the People and designated as
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"capital development loan of 2026 bonds." Provided, however, that the aggregate principal amount
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of such capital development bonds and of any temporary notes outstanding at any one time issued
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in anticipation thereof pursuant to Section 7 hereof shall not exceed the total amount for all such
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projects approved by the People. All provisions in this Act relating to "bonds" shall also be deemed
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to apply to "refunding bonds."
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Capital development bonds issued under this Act shall be in denominations of one thousand
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dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or currency of the
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United States which at the time of payment shall be legal tender for public and private debts. These
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capital development bonds shall bear such date or dates, mature at specified time or times, but not
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mature beyond the end of the twentieth (20th) State fiscal year following the fiscal year in which
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they are issued; bear interest payable semi-annually at a specified rate or different or varying rates:
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be payable at designated time or times at specified place or places; be subject to express terms of
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redemption or recall, with or without premium; be in a form, with or without interest coupons
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attached; carry such registration, conversion, reconversion, transfer, debt retirement, acceleration
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and other provisions as may be fixed by the General Treasurer, with the approval by the Governor,
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upon each issue of such capital development bonds at the time of each issue. Whenever the
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Governor shall approve the issuance of such capital development bonds, the Governor’s approval
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shall be certified to the Secretary of State; the bonds shall be signed by the General Treasurer and
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countersigned by Secretary of State and shall bear the seal of the State. The signature approval of
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the Governor shall be endorsed on each bond.
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SECTION 5. Refunding bonds for the 2026 capital development program. -- The General
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Treasurer is hereby authorized and empowered, with the approval of the Governor, and in
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accordance with the provisions of this Act, to issue bonds to refund the 2026 capital development

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program bonds, in the name of and on behalf of the State, in amounts as may be specified by the
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Governor in an aggregate principal amount not to exceed the total amount approved by the People,
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to be designated as "capital development program loan of 2026 refunding bonds" (hereinafter
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"Refunding Bonds").
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The General Treasurer with the approval of the Governor shall fix the terms and form of
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any Refunding Bonds issued under this Act in the same manner as the capital development bonds
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issued under this Act, except that the Refunding Bonds may not mature more than twenty (20) years
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from the date of original issue of the capital development bonds being refunded.
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The proceeds of the Refunding Bonds, exclusive of any premium and accrual interest and
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net the underwriters’ cost, and cost of bond issuance, shall, upon their receipt, be paid by the
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General Treasurer immediately to the paying agent for the capital development bonds which are to
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be called and prepaid. The paying agent shall hold the Refunding Bond proceeds in trust until they
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are applied to prepay the capital development bonds. While such proceeds are held in trust, the
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proceeds may be invested for the benefit of the State in obligations of the United States of America
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or the State.
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If the General Treasurer shall deposit with the paying agent for the capital development
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bonds the proceeds of the Refunding Bonds, or proceeds from other sources, amounts that, when
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invested in obligations of the United States or the State, are sufficient to pay all principal, interest,
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and premium, if any, on the capital development bonds until these bonds are called for prepayment,
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then such capital development bonds shall not be considered debts of the State for any purpose
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starting from the date of deposit of such monies with the paying agent. The Refunding Bonds shall
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continue to be a debt of the State until paid.
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The term "bond" shall include "note," and the term "refunding bonds" shall include
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"refunding notes" when used in this Act.
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SECTION 6. Proceeds of the capital development program. -- The General Treasurer is
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directed to deposit the proceeds from the sale of capital development bonds issued under this Act,
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exclusive of premiums and accrued interest and net the underwriters’ cost, and cost of bond
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issuance, in one or more of the depositories in which the funds of the State may be lawfully kept in
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special accounts (hereinafter cumulatively referred to as the "capital development bond fund")
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appropriately designated for each of the projects set forth in Section 1 hereof which shall have been
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approved by the People to be used for the purpose of paying the cost of all such projects so
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approved.
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All monies in the capital development bond fund shall be expended for the purposes
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specified in the proposition provided for in Section 1 hereof under the direction and supervision of

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the Director of Administration (hereinafter referred to as "Director"). The Director or his or her
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designee shall be vested with all power and authority necessary or incidental to the purposes of this
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Act, including but not limited to, the following authority: (a) to acquire land or other real property
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or any interest, estate or right therein as may be necessary or advantageous to accomplish the
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purposes of this Act; (b) to direct payment for the preparation of any reports, plans and
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specifications, and relocation expenses and other costs such as for furnishings, equipment
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designing, inspecting and engineering, required in connection with the implementation of any
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projects set forth in Section 1 hereof; (c) to direct payment for the costs of construction,
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rehabilitation, enlargement, provision of service utilities, and razing of facilities, and other
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improvements to land in connection with the implementation of the project set forth in Section 1
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hereof; and (d) to direct payment for the cost of equipment, supplies, devices, materials and labor
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for repair, renovation or conversion of systems and structures as necessary for the 2026 capital
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development program bonds or notes hereunder from the proceeds thereof. No funds shall be
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expended in excess of the amount of the capital development bond fund designated for the project
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authorized in Section 1 hereof. With respect to the bonds and temporary notes described in Section
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1, the proceeds shall be used for the following purposes:
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Question 1, relating to bonds in the amount of twenty-two million five hundred thousand
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dollars ($22,500,000) to provide funding as follows:
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University of Rhode Island Medical School $22,500,000
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Provides twenty-two million five hundred thousand dollars ($22,500,000) to fund a
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medical school.
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SECTION 7. Sale of bonds and notes. -- Any bonds or notes issued under the authority of
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this Act shall be sold at not less than the principal amount thereof, in such mode and on such terms
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and conditions as the General Treasurer, with the approval of the Governor, shall deem to be in the
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best interests of the State.
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Any premiums and accrued interest, net of the cost of bond issuance and underwriter’s
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discount, which may be received on the sale of the capital development bonds or notes shall become
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part of the Rhode Island Capital Plan Fund of the State, unless directed by federal law or regulation
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to be used for some other purpose.
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In the event that the amount received from the sale of the capital development bonds or
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notes exceeds the amount necessary for the purposes stated in Section 6 hereof, the surplus may be
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used to the extent possible to retire the bonds as the same may become due, to redeem them in
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accordance with the terms thereof or otherwise to purchase them as the General Treasurer, with the
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approval of the Governor, shall deem to be in the best interests of the State.

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Any bonds or notes issued under the provisions of this Act and coupons on any capital
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development bonds, if properly executed by the manual or electronic signatures of officers of the
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State in office on the date of execution, shall be valid and binding according to their tenor,
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notwithstanding that before the delivery thereof and payment therefor, any or all such officers shall
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for any reason have ceased to hold office.
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SECTION 8. Bonds and notes to be tax exempt and general obligations of the State. -- All
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bonds and notes issued under the authority of this Act shall be exempt from taxation in the State
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and shall be general obligations of the State, and the full faith and credit of the State is hereby
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pledged for the due payment of the principal and interest on each of such bonds and notes as the
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same shall become due.
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SECTION 9. Investment of monies in fund. -- All monies in the capital development fund
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not immediately required for payment pursuant to the provisions of this Act may be invested by the
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investment commission, as established by Chapter 10 of Title 35, entitled “State Investment
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Commission,” pursuant to the provisions of such chapter; provided, however, that the securities in
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which the capital development fund is invested shall remain a part of the capital development fund
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until exchanged for other securities; and provided further, that the income from investments of the
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capital development fund shall become a part of the general fund of the State and shall be applied
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to the payment of debt service charges of the State, unless directed by federal law or regulation to
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be used for some other purpose, or to the extent necessary, to rebate to the United States treasury
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any income from investments (including gains from the disposition of investments) of proceeds of
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bonds or notes to the extent deemed necessary to exempt (in whole or in part) the interest paid on
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such bonds or notes from federal income taxation.
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SECTION 10. Appropriation. -- To the extent the debt service on these bonds is not
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otherwise provided, a sum sufficient to pay the interest and principal due each year on bonds and
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notes hereunder is hereby annually appropriated out of any money in the treasury not otherwise
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appropriated.
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SECTION 11. Advances from general fund. -- The General Treasurer is authorized, with
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the approval of the Director and the Governor, in anticipation of the issue of notes or bonds under
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the authority of this Act, to advance to the capital development bond fund for the purposes specified
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in Section 6 hereof, any funds of the State not specifically held for any particular purpose; provided,
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however, that all advances made to the capital development bond fund shall be returned to the
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general fund from the capital development bond fund forthwith upon the receipt by the capital
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development fund of proceeds resulting from the issue of notes or bonds to the extent of such
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advances.

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SECTION 12. Federal assistance and private funds. -- In carrying out this act, the Director,
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or his or her designee, is authorized on behalf of the State, with the approval of the Governor, to
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apply for and accept any federal assistance which may become available for the purpose of this
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Act, whether in the form of loan or grant or otherwise, to accept the provision of any federal
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legislation therefor, to enter into, act and carry out contracts in connection therewith, to act as agent
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for the federal government in connection therewith, or to designate a subordinate so to act. Where
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federal assistance is made available, the project shall be carried out in accordance with applicable
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federal law, the rules and regulations thereunder and the contract or contracts providing for federal
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assistance, notwithstanding any contrary provisions of State law. Subject to the foregoing, any
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federal funds received for the purposes of this Act shall be deposited in the capital development
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bond fund and expended as a part thereof. The Director or his or her designee may also utilize any
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private funds that may be made available for the purposes of this Act.
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SECTION 13. Effective Date. -- Sections 1, 2, 3, 11, 12 and this Section 13 of this act shall
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take effect upon passage. The remaining sections of this act shall take effect when and if the State
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Board of Elections shall certify to the Secretary of State that a majority of the qualified electors
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voting on the proposition contained in Section 1 hereof have indicated their approval of projects
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thereunder.
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
SUBMITTING TO THE ELECTORS A PROPOSITION TO ISSUE BONDS FOR A MEDICAL
SCHOOL AT THE UNIVERSITY OF RHODE ISLAND
***
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This act would submit a proposition to be placed on the ballot at the next general election
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authorizing the issuance of bonds for a medical school on the University of Rhode Island's Kingston
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campus.
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Sections 1, 2, 3, 11, 12 and 13 of this act would take effect upon passage. The remaining
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sections of this act would take effect when and if the State Board of Elections shall certify to the
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Secretary of State that a majority of the qualified electors voting on the proposition contained in
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Section 1 hereof have indicated their approval of projects thereunder.
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