AN ACT RELATING TO CAPITAL DEVELOPMENT PROGRAM -- 2026 BOND REFERENDA (Submits the state's 2026 capital development program relating to green bonds requesting the issuance of general obligation bonds totaling $60,000,000 for approval of the electorate at the general election to be held in November, 2026.)

H8144

2026 -- H 8144
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LC005568
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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
RELATING TO CAPITAL DEVELOPMENT PROGRAM -- 2026 BOND REFERENDA

Introduced By:
Representatives Cotter, Carson, Kennedy, Chippendale, McGaw, Boylan,
Handy, Hopkins, Speakman, and Spears

Date Introduced:
February 27, 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 projects and in the amount with respect to each 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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(1) Green Economy and Clean Energy Bonds $67,500,000
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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 fifty million dollars ($50,000,000) for
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environmental and recreational purposes, to be allocated as follows:
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(a) Brownfields Remediation and Economic Development $3,000,000
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Provides three million dollars ($3,000,000) for up to eighty percent (80%) matching grants
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to public, private, and/or nonprofit entities for brownfield remediation projects.
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(b) Facility Improvements $8,000,000
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Provides eight million dollars ($8,000,000) for the renovation and repair of existing

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facilities and recreational venues as well as the development and construction of new facilities and
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parks.
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(c) Local Recreation Projects $1,000,000
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Provides one million dollars ($1,000,000) for up to eighty percent (80%) matching grants
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for municipalities to acquire, develop, or rehabilitate local recreational facilities to meet the
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growing needs for active outdoor recreational facilities.
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(d) Marine Infrastructure Development $1,000,000
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Provides one million dollars ($1,000,000) to provide asset protection and emergency repair
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needs for most facilities, including recreational facilities, office space, marine infrastructure, and
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more.
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(e) Resilient Rhody Infrastructure Fund $20,000,000
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Provides twenty million dollars ($20,000,000) to provide financial assistance to local
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governmental units for restoring and/or improving resiliency of infrastructure, vulnerable coastal
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habitats, and restoring rivers and stream floodplains. These funds will be prioritized to leverage
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significant funds to support local programs to improve community resiliency, stormwater
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abatement and public safety in the face of increased flooding, major storm events, and
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environmental degradation.
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(f) Narragansett Bay Watershed Restoration $7,000,000
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Provides seven million dollars ($7,000,000) for activities to restore and protect the water
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quality and enhance the economic viability and environmental sustainability of Narragansett Bay
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and the State's watersheds. Eligible activities include nonpoint source pollution abatement,
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including stormwater management; nutrient loading abatement; commercial, industrial and
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agricultural pollution abatement; and riparian buffer and watershed ecosystem restoration.
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(g) Energy Efficiency $10,000,000
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Provides ten million dollars ($10,000,000) for activities related to the financing of energy
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efficiency infrastructure.
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(h) Farmland Preservation $2,000,000
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Provides two million dollars ($2,000,000) to protect working farms through the
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Agricultural Lands Preservation Commission.
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(i) Local Open Space Grants $2,000,000
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These bonds provide matching grants to municipalities, land trusts, and nonprofit
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conservation groups for acquisition of open space or conservation easements.
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(j) Statewide Open Space $3,000,000
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Provides funds to protect open space, farmland, watershed, and recreation lands by fee

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simple interest or conservation easements through the State Land Acquisition Program. The funds
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will be used to enhance communities by providing opportunities for Rhode Islanders and visitors
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access to local agricultural products and areas for hiking, fishing, and hunting. Funds are matched
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by federal, local, and nonprofit sources with every state dollar being matched by three other dollars
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($3.00). Protecting open space preserves our natural environment, enhances recreational
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opportunities, and is a key to building a vibrant economy and quality of place.
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(k) Outdoor Recreation Grants $3,000,000
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Provides matching grants to create new and improve existing community parks,
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playgrounds, athletic fields, and other recreation facilities. Studies show access to green space
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improves health, promotes stronger social ties, and enhances neighborhood satisfaction and pride.
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(l) Fort Adams $5,000,000
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Provides general obligation bonds, refunding bonds, and temporary notes for the purpose
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of improvements and renovations to national historic asset, Fort Adams, within Fort Adams State
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Park in the city of Newport, and dedicated to the preservation, restoration and public accessibility
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to the Fort.
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(m) Mariner Academy and Program Center $2,500,000.
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Provides funds to the Girl Scouts of Southeastern New England for programming at the
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Mariner Cabin and Program Center that will provide immersive exposure to marine science and
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oceanography; sailing, navigation, and maritime safety; aquaculture and sustainable fisheries;
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boatbuilding, marine trades, and coastal engineering; and climate resilience, including pathways
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for girls in fields where women remain underrepresented. Located at Camp Rocky Farm in
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Newport, the Mariner Cabin will consolidate and expand existing programming into a safe, modern,
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ADA-accessible facility capable of year-round use, anticipated to host approximately five hundred
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(500) visitors annually, supporting local lodging, dining, transportation, and seasonal employment
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while positioning Aquidneck Island as a destination for youth-focused maritime education. The
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proposed project includes construction and structural development, site preparation and utility
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upgrades, interior program space and furnishings, accessibility enhancements, sustainability
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features such as solar readiness and rainwater capture, and a second-story caretaker residence to
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support year-round operations, safety, and cost-effective maintenance.
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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 each of the projects
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provided for in Section 1 hereof with the designations "approve" or "reject" provided next to the
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description of each such project to enable voters to approve or reject each such proposition. The
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general election laws, so far as consistent herewith, shall apply to this proposition.

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SECTION 3. Approval of projects by the people. -- If a majority of the people voting on
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the proposition in Section 1 hereof shall vote to approve any 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 all such projects as set
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forth 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 hereby
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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 behalf
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of the state, in amounts as may be specified by the governor in an aggregate principal amount not
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to exceed the total amount for all projects approved by the people and designated as "capital
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development loan of 2026 bonds." Provided, however, that the aggregate principal amount of such
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capital development bonds and of any temporary notes outstanding at any one time issued in
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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 state fiscal year following the fiscal year in which they are
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issued; bear interest payable semi-annually at a specified rate or different or varying rates: be
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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 the secretary of state and shall bear the seal of the state. The signature approval
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of 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 accordance
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with the provisions of this act, to issue bonds to refund the 2026 capital development program
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bonds, in the name of and on behalf of the state, in amounts as may be specified by the governor in

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an aggregate principal amount not to exceed the total amount approved by the people, to be
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designated as "capital development program loan of 2026 refunding bonds" (hereinafter "refunding
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bonds").
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The general treasurer with the approval of the governor shall fix the terms and form of any
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refunding bonds issued under this act in the same manner as the capital development bonds issued
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under this act, except that the refunding bonds may not mature more than twenty (20) years from
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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 general
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treasurer immediately to the paying agent for the capital development bonds which are to be called
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and prepaid. The paying agent shall hold the refunding bond proceeds in trust until they are applied
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to prepay the capital development bonds. While such proceeds are held in trust, the proceeds may
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be invested for the benefit of the state in obligations of the United States of America 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 their designee
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shall be vested with all power and authority necessary or incidental to the purposes of this act

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including, but not limited to, the following authority:
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(1) To acquire land or other real property or any interest, estate or right therein as may be
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necessary or advantageous to accomplish the purposes of this act;
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(2) To direct payment for the preparation of any reports, plans and specifications, and
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relocation expenses and other costs such as for furnishings, equipment designing, inspecting and
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engineering, required in connection with the implementation of any projects set forth in Section 1
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hereof;
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(3) To direct payment for the costs of construction, rehabilitation, enlargement, provision
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of service utilities, and razing of facilities, and other improvements to land in connection with the
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implementation of any projects set forth in Section 1 hereof; and
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(4) To direct payment for the cost of equipment, supplies, devices, materials and labor for
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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 each project
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authorized in Section 1 hereof.
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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 and
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shall be general obligations of the state, and the full faith and credit of the state is hereby pledged
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for the due payment of the principal and interest on each of such bonds and notes as the same shall
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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 the
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approval of the director and the governor, in anticipation of the issue of bonds or notes under the
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authority of this act, to advance to the capital development bond fund for the purposes specified in
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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 bonds or notes 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 their designee, is authorized on behalf of the state, with the approval of the governor, to apply
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for and accept any federal assistance which may become available for the purpose of this act,
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whether in the form of loan or grant or otherwise, to accept the provision of any federal legislation
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therefor, to enter into, act and carry out contracts in connection therewith, to act as agent for the
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federal government in connection therewith, or to designate a subordinate so to act. Where federal

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assistance is made available, the project shall be carried out in accordance with applicable federal
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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 their designee may also utilize any private
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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 all or any
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projects thereunder.
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO CAPITAL DEVELOPMENT PROGRAM -- 2026 BOND REFERENDA
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This act would submit the state's 2026 capital development program relating to green bonds
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requesting the issuance of general obligation bonds totaling sixty seven million five hundred
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thousand dollars ($ 67,500,000) for approval of the electorate at the general election to be held in
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November, 2026.
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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 the projects thereunder.
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