JOINT RESOLUTION SUBMITTING TO THE ELECTORS A PROPOSITION TO ISSUE BONDS RELATING TO CAPITAL DEVELOPMENT PROGRAM (Submits the state's 2026 capital development program requesting the issuance of general obligation bonds totaling one hundred million dollars ($100,000,000) for approval of the electorate at the general election to be held in November, 2026.)

H8202

2026 -- H 8202
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LC005431
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STATE OF RHODE ISLAND
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2026
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J O I N T R E S O L U T I O N
SUBMITTING TO THE ELECTORS A PROPOSITION TO ISSUE BONDS RELATING TO
CAPITAL DEVELOPMENT PROGRAM

Introduced By:
Representatives Tanzi, Cortvriend, Batista, Shanley, Stewart, Kislak,
Cruz, Hull, Handy, and Ajello

Date Introduced:
February 27, 2026

Referred To:
House Finance
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SECTION 1. Proposition to be submitted to the people.
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At the general election to be held on the Tuesday next after the first Monday in
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November 2026, there shall be submitted to the people ("people") of the State of Rhode Island
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("state"), for their approval or rejection, the following proposition:
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"Shall the action of the general assembly, by a joint resolution passed at the January 2026
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session, authorizing the issuance of bonds, refunding bonds, and/or temporary notes of the State
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of Rhode Island for the capital project and in the amount listed below be approved, and the
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issuance of bonds, refunding bonds, and/or temporary notes authorized in accordance with the
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provisions of said joint resolution?"
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Project: Transit Forward RI 2040 $100,000,000
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Approval of this question will allow the State of Rhode Island to issue general obligation
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bonds, refunding bonds, and/or temporary notes in an amount not to exceed one hundred million
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dollars ($100,000,000), to provide direct funding for a statewide transit system by providing
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improvement to: Fare technology upgrades and replacement to fare boxes, current bus stops and
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shelters; safety and access to bus stops, including crosswalks, sidewalks and curb ramps; shelter
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bathrooms, sheltered and secured bike racks and indoor waiting areas; matching funds for federal
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grants for high capacity transit lines planned pursuant to the transit master plan; and, operational
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support infrastructure for technology and agency facility improvements and expansion.
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SECTION 2. Ballot labels and applicability of general election laws.

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The secretary of state shall prepare and deliver to the state board of elections ballot labels
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for the project provided for in section 1 hereof with the designations "approve" or "reject"
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provided next to the description of the project to enable voters to approve or reject the
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proposition. The general election laws, so far as consistent herewith, shall apply to this
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proposition.
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SECTION 3. Approval of project by people.
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If a majority of the people voting on the proposition in section 1 hereof shall vote to
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approve the project stated therein, said project shall be deemed to be approved by the people. The
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authority to issue bonds, refunding bonds and/or temporary notes of the state shall be limited to
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the aggregate amount for the project as set forth in the proposition, which has been approved by
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the people.
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SECTION 4. Bonds for capital development program.
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The general treasurer is hereby authorized and empowered, with the approval of the
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governor, and in accordance with the provisions of this joint resolution to issue capital
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development bonds in serial form, in the name of and on behalf of the State of Rhode Island, in
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amounts as may be specified by the governor in an aggregate principal amount not to exceed the
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total amount for the project approved by the people and designated as "capital development loan
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of 2026 bonds." Provided, however, that the aggregate principal amount of such capital
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development bonds and of any temporary notes outstanding at any one time issued in anticipation
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thereof pursuant to this section shall not exceed the total amount for the project approved by the
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people. All provisions in this joint resolution relating to "bonds" shall also be deemed to apply to
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"refunding bonds."
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Capital development bonds issued under this joint resolution shall be in denominations of
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one thousand dollars ($1,000) each, or multiples thereof, and shall be payable in any coin or
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currency of the United States which at the time of payment shall be legal tender for public and
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private debts. These capital development bonds shall bear such date or dates, mature at specified
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time or times, but not mature beyond the end of the twentieth state fiscal year following the fiscal
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year in which they are issued; bear interest payable semi-annually at a specified rate or different
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or varying rates; be payable at a designated time or times at a specified place or places; be subject
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to express terms of redemption or recall, with or without premium; be in a form, with or without
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interest coupons attached; carry such registration, conversion, reconversion, transfer, debt
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retirement, acceleration and other provisions as may be fixed by the general treasurer, with the
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approval by the governor, upon each issue of such capital development bonds at the time of each
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issue. Whenever the governor shall approve the issuance of such capital development bonds, the

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governor's approval shall be certified to the secretary of state; the bonds shall be signed by the
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general treasurer and countersigned by the secretary of state and shall bear the seal of the state.
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The signature approval of the governor shall be endorsed on each bond.
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SECTION 5. Refunding bonds for 2026 capital development program.
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The general treasurer is hereby authorized and empowered, with the approval of the
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governor, and in accordance with the provisions of this joint resolution, to issue bonds to refund
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the 2026 capital development program bonds, in the name of and on behalf of the state, in
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amounts as may be specified by the governor in an aggregate principal amount not to exceed the
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total amount approved by the people, to be designated as "capital development program loan of
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2026 refunding bonds" (hereinafter "refunding bonds"). The general treasurer with the approval
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of the governor shall fix the terms and form of any refunding bonds issued under this joint
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resolution in the same manner as the capital development bonds issued under this joint resolution,
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except that the refunding bonds may not mature more than twenty (20) years from the date of
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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 insurance, 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
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America or the State of Rhode Island.
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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 of Rhode Island, are sufficient to pay all
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principal, interest, and premium, if any, on the capital development bonds until these bonds are
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called for prepayment, then such capital development bonds shall not be considered debts of the
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State of Rhode Island for any purpose starting from the date of deposit of such monies with the
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paying agent. The refunding bonds shall continue to be a debt of the state until paid. The term
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"bond" shall include "note," and the term "refunding bonds" shall include "refunding notes" when
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used in this joint resolution.
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SECTION 6. Proceeds of capital development program.
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The general treasurer is directed to deposit the proceeds from the sale of capital
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development bonds issued under this joint resolution, exclusive of premiums and accrued interest
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and net the underwriters' cost, and cost of bond insurance, in one or more of the depositories in

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which the funds of the state may be lawfully kept in special accounts (hereinafter cumulatively
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referred to as "such capital development bond fund") appropriately designated for the project set
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forth in section 1 hereof which shall have been approved by the people to be used for the purpose
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of paying the cost of the project so 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 designee shall
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be vested with all power and authority necessary or incidental to the purposes of this joint
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resolution 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 joint resolution;
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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 the project 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 the project 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 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 purpose: Question 1, relating to bonds in the
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amount of one hundred million dollars ($100,000,000) to provide funding for a statewide transit
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system by improvement of existing services, expansion of services to new areas, development of
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high capacity transit, improvement of access to transit and adoption of new technologies and
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methods to make service easier to use.
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SECTION 7. Sale of bonds and notes.
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Any bonds or notes issued under the authority of this joint resolution shall be sold at not
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less than the principal amount thereof, in such mode and on such terms and conditions as the
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general treasurer, with the approval of the governor, shall deem to be in the best interests of the
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state. Any premiums and accrued interest, net of the cost of bond insurance and underwriter's
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discount, which may be received on the sale of the capital development bonds or notes shall

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become part of the Rhode Island capital plan fund of the state, unless directed by federal law or
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regulation 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
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be 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 joint resolution and coupons on
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any capital development bonds, if properly executed by the manual or electronic signatures of
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officers of the state in office on the date of execution, shall be valid and binding according to
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their tenor, notwithstanding that before the delivery thereof and payment therefor, any or all such
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officers shall 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.
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All bonds and notes issued under the authority of this joint resolution shall be exempt
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from taxation in the state and shall be general obligations of the state, and the full faith and credit
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of the state is hereby pledged for the due payment of the principal and interest on each of such
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bonds and notes as the same shall become due.
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SECTION 9. Investment of monies in fund.
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All monies in the capital development fund not immediately required for payment
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pursuant to the provisions of this joint resolution may be invested by the investment commission,
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as established by chapter 10 of title 35, entitled "state investment commission," pursuant to the
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provisions of such chapter; provided, however, that the securities in which the capital
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development fund is invested shall remain a part of the capital development fund until exchanged
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for other securities; and provided further, that the income from investments of the capital
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development fund shall become a part of the general fund of the state and shall be applied to the
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payment of debt service charges of the state, unless directed by federal law or regulation to be
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used for some other purpose, or to the extent necessary, to rebate to the United States treasury any
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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.
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To the extent the debt service on these bonds is not otherwise provided, a sum sufficient
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to pay the interest and principal due each year on bonds and notes hereunder is hereby annually
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appropriated out of any money in the treasury not otherwise appropriated.

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SECTION 11. Advances from general fund.
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The general treasurer is authorized, with the approval of the director and the governor, in
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anticipation of the issue of bonds or notes under the authority of this joint resolution, to advance
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to the capital development bond fund for the purposes specified in section 6 hereof, any funds of
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the state not specifically held for any particular purpose; provided, however, that all advances
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made to the capital development bond fund shall be returned to the general fund from the capital
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development bond fund forthwith upon the receipt by the capital development fund of proceeds
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resulting from the issue of bonds or notes to the extent of such advances.
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SECTION 12. Federal assistance and private funds.
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In carrying out this joint resolution, the director, or designee, is authorized on behalf of
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the state, with the approval of the governor, to apply for and accept any federal assistance which
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may become available for the purpose of this joint resolution, whether in the form of loan or grant
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or otherwise, to accept the provision of any federal legislation therefor, to enter into, act and carry
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out contracts in connection therewith, to act as agent for the federal government in connection
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therewith, or to designate a subordinate so to act. Where federal assistance is made available, the
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project shall be carried out in accordance with applicable federal law, the rules and regulations
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thereunder and the contract or contracts providing for federal assistance, notwithstanding any
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contrary provisions of state law. Subject to the foregoing, any federal funds received for the
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purposes of this joint resolution shall be deposited in the capital development bond fund and
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expended as a part thereof. The director, or designee may also utilize any private funds that may
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be made available for the purposes of this joint resolution.
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SECTION 13. Sections 1, 2, 3, 11 and 12 of this joint resolution shall take effect upon
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passage. The remaining sections of this joint resolution 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 the
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project thereunder.
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LC005431
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
J O I N T R E S O L U T I O N
SUBMITTING TO THE ELECTORS A PROPOSITION TO ISSUE BONDS RELATING TO
CAPITAL DEVELOPMENT PROGRAM
***
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This joint resolution would submit the state's 2026 capital development program
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requesting the issuance of general obligation bonds totaling one hundred million dollars
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($100,000,000) for approval of the electorate at the general election to be held in November,
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2026.
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Sections 1, 2, 3, 11 and 12 of this joint resolution would take effect upon passage. The
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remaining sections of this joint resolution would take effect when and if the state board of
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elections shall certify to the secretary of state that a majority of the qualified electors voting on
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the proposition contained in section 1 hereof have indicated their approval of the project
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thereunder.
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LC005431
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