AN ACT RELATING TO CAPITAL DEVELOPMENT -- 2026 BOND REFERENDA (2026 Bond Referenda for Capital Development.)

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2026 -- H 8298
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LC006099
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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 -- 2026 BOND REFERENDA

Introduced By:
Representatives Tanzi, Kislak, Fogarty, Carson, Cortvriend, Boylan,
Speakman, Donovan, Knight, and Potter

Date Introduced:
March 13, 2026

Referred To:
House Finance
It is enacted by the General Assembly as follows:
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SECTION 1. Legislative Findings. The General Assembly hereby finds and declares the
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following:
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(1) In December 2020, the state adopted the Rhode Island Statewide Bicycle Mobility Plan,
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establishing a coordinated vision to expand safe, connected bicycle infrastructure across Rhode
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Island and outlining a twenty (20) year implementation schedule for priority projects.
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(2) The Bicycle Mobility Plan identifies a statewide network of bicycle facilities designed
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to improve safety, enhance mobility, and create connected transportation options linking
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communities, employment centers, schools, and public transit.
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(3) Rhode Island’s 2025 Climate Action Strategy, developed to implement the state’s
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emission-reduction mandates under The Act on Climate, recognizes that expanded active
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transportation, including bicycling and walking and transit, plays a critical role in reducing
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greenhouse-gas emissions from the transportation sector, which is the largest source of emissions
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in the state.
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(4) Increased opportunities for bicycling and other forms of active transportation promote
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improved public health outcomes by encouraging physical activity, reducing chronic disease risk,
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and supporting safer, healthier communities.
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(5) The state’s comprehensive economic development strategy, known as “Ocean State
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Accelerates,” was adopted November 15, 2023, and identifies the importance of transportation
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connectivity, including bicycle and pedestrian infrastructure, as an essential component of

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economic competitiveness, talent attraction, and community vitality.
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(6) Rhode Island’s recently updated long-range transportation plan, “Moving Forward RI
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2050,” recognizes the importance of continued investment in active transportation infrastructure
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and identifies implementation of the Statewide Bicycle Mobility Plan as a key strategy for
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advancing a modern, multimodal transportation system.
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(7) Although the Bicycle Mobility Plan established a twenty (20) year implementation
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framework beginning in 2020, the Moving Forward RI 2050 long-range transportation plan reports
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that only approximately 1.7 percent of the plan has been implemented to date, demonstrating a
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significant gap between adopted statewide goals and actual project delivery.
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(8) The Bicycle Mobility Plan includes numerous projects prioritized for implementation
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that are suitable for design and construction and that would meaningfully expand safe bicycle
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access and connectivity across Rhode Island.
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(9) On July 30, 2025, during the public comment period for the state transportation
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improvement program (STIP), Rhode Island Attorney General Peter F. Neronha submitted a
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comment letter warning that the draft STIP fails to take a forward-looking approach to achieving
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the state’s long-term transportation and climate goals and falls far short of meaningfully furthering
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compliance with the mandates of The Act on Climate.
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(10) The General Assembly therefore finds that a targeted public investment to accelerate
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the implementation of the Statewide Bicycle Mobility Plan will advance the state’s climate, public
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health, transportation, and economic development goals while improving safety and connectivity
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for residents and visitors.
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(11) Accordingly, the general assembly declares that it is in the best interests of the state
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to authorize a twenty-five million dollar ($25,000,000) bond referendum to support the planning,
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design, and implementation of priority projects identified in the Rhode Island Statewide Bicycle
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Mobility Plan.
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SECTION 2. 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/or temporary notes of the State of Rhode
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Island for the capital project and in the amount listed below be approved, and the issuance of bonds,
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refunding bonds, and/or temporary notes authorized in accordance with the provisions of said act?"
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Project

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(1) Bicycle Mobility Plan $25,000,000
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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 twenty-five million
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dollars ($25,000,000), to provide direct funding for a statewide bicycle system consisting of a
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seamless off-road and on-street network that provides transportation and recreational links in all
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corners of the state.
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SECTION 3. 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 2 hereof with the designations "approve" or "reject" provided next to the description
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of the project to enable voters to approve or reject the proposition. The general election laws, so far
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as consistent herewith, shall apply to this proposition.
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SECTION 4. Approval of project by people. -- If a majority of the people voting on the
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proposition in section 2 hereof shall vote to approve the project stated therein, said project shall be
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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 the project as set forth in
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the proposition, which has been approved by the people.
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SECTION 5. Bonds for 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 of Rhode Island, in amounts as may be specified by the governor in an aggregate
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principal amount not to exceed the total amount for the project approved by the people and
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designated as "capital development loan of 2026 bonds." Provided, however, that the aggregate
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principal amount of such capital development bonds and of any temporary notes outstanding at any
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one time issued in anticipation thereof pursuant to section 6 hereof shall not exceed the total amount
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for the project approved by the people. All provisions in this act relating to "bonds" shall also be
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deemed 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 a designated time or times at a 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 6. Refunding bonds for 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 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 America
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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.
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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 7. Proceeds of capital development program. -- The general treasurer is directed
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to deposit the proceeds from the sale of capital development bonds issued under this act, exclusive
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of premiums and accrued interest and net the underwriters' cost, and cost of bond insurance, in one
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or more of the depositories in which the funds of the state may be lawfully kept in special accounts
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(hereinafter cumulatively referred to as "such capital development bond fund") appropriately
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designated for the project set forth in section 2 hereof which shall have been approved by the people
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to be used for the purpose 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 2 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 act including,
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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 the project set forth in section 2
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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 2 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 2 hereof. With respect to the bonds and temporary notes described in section
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5, the proceeds shall be used for the following purpose:
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Question 1, relating to bonds in the amount of twenty-five million dollars ($25,000,000) to
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provide funding for a statewide bicycle system consisting of a seamless off-road and on-street
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network that provides transportation and recreational links in all corners of the state.
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SECTION 8. 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 insurance 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 2 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 9. 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 10. 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 11. 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 12. 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 2 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 13. Federal assistance and private funds. -- In carrying out this act, the director,
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or designee, is authorized on behalf of the state, with the approval of the governor, to apply for and
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accept any federal assistance which may become available for the purpose of this act, whether in
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the form of loan or grant or otherwise, to accept the provision of any federal legislation therefor, to
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enter into, act and carry out contracts in connection therewith, to act as agent for the federal
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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 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 14. Sections 1, 2, 3, 4, and 12 of this act shall take effect upon passage. The
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remaining sections of this act shall take effect when and if the state board of elections shall certify
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to the secretary of state that a majority of the qualified electors voting on the proposition contained
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in section 2 hereof have indicated their approval of the project thereunder.
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO CAPITAL DEVELOPMENT -- 2026 BOND REFERENDA
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This act would submit the state's 2026 capital development program requesting the
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issuance of general obligation bonds totaling twenty-five million dollars ($25,000,000) to support
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the bicycle mobility plan, for approval of the electorate at the general election to be held on
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November 3, 2026.
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Sections 1, 2, 3, 4, and 12 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 2 of this act have indicated their approval of the project thereunder.
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