‌ ARTICLE 4

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art.004/2/004/1

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RELATING TO DEBT MANAGEMENT ACT JOINT RESOLUTIONS

SECTION 1. This article shall serve as the joint resolutions of approval required pursuant

to Rhode Island Law § 35-18-1, et seq. for the financing and/or the guarantee of the below described

projects.

SECTION 2. Rhode Island College – Residential Life Renovations – Auxiliary Enterprise

WHEREAS, The Council on Postsecondary Education and Rhode Island College

(“College”) are proposing a project which involves the renovation of five (5) residence halls on the

College campus; and

WHEREAS, The College is committed to providing adequate and suitable housing for its

students that will attract undergraduate resident students to the College; and

WHEREAS, The renovations will address improvements to critical infrastructure for

continued occupancy of the five (5) residency halls, and the aesthetic improvements to be made

will enhance the on-campus experience for the resident students; and

WHEREAS, The College engaged a qualified architectural firm, which completed an

analysis on the condition of these residence halls.

WHEREAS, The project consists of the renovation and replacement of building envelopes,

elevators, mechanical systems, fire alarms, sprinklers, and other improvements needed to improve

the residential sector of the campus, which project is included in the College Capital Improvement

Plan; and

WHEREAS, The Rhode Island Public Corporation Debt Management Act requires the

General Assembly to provide its consent to the issuance or incurring by the State of Rhode Island

and other public agencies of certain obligations including financing guarantees or other agreements;

and

WHEREAS, The costs associated with this auxiliary enterprise project will be financed

through Rhode Island Health and Education Building Corporation (RIHEBC) revenue bonds, with

an expected term of twenty (20) years; and

WHEREAS, The total project cost associated with the completion of this project and

proposed financing method is twenty million six hundred thousand dollars ($20,600,000), including

capitalized interest, if any, and associated costs of financing. Debt service payments would be

supported by revenues derived from the College’s Residential Life auxiliary student fees, and total

debt service on the bonds is not expected to exceed one million eight hundred twenty-five thousand

dollars ($1,825,000) annually and thirty-six million five hundred thousand dollars ($36,500,000)

in the aggregate based on an average interest rate of six percent (6%) and a twenty (20) year term;

now, therefore be it

RESOLVED, That this General Assembly hereby approves financing in an amount not to

exceed totals debt service payments of thirty-six million five hundred thousand dollars

($36,500,000) for the residential life renovations project on the College campus; and be it further

RESOLVED, That this joint resolution shall take effect upon passage.

SECTION 3. University of Rhode Island -- Repaving and Hardscape Improvements

WHEREAS, The University of Rhode Island Board of Trustees and the University of

Rhode Island (“University”) are proposing a project which involves the re-pavement and

reconstruction of major parking facilities, internal roadways and walkways, and associated

infrastructure on the University’s Kingston, Narragansett Bay, and W. Alton Jones campuses; and

WHEREAS, The project and its proposed funding have been duly reviewed and approved

by the University of Rhode Island Board of Trustees as part of the FY 2027–2031 Capital

Improvement Plan; and

WHEREAS, The University has made progress in the improvement of its extensive

inventory of paved surfaces on its campuses, the scope of repaving and reconstruction of major

parking facilities, internal roadways and walkways, and associated infrastructure is substantial and

ongoing; and

WHEREAS, A recent comprehensive campus plan recommends the redevelopment of

campus roadways, allowing safe travel for pedestrians, cyclists, vehicles, and other modes of travel;

and

WHEREAS, The design and execution of this comprehensive plan will improve the

campus’s environmental impact; and

WHEREAS, These timely project commitments serve the objectives of both the University

and the local community; and

the amount of twenty million dollars ($20,000,000); and

WHEREAS, The project cost associated with completion of the project and the proposed

financing method is twenty million dollars ($20,000,000), including the cost of issuance. Debt

service payments would be supported by both the University’s unrestricted general revenues and

enterprise funding from the University’s parking services operation. Total debt service on the bonds

is not expected to exceed one million seven hundred forty-three thousand seven hundred fifty

dollars ($1,743,750) annually and thirty-four million eight hundred seventy-five thousand dollars

($34,875,000) in the aggregate based on an average interest rate of six percent (6%); now, therefore,

be it

RESOLVED, That this General Assembly hereby approves financing in an amount not to

exceed total debt service payments of thirty-four million eight hundred seventy-five thousand

dollars ($34,875,000) for the repaving and hardscape improvements projects at the University of

Rhode Island; and be it further

RESOLVED, That this Joint Resolution shall take effect upon passage.

SECTION 4. University of Rhode Island – Automotive and Administrative Services

WHEREAS, The University of Rhode Island Board of Trustees and the University of

Rhode Island (“University”) are proposing a project which provides proper working space for

“Automotive and Administrative Mail and Printing Services” in the University’s service sector;

and

WHEREAS, The University has made progress in the improvement of its service center to

align with the improvements made to the academic, research, and student life facilities; and

WHEREAS, The project and its proposed funding have been duly reviewed and approved

by the University of Rhode Island Board of Trustees as part of the FY 2027–2031 Capital

Improvement Plan; and

WHEREAS, The design and execution of this project will improve the delivery of the

associated services to the campus; and

WHEREAS, The individual projects may be delivered in a phased approach; and

WHEREAS, These timely project commitments serve the objectives of the University; and

the amount of fourteen million four hundred thousand dollars ($14,400,000); and

WHEREAS, The project cost associated with completion of the project and the proposed

financing method is fourteen million four hundred thousand dollars ($14,400,000), including the

cost of issuance. Debt service payments would be supported by the University’s unrestricted

general revenues. Total debt service on the bonds is not expected to exceed one million two hundred

fifty-seven thousand five hundred dollars ($1,257,500) annually and twenty-five million one

hundred fifty thousand dollars ($25,150,000) in the aggregate based on an average interest rate of

six percent (6%); now, therefore, be it

RESOLVED, That this General Assembly hereby approves financing in an amount not to

exceed total debt service payments of twenty-five million one hundred fifty thousand dollars

($25,150,000) for the Automotive and Administrative Services project at the University; and be it

further

RESOLVED, That this Joint Resolution shall take effect upon passage.

SECTION 5. This article shall take effect upon passage.

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art.005/7/005/6/005/5/005/4/005/3/005/2/006/1

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