AN ACT AUTHORIZING THE CITY OF PAWTUCKET TO PROVIDE FOR THE REPAVING OF STREETS IN THE CITY AND AUTHORIZING THE FINANCING THEREOF, INCLUDING THE ISSUE OF NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR, TO FUND THE CAPITAL IMPROVEMENT PROGRAM FOR THE TWO FISCAL YEARS 2028 AND 2029

This bill authorizes the City of Pawtucket to issue up to $3 million in bonds to fund the repaving of its streets over the 2028 and 2029 fiscal years. The legislation allows the city to sell these bonds with repayment terms ranging from three to thirty years, using the proceeds strictly for street repair projects and related costs. To manage cash flow before the bonds are sold, the city is permitted to issue temporary notes and make interest-free advances from its general treasury. The bill also outlines how bond proceeds and any investment earnings can be used to cover issuance expenses and pay interest on the debt.