AN ACT AUTHORIZING THE CITY OF CRANSTON TO FINANCE THE DESIGN, CONSTRUCTION, REPAIR, REHABILITATION AND IMPROVEMENT OF STREETS, SIDEWALKS AND BRIDGES IN THE CITY INCLUDING, BUT NOT LIMITED TO, PAVING, DRAINAGE, TRAFFIC CONTROL DEVICES, ROAD MAINTENANCE EQUIPMENT, SAFETY IMPROVEMENTS AND LANDSCAPING AND ALL COSTS INCIDENTAL OR RELATED THERETO BY THE ISSUANCE OF NOT MORE THAN $8,000,000 GENERAL OBLIGATION BONDS AND NOTES THEREFOR

This bill authorizes the City of Cranston to issue up to $8 million in general obligation bonds to fund the design, construction, repair, and improvement of its streets, sidewalks, and bridges. The funds can be used for various infrastructure projects, including paving, drainage systems, traffic control devices, road maintenance equipment, safety upgrades, and landscaping. The legislation allows the city to sell these bonds in different forms, such as zero coupon or serial bonds, with repayment terms ranging from five to thirty years. Additionally, the bill permits the city to issue temporary notes to manage cash flow before the main bonds are sold and provides a framework for repaying any borrowed funds using future bond proceeds.