A Public Hearing on the following proposed Ordinances will be held before the Special Finance Committee on Thursday, June 16, 2022 at 5:30 p.m. in the City Council Chambers, City Hall, 869 Park Avenue, City Hall, Cranston, R.I. pursuant to Section 3.12 of the Charter, in accordance with the RI General Laws Chapter 45-24-53 for the purpose of considering the following items listed on the agenda. Remote participation is also available by using the logon information provided below as posted on the City’s website at www.cranstonri.gov and Secretary of State’s website at www.sos.ri.gov.
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Complete copies of proposed Ordinances are available for public review at the City Clerk’s Office, and the Cranston Central Library and the City’s website cranstonri.com under calendar by clicking on the meeting date.
“Individuals requesting interpreter services for the deaf or hard of hearing must notify the City Clerk’s Office at 461-1000 ext. 3197 seventy-two (72) hours in advance of the hearing date.”
Robert J. Ferri, Chair
Finance Committee
Rosalba Zanni
Acting City Clerk
PROPOSED ORD. NO. 6-22-01S AUTHORIZING LOAN ORDER FOR THE CITY OF CRANSTON TO FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, REPAIR, AND ALTERATION OF PUBLIC BUILDINGS BY THE ISSUANCE OF NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR
It is ordained by the City Council of the City of Cranston as follows:
Section 1. In addition to sums heretofore appropriated, the sum of $3,000,000 is appropriated to finance the acquisition, construction, improvement, renovation, repair, and alteration of Public Buildings in the City of Cranston.
Section 2. Pursuant to Rhode Island General Laws Section 45-12-1 and Section 12.01 of the Cranston Home Rule Charter, the Director of Finance and the Mayor are authorized to issue general obligation bonds of the City in an amount not to exceed $3,000,000 (the “Bonds”) in order to meet the foregoing appropriation.
Section 3. The said officers from time to time may issue and refund not exceeding $3,000,000 interest bearing or discounted Notes in anticipation of the issue of said Bonds pursuant to Section 12.02 of the Cranston Home Rule Charter.
Section 4. The manner of sale, forms, amount, denominations, maturities, conversion or registration privileges, interest rates, and other conditions and details of the Bonds and Notes authorized herein shall be fixed by the said officers. Any premium arising from the sale of Bonds or Notes authorized herein shall be fixed by the said officers. Any premium arising from the sale of Bonds or Notes hereunder is hereby appropriated and shall, in the discretion of the Director of Finance, be applied to the cost of preparing, issuing and marketing Bonds or Notes hereunder, to the payment of Project costs, to the payment of the principal of or interest on Bonds or Notes issued hereunder or to any one or more of the foregoing.
Section 5. The City Council hereby authorizes the Director of Finance and the Mayor, acting on behalf of the City, to issue the Bonds and Notes for the purposes set forth herein and to take all actions as they deem necessary to effect the issuance of the Notes and Bonds. The Bonds and Notes shall be issued by the City under its corporate name and seal or a facsimile of such seal. The Bonds and Notes shall be signed by the manual or facsimile signature of the Director of Finance and the Mayor.
Section 6. The Director of Finance and the Mayor are hereby authorized to issue the Bonds and Notes and deliver them to the purchaser and said officers are hereby authorized and instructed to take all actions, on behalf of the City, necessary to ensure that interest on the Bonds and Notes will be excludable from gross income for federal income tax purposes and to refrain from all actions which would cause interest on the Bonds and Notes to become subject to federal income taxes.
Section 7. The Bonds and Notes may be issued either alone or consolidated with other issues of notes or bonds of the City.
Section 8. The City’s Director of Finance is authorized to execute and deliver continuing disclosure certificates in connection with the Bonds and Notes issued by the City, in such form as shall be deemed advisable by the City’s Director of Finance. The City hereby covenants and agrees that it will comply with and carry our all of the provisions of each continuing disclosure certificate, as it may be amended from time to time. Notwithstanding any other provision of this loan order or the Bonds or Notes, failure of the City to comply with any continuing disclosure certificate shall not be considered an event of default; however, any bondholder or noteholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this loan order and under any continuing disclosure certificate.
Section 9. The Director of Finance and the Mayor are also authorized, empowered and directed, on behalf of the City, to: (i) execute, acknowledge and deliver any and all other documents, certificates or instruments necessary to effectuate such borrowing, including, without limitation, a Preliminary Official Statement, a final Official Statement, all is such form and with such provisions as such officer shall deem advisable; (ii) amend, modify or supplement the bonds or notes and any and all other documents, certificates or instruments at any time and from time to time, in such manner and for such purposes as such officers shall deemed by such officers to be necessary, desirable or advisable with respect to any matter contemplated by this loan order in order to effectuate said borrowing and the intent hereof.
Section 10. This loan order is an affirmative action of the City Council of the City of Cranston toward the issuance of Bonds and/or Notes in accordance with the purposes of the laws of the State. This loan order constitutes the City’s declaration of official intent pursuant to Treasury Regulation Section 1.150-2 to reimburse the City’s General Fund for certain capital expenditures for the Project paid on or after the date which is sixty (60) days prior to the date of this loan order, but prior to the issuance of the Bonds and/or Notes. Such amounts to be reimbursed shall not exceed $3,000,000, and shall be reimbursed not later than eighteen (18) months after (a) the date on which the expenditure is paid, or (b) the date the Project is placed in service or abandoned but in no event later than three (3) years after the date the expenditure is paid.
Section 11. No Bonds or Notes shall be issued pursuant to the authority of this loan order until a majority of the electors of the City voting at a city-wide election has approved the loan. The question of the approval of the loan shall be placed before the qualified electors of the City of Cranston at the first special local, regular municipal, special state or general state election, other than a primary election, which is to be held thirty or more days after this loan order takes effect and shall be submitted in substantially the following form:
“Shall Three Million Dollars ($3,000,000) debt of the City be incurred for the purpose of financing the acquisition, construction, improvement, renovation, repair, and alteration of Public Buildings in the City under Rhode Island General Laws Section 45-12-2 and an order of the City Council that became effective on June 27, 2022?”
Section 12. This ordinance shall take effect upon its final adoption.
Sponsored by Councilman Reilly
PROPOSED ORD. No. 6-22-02S AUTHORIZING LOAN ORDER FOR THE CITY OF CRANSTON TO FINANCE THE ACQUISITION OF FIRE EQUIPMENT FOR THE CITY’S FIRE DEPARTMENT BY THE ISSUANCE OF NOT MORE THAN $2,000,000 BONDS AND NOTES THEREFOR
It is ordained by the City Council of the City of Cranston as follows:
Section 1. In addition to sums heretofore appropriated, the sum of $2,000,000 is appropriated to finance the acquisition of fire equipment by the City’s Fire Department.
Section 2. Pursuant to Rhode Island General Laws Section 45-12-1 and Section 12.01 of the Cranston Home Rule Charter, the Director of Finance and the Mayor are authorized to issue general obligation bonds of the City in an amount not to exceed $2,000,000 (the “Bonds”) in order to meet the foregoing appropriation.
Section 3. The said officers from time to time may issue and refund not exceeding $2,000,000 interest bearing or discounted Notes in anticipation of the issue of said Bonds pursuant to Section 12.02 of the Cranston Home Rule Charter.
Section 4. The manner of sale, forms, amount, denominations, maturities, conversion or registration privileges, interest rates, and other conditions and details of the Bonds and Notes authorized herein shall be fixed by the said officers. Any premium arising from the sale of Bonds or Notes authorized herein shall be fixed by the said officers. Any premium arising from the sale of Bonds or Notes hereunder is hereby appropriated and shall, in the discretion of the Director of Finance, be applied to the cost of preparing, issuing and marketing Bonds or Notes hereunder, to the payment of Project costs, to the payment of the principal of or interest on Bonds or Notes issued hereunder or to any one or more of the foregoing.
Section 5. The City Council hereby authorizes the Director of Finance and the Mayor, acting on behalf of the City, to issue the Bonds and Notes for the purposes set forth herein and to take all actions as they deem necessary to effect the issuance of the Notes and Bonds. The Bonds and Notes shall be issued by the City under its corporate name and seal or a facsimile of such seal. The Bonds and Notes shall be signed by the manual or facsimile signature of the Director of Finance and the Mayor.
Section 6. The Director of Finance and the Mayor are hereby authorized to issue the Bonds and Notes and deliver them to the purchaser and said officers are hereby authorized and instructed to take all actions, on behalf of the City, necessary to ensure that interest on the Bonds and Notes will be excludable from gross income for federal income tax purposes and to refrain from all actions which would cause interest on the Bonds and Notes to become subject to federal income taxes.
Section 7. The Bonds and Notes may be issued either alone or consolidated with other issues of notes or bonds of the City.
Section 8. The City’s Director of Finance is authorized to execute and deliver continuing disclosure certificates in connection with the Bonds and Notes issued by the City, in such form as shall be deemed advisable by the City’s Director of Finance. The City hereby covenants and agrees that it will comply with and carry our all of the provisions of each continuing disclosure certificate, as it may be amended from time to time. Notwithstanding any other provision of this loan order or the Bonds or Notes, failure of the City to comply with any continuing disclosure certificate shall not be considered an event of default; however, any bondholder or noteholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this loan order and under any continuing disclosure certificate.
Section 9. The Director of Finance and the Mayor are also authorized, empowered and directed, on behalf of the City, to: (i) execute, acknowledge and deliver any and all other documents, certificates or instruments necessary to effectuate such borrowing, including, without limitation, a Preliminary Official Statement, a final Official Statement, all is such form and with such provisions as such officer shall deem advisable; (ii) amend, modify or supplement the bonds or notes and any and all other documents, certificates or instruments at any time and from time to time, in such manner and for such purposes as such officers shall deemed by such officers to be necessary, desirable or advisable with respect to any matter contemplated by this loan order in order to effectuate said borrowing and the intent hereof.
Section 10. This loan order is an affirmative action of the City Council of the City of Cranston toward the issuance of Bonds and/or Notes in accordance with the purposes of the laws of the State. This loan order constitutes the City’s declaration of official intent pursuant to Treasury Regulation Section 1.150-2 to reimburse the City’s General Fund for certain capital expenditures for the Project paid on or after the date which is sixty (60) days prior to the date of this loan order, but prior to the issuance of the Bonds and/or Notes. Such amounts to be reimbursed shall not exceed $2,000,000, and shall be reimbursed not later than eighteen (18) months after (a) the date on which the expenditure is paid, or (b) the date the Project is placed in service or abandoned but in no event later than three (3) years after the date the expenditure is paid.
Section 11. No Bonds or Notes shall be issued pursuant to the authority of this loan order until a majority of the electors of the City voting at a city-wide election has approved the loan. The question of the approval of the loan shall be placed before the qualified electors of the City of Cranston at the first special local, regular municipal, special state or general state election, other than a primary election, which is to be held thirty or more days after this loan order takes effect and shall be submitted in substantially the following form:
“Shall Two Million Dollars ($2,000,000) debt of the City be incurred for the purpose of financing the acquisition of fire equipment by the City’s Fire Department under Rhode Island General Laws Section 45-12-2 and an order of the City Council that became effective on June 27, 2022?”
Section 12. This ordinance shall take effect upon its final adoption.
Sponsored by Councilman Reilly
PROPOSED ORD. NO. 6-22-03S AUTHORIZING LOAN ORDER FOR THE CITY OF CRANSTON TO FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, REPAIR, ALTERATION, AND EQUIPPING OF PLAYGROUNDS AND ATHLETIC FIELDS IN THE CITY OF CRANSTON BY THE ISSUANCE OF NOT MORE THAN $3,500,000 BONDS AND NOTES THEREFOR
It is ordained by the City Council of the City of Cranston as follows:
Section 1. In addition to sums heretofore appropriated, the sum of $3,500,000 is appropriated to finance the acquisition, construction, improvement, renovation, repair, alteration and equipping of playgrounds and athletic fields in the City of Cranston.
Section 2. Pursuant to Rhode Island General Laws Section 45-12-1 and Section 12.01 of the Cranston Home Rule Charter, the Director of Finance and the Mayor are authorized to issue general obligation bonds of the City in an amount not to exceed $3,500,000 (the “Bonds”) in order to meet the foregoing appropriation.
Section 3. The said officers from time to time may issue and refund not exceeding $3,500,000 interest bearing or discounted Notes in anticipation of the issue of said Bonds pursuant to Section 12.02 of the Cranston Home Rule Charter.
Section 4. The manner of sale, forms, amount, denominations, maturities, conversion or registration privileges, interest rates, and other conditions and details of the Bonds and Notes authorized herein shall be fixed by the said officers. Any premium arising from the sale of Bonds or Notes authorized herein shall be fixed by the said officers. Any premium arising from the sale of Bonds or Notes hereunder is hereby appropriated and shall, in the discretion of the Director of Finance, be applied to the cost of preparing, issuing and marketing Bonds or Notes hereunder, to the payment of Project costs, to the payment of the principal of or interest on Bonds or Notes issued hereunder or to any one or more of the foregoing.
Section 5. The City Council hereby authorizes the Director of Finance and the Mayor, acting on behalf of the City, to issue the Bonds and Notes for the purposes set forth herein and to take all actions as they deem necessary to effect the issuance of the Notes and Bonds. The Bonds and Notes shall be issued by the City under its corporate name and seal or a facsimile of such seal. The Bonds and Notes shall be signed by the manual or facsimile signature of the Director of Finance and the Mayor.
Section 6. The Director of Finance and the Mayor are hereby authorized to issue the Bonds and Notes and deliver them to the purchaser and said officers are hereby authorized and instructed to take all actions, on behalf of the City, necessary to ensure that interest on the Bonds and Notes will be excludable from gross income for federal income tax purposes and to refrain from all actions which would cause interest on the Bonds and Notes to become subject to federal income taxes.
Section 7. The Bonds and Notes may be issued either alone or consolidated with other issues of notes or bonds of the City.
Section 8. The City’s Director of Finance is authorized to execute and deliver continuing disclosure certificates in connection with the Bonds and Notes issued by the City, in such form as shall be deemed advisable by the City’s Director of Finance. The City hereby covenants and agrees that it will comply with and carry our all of the provisions of each continuing disclosure certificate, as it may be amended from time to time. Notwithstanding any other provision of this loan order or the Bonds or Notes, failure of the City to comply with any continuing disclosure certificate shall not be considered an event of default; however, any bondholder or noteholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this loan order and under any continuing disclosure certificate.
Section 9. The Director of Finance and the Mayor are also authorized, empowered and directed, on behalf of the City, to: (i) execute, acknowledge and deliver any and all other documents, certificates or instruments necessary to effectuate such borrowing, including, without limitation, a Preliminary Official Statement, a final Official Statement, all is such form and with such provisions as such officer shall deem advisable; (ii) amend, modify or supplement the bonds or notes and any and all other documents, certificates or instruments at any time and from time to time, in such manner and for such purposes as such officers shall deemed by such officers to be necessary, desirable or advisable with respect to any matter contemplated by this loan order in order to effectuate said borrowing and the intent hereof.
Section 10. This loan order is an affirmative action of the City Council of the City of Cranston toward the issuance of Bonds and/or Notes in accordance with the purposes of the laws of the State. This loan order constitutes the City’s declaration of official intent pursuant to Treasury Regulation Section 1.150-2 to reimburse the City’s General Fund for certain capital expenditures for the Project paid on or after the date which is sixty (60) days prior to the date of this loan order, but prior to the issuance of the Bonds and/or Notes. Such amounts to be reimbursed shall not exceed $3,500,000, and shall be reimbursed not later than eighteen (18) months after (a) the date on which the expenditure is paid, or (b) the date the Project is placed in service or abandoned but in no event later than three (3) years after the date the expenditure is paid.
Section 11. No Bonds or Notes shall be issued pursuant to the authority of this loan order until a majority of the electors of the City voting at a city-wide election has approved the loan. The question of the approval of the loan shall be placed before the qualified electors of the City of Cranston at the first special local, regular municipal, special state or general state election, other than a primary election, which is to be held thirty or more days after this loan order takes effect and shall be submitted in substantially the following form:
“Shall Three Million Five Hundred Thousand Dollars ($3,500,000) debt of the City be incurred for the purpose of financing the acquisition, construction, improvement, renovation, repair, alteration, and equipping of playgrounds and athletic fields in the City under Rhode Island General Laws Section 45-12-2 and an order of the City Council that became effective on June 27, 2022?”
Section 12. This ordinance shall take effect upon its final adoption.
Sponsored by Councilman Reilly
PROPOSED ORD. NO. 6-22-04S AUTHORIZING LOAN ORDER FOR THE CITY OF CRANSTON TO FINANCE THE CONSTRUCTION, IMPROVEMENT, RENOVATION, REPAIR, AND ALTERATION OF CITY INFRASTRUCTURE BY THE HIGHWAY DEPARTMENT BY THE ISSUANCE OF NOT MORE THAN $4,000,000 BONDS AND NOTES THEREFOR
It is ordained by the City Council of the City of Cranston as follows:
Section 1. In addition to sums heretofore appropriated, the sum of $4,000,000 is appropriated to finance the construction, improvement, renovation, repair, and alteration of City infrastructure by the Highway Department in the City of Cranston.
Section 2. Pursuant to Rhode Island General Laws Section 45-12-1 and Section 12.01 of the Cranston Home Rule Charter, the Director of Finance and the Mayor are authorized to issue general obligation bonds of the City in an amount not to exceed $4,000,000 (the “Bonds”) in order to meet the foregoing appropriation.
Section 3. The said officers from time to time may issue and refund not exceeding $4,000,000 interest bearing or discounted Notes in anticipation of the issue of said Bonds pursuant to Section 12.02 of the Cranston Home Rule Charter.
Section 4. The manner of sale, forms, amount, denominations, maturities, conversion or registration privileges, interest rates, and other conditions and details of the Bonds and Notes authorized herein shall be fixed by the said officers. Any premium arising from the sale of Bonds or Notes authorized herein shall be fixed by the said officers. Any premium arising from the sale of Bonds or Notes hereunder is hereby appropriated and shall, in the discretion of the Director of Finance, be applied to the cost of preparing, issuing and marketing Bonds or Notes hereunder, to the payment of Project costs, to the payment of the principal of or interest on Bonds or Notes issued hereunder or to any one or more of the foregoing.
Section 5. The City Council hereby authorizes the Director of Finance and the Mayor, acting on behalf of the City, to issue the Bonds and Notes for the purposes set forth herein and to take all actions as they deem necessary to effect the issuance of the Notes and Bonds. The Bonds and Notes shall be issued by the City under its corporate name and seal or a facsimile of such seal. The Bonds and Notes shall be signed by the manual or facsimile signature of the Director of Finance and the Mayor.
Section 6. The Director of Finance and the Mayor are hereby authorized to issue the Bonds and Notes and deliver them to the purchaser and said officers are hereby authorized and instructed to take all actions, on behalf of the City, necessary to ensure that interest on the Bonds and Notes will be excludable from gross income for federal income tax purposes and to refrain from all actions which would cause interest on the Bonds and Notes to become subject to federal income taxes.
Section 7. The Bonds and Notes may be issued either alone or consolidated with other issues of notes or bonds of the City.
Section 8. The City’s Director of Finance is authorized to execute and deliver continuing disclosure certificates in connection with the Bonds and Notes issued by the City, in such form as shall be deemed advisable by the City’s Director of Finance. The City hereby covenants and agrees that it will comply with and carry our all of the provisions of each continuing disclosure certificate, as it may be amended from time to time. Notwithstanding any other provision of this loan order or the Bonds or Notes, failure of the City to comply with any continuing disclosure certificate shall not be considered an event of default; however, any bondholder or noteholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this loan order and under any continuing disclosure certificate.
Section 9. The Director of Finance and the Mayor are also authorized, empowered and directed, on behalf of the City, to: (i) execute, acknowledge and deliver any and all other documents, certificates or instruments necessary to effectuate such borrowing, including, without limitation, a Preliminary Official Statement, a final Official Statement, all is such form and with such provisions as such officer shall deem advisable; (ii) amend, modify or supplement the bonds or notes and any and all other documents, certificates or instruments at any time and from time to time, in such manner and for such purposes as such officers shall deemed by such officers to be necessary, desirable or advisable with respect to any matter contemplated by this loan order in order to effectuate said borrowing and the intent hereof.
Section 10. This loan order is an affirmative action of the City Council of the City of Cranston toward the issuance of Bonds and/or Notes in accordance with the purposes of the laws of the State. This loan order constitutes the City’s declaration of official intent pursuant to Treasury Regulation Section 1.150-2 to reimburse the City’s General Fund for certain capital expenditures for the Project paid on or after the date which is sixty (60) days prior to the date of this loan order, but prior to the issuance of the Bonds and/or Notes. Such amounts to be reimbursed shall not exceed $4,000,000, and shall be reimbursed not later than eighteen (18) months after (a) the date on which the expenditure is paid, or (b) the date the Project is placed in service or abandoned but in no event later than three (3) years after the date the expenditure is paid.
Section 11. No Bonds or Notes shall be issued pursuant to the authority of this loan order until a majority of the electors of the City voting at a city-wide election has approved the loan. The question of the approval of the loan shall be placed before the qualified electors of the City of Cranston at the first special local, regular municipal, special state or general state election, other than a primary election, which is to be held thirty or more days after this loan order takes effect and shall be submitted in substantially the following form:
“Shall Four Million Dollars ($4,000,000) debt of the City be incurred for the purpose of financing the construction, improvement, renovation, repair, and alteration of City infrastructure under Rhode Island General Laws Section 45-12-2 and an order of the City Council that became effective on June 27, 2022?”
Section 12. This ordinance shall take effect upon its final adoption.
Sponsored by Councilman Reilly
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