Ballot Measures

Higher Education Facilities Bonds $50,000,000

Description:

Approval of this question will allow the State of Rhode Island to issue general obligation bonds, refunding bonds, and temporary notes in an amount not to exceed fifty million dollars ($50,000,000) for renovations and modernization of academic buildings at Rhode Island College including renovation, upgrade and expansion of health and nursing facilities on the campus of Rhode Island College.

PURPOSE: WHAT WILL THE HIGHER EDUCATION FACILITIES BONDS DO?

Approval and issuance of these bonds will provide funds to the Board of Governors for Higher Education to renovate and modernize academic buildings at Rhode Island College including the renovation, upgrade and expansion of health and nursing facilities on the campus of Rhode Island College.

HOW MUCH MONEY WILL BE BORROWED?

$50,000,000

EXPLANATION: HOW WILL THE MONEY BE SPENT?

$50,000,000 will be used to renovate and modernize academic buildings at Rhode Island College including the renovation, upgrade and expansion of health and nursing facilities on the campus of Rhode Island College.

PROJECT TIME TABLE:

The program to renovate and modernize academic buildings at Rhode Island College is expected to commence in March 2013 and expected to be completed by January 2017.

USEFUL LIFE:

The Board of Governors for Higher Education estimates the useful life of the renovation and modernization of academic buildings at Rhode Island College to be approximately 50 years.

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