Ballot Measures

Veterans' Home Bonds $94,000,000

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 ninety-four million dollars ($94,000,000) for the construction of a new Veterans' Home and renovations to existing facilities. Any funding amount from federal sources received for these purposes will be used to reduce the amount of borrowed funds.

PURPOSE: WHAT WILL THE VETERANS' HOME BONDS DO?

Approval and issuance of these bonds will provide funds to the Department of Human Services for the construction of a new Veterans' Home and renovations to existing facilities.

HOW MUCH MONEY WILL BE BORROWED?

$94,000,000 but any funding amount from federal sources received for these purposes will be used to reduce the amount of borrowed funds.

EXPLANATION: HOW WILL THE MONEY BE SPENT?

$94,000,000 (or such amount less any funding from federal sources received for these purposes) will be used for the construction of a new Veterans' Home and renovations to existing facilities.

PROJECT TIME TABLE:

The program for the construction of a new Veterans' Home and renovations to existing facilities is expected to commence in 2013 and be completed by 2023, beginning with construction of the new Veterans' Home and followed by renovations to existing facilities

USEFUL LIFE:

The Department of Human Services estimates that the useful life of the new Veterans' Home and the renovations to existing facilities will be approximately 75 years.

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