Ballot Measures

Clean Water Finance Agency Bonds $20,000,000

Description:

Approval of this question will authorize the State of Rhode Island to issue general obligation bonds, refunding bonds, and temporary notes in an amount not to exceed twelve million dollars ($12,000,000) to be leveraged with federal and state capitalization grants to finance wastewater infrastructure projects and eight million dollars ($8,000,000) to be leveraged with federal and state capitalization grants to finance drinking water infrastructure projects.

PURPOSE: WHAT WILL THE CLEAN WATER FINANCE AGENCY BONDS DO?

Approval and issuance of these bonds will provide State matching funds to the Rhode Island Clean Water Finance Agency to be leveraged with federal capitalization grants to provide low-interest, subsidized loans for local governmental units to finance approved water pollution abatement projects and to provide low-interest, subsidized loans for local governmental units and privately organized water suppliers to finance approved drinking water projects. The proceeds will be used to secure up to $100,000,000 in federal funds to finance approved water pollution abatement and drinking water projects.

HOW MUCH MONEY WILL BE BORROWED?

$20,000,000

EXPLANATION: HOW WILL THE MONEY BE SPENT?

(a) $12,000,000 will be leveraged with federal capitalization grants to finance approved water pollution abatement projects.

(b) $8,000,000 will be leveraged with federal capitalization grants to finance approved drinking water projects.

PROJECT TIME TABLE:

The program to use such funds to finance approved water pollution abatement projects is expected to commence in 2013 and be completed by 2017. The program to use such funds to finance approved drinking water projects is expected to commence in 2013 and be completed by 2017.

USEFUL LIFE:

The Rhode Island Clean Water Finance Agency and the Rhode Island Department of Environmental Management estimate that the useful life of the water pollution abatement projects to be financed to be at least 20 years. The Rhode Island Clean Water Finance Agency and the Rhode Island Department of Health estimate that the useful life of the drinking water projects to be financed to be at least 20 years.

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