§ 45-38.2-4. Payment of state funds.
(a) Subject to the provisions of subsection (b), upon the written request of the corporation,
the general treasurer shall pay to the corporation, from time to time, from the proceeds
of any bonds or notes issued by the state for the purposes of this chapter or funds
otherwise lawfully payable to the corporation for the purposes of this chapter, such
amounts as shall have been appropriated or lawfully designated for the fund. All amounts
so paid shall be credited to the fund in addition to any other amounts credited or
expected to be credited to the fund.
(b) The corporation and the state may enter into, execute, and deliver one or more agreements
setting forth or otherwise determining the terms, conditions, and procedures for,
and the amount, time, and manner of payment of, all amounts available from the state
to the corporation under this section.
(c) The corporation, per order of the school building authority capital fund, is authorized
to grant a district or municipality its state share of an approved project cost, pursuant
to §§ 16-7-39 and 16-77.1-5. Construction pay-as-you-go grants received from the school building authority capital
fund shall not be considered a form of indebtedness subject to the provisions of § 16-7-44.
(d)(1) Notwithstanding the provisions of §§ 45-12-19 and 45-12-20, and notwithstanding city or town charter provisions to the contrary, prior to July
1, 2016, no voter approval shall be required for loans in any amount made to a city
or town for the local education agency's share of total project costs.
(2) Notwithstanding the provisions of §§ 45-12-19 and 45-12-20, and notwithstanding city or town charter provisions to the contrary, on or after
July 1, 2016, up to five hundred thousand dollars ($500,000) may be loaned to a city
or town for the local education agency's share of total project costs without the
requirement of voter approval.
(e)(1) Funds from the two hundred fifty million ($250,000,000) in general obligation bonds,
if approved on the November 2018 ballot, shall first be used to support the state
share of foundational housing aid and shall be offered to local education agencies
on a pay-as-you-go basis and not as a reimbursement of debt service for previously
completed projects.
(2) Funds to support the state share of foundational housing aid in a given year on a
pay-as-you-go basis shall be offered proportionately to local education agencies based
on the total state share of foundational housing aid awarded to projects in that year.
(3) Any excess funds may be transferred to the school building authority capital fund
in an amount not to exceed five percent (5%) of any amount of bonds issued in a given
year.
(f) Notwithstanding any provision to the contrary, the term of any bond, capital lease,
or other financing instrument shall not exceed the useful life of the project being
financed.
(g) In accordance with §§ 45-10-5.1 and 45-10-6, the auditor general shall give guidance to municipalities and school districts on
the uniform financial reporting of construction debt authorized and issued, and on
funding received from the state within ninety (90) days of the passage of this article.