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The committee unanimously approved a resolution allowing Providence to issue up to $140 million in general obligation bonds for school construction, renovations, repairs, and related improvements, with the amount reduced by certain state grants and tied to at least 75% state housing aid at issuance.
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The committee approved financing for major school and school-facility work across Providence, including construction, renovations, repairs, landscaping, furnishings, and equipment. The plan is capped at $140 million, but that amount must be reduced if certain state grants are received. The approval also depends on state housing aid being available at a reimbursement rate of at least 75% when the bonds are issued. The committee also approved a separate resolution allowing the Providence Public Buildings Authority to issue bonds for capital projects and neighborhood infrastructure funds.
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