Rhode Island voters will decide on Nov. 3 whether to let the state borrow $275 million for buildings at its three public colleges, the largest of five bond questions that together seek $600 million in new borrowing authority.
Question 1 divides the money among the University of Rhode Island, Rhode Island College and the Community College of Rhode Island, according to the secretary of state’s voter guide and reporting by HERE Providence.
Where the money goes
URI would receive the largest share, $165 million, for an Integrated Health Building on its Kingston campus that is expected to open in 2031. Rhode Island College in Providence would get $50 million to overhaul Adams Library and add a career readiness and student success center, targeted for 2030. CCRI would receive $60 million for a 44,000-square-foot Workforce Innovation Center on its Knight Campus in Warwick, also aimed at 2030, with more than half of the space devoted to labs and shops for training in fields such as advanced manufacturing, HVAC, welding, maritime trades, health care and clean energy.
The cost of borrowing
The state’s voter guide estimates that, assuming a 5% interest rate over 20 years, the bonds would cost about $441.3 million to repay, or roughly $1.60 for every dollar borrowed. House Minority Leader Michael Chippendale opposes all five bond measures, arguing that the state cannot borrow its way to prosperity, HERE Providence reported.
Rhode Island voters last rejected a statewide bond in 2006, according to HERE Providence. Approval would authorize the state to sell general obligation bonds over time; the size and timing of each sale, and the rates the state pays, would be set when it comes to market.
For municipal bond investors, ballot measures like Question 1 offer an early look at future supply from smaller issuers. Similar votes are on Nov. 3 ballots elsewhere, including a $175 million school bond in Greenwood, S.C. Local business coverage is available on the HERE Providence business page.
