Examining the Bond Issues IV: Recreation

Two for the price of one:

Question 7: Fort Adams State Park Recreation and Restoration Bonds
Approval of this question will allow for the State of Rhode Island to issue general obligation bonds, refunding bonds, and temporary notes in an amount not to exceed $4,000,000 for improvements to the Fort Adams State Park in Newport.
Project Costs – $3,984,000 in principal w/ $2,962,865 in Interest (6% over 20 years) plus approximately $28,000 in issuance costs. TOTAL: $6,974,764. {Source PDF}.

The ProJo says no and thinks that the City of Newport and private groups should step up to the plate on this one. I’m not very familiar with the technicalities of state vs. municipal funding, but, given that Fort Adams a “State” Park, I don’t know if this is possible. I’ll have to assume it is.

Question 7: Department of Environmental Management Bonds
Approval of this question will allow for the State of Rhode Island to issue general obligation bonds, refunding bonds, and temporary notes in an amount not to exceed $3,000,000 for the Local Recreation Development Program.
Project Costs – $2,988,000 in principal w/ $2,222,149 in Interest (6% over 20 years) plus approximately $21,000 in issuance costs. TOTAL: $5,231,073. {Source PDF}.

The ProJo opposes it for sound reasons: its really all for local projects to benefit individual communities–something this bond and the Fort Adams have in common–and the administration of the funds is a mystery. Besides, as emphasized by the ProJo:

….maybe without the handout from the state, school committees and other negotiators would drive better bargains with their unions.

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SusanD
SusanD
14 years ago

That last comment is exactly correct. When you give away too much at the bargaining table, other things suffer.

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