This chapter shall be known as the "Cranston School Building Improvement Revolving Fund Ordinance." This chapter is enacted pursuant to the authority granted to municipalities under Rhode Island General Laws to make and ordain ordinances for the well ordering, managing, and directing of prudential affairs not repugnant to the constitution and laws of the state or United States.
(Ord. 2026-6, 2/17/2026)
The city council of Cranston hereby finds and declares that:
A. 
The maintenance and improvement of school facilities is essential to providing quality education and ensuring the health and safety of students and staff.
B. 
A restricted revolving fund will provide a sustainable financing mechanism to address ongoing school building capital improvement needs while maintaining fiscal responsibility.
C. 
The establishment of the restricted revolving fund will enable the city to leverage available resources and ensure compliance with state requirements for school capital projects.
(Ord. 2026-6, 2/17/2026)
For purposes of this chapter, the following terms shall have the meanings set forth below:
"Bonded debt re-imbursement"
means state housing aid reimbursement received as a result of bonded debt related to school capital improvement projects as approved by the Rhode Island Department of Education.
"Eligible project"
means any school building improvement, renovation, or repair project that qualifies under RIDE for re-imbursement.
"Fund"
means the Cranston School Building Improvement Revolving Fund.
"Maintenance Expenditures"
means expenditures as defined in Rhode Island General Laws § 16-7-36(7).
"School committee"
means the Cranston school committee.
(Ord. 2026-6, 2/17/2026)
There is hereby established a restricted special revenue fund to be known as the "Cranston School Building Improvement Revolving Fund." The fund shall be maintained as a separate account and shall not be commingled with other municipal funds.
(Ord. 2026-6, 2/17/2026)
The fund will receive monies from the following sources:
A. 
Annual appropriations from the city council as part of the municipal budget process.
B. 
State education aid and federal aid received by the municipality for school capital purposes, subject to applicable restrictions, excluding bonded debt re-imbursement.
C. 
School Housing Aid reimbursements from previous approved RIDE projects funded through the fund.
D. 
Interest earned on fund investments.
E. 
All other funding types, including, but not limited to, grants, donations, loans, or other contributions specifically designated for school building improvements.
(Ord. 2026-6, 2/17/2026)
Fund monies may be used exclusively on eligible projects:
A. 
Capital improvements to school facilities that enhance educational programs or address health and safety concerns.
B. 
Capital projects that support the basic education program and approved programs shared by the state.
(Ord. 2026-6, 2/17/2026)
A. 
The fund shall be administered by the director of finance in consultation with the mayor and the school building committee.
B. 
All fund expenditures shall be subject to the same fiscal controls and oversight mechanisms applicable to other municipal expenditures.
C. 
The fund administrator shall maintain detailed records of all fund transactions, including project descriptions, costs, and repayment schedules.
D. 
Should any funds be provided to the fund from any outside source, such as a loan or a grant, and such funds are eligible for reimbursement through any program available through any state or federal reimbursement program, such funds shall be disbursed to that outside source at the same rate of reimbursement previously approved.
(Ord. 2026-6, 2/17/2026)
A. 
The school committee may submit applications for fund assistance for eligible projects to the mayor and city council as recommended by the school building committee.
B. 
Applications shall include project descriptions, cost estimates, funding plans, and demonstration of compliance with state education requirements.
C. 
The city council shall review and approve all fund disbursements exceeding $50,000.
D. 
Capital projects must demonstrate consistency with maintaining adequate funding for the basic education program as required by state law.
(Ord. 2026-6, 2/17/2026)
A. 
The director of finance shall prepare quarterly reports on fund activity, including receipts, disbursements, and outstanding obligations.
B. 
Annual reports shall be submitted to the city council and made available to the public in accordance with municipal transparency requirements.
C. 
All reporting shall comply with applicable state requirements for school budget and expenditure reporting.
(Ord. 2026-6, 2/17/2026)
A. 
All fund activities shall comply with Rhode Island General Laws governing school funding, including maintenance of effort requirements.
B. 
The fund shall not be used to supplant local funds required for the basic education program.
C. 
Projects funded through the fund shall meet all applicable state and federal requirements for school capital improvements.
(Ord. 2026-6, 2/17/2026)
The fund may be terminated by ordinance, provided that all outstanding obligations are satisfied and any remaining funds are transferred to the general fund or applied to other lawful school purposes.
(Ord. 2026-6, 2/17/2026)
If any provision of this chapter is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
(Ord. 2026-6, 2/17/2026)