This bill establishes a supplemental state budget reserve account and authorizes the transfer of $18 million from this account to general revenue for the fiscal year ending June 30, 2026. It allocates $18 million to the Rhode Island Health and Educational Building Corporation to fund a debt service reserve for the proposed Hospital Financing Revenue Bonds (CharterCARE Health of Rhode Island, Inc. Issue). This allocation is intended to provide credit enhancement for the bonds, which are associated with the sale of Roger Williams Medical Center and Our Lady of Fatima Hospital to CharterCARE Health of Rhode Island, Inc.

The bill also amends the state budget, increasing the total administration budget from $430,628,941 to $448,628,941, and adjusting general revenues from $5,809,363,121 to $5,827,363,121, resulting in a statewide grand total increase from $14,336,378,593 to $14,354,378,593. The legislation specifies that the state will not be required to replenish the debt service reserve fund if it is drawn upon, although future appropriations by the General Assembly may be possible. The act will take effect upon the successful sale of the proposed bonds, with a deadline for closure set for May 8, 2026.

Statutes affected:
7408: 35-3-20.2
7408  SUB A: 35-3-20.2