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2024 General Obligation Bond

As part of the 2024 General Election ballot, Newport voters will be asked to approve a proposed General Obligation bond referendum that will allow the City to issue up to $98.5 million in municipal bonds to fund investments in Infrastructure, Resiliency, and Community-related projects.

Please click the pins on the map - or scroll below - for more information on specific projects, as outlined in the City's proposed 2024 Bond.

BOND BREAKDOWN

Our goal is to make investments in three key areas: Infrastructure, Resilience, and Community

Projects that the City hopes to fund through the bond’s passage range from the relatively straightforward, such as the reconstruction of the Elm Street Pier and Perrotti Park bulkhead, to the more ambitious like a preliminary design for daylighting Elizabeth Brook, reimagining Easton’s Beach, and activating the former Maher Center on Hillside Avenue.

Funding for repairing the Cliff Walk, removing the Van Zandt Bridge, and design of a new North End Public Safety Complex are also included in any potential bond funds. So too is the final disposition of the Rogers High School construction project, which is expected to be complete in time for the 2025-26 school year.

Listed below are the projects and allocations for the $98.5 Million bond referendum

Resilience & Sustainability

Perrotti Park Bulkhead & Renovation of Harbor Master Building
$20,000,000

Elm Street Pier Improvements
$2,000,000

Cliff Walk Repair Matching Funds
$3,750,000

Seawall Repairs
$2,500,000

Easton’s Beach Nourishment Study & Program
$11,200,000

Easton’s Pond Hardening Project-Stormwater Share of Potential Grant Match
$5,375,000

Elizabeth Brook Study & Preliminary Design; North End Stormwater
$5,375,000

Community Facilities

North End Public Safety Facility-Acquisition of Land/Design/Engineering
$13,000,000

Redesign and Renovation of Maher Center
$5,000,000

Infrastructure

Roads & Sidewalks
Van Zandt Bridge Removal; Regrading & Lower Road
$12,000,000

FY2025 & FY2026 Road Improvement Program
$6,000,000

Aquidneck Park Sidewalks
$115,000

Public Facilities
Rogers HS Landfill & Disposition of Remaining Soil; Rogers Completion
$10,000,000

Easton’s Beach Demolition
$800,000

Programmatics
FY2025 Final Allotment for MUNIS ERP Conversion
$777,260

Bond Issuance Costs
$607,740

Total Amount Authorized by General Assembly for Referendum $98,500,000

What Happens Next if the Bond Passes?

Regardless of amount, all bonded projects will require additional approvals and public input, including City Council approval for any final expenditures.

Projects must also adhere to any and all required public bidding processes, and even though the City will be authorized to issue $98.5 million in bonds, the actual amount of bonds sold may be less, depending on final project costs.

What other public input will there be?

All of the projects that are listed as part of the bond will require further public discussion by the City Council and must go through an open bidding process.

ow much will it cost taxpayers?

If the bond passes and the City issues the entire $98.5 million, the average Residential taxpayer can expect to pay roughly $346 more in property taxes per year, or roughly 95 cents per day. The average Non-resident homeowners can expect to pay $531 per year above their current rates. (Based on Newport’s current Residential Tax Rate, excluding enterprise fund projects.)

Newport is proud to boast one of the lowest tax rates in the entire State of Rhode Island and one of the highest bond ratings, at AA+. And even though the City will be authorized to issue $98.5 million in bonds, the actual amount of bonds sold may be less, depending on final project costs.

Why did the City combine projects?

Similar to the State’s proposed Green Bond (Question 4 on the ballot), the decision to combine multiple projects stems from a desire to bring down the cost of borrowing, while also allowing the City the ability to make needed investments that can be paid for over decades through a predictable debt service rather than through more immediate property tax increases.

Will projects be paid for solely by newport residents?

No. In fact, several projects will be paid for primarily by federal grant funds or user fees. In the case of both the Perrotti Park improvements and Elm Street Pier, the City will rely on cruise ship passenger fees to pay back the entirety of the project amount. Meanwhile, the majority of the funds needed to rebuild the Cliff Walk have also been secured through a roughly $13 million federal grant, with City’s share totaling $3.75 million.

What happens next if the bond passes?

All bonded projects will require additional approvals and public input, including City Council approval for any final expenditures. Projects must also adhere to any and all required public bidding processes, and even though the City will be authorized to issue $98.5 million in bonds, the actual amount of bonds sold may be less, depending on final costs.

Question 6

How it Reads on the Ballot

DESIGN, CONSTRUCTION, REPAIR, REHABILITATION, REPLACEMENT AND IMPROVEMENT OF INFRASTRUCTURE AND MUNICIPAL FACILITIES IN CITY NEIGHBORHOODS| $98,500,000 BONDS AND NOTES

Shall an act passed at the 2024 session of the General Assembly entitled "An Act authorizing the City of Newport to issue not to exceed $98,500,000 general obligation bonds and notes to finance all costs relating to the design, construction, repair, rehabilitation, replacement and improvement of infrastructure and municipal facilities in the City's neighborhoods, including, but not limited to, land acquisition, demolition, landfill remediation, streets, sidewalks, public parks, bridges, sewers, drainage, City buildings, and recreation, beach and harbor facilities" be approved?

How We Got Here

The concept of pursuing a General Obligation Bond began as part of the City's annual Capital Improvement Plan (CIP) process. As a stand-alone planning document, the CIP is used to assist in formulating the City's annual budget while at the same time providing a long-term view of various projects the City has identified as priorities.

The CIP planning process is dynamic and is updated to reflect changes in service demands, infrastructure condition, and emerging goals and priorities. Many of the projects identified in the proposed 2024 Bond are found in the CIP and reflect policy direction received by the City Council.

Here's how we got here
Introducing the Bond
January 31, 2024
The proposed 2024 Bond was first introduced at a Special Workshop with the City Council
Watch the Video | Download the FY25-29 CIP

February 28, 2024
Following the adoption of the City's FY25-29 Capital Improvement Plan, the City Council formally requested the General Assembly to enact legislation to enable the City to issue $98.5 million in bonds for infrastructure projects.
Watch the Video

Budget Season
April 23, 2024
The City's annual Budget process got underway with a General Budget overview, touching on a number of issues addressed through the proposed bond.
Watch the Video

April 29, 2024
The City's Budget process continued with the discussion of Fire, Police and Harbor Departments and their needs that are addressed in the 2024 Bond, including the rebuild of the Elm Street Pier and Perrotti Park bulkhead.
Watch the Video

April 30, 2024
At this budget workshop, the Department of Public Services, as well as Planning & Economic Development outlined their immediate budgets as well as previewed items contained in the bond, including the Road and Sidewalk improvement program.
Watch the Video

May 1, 2024
Information on the Rogers High School build and other matters were discussed at a joint City Council - School Committee budget workshop. Bond-related topics touched on include soil disposition at Rogers High School.
Watch the Video

May 2, 2024
The Utilities Department, which is in charge of both Stormwater and Drinking Water projects including Daylighting Elizabeth Brook and the Easton's Pond Dam. Their budget and future needs were discussed at this final Council budget workshop
Watch the Video

May 28, 2024
The City Council formally adopts the FY25 Budget, which includes projects that are funded through the proposed 2024 Bond
Watch the Video | Download the FY25 Budget

August 28, 2024
The City Council formally adopts a resolution identifying the specific projects intended for funding in the proposed $98.5 Million bond.

Election Season
October 16, 2024
Early Voting begins at City Hall

November 5, 2024
Elecation Day. Polls are open across the City

Currently in Newport

In Detail: The City's Capital Improvement Plan

The City's Capital Improvement Planning process is designed to be dynamic and responsive to changes in service demands, infrastructure condition, and emerging goals and priorities.

City Councilors recently met to discuss this important planning document, and are scheduled to host a Public Hearing on its contents as part of their March 12th Council Meeting. if you you're interested in learning more, please be sure to click below for an overview of the City's proposed Capital Improvement Plan.

Learn more →

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