Though the governor’s race has largely taken center stage in the Ocean State in the lead-up to the general election, Rhode Islanders will also vote on five statewide ballot measures, along with local ballot questions.
Each of the five statewide ballot questions asks voters whether they approve of the state borrowing money to complete certain projects. A yes vote on all five would authorize the state to borrow some $600 million for projects involving higher education, housing, economic development, arts and culture and clean energy.
That price tag doesn’t tell the whole story, though. If the state borrows that money, it will also have to pay interest.
For example, Question 1 would authorize the state to issue $275 million in general obligation bonds for capital projects at the state’s three public colleges and universities: the University of Rhode Island, Rhode Island College and the Community College of Rhode Island. The interest rate the state will be required to pay is not clear. For example, in its voter guide, the Rhode Island Current calculates that at a 5% interest rate and a 20-year repayment timeline, the total cost would grow to about $441.3 million.
“For many, it's kind of the thought of, ‘Well, it's not necessarily my tax dollars, but that's the state's problem,’” the Current’s Chris Shea said in an interview. “But there are those concerns from many groups of, ‘We're borrowing a lot of this money, we have to pay the interest back at some point, and are we really getting our return on investment?’”
Shea spoke with Ocean State Media’s Luis Hernandez about what voters will be asked at the ballot box.
Interview highlights
What improvements would the $275 million higher education bond fund?
Shea: For the University of Rhode Island, it is toward this integrated health center and they've been really going in on, ‘We need to get more health education out there for this workforce that's been dwindling a lot, especially when you think of our medical crises in this state.’
When it comes to RIC it's about consolidating within the Adams Library to get that renovated for its academic and career services. And then $60 million at CCRI for their workforce innovation center, which would be on the Warwick campus; that is among one of their big priorities for CCRI. They're really about training people to get into the workforce. It's one of those clear-cut ways of here's how we're getting Rhode Islanders ready, whether it can be for manufacturing, trades (or) cybersecurity.
How would Question 2’s $120 million housing bond be used?
Question 2 would authorize up to $120 million in bonds to projects that aim to increase housing in Rhode Island.
Shea: So right now, (of the $120 million) the bond allocates at least $25 million to increase (housing) production. …And then there's the remaining $10 million, which is to support a program for public housing development. What that actually looks like is going to be up to the state.
Question 3 would authorize $100 million for economic development. Where would that money go?
Shea: Yeah, I would try to get some answers on that. There's no dollar allocation, per se… But the idea is, at least for the site development, it's (to) get that land ready for any industry that wants to build it there. It could be manufacturing. A lot of what we're always hearing is we're trying to support things (in) the blue economy, especially when it comes to Quonset.
…This has been a bond that's been supported by a lot of our larger employers here in the state, like Electric Boat.
What would Rhode Islanders get from the $50 million cultural economy bond in Question 4?
Shea: It would be that a new state history center would be across the street from the State House to really showcase those premier historic documents: the state constitution, U.S. Constitution, Declaration of Independence. We have our current state archives, but this would be a way to just get a lot of those more fun things up.
What would Question 5’s $55 million green economy bond fund?
Shea: Of course there are things like the (Resilient Rhody fund), which really goes into coastal restoration. There are things for various trails, state parks and other green spaces. And of course, as legislators like to do these past couple years, add in farm space to make the green bond greener. Actually, think about those green spaces, which then sometimes feel at odds with some of our other bonds of trying to develop land for businesses and housing.
