Buy state bonds, treasurer tells Rhode Island residents
State General Treasurer Seth Magaziner wants more Rhode Islanders to buy state bonds.
Speaking at the construction site of the future East Providence High School on Monday, Magaziner announced new measures to make it easier for state residents to buy the bonds, including a campaign to encourage Rhode Islanders to invest in bond-funded school construction and environmental projects.
“Beginning next week, Rhode Islanders will have a chance to make our state stronger," Magaziner said. "By investing in Rhode Island bonds, you will play a direct role in improving our state's schools and natural environment, while also helping to keep more of the interest we pay to bondholders right here in Rhode Island."
Rhode Island intends to offer $153 million the week of Dec. 10 to support school construction, clean water and other infrastructure projects statewide.
Magaziner partnered with local artists to raise awareness about the opportunity to buy Rhode Island bonds and the projects they will fund. The campaign includes World War II-style posters.
Funded projects include new high schools in East Providence and Lincoln; renovations to Smithfield Elementary School; the Providence River dredging, the Clean Water State Revolving Fund; and more than a dozen other initiatives across the state.
Voters last November approved a $250 million school construction bond issue after a school building task force co-chaired by Magaziner and then-education Commissioner Ken Wagner called on statewide improvements to school infrastructure.
Bonding could help rebuild the struggling school system in capital city Providence. A scathing report by Johns Hopkins University earlier this year cited decaying infrastructure, and glaring academic and administrative deficiencies.
The state has taken over the Providence system, with Moody’s Investors Service calling the move a credit positive.
Fitch Ratings and S&P Global Ratings rate the state’s general obligation bonds AA. Moody’s rates them Aa2. All three assign stable outlooks.
Beginning Nov. 26, information about the upcoming bond sale will be available at www.RhodeIslandBonds.com.