On November 6, 2018, Rhode Island voters approved the Statewide School Construction Bond. The bond activated six new temporary bonus incentives and access to $250 million in upfront funding to support the state share of foundation school housing aid.
The state share of foundation school housing aid for the BWRSD currently stands at 63% reimbursement.
These added bonuses are to incentivize districts, like the BWRSD, with additional reimbursement of up to 20%. This is upfront funding to reduce the district’s total bond amount and reimburse interest on district construction bonds. The state of Rhode Island is committed to this once in a generation initiative to create 21st century learning environments across the state.
In order to meet the requirements for state reimbursement, Bristol Warren Regional will submit our plan on Sept. 15. We will need bond approval during the upcoming election in November and we must complete all of our projects within 5 years from approval.
This state initiative gives the BWRSD the opportunity to fund a large capital project plan with a remarkable 83% reimbursement from the state of Rhode Island.
