These bonds will allow the State to complete a new Veterans Home that is already under construction and to borrow less money than the $94 million voters previously approved for the new Veterans Home in 2012. While voters originally authorized $94 million to be spent on the new Veterans Home, the state received federal funding and only ended up needing to borrow $33.5 million for the project.
Now the State needs to authorize an additional $27 million to complete the new Veterans Home project. The additional cost is a result of inflation in materials and labor since 2012. More significantly, the change in the federal guidelines for reimbursement of state veterans home construction has added more costly requirements for building the new Veterans Home. If this $27 million is authorized and added to the previous $33.5 million borrowed, the state would borrow a total of $60.5 million for the new Veterans Home.
VETERANS HOME BONDS - $27,000,000 for the construction of a new Veterans Home and renovations of existing facilities
Your vote to Approve means that you support the State issuing $27,000,000 in general obligation bonds to complete the construction of a new Veterans Home and support renovations of existing Veterans facilities in Rhode Island.
Your vote to Reject means that you are against the State issuing $27,000,000 in general obligation bonds to complete the construction of a new Veterans Home and support renovations of existing Veterans facilities in Rhode Island.