2026-28

A RESOLUTION AUTHORIZING THE CITY OF NEWPORT TO ISSUE NOT TO EXCEED $35,600,000 GENERAL OBLIGATION BONDS AND NOTES TO FINANCE 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 AND PROVIDING FOR THE ALLOCATION OF FUNDS TO CERTAIN PROJECTS

WHEREAS, at an election duly held on November 5, 2024, the qualified electors of the City of Newport approved a ballot question authorizing the issuance of bonds and/or notes in an aggregate principal amount not to exceed $98,500,000 for the purpose of financing 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 (collectively, the "Projects"); and

WHEREAS, the City Council finds it necessary and appropriate to identify and approve specific projects and funding allocations to be financed from such voter-approved authorization, consistent with the purposes set forth in the ballot question; and

WHEREAS, the projects listed below fall within the scope of the voter-approved purposes and are necessary to protect public health, safety, welfare, environmental resilience, municipal operations, public access, and quality of life in the City.

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NEWPORT, RHODE ISLAND, AS FOLLOWS:

SECTION 1. Pursuant to Chapters

Intergenerational Resilience & Sustainability

Perrotti Park Bulkhead $6,000,000
Seawall Repairs 2,500,000
Pier Improvements 2,000,000
Easton's Beach Nourishment Study & Program 1,000,000
Easton's Beach Demolition 800,000

Roads & Sidewalks

FY2025 & FY2026 Road Improvement Program 6,000,000

Utilities

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

Public Facilities

North End Public Safety Facility-Acquisition of Land 5,750,000
Environmental Remediation of Harrison Avenue Site 5,000,000

Programmatics

FY2025 Final Allotment for MUNIS Enterprise Resource Planning Conversion 777,260

SECTION 3. The City Council hereby finds and determines that the Series 1 Authorized Projects and the purposes for which the proceeds are to be expended are within the scope of, and consistent with, the purposes approved by the voters and as authorized by the Bond Act. The City Manager, Director of Finance, and other appropriate City officials are authorized, in consultation with bond counsel, to: (a) make non-material adjustments (plus or minus 10%) to the amounts allocated to each of the Series 1 Authorized Projects to respond to bid results, grant awards, project contingencies, or similar circumstances; and (b) reallocate unexpended or surplus proceeds among the Series 1 Authorized Projects. The proceeds of any bonds and/or notes issued pursuant to the Bond Act may be combined with, and supplemented by, other available City funds, state or federal grants, and private contributions, and may be applied to the Projects and the Series 1 Authorized Projects as determined by the City Manager and Director of Finance, consistent with this Resolution.

SECTION 4. The said officers from time to time may issue interest bearing or discounted general obligation notes in anticipation of the issue of said bonds or in anticipation of the receipt of federal or state aid for the purpose specified in

SECTION 8. The Director of Finance and the Mayor are also authorized, empowered and directed, on behalf of the City, to: (i) execute, acknowledge and deliver any and all other documents, certificates or instruments necessary to effectuate such borrowing, including, without limitation, a Preliminary Official Statement, a final Official Statement, all in such form and with such provisions as such officer shall deem advisable; (ii) amend, modify or supplement the bonds or notes and any and all other documents, certificates or instruments at any time and from time to time, in such manner and for such purposes as such officers shall deem necessary, desirable or advisable; (iii) do and perform all such other acts and things deemed by such officers to be necessary, desirable or advisable with respect to any matters contemplated by this resolution in order to effectuate said borrowing and the intent hereof.

SECTION 9. The Director of Finance and the Mayor are authorized to take all actions necessary to comply with federal tax and securities laws including Rule 15c2-12 of the Securities and Exchange Commission (the "SEC Rule") and to execute and deliver a Continuing Disclosure Certificate in connection with the bonds or notes in the form as shall be deemed advisable by the Director of Finance and the Mayor in order to comply with the SEC Rule. The City hereby covenants and agrees that it will comply with and carry out all of the provisions of the Continuing Disclosure Certificate, as it may be amended from time to time. Notwithstanding any other provision of this resolution or the bonds or notes, failure of the City to comply with the Continuing Disclosure Certificate shall not be considered an event of default; however, any bondholder or noteholder may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this Section and under the Continuing Disclosure Certificate.

SECTION 10. To the extent the bonds or notes are issued on a tax-exempt basis, the Director of Finance and the Mayor are hereby authorized to take all lawful action necessary or desirable under the Internal Revenue Code of 1986, as amended (the "Code"), to insure that the interest on the bonds and notes will remain exempt from federal income taxation to the extent provided in Section 103 of the Code, and to refrain from taking any action