H6071

	2013 -- H 6071 AS AMENDED
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	LC02350
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	STATE OF RHODE ISLAND

	IN GENERAL ASSEMBLY

	JANUARY SESSION, A.D. 2013

	____________


	A N A C T
	RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND COMMERCE
	CORPORATION


	Introduced By: Representatives Ucci, Craven, Canario, O'Brien, and Azzinaro

	Date Introduced: May 01, 2013

	Referred To: House Finance




	It is enacted by the General Assembly as follows:

1-1	SECTION 1. Legislative findings. - The general assembly hereby finds and declares the
1-2	following: (1) While institutions and methods which have been employed by the state in the past
1-3	to create and foster economic development have experienced some degree of success, a new and
1-4	revised approach led by the creation of new entities will provide greater state oversight and
1-5	governance and will promote a more dramatic and sustained long-term growth for the state.
1-6	(2) The dissolution of the Rhode Island economic development corporation and the
1-7	creation of a Rhode Island commerce corporation will provide increased state oversight and
1-8	governance, while still allowing for the existence of a separate Rhode Island commerce
1-9	corporation that will have the flexibility to address, adapt, and adjust to changing economic
1-10	conditions. This will also create an increased level of transparency and accountability to the state.
1-11	(3) That the geographic size and population of Rhode Island, while often derided as an
1-12	impediment to economic growth, are potential assets, not a handicap, to economic development,
1-13	in that they can lead to a more unified branding approach to marketing the state, its people, its
1-14	businesses, and its products, and that these assets have not been utilized to their fullest potential
1-15	by previous business models employed by the state.
1-16	(4) That the above reflects a shift in business cultivation in the state, and such shift can
1-17	best be accomplished through new leadership provided through new entities that seek to foster
1-18	and develop a public-private sector partnership that takes advantage of Rhode Island's strengths.
2-19	(5) That a key element to long-term growth is long-term planning with specific,
2-20	measurable goals and accountability for such goals. As such, a key component of this plan shall
2-21	be to require the use of four (4) year plans or periods to measure economic growth and
2-22	development, with evaluation on an annual basis and significant re-evaluation on a four (4) year
2-23	basis.
2-24	(6) That another key component to such growth is the appointment of a secretary of
2-25	commerce to lead this new economic initiative and coordinate the new entities to be created.
2-26	(7) To such ends, the general assembly shall create a new "Rhode Island commerce
2-27	corporation," a new Rhode Island state economic development planning council, and an
2-28	"executive office of commerce" to be led by a new appointed state officer to be known as the
2-29	"secretary of commerce."
2-30	SECTION 2. The title of Chapter 42-64 of the General Laws entitled "Rhode Island
2-31	Economic Development Corporation" is hereby amended to read as follows:
2-32	~~CHAPTER 42-64~~
2-33	~~Rhode Island Economic Development Commerce Corporation~~
2-34	CHAPTER
2-35	42-64
2-36	RHODE ISLAND COMMERCE CORPORATION
2-37	SECTION 3. Sections 42-64-1, 42-64-1.1, 42-64-2, 42-64-3, 42-64-4, 42-64-5, 42-64-6,
2-38	42-64-7, 42-64-7.1, 42-64-7.4, 42-64-7.5, 42-64-7.6, 42-64-7.7, 42-64-7.8, 42-64-7.9, 42-64-7.11,
2-39	42-64-7.13, 42-64-8, 42-64-8.1, 42-64-9, 42-64-9.1, 42-64-9.2, 42-64-9.3, 42-64-9.4, 42-64-9.5,
2-40	42-64-9.6, 42-64-9.7, 42-64-9.8, 42-64-9.9, 42-64-9.10, 42-64-10, 42-64-11, 42-64-12, 42-64-13,
2-41	42-64-13.1, 42-64-13.2, 42-64-14, 42-64-15, 42-64-16, 42-64-17, 42-64-18, 42-64-19, 42-64-20,
2-42	42-64-20.1, 42-64-21, 42-64-22, 42-64-23, 42-64-25, 42-64-26, 42-64-27, 42-64-28, 42-64-29,
2-43	42-64-31, and 42-64-34, of the General Laws in Chapter 42-64 entitled "Rhode Island Economic
2-44	Development Corporation" are hereby amended to read as follows:
2-45	42-64-1. Short title. -- This chapter shall be known as "The Rhode Island ~~economic~~
2-46	~~development~~ commerce corporation Act".
2-47	42-64-1.1. Change of name. -- (a) Whenever in any general or public law, reference is
2-48	made to the "department of economic development" or the "Rhode Island port authority and
2-49	economic development corporation", ~~the reference shall be deemed to refer to and mean~~ or the
2-50	"Rhode Island economic development corporation", ~~which may also be referred to as the~~
2-51	~~"economic development corporation".~~ , the reference shall be deemed to refer to and mean the
2-52	"Rhode Island commerce corporation," which may also be referred to as the "commerce
2-53	corporation."
3-1	(b) Whenever in any general or public law, reference is made to the "director of the
3-2	department of economic development" or the "executive director of the Rhode Island port
3-3	authority and economic development corporation", ~~the reference shall be deemed to refer to and~~
3-4	~~mean~~ or the "executive director of the Rhode Island economic development corporation,". the
3-5	reference shall be deemed to refer to and mean the chief executive officer of the Rhode Island
3-6	commerce corporation, who shall also be the secretary of the Rhode Island executive office of
3-7	commerce.
3-8	(c) Whenever in any general or public law, reference is made to the "economic
3-9	development council", the reference shall be deemed to refer to and mean the "board of directors
3-10	of the Rhode Island ~~economic development~~ commerce corporation".
3-11	42-64-2. Legislative findings. -- (a) It is found and declared that there exists in our state
3-12	a condition of substantial and persistent unemployment and underemployment which causes
3-13	hardship to many individuals and families, wastes vital human resources, increases the public
3-14	assistance burdens of the state, impairs the security of family life, contributes to crime and
3-15	delinquency, prevents many of our youths from continuing their education, impedes the economic
3-16	and physical development of municipalities and adversely affects the welfare and prosperity of
3-17	our state; that many existing industrial, manufacturing, recreational and commercial facilities in
3-18	our state are obsolete and inefficient, and dilapidated; that many of these facilities are under-
3-19	utilized or in the process of being vacated, creating additional unemployment; that technological
3-20	advances and the provision of modern and efficient industrial, manufacturing, recreational and
3-21	commercial facilities in other states will speed the obsolescence and abandonment of existing
3-22	facilities, causing serious injuries to the economy of our state; that the drastic curtailment of
3-23	federal military installations in our state presently being undertaken and the announcement by the
3-24	United States government of plans to relocate large numbers of military personnel and their
3-25	families presently on duty in this state has and will further result in an additional loss of
3-26	employment and aggravate the overall unemployment conditions of the state; that new industrial,
3-27	manufacturing, recreational, and commercial facilities are required to attract and house new
3-28	industries and thereby reduce the hazards of unemployment; that unaided efforts of private
3-29	enterprises have not met and cannot meet the needs of providing those facilities due to problems
3-30	encountered in assembling suitable building sites, lack of adequate public service, unavailability
3-31	of private capital for development, and the inability of private enterprise alone to plan, finance
3-32	and coordinate industrial, recreational, and commercial development; that the economic
3-33	insecurity attendant to chronic and new unemployment and the absence of new employment
3-34	opportunities constitutes a serious menace for the safety, morals, and general welfare of the
4-1	people of our state.
4-2	(b) It is further found and declared that the decision of the United States government to
4-3	close certain military facilities located within the state (including those located in the towns of
4-4	North Kingstown, Portsmouth, Middletown and Charlestown, and the city of Newport) and to
4-5	dispose of the property comprising those facilities will, because many residents of the state were
4-6	employed by the United States government at those facilities, aggravate the condition of
4-7	employment and underemployment mentioned above. The United States government is
4-8	authorized and intends to make available to the state or to an instrumentality thereof, the property
4-9	to be disposed of and by virtue of the provisions of Public Laws 1939, chapter 696, certain land in
4-10	the town of North Kingstown shall revert to the state upon the abandonment by the United States
4-11	government of the naval base located there. With comprehensive planning and adequate
4-12	financing, the property can be converted to industrial, manufacturing, recreational, and
4-13	commercial uses which will promote a healthy and growing economy, thereby encouraging new
4-14	industries and commercial enterprises to locate in the state, enabling existing industries and
4-15	commercial enterprises to remain and expand, and alleviating the condition of unemployment and
4-16	underemployment that now exists.
4-17	(c) It is further found and declared that notwithstanding the decision of the United States
4-18	government to dispose of the property mentioned above, there will continue to be a shortage of
4-19	property in the state for industrial, manufacturing, recreational, and commercial development.
4-20	The expansion of the economy, while increasing the need for that property, will continually
4-21	diminish the supply of that property. Private enterprise has encountered difficulty in providing
4-22	new industrial, manufacturing, recreational, and commercial facilities in economically strategic
4-23	areas of the state, because of the problems in assembling tracts of property suitable for those
4-24	purposes and the cost of providing adequate public services to serve the development.
4-25	(d) It is further found and declared that the acquisition and development of property for
4-26	industrial, manufacturing, recreational, and commercial purposes (including the property to be
4-27	disposed of by the United States government and that land reverting to the state pursuant to the
4-28	provisions of Public Laws 1939, chapter 696) and the disposition thereof, must be undertaken on
4-29	a comprehensive statewide basis so as to assure that new industrial, manufacturing, recreational,
4-30	and commercial sites are adequately served by appropriate transportation facilities and public
4-31	services and that those sites are located in any manner as to provide for the orderly economic
4-32	growth and development of the state, while at the same time conserving the environment. Local
4-33	planning and development agencies and institutions are insufficient to provide for that
4-34	comprehensive statewide planning and development.
5-1	(e) It is further found and declared that the appropriate development of the property to be
5-2	disposed of by the United States government and that land reverting to the state pursuant to
5-3	Public Laws 1939, chapter 696 will require development not only for industrial and commercial
5-4	purposes but also for transportation, residential, recreational, utility, institutional, civic, and
5-5	community purposes.
5-6	(f) It is further found and declared that there exists in the state blighted or substandard
5-7	areas, or areas which are becoming blighted and substandard, including obsolete and dilapidated
5-8	buildings and structures, defective construction, outmoded and obsolete design, lack of proper
5-9	sanitary facilities, or adequate fire and safety protection, excessive land coverage, insufficient
5-10	light and ventilation, illegal uses and conversions, inadequate maintenance, buildings abandoned
5-11	or not utilized in whole or in part, obsolete systems of utilities, poorly or improperly designed
5-12	street patterns and intersections, inadequate access to areas, inadequate transportation facilities,
5-13	all of which hamper or impede proper and economic growth of the area as well as the state as a
5-14	whole.
5-15	(g) It is further found and declared to be the public policy of the state to encourage the
5-16	expansion and development of the state's harbors and ports; to foster and improve the handling of
5-17	waterborne commerce from and to any port of this state and other states and foreign counties; to
5-18	seek to effect consolidation of the ports of this state and to promote a spirit of cooperation among
5-19	these ports in the interest of the state as a whole; to initiate and further plan for the development
5-20	of the ports of this state and to keep informed as to the present and future requirements and needs
5-21	of the ports of this state; also to furnish proper and adequate airport facilities within this state and
5-22	to encourage the integration of these facilities so far as practicable.
5-23	(h) In the furtherance of these goals, it is the policy of the state to retain existing
5-24	industries and to induce, encourage, and attract new industries through the acquisition,
5-25	construction, reconstruction, and rehabilitation of industrial, manufacturing, recreational, and
5-26	commercial facilities, as well as transportation, residential, environmental, utility, public service,
5-27	institutional, and civic and community facilities, and to develop sites for those facilities.
5-28	(i) It is declared to be the policy of the state to promote a vigorous and growing
5-29	economy, to prevent economic stagnation, and to encourage the creation of new job opportunities
5-30	in order to ameliorate the hazards of unemployment and underemployment, reduce the level of
5-31	public assistance, increase revenues to the state and its municipalities, and to achieve a stable
5-32	diversified economy.
5-33	(j) The purpose of this chapter is to create the Rhode Island ~~economic development~~
5-34	commerce corporation having an existence separate and apart from the state, with the power and
6-1	authority to acquire and develop property within the state and to provide financing for the
6-2	purposes set forth above in this chapter.
6-3	42-64-3. Definitions. -- As used in this chapter, the following words and terms shall have
6-4	the following meanings, unless the context indicates another or different meaning or intent:
6-5	(1) "Administrative penalty" means a monetary penalty not to exceed the civil penalty
6-6	specified in section 42-64-9.2 of this chapter.
6-7	(2) "Airport facility" means developments consisting of runways, hangars, control
6-8	towers, ramps, wharves, bulkheads, buildings, structures, parking areas, improvements, facilities,
6-9	or other real or personal property necessary, convenient, or desirable for the landing, taking off,
6-10	accommodation, and servicing of aircraft of all types, operated by carriers engaged in the
6-11	transportation of passengers or cargo, or for the loading, unloading, interchange, or transfer of the
6-12	passengers or their baggage, or the cargo, or otherwise for the accommodation, use or
6-13	convenience of the passengers or the carriers or their employees (including related facilities and
6-14	accommodations at sites removed from landing fields and other landing areas), or for the landing,
6-15	taking off, accommodation, and servicing of aircraft owned or operated by persons other than
6-16	carriers. It also means facilities providing access to an airport facility, consisting of rail, rapid
6-17	transit, or other forms of mass transportation which furnish a connection between the air terminal
6-18	and other points within the state, including appropriate mass transportation terminal facilities at
6-19	and within the air terminal itself and suitable offsite facilities for the accommodation of air
6-20	passengers, baggage, mail, express, freight, and other users of the connecting facility.
6-21	(3) "BOCA code" means the BOCA basic building code published by building officials
6-22	& code administrators international, inc., as the code may from time to time be promulgated by
6-23	the building officials & code administrators international, inc.
6-24	(4) "Bonds" and "notes" means the bonds, notes, securities, or other obligations or
6-25	evidences of indebtedness issued by the corporation pursuant to this chapter, all of which shall be
6-26	issued under the name of and known as obligations of the "Rhode Island ~~economic development~~
6-27	commerce corporation."
6-28	(5) "Civic facility" means any real or personal property designed and intended for the
6-29	purpose of providing facilities for educational, cultural, community, or other civic purposes.
6-30	(6) "Compliance schedule" means a schedule of remedial measures including an
6-31	enforceable sequence of actions or operations leading to compliance with an effluent limitation or
6-32	any other limitation, prohibition or standard.
6-33	(7) "Corporation," "port authority", or "authority" means the governmental agency and
6-34	public instrumentality, formerly known as the "Rhode Island port authority and economic
7-1	development corporation" and/or ~~renamed~~ also formerly known as the "Rhode Island economic
7-2	development corporation," and now known as the Rhode Island commerce corporation
7-3	authorized, created, and established pursuant to section 42-64-4, or any subsidiary corporation
7-4	thereof which is established pursuant to section 42-64-7.1.
7-5	(8) "Director" means the ~~executive director of the economic development corporation~~
7-6	chief executive officer of the Rhode Island commerce corporation, who shall also be the secretary
7-7	of the Rhode Island executive office of commerce.
7-8	(9) "Federal land" means real property within the state, now acquired or hereafter
7-9	acquired by the Rhode Island ~~economic development~~ commerce corporation which was formerly
7-10	owned by the United States government, or any agency or instrumentality thereof, including
7-11	without limiting the generality of the foregoing, any and all real property now or formerly owned
7-12	or used by the United States government in the towns of North Kingstown, Portsmouth,
7-13	Middletown, and Charlestown and the city of Newport as military installations or for other
7-14	purposes related to the national defense. Without limiting the generality of the foregoing, federal
7-15	land shall also mean and include certain land in the town of North Kingstown, or any portion
7-16	thereof, which has or shall revert to the state pursuant to the provisions of Public Laws 1939,
7-17	chapter 696 and is now or hereafter acquired by the corporation from the state.
7-18	(10) "Industrial facility" means any real or personal property, the demolition, removal,
7-19	relocation, acquisition, expansion, modification, alteration, or improvement of existing buildings,
7-20	structures, or facilities, the construction of new buildings, structures, or facilities, the
7-21	replacement, acquisition, modification, or renovation of existing machinery and equipment, or the
7-22	acquisition of new machinery and equipment, or any combination of the United States, which
7-23	shall be suitable for manufacturing, research, production, processing, agriculture, and marine
7-24	commerce, or warehousing; or convention centers, trade centers, exhibition centers, or offices
7-25	(including offices for the government of the United States or any agency, department, board,
7-26	bureau, corporation, or other instrumentality of the United States, or for the state or any state
7-27	agency, or for any municipality); or facilities for other industrial, commercial or business
7-28	purposes of every type and description; and facilities appurtenant or incidental to the foregoing,
7-29	including headquarters or office facilities, whether or not at the location of the remainder of the
7-30	facility, warehouses, distribution centers, access roads, sidewalks, utilities, railway sidings,
7-31	trucking, and similar facilities, parking areas, waterways, dockage, wharfage, and other
7-32	improvements necessary or convenient for the construction, development, maintenance, and
7-33	operation of those facilities.
8-34	(11) "Local governing body" means any town or city council, commission, or other
8-35	elective governing body now or hereafter vested by state statute, charter, or other law, with
8-36	jurisdiction to initiate and adopt local ordinances, whether or not these local ordinances require
8-37	the approval of the elected or appointed chief executive officer or other official or body to
8-38	become effective.
8-39	(12) "Local redevelopment corporation" means any agency or corporation created and
8-40	existing pursuant to the provisions of chapter 31 of title 45.
8-41	(13) "Municipality" means any city or town within the state now existing or hereafter
8-42	created, or any state agency.
8-43	(14) "Parent corporation" means, when used in connection with a subsidiary corporation
8-44	established pursuant to section 42-64-7.1, the governmental agency and public instrumentality
8-45	created and established pursuant to section 42-64-4.
8-46	(15) "Personal property" means all tangible personal property, new or used, including,
8-47	without limiting the generality of the foregoing, all machinery, equipment, transportation
8-48	equipment, ships, aircraft, railroad rolling stock, locomotives, pipelines, and all other things and
8-49	rights usually included within that term. "Personal property" also means and includes any and all
8-50	interests in the property which are less than full title, such as leasehold interests, security
8-51	interests, and every other interest or right, legal or equitable.
8-52	(16) "Pollutant" means any material or effluent which may alter the chemical, physical,
8-53	biological or radiological characteristics or integrity of water, including but not limited to,
8-54	dredged spoil, solid waste, incinerator residue, sewage, garbage, sewage sludge, munitions,
8-55	chemical wastes, biological materials, radioactive materials, heat, wrecked or discarded
8-56	equipment, cellar dirt, or industrial, municipal, agricultural or other waste petroleum or petroleum
8-57	products, including, but not limited to, oil.
8-58	(17) "Pollution" means the discharge of any gaseous, liquid, or solid substance or
8-59	combination thereof (including noise) into the air, water, or land which affects the physical,
8-60	chemical, or biological properties (including temperature) of the air, water, or land in a manner or
8-61	to an extent which renders or is likely to render the air, water, or land harmful or inimical to the
8-62	public health, safety, or welfare, or to animal, bird, or aquatic life, or to the use of the air or water
8-63	for domestic, industrial, or agricultural purposes or recreation including the man-made or man-
8-64	induced alteration of the chemical, physical, biological or radiological integrity of water.
8-65	(18) "Pollution control facility" means any land or interest in land, the demolition,
8-66	removal, relocation, acquisition, expansion, modification, alteration, or improvement of existing
8-67	buildings, structures, or facilities, the construction of new buildings, structures, or facilities, the
8-68	replacement, modification, or renovation of existing machinery and equipment, or the acquisition
9-1	of new machinery and equipment, or any combination thereof, having to do with or the purpose
9-2	of which is the abatement, control, or prevention of pollution, including industrial pollution, and
9-3	all real and personal property incidental to that facility.
9-4	(19) "Port facility" means harbors, ports, and all real and personal property used in
9-5	connection therewith, including, but not limited to, waterways, channels, wharves, docks, yards,
9-6	bulkheads, slips, basins, pipelines, ships, boats, railroads, trucks, and other motor vehicles,
9-7	aircraft, parking areas, shipyards, piers, quays, elevators, compressors, loading and unloading
9-8	facilities, storage facilities, and warehouses of every type, buildings and facilities used in the
9-9	manufacturing, processing, assembling, storing, or handling of any produce or products, other
9-10	structures and facilities necessary for the convenient use of the harbors and seaports, including
9-11	dredged approaches, railways, railroad terminals, side tracks, airports, roads, highways, tunnels,
9-12	viaducts, bridges, and other approaches, useful in connection therewith, and any other shipping or
9-13	transportation facility useful in the operation of a port or harbor.
9-14	(20) "Project" or "port project" means the acquisition, ownership, operation,
9-15	construction, reconstruction, rehabilitation, improvement, development, sale, lease, or other
9-16	disposition of, or the provision of financing for, any real or personal property (by whomever
9-17	owned) or any interests in real or personal property, including without limiting the generality of
9-18	the foregoing, any port facility, recreational facility, industrial facility, airport facility, pollution
9-19	control facility, utility facility, solid waste disposal facility, civic facility, residential facility,
9-20	water supply facility, energy facility or renewable energy facility, or any other facility, or any
9-21	combination of two (2) or more of the foregoing, or any other activity undertaken by the
9-22	corporation.
9-23	(21) "Project cost" means the sum total of all costs incurred by the Rhode Island
9-24	~~economic development~~ commerce corporation in carrying out all works and undertakings, which
9-25	the corporation deems reasonable and necessary for the development of a project. These shall
9-26	include, but are not necessarily limited to, the costs of all necessary studies, surveys, plans, and
9-27	specifications, architectural, engineering, or other special services, acquisition of land and any
9-28	buildings on the land, site preparation and development, construction, reconstruction,
9-29	rehabilitation, improvement, and the acquisition of any machinery and equipment or other
9-30	personal property as may be deemed necessary in connection with the project (other than raw
9-31	materials, work in process, or stock in trade); the necessary expenses incurred in connection with
9-32	the initial occupancy of the project; an allocable portion of the administrative and operating
9-33	expenses of the corporation; the cost of financing the project, including interest on all bonds and
9-34	notes issued by the corporation to finance the project from the date thereof to one year from the
10-1	date when the corporation shall deem the project substantially occupied; and the cost of those
10-2	other items, including any indemnity or surety bonds and premiums on insurance, legal fees, real
10-3	estate brokers and agent fees, fees and expenses of trustees, depositories, and paying agent for
10-4	bonds and notes issued by the Rhode Island ~~economic development~~ commerce corporation,
10-5	including reimbursement to any project user for any expenditures as may be allowed by the
10-6	corporation (as would be costs of the project under this section had they been made directly by
10-7	the corporation), and relocation costs, all as the corporation shall deem necessary.
10-8	(22) "Project user" means the person, company, corporation, partnership, or commercial
10-9	entity, municipality, state, or United States of America who shall be the user of, or beneficiary of,
10-10	a port project.
10-11	(23) "Real property" means lands, structures (new or used), franchises, and interests in
10-12	land, including lands under water, and riparian rights, space rights, and air rights, and all other
10-13	things and rights usually included within the term. "Real property" shall also mean and include
10-14	any and all interests in that property less than fee simple, such as easements, incorporeal
10-15	hereditaments, and every estate, interest or right, legal or equitable, including terms for years and
10-16	liens thereon by way of judgments, mortgages or otherwise, and also all claims for damages to
10-17	that real property.
10-18	(24) "Recreational facility" means any building, development, or improvement, provided
10-19	that building, facility, development, or improvement is designed in whole or in part to attract
10-20	tourists to the state or to provide essential overnight accommodations to transients visiting this
10-21	state, including, without limiting in any way the generality of the foregoing, marinas, beaches,
10-22	bathing facilities, ski facilities, convention facilities, hotels, motels, golf courses, camp grounds,
10-23	arenas, theatres, lodges, guest cottages, and all types of real or personal property related thereto as
10-24	may be determined from time to time by the corporation.
10-25	(25) "Revenues" means: (i) with respect to any project, the rents, fees, tolls, charges,
10-26	installment payments, repayments, and other income or profit derived from a project or a
10-27	combination of projects pursuant to any lease, conditional sales contract, installment sales
10-28	contract, loan agreement, or other contract or agreement, or any combination thereof, and (ii) any
10-29	receipts, fees, payments, moneys, revenues or other payments received or to be received by the
10-30	corporation in the exercise of its corporate powers under this chapter, including, without
10-31	limitation, loan repayments, grants, aid, appropriations and other assistance for the state, the
10-32	United States or any corporation, department or instrumentality of either or of a political
10-33	subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves
10-34	and other funds and accounts established by or pursuant to this chapter or in connection with the
11-1	issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or
11-2	amounts received or receivable by the corporation.
11-3	(26) "Rule or regulation" means any directive promulgated by the Rhode Island
11-4	~~economic development~~ commerce corporation not inconsistent with the laws of the United States
11-5	or the state, for the improvement of navigation and commerce or other project purposes and shall
11-6	include, but not be limited to, charges, tolls, rates, rentals, and security provisions fixed or
11-7	established by the corporation.
11-8	(27) "Sewage" shall be construed to mean the same as "pollutant" as defined in section
11-9	42-64-3(o) above.
11-10	(28) "Sewage treatment facility" means the sewage treatment plant, structure, combined
11-11	sewer overflows, equipment, interceptors, mains, pumping stations and other property, real,
11-12	personal or mixed, for the treatment, storage, collection, transporting or disposal of sewage, or
11-13	any property or system to be used in whole or in part for any of the aforesaid purposes located or
11-14	operated within the boundaries of the Quonset Point/Davisville Industrial Park, or utilized by the
11-15	corporation for the transport, collection, treatment, storage or disposal of waste.
11-16	(29) "Solid waste" means garbage, refuse, and other discarded materials, including, but
11-17	not limited to, solid waste materials resulting from industrial, recreational, utility, and commercial
11-18	enterprises, hotels, apartments, or any other public building or private building, or agricultural, or
11-19	residential activities.
11-20	(30) "Solid waste disposal facility" means any real or personal property, related to or
11-21	incidental to any project, which is designed or intended or designated for the purpose of treating,
11-22	compacting, composting, or disposing of solid waste materials, including treatment, compacting,
11-23	composting, or disposal plants, site and equipment furnishings thereof, and their appurtenances.
11-24	(31) "Source" means any building, structure, facility or installation from which there is
11-25	or may be the discharge of sewage.
11-26	(32) "State" means the state of Rhode Island and Providence Plantations.
11-27	(33) "State agency" means any office, department, board, commission, bureau, division,
11-28	authority, or public corporation, agency or instrumentality of the state.
11-29	(34) "State guide plan" means the plan adopted pursuant to section 42-11-10, which
11-30	establishes the statewide planning program.
11-31	(35) "Utility facility" means any real or personal property designed, intended or utilized
11-32	for generating, manufacturing, producing, storing, transmitting, distributing, delivering, or
11-33	furnishing natural or manufactured gas, steam, electrical, or nuclear energy, heat, light, or power
11-34	directly or indirectly to or for any project, project user, or for the public, the collection and
12-1	disposal of storm and sanitary sewage; any railroads necessary or desirable for the free flow of
12-2	commerce to and from projects; any roads, highways, bridges, tunnels, viaducts, or other
12-3	crossings necessary or desirable for the free flow of commerce to and from projects, and any
12-4	public transportation systems or facilities, including, but not limited to, bus, truck, ferry, and
12-5	railroad terminals, depots, tracked vehicles, and other rolling stock and ferries; and any
12-6	appurtenances, equipment, and machinery or other personal property necessary or desirable for
12-7	the utilization thereof.
12-8	(36) "Water supply facility" means any real or personal property, or any combination
12-9	thereof, related to or incidental to any project, designed, intended, or utilized for the furnishing of
12-10	water for domestic, industrial, irrigation, or other purposes and including artesian wells,
12-11	reservoirs, dams, related equipment, and pipelines, and other facilities.
12-12	(37) "Renewable energy facility" means any real or personal property, or any
12-13	combination thereof, related to, or incidental to, any project, designed, intended, or utilized for an
12-14	eligible renewable energy resource that meets the criteria set forth in subsections 39-26-5(a) and
12-15	39-26-5(c).
12-16	42-64-4. Creation. -- (a) There is authorized, created, and established a public
12-17	corporation of the state having a distinct legal existence from the state and not constituting a
12-18	department of state government, which is a governmental agency and public instrumentality of
12-19	the state, to be known as the "Rhode Island ~~economic development~~ commerce corporation", and
12-20	which may be referred to as the "~~economic development~~ commerce corporation", with those
12-21	powers that are set forth in this chapter, for the purposes of acquiring and developing real and
12-22	personal property, and providing financing to others as set forth in this chapter, providing and
12-23	promoting and encouraging the preservation, expansion and sound development of new and
12-24	existing industry, business, commerce, agriculture, tourism, recreational, and renewable energy
12-25	facilities, promoting thereby the economic development of the state and the general welfare of its
12-26	citizens.
12-27	(b) The exercise by the corporation of the powers conferred by this chapter shall be
12-28	deemed and held to be the performance of an essential governmental function of the state for
12-29	public purposes. It is the intent of the general assembly by the passage of this chapter to vest in
12-30	the corporation all powers, authority, rights, privileges, and titles which may be necessary to
12-31	enable it to accomplish the purposes herein set forth, and this chapter and the powers granted
12-32	hereby shall be liberally construed in conformity with those purposes.
12-33	(c) The corporation and its corporate existence shall continue until terminated by law or
12-34	until the corporation shall cease entirely and continuously to conduct or be involved in any
13-1	business whatsoever in furtherance of its purposes; provided, that no termination shall take effect,
13-2	so long as the corporation shall have bonds, notes, or other obligations outstanding, unless
13-3	adequate provision shall have been made for the payment thereof pursuant to the documents
13-4	securing the obligations or to the terminating law. Upon termination of the existence of the
13-5	corporation, all of its rights and properties shall pass to and be vested in the state. At no time shall
13-6	the assets or other property of the corporation inure to the benefit of any person or other
13-7	corporation or entity.
13-8	42-64-5. Purposes. -- The Rhode Island ~~economic development~~ commerce corporation is
13-9	authorized, created, and established to be an agency under the jurisdiction of the state's lead
13-10	agency for economic development, the executive office of commerce, and to be the operating
13-11	agency of the state to carry our the policies and procedure as established by the secretary,
13-12	governor and the board of directors ~~as the state's lead agency for economic development~~
13-13	~~throughout Rhode Island~~ for the following purposes:
13-14	(1) To promote and encourage the preservation, expansion, and sound development of
13-15	new and existing industry, business, commerce, agriculture, tourism, and recreational facilities in
13-16	the state, which will promote the economic development of the state and the general welfare of its
13-17	citizens; and
13-18	(2) With respect to real property other than federal land or land related to federal land, to
13-19	undertake any project, except a residential facility; and
13-20	(3) With respect to federal land or land related to federal land, to undertake any project,
13-21	except as those responsibilities are assigned to the Quonset Development Corporation.
13-22	(4) To create an organization that is responsive to the needs and interests of businesses of
13-23	all sizes within the state of Rhode Island and to be structured to be customer centric to enhance
13-24	commerce in the state utilizing all available resources.
13-25	42-64-6. General powers. -- (a) Except to the extent inconsistent with any specific
13-26	provision of this chapter, the Rhode Island ~~economic development~~ commerce Corporation shall
13-27	have the power:
13-28	(1) To sue and be sued, complain and defend, in its corporate name.
13-29	(2) To have a seal, which may be altered at pleasure and to use the seal by causing it, or
13-30	a facsimile of the seal, to be impressed or affixed, or in any other manner reproduced.
13-31	(3) To purchase, take, receive, lease, or otherwise acquire, own, hold, improve, use, and
13-32	otherwise deal in and with, real or personal property, or any interest in real or personal property,
13-33	wherever situated.
14-34	(4) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of
14-35	all or any part of its property and assets for any consideration and upon any terms and conditions
14-36	as the corporation shall determine.
14-37	(5) To make contracts and guarantees and incur liabilities, borrow money at any rates of
14-38	interest as the corporation may determine.
14-39	(6) To make and execute agreements of lease, conditional sales contracts, installment
14-40	sales contracts, loan agreements, mortgages, construction contracts, operation contracts, and other
14-41	contracts and instruments necessary or convenient in the exercise of the powers and functions of
14-42	the corporation granted by this chapter.
14-43	(7) To lend money for its purposes, invest and reinvest its funds, and at its option to take
14-44	and hold real and personal property as security for the payment of funds so loaned or invested.
14-45	(8) To acquire or contract to acquire, from any person, firm, corporation, municipality,
14-46	the federal government, or the state, or any agency of either the federal government or the state,
14-47	by grant, purchase, lease, gift, condemnation, or otherwise, or to obtain options for the acquisition
14-48	of any property, real or personal, improved or unimproved, and interests in land less than the fee
14-49	thereof; and to own, hold, clear, improve, develop, and rehabilitate, and to sell, assign, exchange,
14-50	transfer, convey, lease, mortgage, or otherwise dispose or encumber that property for the
14-51	purposes of carrying out the provisions and intent of this chapter, for any consideration as the
14-52	corporation shall determine.
14-53	(9) To conduct its activities, carry on its operations, and have offices and exercise the
14-54	powers granted by this chapter, within or outside of the state.
14-55	(10) To elect or appoint officers and agents of the corporation, and define their duties
14-56	and fix their compensation.
14-57	(11) To make and alter by-laws, not inconsistent with this chapter, for the administration
14-58	and regulation of the affairs of the corporation, and those by-laws may contain provisions
14-59	indemnifying any person who is or was a director, officer, employee, or agent of the corporation,
14-60	or is or was serving at the request of the corporation as a director, officer, employee, or agent of
14-61	another corporation, partnership, joint venture, trust, or other enterprise, in the manner and to the
14-62	extent provided in section 7-1.2-814 of the business corporation act.
14-63	(12) To be a promoter, partner, member, associate, or manager of any partnership,
14-64	enterprise, or venture.
14-65	(13) To have and exercise all powers necessary or convenient to effect its purposes;
14-66	provided, however, that the corporation shall not have any power to create, empower or otherwise
14-67	establish any corporation, subsidiary corporation, corporate body, any form of partnership, or any
14-68	other separate entity without the express approval and authorization of the general assembly.
15-1	(b) Express approval and authorization of the general assembly shall be deemed to have
15-2	been given for all legal purposes on July 1, 1995 for the creation and lawful management of a
15-3	subsidiary corporation created for the management of the Quonset Point/Davisville Industrial
15-4	Park, that subsidiary corporation being managed by a board of directors, the members of which
15-5	shall be constituted as follows: (1) two (2) members who shall be appointed by the town council
15-6	of the town of North Kingstown; (2) two (2) members who shall be residents of the town of North
15-7	Kingstown appointed by the governor; (3) four (4) members who shall be appointed by the
15-8	governor; (4) the chairperson, who shall be the ~~executive director of the Rhode Island economic~~
15-9	~~development corporation~~ chief executive officer of the Rhode Island commerce corporation, and
15-10	who also shall be the secretary of the Rhode Island executive office of commerce; and (5) non-
15-11	voting members who shall be the members of the general assembly whose districts are comprised
15-12	in any part by areas located within the town of North Kingstown.
15-13	The approval and authorization provided herein shall terminate upon the establishment
15-14	of the Quonset Development Corporation as provided for in chapter 64.10 of this title.
15-15	42-64-7. Additional general powers. -- In addition to the powers enumerated in section
15-16	42-64-6, except to the extent inconsistent with any specific provision of this chapter, the Rhode
15-17	Island ~~economic development~~ commerce corporation shall have power:
15-18	(1) To undertake the planning, development, construction, financing, management,
15-19	operation of any project, and all activities in relation thereto.
15-20	(2) (i) To sell, mortgage, lease, exchange, transfer, or otherwise dispose of or encumber
15-21	any port project, (or in the case of a sale, to accept a purchase money mortgage in connection
15-22	with any port project) or to grant options for any purposes with respect to any real or personal
15-23	property or interest in real or personal property, all of the foregoing for consideration as the
15-24	corporation shall determine. Any lease by the corporation to another party may be for any part of
15-25	the corporation's property, real or personal, for any period, upon any terms or conditions, with or
15-26	without an option on the part of the lessee to purchase any or all of the leased property for any
15-27	consideration, at or after the retirement of all indebtedness incurred by the corporation on account
15-28	thereof, as the corporation shall determine.
15-29	(ii) Without limiting the generality of the foregoing, the corporation is expressly
15-30	empowered to lease or sell any part of the real or personal property owned or controlled by the
15-31	corporation to the state, or any department of the state or to any municipality. The provisions of
15-32	this section or of any other laws of this state (other than this chapter) restricting the power of the
15-33	state, its departments or any municipality, to lease or sell property, or requiring or prescribing
15-34	publication of notice of intention to lease or sell, advertising for bids, the terms of contracts of
16-1	lease or sale, that would in any manner interfere with the purpose of this section, which is to
16-2	provide for the mutual cooperation by and between the corporation and the state, its departments
16-3	or any municipality, to the fullest extent possible, are not applicable to leases and sales made
16-4	pursuant to this section.
16-5	(3) To prepare or cause to be prepared plans, specifications, designs, and estimates of
16-6	costs for the construction, reconstruction, rehabilitation, improvement, alteration, or repair of any
16-7	project, and from time to time to modify those plans, specifications, designs, or estimates.
16-8	(4) To manage any project, whether then owned or leased by the corporation, and to
16-9	enter into agreements with the state or any municipality or any agency or their instrumentalities,
16-10	or with any person, firm, partnership, or corporation, either public or private, for the purpose of
16-11	causing any project to be managed.
16-12	(5) To provide advisory, consultative, training, and educational services, technical
16-13	assistance, and advice to any person, firm, partnership, or corporation, whether it is public or
16-14	private, in order to carry out the purposes of this chapter.
16-15	(6) Subject to the provisions of any contract with note holders or bond holders to consent
16-16	to the modification, with respect to rate of interest, time of payments of any installment of
16-17	principal or interest, security or any other term of any mortgage, mortgage loan, mortgage loan
16-18	commitment, contract, or agreement of any kind to which the corporation is a party.
16-19	(7) In connection with any property on which it has made a mortgage loan, to foreclose
16-20	on that property or commence an action to protect or enforce any right conferred upon it by law,
16-21	mortgage, contract, or other agreement and to bid for and purchase the property at any foreclosure
16-22	or any other sale, or to acquire or take possession of the property; and in that event the
16-23	corporation may complete, administer, pay the principal of, or interest on any obligations incurred
16-24	in connection with the property, dispose of, and otherwise deal with the property in a manner as
16-25	may be necessary or desirable to protect the interest of the corporation therein.
16-26	(8) As security for the payment of principal and interest on any bonds or notes or any
16-27	agreements made in connection therewith, to mortgage and pledge any or all of its projects and
16-28	property, whether then owned or thereafter acquired, and to pledge the revenues and receipts from
16-29	all or part thereof, and to assign or pledge the leases, sales contracts or loan agreements or other
16-30	agreements on any portion or all of its projects and property and to assign or pledge the income
16-31	received by virtue of the lease, sales contracts, loan agreements or other agreements.
16-32	(9) To invest any funds of the corporation, including funds held in reserve or sinking
16-33	funds, or any moneys not required for immediate use or disbursement at the discretion of the
16-34	corporation, in: (i) obligations of the state or the United States, (ii) obligations of the principal
17-1	and interest of which are guaranteed by the state or the United States, (iii) obligations of agencies
17-2	and instrumentalities of the state or the United States, or (iv) certificates of deposits of banks and
17-3	trust companies or shares of building loan associations organized under the laws of the state or
17-4	doing business in the state or (v) any obligations, securities, and other investments as shall be
17-5	specified in resolutions of the corporation.
17-6	(10) To engage the services of consultants on a contract basis for rendering professional
17-7	and technical assistance and advice, and to employ architects, engineers, attorneys, accountants,
17-8	construction, and financial experts and any other advisors, consultants, and agents as may be
17-9	necessary in his or her judgment, and to fix their compensation.
17-10	(11) To contract for and to accept any gifts or grants or loans or funds or property or
17-11	financial or other assistance in any form from the United States or any agency or instrumentality
17-12	of the United States or from the state or any agency or instrumentality of the state or from any
17-13	other source and to comply, subject to the provisions of this chapter, with the terms and
17-14	conditions of this contract.
17-15	(12) To enter into agreements with any municipality or political subdivision, either
17-16	directly or on behalf of any other party which holds legal title to all or any portion of a project as
17-17	the lessee from the corporation designated pursuant to section 42-64-20(c), providing that the
17-18	corporation or the lessee shall pay annual sums in lieu of taxes to the municipality or political
17-19	subdivision of the state in respect to any real or personal property which is owned by the
17-20	corporation or the lessee and is located in the municipality or political subdivision.
17-21	(13) To borrow money and to issue negotiable bonds and notes, and to provide for the
17-22	rights of the holders of these bonds and notes, for the purpose of providing funds to pay all or any
17-23	part of the cost of any port project or for the purpose of refunding any of these bonds issued.
17-24	(14) To construct, acquire, own, repair, develop, operate, maintain, extend, and improve,
17-25	rehabilitate, renovate, furnish, and equip one or more port projects and to pay all or any part of
17-26	the costs of these bonds and notes from the proceeds of bonds of the corporation or from any
17-27	contribution, gift, or donation or other funds made available to the corporation for those purposes.
17-28	(15) To fix, charge and collect rents, fees, tolls, and charges for the use of any port
17-29	project and to alter and investigate rates, and practices of charging, which affect port projects so
17-30	as to increase commerce in the state.
17-31	(16) To prescribe rules and regulations deemed necessary or desirable to carry out the
17-32	purposes of this chapter including rules and regulations to insure maximum use and proper
17-33	operation of port projects.
18-34	(17) To establish penalties for violations of any order, rule, or regulation of the
18-35	corporation, and a method of enforcing these penalties.
18-36	(18) To develop, maintain, and operate foreign trade zones under those terms and
18-37	conditions that may be prescribed by law.
18-38	(19) To impose administrative penalties in accordance with the provisions of section 42-
18-39	64-9.2.
18-40	(20) To make assessments and impose reasonable and just user charges, and to pay for
18-41	those expenses that may be required by law or as may be determined by the corporation to be
18-42	necessary for the maintenance and operation of the sewage treatment facility.
18-43	(21) To establish a sewage pretreatment program, and to require as a condition to the
18-44	grant or re-issuance of any approval, license, or permit required under the program that the person
18-45	applying for the approval, license or permit, pay to the corporation a reasonable fee based on the
18-46	cost of reviewing and acting upon the application and based on the costs of implementing the
18-47	program. In addition, where a violation of any of the provisions of this title or any permit, rule,
18-48	regulation, or order issued pursuant to this title have occurred, the violator shall reimburse the
18-49	corporation for the actual costs of implementing and enforcing the terms of the permit, rule,
18-50	regulation or order as a condition to the grant or re-issuance of any approval.
18-51	(22) To assist urban communities revitalize their local economics.
18-52	(23) To provide assistance to minority businesses and to neighborhoods where there is
18-53	insufficient economic and business investment.
18-54	(24) To support and assist entrepreneurial activity by minorities and by low and
18-55	moderate income persons.
18-56	(25) To issue bonds and notes of the type and for those projects and for those purposes
18-57	specified in any Joint Resolution of the General Assembly adopted by the Rhode Island house of
18-58	representatives and the Rhode Island senate; pursuant to section 18 of title 35 of the general laws
18-59	entitled "the Rhode Island Public Corporation Debt Management Act"; and to make such
18-60	determinations, enter into such agreements, to deliver such instruments and to take such other
18-61	actions as it shall deem necessary or desirable to effectuate the financing of such projects.
18-62	42-64-7.1. Subsidiaries. -- (a) (1) The parent corporation shall have the right to exercise
18-63	and perform its powers and functions, or any of them, through one or more subsidiary
18-64	corporations whose creation shall be approved and authorized by the general assembly.
18-65	(2) (i) Express approval and authorization of the general assembly shall be deemed to
18-66	have been given for all legal purposes on July 1, 1995 for the creation and lawful management of
18-67	a subsidiary corporation created for the management of the Quonset Point/Davisville Industrial
18-68	Park, that subsidiary corporation being managed by a board of directors, the members of which
19-1	shall be constituted as follows: (A) two (2) members who shall be appointed by the town council
19-2	of the town of North Kingstown; (B) two (2) members who shall be residents of the town of
19-3	North Kingstown appointed by the governor; (C) four (4) members who shall be appointed by the
19-4	governor; (D) the chairperson, who shall be ~~the executive director of the Rhode Island economic~~
19-5	~~development corporation~~ chief executive officer of the Rhode Island commerce corporation, and
19-6	who also shall be the secretary of the Rhode Island executive office of commerce; and (E) non-
19-7	voting members, who shall include the members of the general assembly whose districts are
19-8	comprised in any part by areas located within the town of North Kingstown and one non-voting
19-9	member who shall be a resident of the town of Jamestown, appointed by the town council of the
19-10	town of Jamestown. Upon receipt of approval and authorization from the general assembly, the
19-11	parent corporation by resolution of the board of directors may direct any of its directors, officers,
19-12	or employees to create subsidiary corporations pursuant to chapter 1.2 or 6 of title 7 or in the
19-13	manner described in subsection (b); provided, that the parent corporation shall not have any
19-14	power or authority to create, empower or otherwise establish any corporation, subsidiary
19-15	corporation, corporate body or any form of partnership or any other separate entity, without the
19-16	express approval and authorization of the general assembly.
19-17	(ii) The approval and authorization provided herein shall terminate upon the
19-18	establishment of the Quonset Development Corporation as provided for in chapter 64.10 of this
19-19	title.
19-20	(iii) The Quonset Development Corporation shall be deemed a subsidiary of the Rhode
19-21	Island ~~economic development~~ commerce corporation:
19-22	(A) As set forth in section 42-64.10-6(c); and
19-23	(B) Insofar as it exercises any powers and duties delegated to it by the corporation
19-24	pursuant to this chapter for any project other than on real and personal property owned, leased or
19-25	under the control of the corporation located in the town of North Kingstown, and the corporation
19-26	shall be deemed to have authority to delegate any of its powers, with the exception of the power
19-27	to issue any form of negotiable bonds or notes and the power of eminent domain, in order to
19-28	accomplish the purposes of chapter 64.10 of this title; provided, however, that the corporation
19-29	may, as provided for in this chapter, issue bonds or exercise the power of eminent domain on
19-30	behalf of the Quonset Development Corporation or to undertake a project of the Quonset
19-31	Development Corporation.
19-32	(b) As used in this section, "subsidiary public corporation" means a corporation created
19-33	pursuant to the provisions of this section. The person or persons directed by the resolution
19-34	referred to in subsection (a) shall prepare articles of incorporation setting forth: (1) the name of
20-1	the subsidiary public corporation; (2) the period of duration, which may be perpetual; (3) the
20-2	purpose or purposes for which the subsidiary public corporation is organized which shall not be
20-3	more extensive than the purposes of the corporation set forth in section 42-64-5; (4) the number
20-4	of directors (which may, but need not be, more than one) constituting the initial board of directors
20-5	and their names and business or residence addresses; (5) the name and business or residence
20-6	address of the person preparing the articles of incorporation; (6) the date when corporate
20-7	existence shall begin (which shall not be earlier than the filing of the articles of incorporation
20-8	with the secretary of state as provided in this subsection); (7) any provision, not inconsistent with
20-9	law, which the board of directors elect to set forth in the articles of incorporation for the
20-10	regulation of the internal affairs of the subsidiary public corporation; and (8) a reference to the
20-11	form of authorization and approval by the general assembly and to the resolution of the board of
20-12	directors authorizing the preparation of the articles of incorporation. Duplicate originals of the
20-13	articles of incorporation shall be delivered to the secretary of state. If the secretary of state finds
20-14	that the articles of incorporation conform to the provisions of this subsection, the secretary shall
20-15	endorse on each of the duplicate originals the word "Filed," and the month, day and year of the
20-16	filing; file one of the duplicate originals in his or her office; and a certificate of incorporation to
20-17	which the secretary shall affix the other duplicate original. No filing fees shall be payable upon
20-18	the filing of articles of incorporation. Upon the issuance of the certificate of incorporation or upon
20-19	a later date specified in the articles of incorporation, the corporate existence shall begin and the
20-20	certificate of incorporation shall be conclusive evidence that all conditions precedent required to
20-21	be performed have been complied with and that the subsidiary public corporation has been duly
20-22	and validly incorporated under the provisions hereof. The parent corporation may transfer to any
20-23	subsidiary public corporation any moneys, real, personal, or mixed property or any project in
20-24	order to carry out the purposes of this chapter. Each subsidiary public corporation shall have all
20-25	the powers, privileges, rights, immunities, tax exemptions, and other exemptions of the parent
20-26	corporation except to the extent that the articles of incorporation of the subsidiary public
20-27	corporation shall contain an express limitation and except that the subsidiary public corporation
20-28	shall not have the condemnation power contained in section 42-64-9, nor shall it have the powers
20-29	contained in, or otherwise be subject to, the provisions of section 42-64-12 and section 42-64-
20-30	13(a), nor shall it have the power to create, empower or otherwise establish any corporation,
20-31	subsidiary corporation, corporate body, any form of partnership, or any other separate entity,
20-32	without the express approval and authorization of the general assembly.
20-33	(c) Any subsidiary corporation shall not be subject to the provisions of section 42-64-
20-34	8(a), (c), and (d), except as otherwise provided in the articles of incorporation of the subsidiary
21-1	corporation.
21-2	(d) The Rhode Island ~~economic development~~ commerce corporation, as the parent
21-3	corporation of the Rhode Island Airport Corporation, shall not be liable for the debts or
21-4	obligations or for any actions or inactions of the Rhode Island Airport Corporation, unless the
21-5	Rhode Island ~~economic development~~ commerce corporation expressly agrees otherwise in
21-6	writing.
21-7	(e) The East Providence Waterfront District shall, with the approval of its commission
21-8	and the board of directors of the corporation, be a subsidiary of the Rhode Island ~~economic~~
21-9	~~development~~ commerce corporation for the purposes of exercising such powers of the corporation
21-10	as the board of directors shall determine, and notwithstanding the requirements of subsection (b),
21-11	the act creating the District shall be deemed fully satisfactory for the purposes of this section
21-12	regarding the establishment of subsidiary public corporations, and the express approval and
21-13	authorization of the general assembly shall be deemed to have been given for all legal purposes
21-14	for the creation and lawful management of a subsidiary corporation created for the purposes of
21-15	implementing the purposes of the District.
21-16	(f) The parent corporation is hereby authorized and empowered to create a subsidiary
21-17	corporation for the expressed purpose to issue bonds and notes of the type and for those projects
21-18	and purposes specified in the Joint Resolution and Act of the general assembly adopted by the
21-19	Rhode Island house of representatives and the Rhode Island senate.
21-20	(g) The I-195 redevelopment district shall be a subsidiary of the Rhode Island ~~economic~~
21-21	~~development~~ commerce corporation for the purposes of exercising such powers of the corporation
21-22	as the board of directors shall determine, and notwithstanding the requirements of subsection (b),
21-23	the chapter creating the district shall be deemed fully satisfactory for the purposes of this section
21-24	regarding the establishment of subsidiary public corporations, and the express approval and
21-25	authorization of the general assembly shall be deemed to have been given for all legal purposes
21-26	for the creation and lawful management of a subsidiary corporation created for the purposes of
21-27	implementing the purposes of the district.
21-28	(h) The Rhode Island airport corporation -- appointment of directors:
21-29	The board of directors of the Rhode Island airport corporation shall consist of seven (7)
21-30	members: The board of directors shall have extensive experience in the fields of finance,
21-31	business, construction and/or organized labor.
21-32	The governor of the State of Rhode Island shall appoint, with the advice and consent of
21-33	the senate when nominated to serve, the seven (7) members of the board of directors. One director
21-34	shall be appointed for a term of one year; two (2) directors shall be appointed for a term of two
22-1	(2) years; three (3) directors shall be appointed for a term of three (3) years; and one director shall
22-2	be appointed for a term of four (4) years. Appointments made thereafter shall be for four (4) year
22-3	terms.
22-4	Any vacancy occurring in the board of directors shall be filled by the governor of the
22-5	State of Rhode Island in the same manner prescribed for the original appointments.
22-6	A director appointed to fill a vacancy of a director appointed by the governor of the State
22-7	of Rhode Island shall be appointed for the unexpired portion of the term of office of the director
22-8	whose vacancy is to be filled.
22-9	All members of the board of directors of the Rhode Island airport corporation shall serve
22-10	without compensation.
22-11	42-64-7.4. Water supply facilities. -- (a) The Rhode Island ~~economic development~~
22-12	commerce corporation is authorized and empowered to acquire and construct water supply
22-13	facilities; to maintain, repair, and operate those facilities; and to issue revenue bonds of the
22-14	corporation payable solely from revenues derived from the leasing of those water supply facilities
22-15	to finance them. Development of these projects may be initiated by the corporation upon request
22-16	of a municipality or municipalities seeking to undertake the project either singly or jointly.
22-17	(b) Without limiting the generality of the foregoing, the corporation is expressly
22-18	empowered to lease or sell water supply facilities or any part of those facilities to any
22-19	municipality. A lease by the corporation to any municipality may be for any period, upon any
22-20	terms and conditions, with or without an option to purchase, as the corporation may determine.
22-21	(c) The provisions of any other laws or ordinances, general, special, or local, or of any
22-22	rule or regulation of the state or any municipality, restricting or regulating in any manner the
22-23	power of any municipality to lease, as lessee or lessor, or sell property real, personal, or mixed,
22-24	shall not apply to leases and sales made with authority pursuant to this section; and insofar as the
22-25	provisions of this section are inconsistent with the other laws of this state, general, special, or
22-26	local, restricting the power of any municipality to enter into a lease or to sell property, the
22-27	provisions of this section shall be controlling.
22-28	(d) Any municipality, notwithstanding any contrary provision of law, is authorized and
22-29	empowered to lease, lend, grant, or convey to the corporation, at its request upon those terms and
22-30	conditions that the proper authorities of a municipality may deem reasonable and fair and without
22-31	the necessity for any advertisement, order of court, or other action or formality, other than the
22-32	regular and formal action of the authorities concerned, any real property or personal property
22-33	which may be necessary or convenient to effectuation of the authorized purposes of the
22-34	corporation including real property already devoted to public use; and subject to the aforesaid, the
23-1	state consents to the use of all lands owned by it, including land lying under water, and which are
23-2	deemed by the corporation to be necessary for the construction or operation of any water supply
23-3	facilities.
23-4	42-64-7.5. ~~Transfer of functions from the department of economic development~~
23-5	Transfer of functions from the economic development corporation. -- (a) Effective January 1,
23-6	2014, all ~~All~~ functions formerly administered by the ~~department of~~ Rhode Island economic
23-7	development corporation are hereby transferred to the Rhode Island ~~economic development~~
23-8	commerce corporation. Also effective January 1, 2014, the commerce corporation shall assume
23-9	all rights, duties, liabilities, and obligations of the former economic development corporation, and
23-10	the commerce corporation shall be considered to be the successor-in-interest to the economic
23-11	development corporation.
23-12	(b) In addition to any of its other powers and responsibilities, the Rhode Island ~~economic~~
23-13	~~development~~ commerce corporation is authorized and empowered to accept any grants made
23-14	available by the United States government or any agency of the United States government, and
23-15	the corporation, with the approval of the governor, is authorized and empowered to perform any
23-16	acts and enter into all necessary contracts and agreements with the United States or any agency of
23-17	the United States as may be necessary in any manner and degree that shall be deemed to be in the
23-18	best interests of the state. The proceeds of any grants received shall be paid to the general
23-19	treasurer of the state and deposited in a separate fund to be used solely for the purposes of the
23-20	grant or grants.
23-21	42-64-7.6. Transfer of functions from the governor's office of intergovernmental
23-22	relations. -- (a) All functions formerly administered by the governor's office of
23-23	intergovernmental relations in the executive department relating to community development
23-24	block grants are hereby transferred to the department of administration, division of planning.
23-25	(b) In addition to any of its other powers and responsibilities, the Rhode Island ~~economic~~
23-26	~~development~~ commerce corporation is authorized and empowered to accept any grants made
23-27	available by the United States government or any agency of the United States government, and
23-28	the corporation, with the approval of the governor, is authorized and empowered to perform any
23-29	acts and enter into all necessary contracts and agreements with the United States or any agency of
23-30	the United States as may be necessary in any manner and degree that shall be deemed to be in the
23-31	best interest of the state. The proceeds of the received grants shall be paid to the general treasurer
23-32	and deposited in a separate fund to be used solely for the purposes of the grant or grants.
23-33	42-64-7.7. Grant of powers to the corporation. -- The Rhode Island ~~economic~~
23-34	~~development~~ commerce corporation is granted all of the powers necessary and convenient to
24-1	perform the functions transferred to the Rhode Island ~~economic development~~ commerce
24-2	corporation pursuant to sections 42-64-7.5 and 42-64-7.6.
24-3	42-64-7.8. Sewer treatment facilities, connections, sewer user fees, charges and
24-4	assessments. -- (a) The Rhode Island ~~economic development~~ commerce corporation shall have
24-5	full and complete authority to limit, deny, or cause appropriate direct or indirect connections to be
24-6	made between any building or property located in the Quonset Point/Davisville Industrial Park, or
24-7	from any location outside the boundaries of the Quonset Point/Davisville Park and discharging
24-8	into the corporation's sewage treatment facility. The corporation shall prescribe those rules and
24-9	regulations for sewer connections that in the opinion of the corporation are necessary and
24-10	appropriate for the maintenance and operation of the sewer treatment facility. No person shall
24-11	make any connection from any structure to any sewer or appurtenance thereto discharging to the
24-12	sewage treatment facility without first being granted a written permit from the corporation in
24-13	accordance with its rules and regulations. Rhode Island ~~economic development~~ commerce
24-14	corporation shall have full and complete power and authority to compel any person within the
24-15	Quonset Point/Davisville Industrial Park, for the purpose of sewage disposal, to establish a direct
24-16	connection on the property of the individual, firm, partnership or corporation, or at the boundary
24-17	thereof to the corporation's sewage treatment facility. These connections shall be made at the
24-18	expense of the individual, firm, partnership or corporation. The term "appurtenance" as used
24-19	herein shall be construed to include adequate pumping facilities, whenever the pumping facilities
24-20	shall be necessary to deliver sewage to the sewage treatment facility.
24-21	(b) The Rhode Island ~~economic development~~ commerce corporation shall assess any
24-22	person having a direct or indirect connection to the Quonset Point/Davisville Industrial Park
24-23	sewage treatment facility the reasonable charges for the use, operation, maintenance and
24-24	improvements to the facility.
24-25	(c) The Rhode Island ~~economic development~~ commerce corporation shall proceed under
24-26	the provisions of this chapter to collect the fees, charges and assessments from any individual,
24-27	firm, partnership or corporation so assessed. Each entity so assessed shall pay the fees, charges,
24-28	or assessments within the time frame prescribed by the rules and regulations of the corporation.
24-29	The Rhode Island ~~economic development~~ commerce corporation may collect the fees, charges
24-30	and assessments in the same manner in which taxes are collected by municipalities, with no
24-31	additional fees, charges, assessments or penalties (other than those provided for in chapter 9 of
24-32	title 44). All unpaid charges shall be a lien upon the real estate of the individual, firm, partnership
24-33	or corporation. The lien shall be filed in the records of land evidence for the city or town in which
24-34	the property is located and the corporation shall simultaneously with the filing of the lien give
25-1	notice to the property owner. Owners of property subject to a lien for unpaid charges are entitled
25-2	to a hearing within fourteen (14) days of the recording of the lien.
25-3	(d) Notwithstanding the provisions of subsection (c), the Rhode Island ~~economic~~
25-4	~~development~~ commerce corporation is authorized to terminate the water supply service of any
25-5	individual, firm, partnership or corporation for the nonpayment of sewer user fees, charges and
25-6	assessments. The corporation shall notify the user of termination of water supply at least forty-
25-7	eight (48) hours prior to ceasing service. The corporation may assess any individual, firm,
25-8	partnership or corporation any fees, charges and assessments affiliated with the shut off and
25-9	restoration of service.
25-10	42-64-7.9. Orders as to pretreatment of sewage. -- (a) Without limiting the generality
25-11	of the foregoing, the authority vested in the Rhode Island ~~economic development~~ commerce
25-12	corporation shall include the authority to limit, reject, or prohibit any direct or indirect discharge
25-13	of pollutants or combination of pollutants as defined by applicable federal or state law, into any
25-14	treatment facility operated by the corporation, to require that any person or class of user shall
25-15	submit any and all discharges into the corporation's wastewater collection and treatment system to
25-16	those pretreatment standards and requirements as prescribed by the corporation.
25-17	(b) The corporation shall adopt rules, regulations and permit requirements for
25-18	pretreatment. The corporation shall adopt rules, regulations and permit requirements necessary to
25-19	ensure compliance by all parties with:
25-20	(1) Applicable federal and state laws
25-21	(2) State and federal discharge permit limitations for the corporation's wastewater
25-22	treatment facility
25-23	(3) Necessary and appropriate local limitations.
25-24	(c) The Rhode Island ~~economic development~~ commerce corporation shall have the
25-25	authority to issue or deny permits to any person for the direct or indirect discharge of any
25-26	pollutants into any corporation wastewater treatment facility and to require the development of a
25-27	compliance schedule by each discharger to insure compliance with any pretreatment required by
25-28	the corporation. No person shall discharge any pollutant into the corporation's wastewater facility
25-29	except as in compliance with the provisions of this section and any rules and regulations
25-30	promulgated under this chapter and pursuant to all terms and conditions of a permit.
25-31	(d) The Rhode Island ~~economic development~~ commerce corporation may, by regulation,
25-32	order, permit or otherwise require any person who discharges into any wastewater treatment
25-33	facility owned by the corporation to:
26-34	(1) Establish and maintain records as required by federal or state statute, or by rule,
26-35	regulation, compliance order or permit terms;
26-36	(2) Make any and all reports as required by federal or state statute or by rule, regulation,
26-37	compliance order or permit terms;
26-38	(3) Install, calibrate, use and maintain any and all monitoring equipment or testing
26-39	procedures including, where appropriate, biological monitoring methods;
26-40	(4) Sample any discharges and effluents in accordance with the methods and at the
26-41	locations and at the intervals and in a manner as the corporation may prescribe, and
26-42	(5) Provide any other information relating to discharges into the facilities of the
26-43	corporation that the corporation may reasonably require to insure compliance with prescribed
26-44	pretreatment. The information shall include, but is not limited to, those records, reports and
26-45	procedures required by applicable federal and state laws.
26-46	(e) Notwithstanding any other provision of this section, the Rhode Island ~~economic~~
26-47	~~development~~ commerce corporation shall have the authority, and shall accordingly prescribe the
26-48	appropriate procedures, to immediately and effectively halt or prevent any discharge of pollutants
26-49	into the facilities of the corporation which reasonably appears to present an imminent danger to
26-50	human health or the environment. The Rhode Island ~~economic development~~ commerce
26-51	corporation shall also have the authority and shall prescribe the appropriate procedures, which
26-52	shall include notice to the affected discharger and an opportunity to respond, to hold or prevent
26-53	any discharge into the facilities of the corporation, which presents or may present a threat to the
26-54	operation of the wastewater collection and/or treatment system. Procedures prescribed under this
26-55	subsection, which comply in form to those provided in section 42-17.1-2(21) shall be deemed to
26-56	be appropriate.
26-57	42-64-7.11. Venture capital forum program. -- The Rhode Island ~~economic~~
26-58	~~development~~ commerce corporation shall establish a "Rhode Island Venture Capital Forum
26-59	Program." To establish the program, the corporation shall organize a statewide system for
26-60	facilitating venture capital investing. Such system may include, but need not be limited to, the
26-61	following:
26-62	(a) Identifying and providing information to investors about investment opportunities in
26-63	new and high-growth business enterprises;
26-64	(b) Identifying and providing information to entrepreneurs and high-growth business
26-65	enterprises about investors seeking investment opportunities;
26-66	(c) Providing statewide and regional meetings, forums, internet-based information
26-67	systems, venture capital fairs, and other opportunities for venture capital investors and new and
26-68	high-growth business enterprises to meet and discuss potential mutual opportunities;
27-1	(d) Cooperating with other service entities in facilitating effectiveness of the program
27-2	including, but not limited to, financial institutions, attorneys, accountants, investment banking
27-3	firms, established venture capital funds, institutions of higher education, local and regional
27-4	development organizations, business development centers, business incubators, and utilities;
27-5	(e) Serving as a clearinghouse and access point for information about venture capital
27-6	investment opportunities in Rhode Island;
27-7	(f) Serving as the central organization and means of delivering appropriate education and
27-8	training programs for potential investors and new or high-growth business enterprises;
27-9	(g) Facilitating the formation of private venture capital funds.
27-10	(h) Reviewing annually the current status of venture capital in Rhode Island in
27-11	conjunction with the full capital continuum needs of businesses in Rhode Island and make such
27-12	report to the legislature as to the availability of capital for businesses in Rhode Island. The report
27-13	shall analyze the needs and recommend steps to meet the needs of small and larger businesses in
27-14	Rhode Island. The corporation shall work in conjunction with any organization formed to provide
27-15	economic analysis for the state.
27-16	42-64-7.13. National security infrastructure support fund. -- The Rhode Island
27-17	~~economic development~~ commerce corporation is hereby authorized and empowered to administer
27-18	the national security infrastructure support fund in accordance with the powers and terms
27-19	enumerated in chapter 32 of title 30.
27-20	42-64-8. Directors, officers, and employees. -- (a) The powers of the Rhode Island
27-21	~~economic development~~ commerce corporation shall be vested in a board of directors consisting of
27-22	thirteen (13) members.
27-23	(1) The ~~governor~~ secretary of commerce shall serve as a member of the board and as
27-24	chairperson, ex-officio, who shall vote only in the event of a tie.
27-25	(2) In addition to the ~~governor~~ secretary of commerce, the membership of the board shall
27-26	consist of twelve (12) public members to be appointed by the governor.
27-27	(3) Each gubernatorial appointee shall be subject to the advice and consent of the senate
27-28	and no one shall be eligible for appointment unless he or she is a resident of this state. The
27-29	membership of the board shall reflect the geographic diversity of the state. Four (4) of the public
27-30	members shall be owners or principals of small businesses doing business in this state which are
27-31	independently owned and operated and which employs one hundred (100) or fewer persons. One
27-32	other of the public members shall be a representative of organized labor. One other of the public
27-33	members shall be a representative of higher education. One other of the public members shall be
27-34	a representative from the governor's work force board. One other of the public members shall be a
28-1	representative of a minority business. One other of the public members shall be appointed on an
28-2	interim basis by the governor when a project plan of the corporation situated on federal land is
28-3	disapproved by the governing body of a municipality in accordance with section 42-64-13(a)(4).
28-4	The member shall be the mayor of the municipality within whose borders all or a majority of the
28-5	project plan is to be carried out, or in a municipality, which has no mayor, the member shall be
28-6	the president of the town or city council. The appointed interim member shall have all the powers
28-7	of other members of the board only in its deliberations and action on the disapproval of the
28-8	project plan situated on federal land and within the borders of his or her municipality. Upon final
28-9	action by the board pursuant to section 42-64-13(a)(5), the interim member's term of appointment
28-10	shall automatically terminate.
28-11	(4) It shall be the responsibility of the corporation to conduct a training course for newly
28-12	appointed and qualified members and new designees of ex-officio members within six (6) months
28-13	of their qualification or designation. The course shall be developed by the executive director of
28-14	the corporation or his or her designee, be approved by the board, and conducted by the executive
28-15	director or his or her designee. The board may approve the use of any board or staff members or
28-16	other individuals to assist with training. The training course shall include instruction in the
28-17	following areas: the provisions of the entirety of chapter 64 of this title and of chapters 46 of this
28-18	title, 14 of title 36, and 2 of title 38 of the Rhode Island general laws; and the board's rules and
28-19	regulations. The director of the department of administration shall, within ninety (90) days of July
28-20	15, 2005, prepare and disseminate materials relating to the provisions of chapters 46 of this title,
28-21	14 of title 36, and 2 of title 38.
28-22	(5) Members of the board shall be removable by the governor, pursuant to the provisions
28-23	of section 36-1-7 and for cause only, and removal solely for partisan or personal reasons
28-24	unrelated to capacity or fitness for the office shall be unlawful.
28-25	(6) The five (5) current members of the board of directors who were duly appointed and
28-26	who have unexpired terms shall continue as directors of the corporation until February 1, 2010,
28-27	and thereafter until their successors are appointed and qualified. Upon passage of this act, the
28-28	governor shall appoint seven (7) members to the board, with terms expiring as follows: three (3)
28-29	members shall have terms expiring on February 1, 2011; three (3) members shall have terms
28-30	expiring on February 1, 2012; and one member shall have a term expiring on February 1, 2013. In
28-31	January 2010, the governor shall appoint five (5) members to the board with terms expiring as
28-32	follows: two (2) members shall have terms expiring on February 1, 2013 and three (3) members
28-33	shall have terms expiring on February 1, 2014. Beginning in 2011 and annually thereafter, during
28-34	the month of January, the governor shall appoint a member or members to succeed the member or
29-1	members whose terms will then next expire to serve for a term of four (4) years commencing on
29-2	the first day of February and then next following, and thereafter until the successors are appointed
29-3	and qualified. Beginning in 2011 and annually thereafter the governor shall appoint owners or
29-4	principals of small businesses doing business in this state which are independently owned and
29-5	operated, and which employs one hundred (100) or fewer persons. The members of the board
29-6	shall be eligible to succeed themselves, but only upon reappointment and with senate advice and
29-7	consent. The current members of the board of directors of the Rhode Island economic
29-8	development corporation who were duly appointed and who have unexpired terms shall be
29-9	considered as directors of the corporation until their terms expire, and thereafter until their
29-10	successors are appointed and qualified.
29-11	(7) In the event of a vacancy occurring in the office of a member by death, resignation or
29-12	otherwise, that vacancy shall be filled in the same manner as an original appointment, but only for
29-13	the remainder of the term of the former member.
29-14	(b) The directors shall receive no compensation for the performance of their duties under
29-15	this chapter, but each director shall be reimbursed for his or her reasonable expenses incurred in
29-16	carrying out those duties. A director may engage in private employment, or in a profession or
29-17	business.
29-18	(c) The chairperson shall designate a vice chairperson from among the members of the
29-19	board who shall serve at the pleasure of the chairperson. A majority of directors holding office
29-20	shall constitute a quorum, and, except as otherwise provided in section 42-64-13, any action to be
29-21	taken by the corporation under the provisions of this chapter may be authorized by resolution
29-22	approved by a majority of the directors present and entitled to vote at any regular or special
29-23	meeting at which a quorum is present. A vacancy in the membership of the board of directors
29-24	shall not impair the right of a quorum to exercise all of the rights and perform all of the duties of
29-25	the corporation.
29-26	(d) ~~The chief executive officer of the corporation shall be executive director of the~~
29-27	~~corporation, appointed by the governor with the advice and consent of the senate. The executive~~
29-28	~~director shall hold office for the term of three (3) years from the time of his or her appointment~~
29-29	~~and until his or her successor is duly appointed and qualified. The director shall be eligible for~~
29-30	~~reappointment, and shall not engage in any other occupation. The executive director of the~~
29-31	~~corporation shall be entitled to receive for his or her services any reasonable compensation as the~~
29-32	~~board of directors may determine.~~ The secretary of commerce shall be the commerce
29-33	corporation’s chief executive officer and responsible the management of the corporation. There
29-34	shall be a chief operating officer (COO) of the corporation and he/she shall be appointed by the
30-1	secretary of commerce. The chief operating officer shall hold office for the term of three (3) years
30-2	from the time of his or her appointment and until his or her successor is duly appointed and
30-3	qualified. The COO shall be eligible for reappointment, and shall not engage in any other
30-4	occupation. The COO of the corporation shall be entitled to receive for his or her services any
30-5	reasonable compensation as the secretary of commerce and the board of directors may determine.
30-6	The COO shall be the chief administrative officer of the corporation and responsible for the day
30-7	to day management of the corporation. The COO shall be a professional in the area of economic
30-8	development, management of economic development corporations, and shall hold the requisite
30-9	experience and education as established by the secretary and board.
30-10	(e) The board of directors shall appoint a secretary and such additional officers and staff
30-11	members as they shall deem appropriate and shall determine the amount of reasonable
30-12	compensation, if any, each shall receive. The board of directors may vest in the ~~executive~~
30-13	~~director, or the director's subordinates~~ the chief operating officer or the chief operating officer's
30-14	subordinates, the authority to appoint additional staff members and to determine the amount of
30-15	compensation each individual shall receive.
30-16	(f) No full-time employee shall during the period of his or her employment by the
30-17	corporation engage in any other private employment, profession or business, except with the
30-18	approval of the board of directors.
30-19	(g) Notwithstanding any other law to the contrary, it shall not be or constitute a conflict
30-20	of interest for a director, officer, or employee of any financial institution, investment banking
30-21	firm, brokerage firm, commercial bank, trust company, building-loan association, architecture
30-22	firm, insurance company, or any other firm, person, or corporation to serve as a director of the
30-23	corporation, nor shall any contract or transaction between the corporation and a financial
30-24	institution, investment banking firm, brokerage firm, commercial bank, trust company, building-
30-25	loan association, architecture firm, insurance company, or other firm, person, or corporation be
30-26	void or voidable by reason of that service as director of the corporation. If any director, officer, or
30-27	employee of the corporation shall be interested either directly or indirectly, or shall be a director,
30-28	officer, or employee of or have an ownership interest (other than as the owner of less than one
30-29	percent (1%) of the shares of a publicly-held corporation) in any firm or corporation interested
30-30	directly or indirectly in any contract with the corporation, that interest shall be disclosed to the
30-31	corporation and set forth in the minutes of the corporation, and the director, officer, or employee
30-32	having that ownership interest shall not participate on behalf of the corporation in the
30-33	authorization of that contract. Interested directors may be counted in determining the presence of
30-34	a quorum at a meeting of the board of directors of the corporation, which authorizes the contract
31-1	or transaction.
31-2	(h) Any action taken by the corporation under the provisions of this chapter may be
31-3	authorized by vote at any regular or special meeting, and each vote shall take effect immediately.
31-4	All meetings shall be open to the public and all records shall be a matter of public record except
31-5	that if a majority of the board of directors decides that it would be in the best interests of the
31-6	corporation and the state to hold an executive session in private, then the board of directors is
31-7	authorized to transact any business it deems necessary at that executive session in private, and the
31-8	record of the executive session shall not become a matter of public record until the transaction
31-9	discussed has in the opinion of the board of directors been completed.
31-10	(i) The board of directors may designate from among its members an executive
31-11	committee and one or more other committees each of which, to the extent authorized by the board
31-12	of directors, shall have and may exercise all of the authority of the board of directors, but no
31-13	executive committee shall have the authority of the board of directors in reference to the
31-14	disposition of all or substantially all of the property and assets of the corporation, amending the
31-15	by-laws of the corporation, exercising the condemnation power conferred upon the corporation by
31-16	section 42-64-9 or taking actions described or referred to in section 42-64-13(a).
31-17	(j) The board shall create a capital finance subcommittee which shall be responsible for
31-18	drafting for board approval a set of guidelines, principals and processes for all loans, loan
31-19	guarantees and financing programs. The guidelines shall contain a set of metrics which the board
31-20	can use to determine the effectiveness of each program and to inform the governor and the
31-21	general assembly of the outcome of the various programs and to determine if there is need for
31-22	modification, continuance or termination. The guidelines shall also contain measures to annually
31-23	review the outstanding loan and loan guarantee programs to determine if the loans and loan
31-24	guarantees were granted in accordance with the board’s guidelines and principals and to
31-25	determine the risk factors normally used by lending institutions to determine risk and potential for
31-26	repayment. The board shall also implement the provisions of sections 42-64-36 and 42-64-37.
31-27	~~(j)~~(k) Any action required by this chapter to be taken at a meeting of the board of
31-28	directors, or any action which may be taken at a meeting of the board of directors, or committee
31-29	of the board of directors, may be taken without a meeting if a consent in writing, setting forth the
31-30	action to be taken, shall be signed before or after that action by all of the directors, or all of the
31-31	members of the committee, as the case may be.
31-32	~~(k)~~(l) Employees of the corporation shall not, by reason of their employment, be deemed
31-33	to be employees of the state for any purpose, any other provision of the general laws to the
31-34	contrary notwithstanding, including, without limiting the generality of the foregoing, chapters 29,
32-1	39, and 42 of title 28 and chapters 4, 8, 9, and 10 of title 36.
32-2	(m) The board shall create a set of metrics and reporting requirements to disclose the
32-3	programs and services offered or provided by the corporation and the effectiveness of each
32-4	offering. The board shall develop an annual report containing these metrics and shall submit the
32-5	report to the governor and the general assembly. The annual report shall also contain
32-6	recommendations for improving the business climate within the state and other actions the board
32-7	deems necessary to improve its effectiveness.
32-8	42-64-8.1. Appropriation and expenses. -- The general assembly shall annually
32-9	appropriate any sums that it may deem necessary to carry out the provisions of this chapter; and
32-10	the state controller is authorized and directed to draw his or her orders upon the general treasurer
32-11	for the payment of that sum, or so much as may be required from time to time, upon receipt by
32-12	the controller of proper vouchers authenticated.
32-13	42-64-9. Condemnation power. -- (a) If, for any of the purposes of this chapter, the
32-14	Rhode Island ~~economic development~~ commerce corporation shall find it necessary to acquire any
32-15	real property, whether for immediate or future use, the corporation may find and determine that
32-16	the property, whether a fee simple absolute or a lesser interest, is required for the acquisition,
32-17	construction, or operation of a project, and upon that determination, the property shall be deemed
32-18	to be required for public use until otherwise determined by the corporation; and with the
32-19	exceptions hereinafter specifically noted, the determination shall not be affected by the fact that
32-20	the property has been taken for, or is then devoted to, a public use; but the public use in the hands
32-21	or under the control of the corporation shall be deemed superior to the public use in the hands of
32-22	any other person, association, or corporation; provided further, however, that no real property or
32-23	interest, estate, or right in these belonging to the state shall be acquired without consent of the
32-24	state; and no real property or interest, estate, or right in these belonging to any municipality shall
32-25	be acquired without the consent of the municipality; and no real property, or interest or estate in
32-26	these, belonging to a public utility corporation may be acquired without the approval of the public
32-27	utility commission or another regulatory body having regulatory power over the corporation
32-28	except for the following real property or interest or estate in these: the underground electric
32-29	distribution system, located at the Quonset Point/Davisville industrial complex ("QP/D"), North
32-30	Kingstown, Rhode Island, consisting of lines of buried wires and cables and lines of wires and
32-31	cables installed in underground conduits, together with all equipment and appurtenances to these
32-32	for the furnishing of underground electric service running from the southwesterly side of Kiefer
32-33	Park Substation 81 located in QP/D in an easterly and southeasterly direction to Carrier Pier
32-34	Substation 82 located in QP/D together with any and all rights and easements as may be
33-1	necessary to repair, maintain, operate or otherwise gain access to the above-mentioned property.
33-2	(b) The corporation may proceed to acquire and is authorized to and may proceed to
33-3	acquire property, whether a fee simple absolute or a lesser interest, by the exercise of the right of
33-4	eminent domain in the manner prescribed in this chapter.
33-5	(c) Nothing contained in this section shall be construed to prohibit the corporation from
33-6	bringing any proceedings to remove a cloud on title or any other proceedings that it may, in its
33-7	discretion, deem proper and necessary, or from acquiring property by negotiation or purchase.
33-8	(d) The necessity for the acquisition of property under this chapter shall be conclusively
33-9	presumed upon the adoption by the corporation of a vote determining that the acquisition of the
33-10	property or any interest in property described in that vote is necessary for the acquisition,
33-11	construction, or operation of a project. Within six (6) months after its passage, the corporation
33-12	shall cause to be filed in the appropriate land evidence records a copy of its vote together with a
33-13	statement signed by the chairperson or vice-chairperson of the corporation that the property is
33-14	taken pursuant to this chapter, and also a description of the real property indicating the nature and
33-15	extent of the estate or interest in the estate taken and a plat of the real property, which copy of the
33-16	vote and statement of the chairperson or vice-chairperson shall be certified by the secretary of the
33-17	corporation and the description and plat shall be certified by the city or town clerk for the city or
33-18	town within which the real property lies.
33-19	(e) Forthwith thereafter the corporation shall cause to be filed in the superior court in and
33-20	for the county within which the real property lies a statement of the sum of money estimated to be
33-21	just compensation for the property taken, and shall deposit in the superior court to the use of the
33-22	persons entitled to the money the sum set forth in the statement. The corporation shall satisfy the
33-23	court that the amount deposited with the court is sufficient to satisfy the just claims of all persons
33-24	having an estate or interest in the real property. Whenever the corporation satisfies the court that
33-25	the claims of all persons interested in the real property taken have been satisfied, the unexpended
33-26	balance shall be ordered repaid forthwith to the corporation.
33-27	(f) Upon the filing of the copy of the vote, statement, description, and plat in the land
33-28	evidence records and upon the making of the deposit in accordance with the order of the superior
33-29	court, title to the real property in fee simple absolute or any lesser estate or interest specified in
33-30	the resolution shall vest in the corporation, and that real property shall be deemed to be
33-31	condemned and taken for the use of the corporation and the right to just compensation for the
33-32	condemned property shall vest in the persons entitled to compensation, and the corporation
33-33	thereupon may take possession of the real property. No sum paid unto the court shall be charged
33-34	with clerks' fees of any nature.
34-1	(g) After the filing of the copy of the vote, statement, description, and plat, notice of the
34-2	taking of that land or other real property shall be served upon the owners of, or persons having
34-3	any estate or interest in, the real property by the sheriff or his or her deputies of the county in
34-4	which the real estate is situated by leaving a true and attested copy of the vote, statement,
34-5	description, and plat with each of those persons personally, or at the last and usual place of abode
34-6	in this state with some person living there, and in case any of those persons are absent from this
34-7	state and have no last and usual place of abode therein occupied by any person, the copy shall be
34-8	left with the person or persons, if any, in charge of, or having possession of the real property
34-9	taken of the absent persons, and another copy shall be mailed to the address of the person, if the
34-10	address is known to the officer serving the notice.
34-11	(h) After the filing of the vote, description, and plat, the corporation shall cause a copy to
34-12	be published in some newspaper having general circulation in the city or town in which the real
34-13	property lies at least once a week for three (3) successive weeks.
34-14	(i) If any party shall agree with the corporation upon the price to be paid for the value of
34-15	the real property so taken and of appurtenant damage to any remainder or for the value of his or
34-16	her estate, right, or interest therein, the court, upon application of the parties in interest, may order
34-17	that the sum agreed upon be paid forthwith from the money deposited, as the just compensation to
34-18	be awarded in the proceedings; provided, however, that no payment shall be made to any official
34-19	or employee of the corporation for any property or interest in the property acquired from the
34-20	official or employee unless the amount of the payment is determined by the court to constitute
34-21	just compensation to be awarded in the proceedings.
34-22	(j) Any owner of, or person entitled to any estate or right in, or interested in any part of,
34-23	the real property taken, who cannot agree with the corporation upon the price to be paid for his or
34-24	her estate, right or interest in the real property taken and the appurtenant damage to the
34-25	remainder, may, within three (3) months after personal notice of the taking, or if he or she has no
34-26	personal notice, may within one year from the time the sum of money estimated to be just
34-27	compensation is deposited in the superior court to the use of the persons entitled to the
34-28	compensation, apply by petition to the superior court for the county in which the real property is
34-29	situated, setting forth the taking of his or her land or his or her estate or interest in these and
34-30	praying for an assessment of damages by the court or by a jury. Upon the filing of the petition,
34-31	the court shall cause twenty (20) days' notice of the pendency of a trial to be given to the
34-32	corporation by serving the chairperson or vice chairperson of the corporation with a certified copy
34-33	of the notice.
35-34	(k) After the service of notice, the court may proceed to the trial thereof. The trial shall
35-35	be conducted as other civil actions at law are tried. The trial shall determine all questions of fact
35-36	relating to the value of the real property, and any estate or interest, and the amount of this value
35-37	and the appurtenant damage to any remainder and the amount of this damage, and the trial and
35-38	decision or verdict of the court or jury shall be subject to all rights to except to rulings, to move
35-39	for new trial, and to appeal, as are provided by law. Upon the entry of judgment in those
35-40	proceedings, execution shall be issued against the money deposited in court and in default against
35-41	any other property of the corporation.
35-42	(l) In case two (2) or more petitioners make claim to the same real property, or to any
35-43	estate or interest, or to different estate or interests in the same real property, the court shall, upon
35-44	motion, consolidate their several petitions for trial at the same time, and may frame all necessary
35-45	issues for the trial.
35-46	(m) If any real property or any estate or interest, in which any minor or other person not
35-47	capable in law to act in his or her own behalf is interested, is taken under the provisions of this
35-48	chapter, the superior court, upon the filing of a petition by or in behalf of the minor or person or
35-49	by the corporation, may appoint a guardian ad litem for the minor or other person. Guardians
35-50	may, with the advice and consent of the superior court, and upon any terms as the superior court
35-51	may prescribe, release to the corporation all claims for damages for the land of the minor or other
35-52	person or for any estate or interest. Any lawfully appointed, qualified, and acting guardian or
35-53	other fiduciary of the estate of any minor or other person, with the approval of the court of
35-54	probate within this state having jurisdiction to authorize the sale of lands and properties within
35-55	this state of the minor or other person, may before the filing of any petition, agree with the minor
35-56	or other person for any taking of his or her real property or of his or her interest or estate, and
35-57	may, upon receiving the amount, release to the corporation all claims for damages for the minor
35-58	or other person for the taking.
35-59	(n) In case any owner of or any person having an estate or interest in the real property
35-60	fails to file his or her petition, superior court for the county in which the real property is situated,
35-61	in its discretion, may permit the filing of the petition within one year subsequent to the year
35-62	following the time of the deposit in the superior court of the sum of money estimated to be just
35-63	compensation for the property taken; provided, the person shall have had no actual knowledge of
35-64	the taking of the land in season to file the petition; and provided, no other person or persons
35-65	claiming to own the real property or estate or interest shall have been paid the value; and
35-66	provided, no judgment has been rendered against the corporation for the payment of the value to
35-67	any other person or persons claiming to own the real estate.
36-68	(o) If any real property or any estate or interest is unclaimed or held by a person or
36-69	persons whose whereabouts are unknown, after making inquiry satisfactory to the superior court
36-70	for the county in which the real property lies, the corporation, after the expiration of two (2) years
36-71	from the first publication of the copy of the vote, statement, description, and plat, may petition the
36-72	court that the value of the estate or interest of the unknown person or persons be determined.
36-73	After the notice by publication to any person or persons that the court in its discretion may order,
36-74	and after a hearing on the petition, the court shall fix the value of the estate or interest and shall
36-75	order the sum to be deposited in the registry of the court in a special account to accumulate for
36-76	the benefit of the person or persons, if any, entitled to it. The receipt of the clerk of the superior
36-77	court shall constitute a discharge of the corporation from all liability in connection with the
36-78	taking. When the person entitled to the money deposited shall have satisfied the superior court of
36-79	his or her right to receive that money, the court shall cause it to be paid over to him or her, with
36-80	all accumulations thereon.
36-81	(p) The superior court shall have power to make any orders with respect to
36-82	encumbrances, liens, taxes, and other charges on the land, if any, as shall be just and equitable.
36-83	(q) Whenever, in the opinion of the corporation, a substantial saving in the cost of
36-84	acquiring title can be effected by conveying other real property, title to which is in the
36-85	corporation, to the person or persons from whom the estate or interest in real property is being
36-86	purchased or taken, or by the construction or improvement by the corporation of any work or
36-87	facility upon the remaining real property of the person or persons from whom the estate or
36-88	interest in real property is being purchased or taken, the corporation shall be and hereby is
36-89	authorized to convey that other real property to the person or persons from whom the estate or
36-90	interest in real property is being purchased or taken and to construct or improve any work or
36-91	facility upon the remaining land of the person or persons.
36-92	(r) At any time during the pendency of any proceedings for the assessment of damages
36-93	for property or interests taken or to be taken by eminent domain by the corporation, the
36-94	corporation or any owner may apply to the court for an order directing an owner or the
36-95	corporation, as the case may be, to show cause why further proceedings should not be expedited,
36-96	and the court may upon that application make an order requiring that the hearings proceed and
36-97	that any other steps be taken with all possible expedition.
36-98	42-64-9.1. Inspection powers. -- (a) The Rhode Island ~~economic development~~
36-99	commerce corporation is authorized to carry out all inspection, surveillance and monitoring
36-100	procedures necessary to determine, independent of information supplied by any discharger or
36-101	permit holder compliance or non-compliance by the person with pretreatment requirements
36-102	prescribed by the corporation.
37-1	(b) The corporation or its duly authorized employees or agents, upon presentation of
37-2	identification and appropriate credentials, is authorized:
37-3	(1) To enter without delay and at reasonable times, those premises, both public and
37-4	private, either receiving services from the corporation, or applying for a permit for discharge into
37-5	the corporation's wastewater collection and treatment system;
37-6	(2) To examine any and all records kept in accordance with the rules and regulations
37-7	adopted by the corporation, or required by permit or compliance order or maintained pursuant to
37-8	section 42-64-7.9;
37-9	(3) To have access to and inspect or test any monitoring or testing equipment or
37-10	monitoring or testing method, or to sample any effluent or discharge during regular working
37-11	hours, or at other reasonable times, or at any time a discharge is reasonably believed to present an
37-12	imminent danger to human health or the environment.
37-13	(c) Any person obstructing, hindering or in any way causing to be obstructed or hindered
37-14	the corporation or its duly authorized employees or agents in the performance of their duties, or
37-15	who shall refuse to permit the corporation or its duly authorized employees or agents entrance to
37-16	or egress from any premises, buildings, plant or equipment or other places belonging to or
37-17	controlled by the person in the performance of his or her duties shall be subject to the civil and
37-18	criminal penalties set forth in sections 42-64-9.2 and 42-64-9.3.
37-19	42-64-9.2. Civil penalties. -- (a) Any person who violates the provisions of this chapter
37-20	or of any permit, rule, regulation, or order issued pursuant thereto, shall be subject to a civil
37-21	penalty of not more than twenty-five thousand dollars ($25,000) for each day during which the
37-22	violation occurs.
37-23	(b) The Rhode Island ~~economic development~~ commerce corporation shall, in the same
37-24	manner as cities and towns are authorized under the provisions of section 45-6-2.3(a)(4) and the
37-25	Narragansett Bay Commission are authorized under the provisions of section 46-25-25.2(b),
37-26	obtain actual costs and reasonable attorney's fees incurred by the corporation in seeking
37-27	compliance, penalties or damages.
37-28	42-64-9.3. Criminal penalties. -- (a) No person shall knowingly make any false
37-29	statement, representation, or certification in any application, record, report, plan, or other
37-30	document filed or required to be maintained under this chapter or by any permit, rule, regulation
37-31	or order issued under those sections, and no person shall falsify, tamper with or knowingly render
37-32	inaccurate any monitoring device or method required to be maintained under this chapter or by
37-33	any permit, rule, regulation or order issued under those sections.
38-34	(b) No person shall discharge into any outlet within the Quonset Point/Davisville
38-35	Industrial Park any sewage or waste without a permit.
38-36	(c) No person shall construct or maintain any privy, privy vault, septic tank cesspool, dry
38-37	well or other facility intended or used for the disposal of sewage wastes or other pollutants within
38-38	the Quonset Point/Davisville Industrial Park.
38-39	(d) No person shall maliciously, willfully or negligently breach, damage, destroy,
38-40	uncover, deface, or tamper with any structure, appurtenance, or equipment, or dump garbage,
38-41	refuse, or other material into any drain, storm sewer or other part of the wastewater collection or
38-42	treatment system or on any property within the Quonset Point/Davisville Industrial Park.
38-43	(e) No person shall uncover, make any connection with, or opening into, use, alter, or
38-44	disturb any interceptor or appurtenance of this interceptor, without first obtaining written
38-45	permission from the corporation.
38-46	(f) No person shall discharge or cause to be discharged any unpolluted waters such as
38-47	storm water, groundwater, roof runoff, subsurface drainage, uncontaminated cooling water or
38-48	unpolluted industrial process waters to the corporation's wastewater treatment facility.
38-49	(g) Any person who is found guilty of violating willfully or with criminal negligence any
38-50	of the provisions of this chapter or of any permit, rule or regulation issued pursuant to this
38-51	chapter, or an order of the corporation shall be punished by a fine of not more than twenty-five
38-52	thousand dollars ($25,000) or by imprisonment for not more than thirty (30) days, or by both fine
38-53	and imprisonment; and every person shall be deemed guilty of a separate and distinct offense for
38-54	each day during which the violation shall be repeated or continued. Further, the person shall be
38-55	liable for all damages directly related to the violation, including additional costs of handling and
38-56	treatment of any prohibited wastes, and shall reimburse the corporation for actual enforcement
38-57	costs incurred by the corporation including reasonable attorney's fees and administrative costs.
38-58	42-64-9.4. Procedures for enforcement. -- (a) The Rhode Island ~~economic development~~
38-59	commerce corporation shall have authority to seek legal or equitable relief in the federal court or
38-60	in the superior court of Providence county to enforce the requirements of sections 307(b) and (c);
38-61	402(b)(8) and other applicable sections of the Federal Water Pollution Control Act [33 U.S.C.
38-62	section 1251 et seq.]and any regulations implementing those sections or authorized by this
38-63	chapter. Whenever, on the basis of any information available to the corporation, the corporation
38-64	has reasonable grounds to believe that a person has violated any provision of this chapter or of
38-65	any permit, rule, regulation or order issued pursuant to this chapter the corporation may institute
38-66	administrative, civil or criminal proceedings in the name of the Rhode Island ~~economic~~
38-67	~~development~~ commerce corporation. The corporation shall not be required to enter into any
38-68	recognizance or give surety for costs prior to instituting this proceeding. The corporation has the
39-1	authority to order any person who violates any provision of this chapter or of any permit, rule,
39-2	regulation or order issued pursuant to this chapter to cease and desist the violation or to remedy
39-3	the violation and to impose administrative penalties. The corporation may impose administrative
39-4	penalties only in accordance with the notice and hearing provisions of chapter 35 of this title, this
39-5	chapter and as set forth in the corporation's rules and regulations.
39-6	(b) The superior court for Providence county shall have jurisdiction to enforce the
39-7	provisions of this chapter and any rule, regulation, permit or administrative order issued pursuant
39-8	to this chapter. Proceedings for enforcement may be instituted and prosecuted in the name of the
39-9	corporation. In any proceeding on which injunctive relief is sought, it shall not be necessary for
39-10	the corporation to establish that without the relief the injury, which will result will be irreparable
39-11	or that the remedy at law is inadequate. Proceedings provided in this section shall be in addition
39-12	to, and may be utilized in lieu of, other administrative or judicial proceedings authorized by this
39-13	chapter.
39-14	42-64-9.5. Hearings. -- At all hearings held under the provisions of this chapter, the
39-15	Rhode Island ~~economic development~~ commerce corporation and its members shall have the right
39-16	to administer oaths. All persons testifying at the hearings shall do so under oath and under penalty
39-17	of perjury. The corporation shall have the right to issue subpoenas to compel the appearance of
39-18	witnesses and/or the production of any books, records, or other documents. Any person may be
39-19	represented by counsel at the hearing. The corporation may adjourn the hearings from time to
39-20	time whenever the adjournment shall in its opinion, be necessary or desirable. The testimony
39-21	adduced at the hearing shall be transcribed by a stenographer.
39-22	42-64-9.6. Notice of decisions. -- Within a reasonable time following the conclusion of
39-23	the hearing, the Rhode Island ~~economic development~~ commerce corporation shall render its
39-24	decision and findings and shall give notice by publication in some newspaper of general
39-25	circulation published in Rhode Island and distributed in Washington and Providence counties and
39-26	by mailing a copy by registered or certified mail to each person who shall have registered with
39-27	the corporation with his or her name and address with a request for specific notification of the
39-28	results of the hearing.
39-29	42-64-9.7. Notice of hearing on orders. -- Before adopting or entering any order
39-30	applicable to any one or more specific persons, the Rhode Island ~~economic development~~
39-31	commerce corporation shall give to each of the persons, by registered or certified mail, twenty
39-32	(20) days notice of the time and place of the hearing to be afforded to each of the persons if he,
39-33	she or it desires the hearing. The notice shall state the date, time and location of the hearing.
40-34	42-64-9.8. Procedure for hearings on orders. -- The provisions of sections 42-64-9.5--
40-35	42-64-9.7 relative to hearings and judicial review shall be applicable to all hearings and decisions
40-36	held pursuant to this chapter.
40-37	42-64-9.9. Public access to information. -- Any permit, permit application or effluent
40-38	data shall be available to the public for inspection and copying. The Rhode Island ~~economic~~
40-39	~~development~~ commerce corporation shall treat as privileged any information, which would, if
40-40	made public, divulge methods or processes entitled to protections as trade secrets of the person or
40-41	entity. Confidential or privileged materials may be disclosed or transmitted to other officers,
40-42	employees or agents of the corporation.
40-43	42-64-9.10. Rules and regulations -- Notice of rule review. -- The Rhode Island
40-44	~~economic development~~ commerce corporation may adopt rules and regulations or any
40-45	amendments to rules and regulations according to the provisions of chapter 35 of title 42. The
40-46	corporation shall also give notice of these rules and regulations or any amendments, prior to their
40-47	effective date, by sending, by registered or certified mail, copies to each person interested in these
40-48	rules, regulations or any amendments who shall have registered with the corporation his or her
40-49	name and address, with a request to be notified. Review of the rules and regulations may be had
40-50	as provided in chapter 35 of title 42.
40-51	42-64-10. Findings of the corporation. -- (a) Except as specifically provided in this
40-52	chapter, the Rhode Island ~~economic development~~ commerce corporation shall not be empowered
40-53	to undertake the acquisition, construction, reconstruction, rehabilitation, development, or
40-54	improvement of a project, nor enter into a contract for any undertaking or for the financing of this
40-55	undertaking, unless it first:
40-56	(1) Finds:
40-57	(i) That the acquisition or construction and operation of the project will prevent,
40-58	eliminate, or reduce unemployment or underemployment in the state and will generally benefit
40-59	economic development of the state;
40-60	(ii) That adequate provision has been made or will be made for the payment of the cost
40-61	of the acquisition, construction, operation, and maintenance and upkeep of the project;
40-62	(iii) That, with respect to real property, the plans and specifications assure adequate
40-63	light, air, sanitation, and fire protection;
40-64	(iv) That the project is in conformity with the applicable provisions of chapter 23 of title
40-65	46; and
40-66	(v) That the project is in conformity with the applicable provisions of the state guide
40-67	plan; and
41-68	(2) Prepares and publicly releases an analysis of the impact the proposed project will or
41-69	may have on the State. The analysis shall be supported by appropriate data and documentation
41-70	and shall consider, but not be limited to, the following factors:
41-71	(i) The impact on the industry or industries in which the completed project will be
41-72	involved;
41-73	(ii) State fiscal matters, including the state budget (revenues and expenses);
41-74	(iii) The financial exposure of the taxpayers of the state under the plans for the proposed
41-75	project and negative foreseeable contingencies that may arise therefrom;
41-76	(iv) The approximate number of full-time, part-time, temporary, seasonal, and/or
41-77	permanent jobs projected to be created, construction and non-construction;
41-78	(v) Identification of geographic sources of the staffing for identified jobs;
41-79	(vi) The projected duration of the identified construction jobs;
41-80	(vii) The approximate wage rates for each category of the identified jobs;
41-81	(viii) The types of fringe benefits to be provided with the identified jobs, including
41-82	healthcare insurance and any retirement benefits;
41-83	(ix) The projected fiscal impact on increased personal income taxes to the state of Rhode
41-84	Island; and
41-85	(x) The description of any plan or process intended to stimulate hiring from the host
41-86	community, training of employees or potential employees and outreach to minority job applicants
41-87	and minority businesses.
41-88	(b) With respect to the uses described in section 42-64-3(18), (23), (30), (35), and (36)
41-89	and with respect to projects situated on federal lands, the corporation shall not be required to
41-90	make the findings specified in subsection (a)(1)(i) of this section.
41-91	(c) Except for the findings specified in subsections (a)(1)(iv) and (a)(1)(v) of this
41-92	section, the findings of the corporation made pursuant to this section shall be binding and
41-93	conclusive for all purposes. Upon adoption by the corporation, any such findings shall be
41-94	transmitted to the division of taxation, and shall be made available to the public for inspection by
41-95	any person, and shall be published by the tax administrator on the tax division website.
41-96	(d) The corporation shall monitor every impact analysis it completes through the
41-97	duration of any project incentives. Such monitoring shall include annual reports which shall be
41-98	transmitted to the division of taxation, and shall be available to the public for inspection by any
41-99	person, and shall be published by the tax administrator on the tax division website. The annual
41-100	reports on the impact analysis shall include:
41-101	(1) Actual versus projected impact for all considered factors; and
42-102	(2) Verification of all commitments made in consideration of state incentives or aid.
42-103	(e) Upon its preparation and release of the analysis required by subsection (a)(2) of this
42-104	section, the corporation shall provide copies of that analysis to the chairpersons of the house and
42-105	senate finance committees, the house and senate fiscal advisors, the department of labor and
42-106	training and the division of taxation. Any such analysis shall be available to the public for
42-107	inspection by any person and shall be published by the tax administrator on the tax division
42-108	website. Annually thereafter, the department of labor and training shall certify to the chairpersons
42-109	of the house and senate finance committees, the house and senate fiscal advisors, the corporation
42-110	and the division of taxation that: (i) the actual number of new full-time jobs with benefits created
42-111	by the project, not including construction jobs, is on target to meet or exceed the estimated
42-112	number of new jobs identified in the analysis above, and (ii) the actual number of existing full-
42-113	time jobs with benefits has not declined. This certification shall no longer be required two (2) tax
42-114	years after the terms and conditions of both the general assembly's joint resolution of approval
42-115	required by section 42-64-20.1 of this chapter and any agreement between the corporation and the
42-116	project lessee have been satisfied. For purposes of this section, "full-time jobs with benefits"
42-117	means jobs that require working a minimum of thirty (30) hours per week within the state, with a
42-118	median wage that exceeds by five percent (5%) the median annual wage for full-time jobs in
42-119	Rhode Island and within the taxpayer's industry, with a benefit package that includes healthcare
42-120	insurance plus other benefits typical of companies within the project lessee's industry. The
42-121	department of labor and training shall also certify annually to the chairpersons of the house and
42-122	senate finance committees, the house and senate fiscal advisors, and the division of taxation that
42-123	jobs created by the project are "new jobs" in the state of Rhode Island, meaning that the
42-124	employees of the project are in addition to, and without a reduction in the number of, those
42-125	employees of the project lessee currently employed in Rhode Island, are not relocated from
42-126	another facility of the project lessee in Rhode Island or are employees assumed by the project
42-127	lessee as the result of a merger or acquisition of a company already located in Rhode Island. The
42-128	certifications made by the department of labor and training shall be available to the public for
42-129	inspection by any person and shall be published by the tax administrator on the tax division
42-130	website.
42-131	(f) The corporation, with the assistance of the taxpayer, the department of labor and
42-132	training, the department of human services and the division of taxation shall provide annually an
42-133	analysis of whether any of the employees of the project lessee has received RIte Care or RIte
42-134	Share benefits and the impact such benefits or assistance may have on the state budget. Any such
42-135	analysis shall be available to the public for inspection by any person and shall be published by the
42-136	tax administrator on the tax division website. Notwithstanding any other provision of law or rule
43-1	or regulation, the division of taxation, the department of labor and training and the department of
43-2	human services are authorized to present, review and discuss lessee-specific tax or employment
43-3	information or data with the Rhode Island ~~economic development~~ commerce corporation
43-4	~~(RIEDC)~~(RICC), the chairpersons of the house and senate finance committees, and/or the house
43-5	and senate fiscal advisors for the purpose of verification and compliance with this tax credit
43-6	reporting requirement.
43-7	(g) The corporation and the project lessee shall agree that, if at any time prior to pay
43-8	back of the amount of the sales tax exemption through new income tax collections over three (3)
43-9	years, not including construction job income taxes, the project lessee will be unable to continue
43-10	the project, or otherwise defaults on its obligations to the corporation, the project lessee shall be
43-11	liable to the state for all the sales tax benefits granted to the project plus interest, as determined in
43-12	Rhode Island General Law section 44-1-7, calculated from the date the project lessee received the
43-13	sales tax benefits.
43-14	(h) Any agreements or contracts entered into by the corporation and the project lessee
43-15	shall be sent to the division of taxation and be available to the public for inspection by any person
43-16	and shall be published by the tax administrator on the tax division website.
43-17	(i) By August 15th of each year the project lessee shall report the source and amount of
43-18	any bonds, grants, loans, loan guarantees, matching funds or tax credits received from any state
43-19	governmental entity, state agency or public agency as defined in section 37-2-7 received during
43-20	the previous state fiscal year. This annual report shall be sent to the division of taxation and be
43-21	available to the public for inspection by any person and shall be published by the tax
43-22	administrator on the tax division website.
43-23	(j) By August 15th of each year the division of taxation shall report the name, address,
43-24	and amount of sales tax benefit each project lessee received during the previous state fiscal year
43-25	to the corporation, the chairpersons of the house and senate finance committees, the house and
43-26	senate fiscal advisors, the department of labor and training and the division of taxation. This
43-27	report shall be available to the public for inspection by any person and shall be published by the
43-28	tax administrator on the tax division website.
43-29	(k) On or before September 1, 2011, and every September 1 thereafter, the project lessee
43-30	shall file an annual report with the tax administrator. Said report shall contain each full-time
43-31	equivalent, part-time or seasonal employee's name, social security number, date of hire, and
43-32	hourly wage as of the immediately preceding July 1 and such other information deemed necessary
43-33	by the tax administrator. The report shall be filed on a form and in a manner prescribed by the tax
43-34	administrator.
44-1	42-64-11. Disposition of projects. -- (a) Notwithstanding the provisions of any other
44-2	law, the Rhode Island ~~economic development~~ commerce corporation may sell or lease to any
44-3	person, firm, partnership, or corporation, or to any local redevelopment agency, or to any state or
44-4	federal agency or instrumentality, or to any municipality or political subdivision of the state
44-5	empowered to enter into the sale or lease, any project without public bidding or public sale, for
44-6	consideration and upon terms as may be agreed upon between the corporation and the purchaser
44-7	or lessee; provided that in the case of a lease, the term shall not exceed ninety-nine (99) years.
44-8	The sale or lease or agreement may be consummated as entered into prior to, at the date of, or
44-9	subsequent to the acquisition of completion of the project. Where a contract of sale or lease is
44-10	entered into prior to the completion of construction of the project to be conveyed or leased, the
44-11	corporation may complete the project prior or subsequent to the consummation of the sale or
44-12	lease.
44-13	(b) In connection with the corporation's disposition by sale, lease, or otherwise of any of
44-14	its projects, the corporation is authorized to require that the party acquiring the project, or any
44-15	interest therein or any right to use or occupy the project, may not sell, assign, convey, lease,
44-16	sublease, or otherwise dispose of, in whole or in part, its interest in the project or its right to use
44-17	and occupy the project without the approval, in writing, of the corporation. The corporation may
44-18	not unreasonably withhold that approval; and shall state the reason or reasons upon which that
44-19	withholding of approval is based. In determining whether to grant or withhold that approval, the
44-20	corporation shall consider whether the proposed disposition will further the purposes of this
44-21	chapter and may consider any and all other relevant factors as well.
44-22	(c) The provisions of subsection (b) shall not be deemed to limit in any manner the
44-23	corporation's authority in connection with the disposition by sale, lease, or otherwise of any of its
44-24	projects or to impose those terms and conditions permitted by law with respect to those
44-25	dispositions as it shall determine to be desirable.
44-26	(d) The corporation shall dispose, by sale, lease, transfer or other agreement, of projects
44-27	on or related to former Navy lands in the town of North Kingstown through the Quonset
44-28	Development Corporation as provided for in chapter 64.10 of this title and may dispose, by sale,
44-29	lease, transfer or other agreement, of other projects related to land and real estate development,
44-30	regardless of location in Rhode Island, through the Quonset Development Corporation as may be
44-31	mutually agreeable to the corporation and the Quonset Development Corporation.
44-32	42-64-12. Community advisory committees. -- (a) The Rhode Island ~~economic~~
44-33	~~development~~ commerce corporation may establish one or more local or regional community
44-34	advisory committees to consider and advise the corporation upon matters submitted to them by
45-1	the corporation concerning the development of any area or any project, and may establish rules
45-2	and regulations with respect to those committees. The community advisory committees shall
45-3	include, as members ex officio, the mayors of the cities and the presidents of the town councils of
45-4	the cities and towns, respectively, situated in the area with respect to which the community
45-5	advisory committees are established. Those members shall serve at the pleasure of the corporation
45-6	and without salary, but shall be entitled to reimbursement for their actual and necessary expenses
45-7	incurred in the performance of their duties.
45-8	(b) The corporation may purchase from, sell to, borrow from, loan to, contract with, or
45-9	otherwise deal with any corporation, trust, association, partnership, or other entity in which any
45-10	member of a community advisory committee has a financial interest, direct or indirect, provided
45-11	that the interest is disclosed in the minutes of the corporation.
45-12	(c) Notwithstanding any provision of law, general, special, or local, no officer or
45-13	employee of the state or of any agency thereof shall be deemed to have forfeited or shall forfeit
45-14	his or her office or employment by reason of his or her acceptance of membership on a
45-15	community advisory committee.
45-16	42-64-13. Relations with municipalities. -- (a) (1) With respect to projects situated on
45-17	federal land, the Rhode Island ~~economic development~~ commerce corporation is authorized to
45-18	plan, construct, reconstruct, rehabilitate, alter, improve, develop, maintain, and operate projects:
45-19	(i) in conformity with the applicable provisions of chapter 1 of title 2 except that the projects shall
45-20	not require the approval of a town or city council provided for in section 2-1-21, and (ii) without
45-21	regard to the zoning or other land use ordinances, codes, plans, or regulations of any municipality
45-22	or political subdivision; provided, however, that the exemption from the zoning or other land use
45-23	ordinances, codes, plans, or regulations shall be subject to the corporation's compliance with the
45-24	provisions of this subsection. Projects which are planned, constructed, reconstructed,
45-25	rehabilitated, altered, improved, or developed by the corporation on federal land in accordance
45-26	with the provisions of this subsection may be maintained and operated by lessees from and
45-27	successors in interest to the corporation in the same manner as if the projects had been in
45-28	existence prior to the enactment of the zoning or other land use ordinances, codes, plans, or
45-29	regulations which, but for this chapter, would otherwise be applicable.
45-30	(2) As used in this section, "the comprehensive plan" means a comprehensive plan
45-31	adopted pursuant to chapter 22 of title 45 by a planning board or commission; "the applicable
45-32	comprehensive plan" shall mean the comprehensive plan of any municipality within which any
45-33	project is to be situated, in whole or in part; and "the project plan" shall mean a general
45-34	description of a proposed project situated on federal land, describing in reasonable detail its
46-1	location, nature, and size. A zoning ordinance adopted by a municipality pursuant to chapter 24 of
46-2	title 45 shall not be deemed to be a comprehensive plan nor a statement of the land use goals,
46-3	objectives, and standards.
46-4	(3) If any project plan of the corporation with respect to projects situated on federal land
46-5	conforms to the land use goals, objectives, and standards of the applicable comprehensive plan as
46-6	of the time of the corporation's adoption of the project plan, or if there is no applicable
46-7	comprehensive plan, then before proceeding with the project described in the project plan, the
46-8	corporation shall refer the project plan to the appropriate community advisory committee which
46-9	may thereafter hold any public hearings as it may deem to be desirable for the purpose of
46-10	permitting the public to comment on the project plan. The community advisory committee shall
46-11	not later than forty-five (45) days after its receipt of the project plan, transmit its comments on the
46-12	project plan, in either written or oral form, to the corporation and thereupon, or upon the
46-13	community advisory committee's failure to take any action within the time specified, the
46-14	corporation shall be authorized to proceed with the project described in the project plan without
46-15	regard to the zoning or other land use ordinances, codes, plans, or regulations of a municipality
46-16	within which the project is to be situated in whole or in part.
46-17	(4) If any project plan of the corporation with respect to projects situated on federal land
46-18	does not conform to the land use goals, objectives, and standards of the applicable comprehensive
46-19	plan as of the time of the corporation's adoption of the project plan, then, before proceeding with
46-20	the project described in the project plan, the corporation shall refer the project plan to the local
46-21	governing body of any municipality within which any project is to be situated, in whole or in part.
46-22	The local governing body may thereafter hold any public hearings as it may deem to be desirable
46-23	for the purpose of permitting the public to comment on the project plan. The local governing
46-24	body shall, not later than forty-five (45) days after its receipt of the project plan, advise the
46-25	corporation of its approval or disapproval of that plan. If it shall disapprove the project plan, the
46-26	corporation shall nevertheless be authorized to proceed with the project described in the project
46-27	plan (without regard to the zoning or other land use ordinances, codes, plans, or regulations of a
46-28	municipality within which the project is to be situated in whole or in part) upon the subsequent
46-29	affirmative vote of a majority of the members of the board of directors then holding office as
46-30	directors taken at a meeting open to the public. If the local governing body approves the project
46-31	plan or fails to take any action within the time specified, the corporation shall be authorized to
46-32	proceed with the project described in the project plan without regard to the zoning or other land
46-33	use ordinances, codes, plans, or regulations of a municipality within which the project is to be
46-34	situated in whole or in part.
47-1	(5) The project plan's conformity with the applicable comprehensive plan shall be
47-2	determined by the board of directors of the corporation and its determination shall be binding and
47-3	conclusive for all purposes.
47-4	(b) With respect to projects situated on real property other than federal land, the
47-5	corporation shall plan, construct, reconstruct, rehabilitate, alter, improve, develop, maintain, and
47-6	operate projects in conformity with the applicable zoning or other land use ordinances, codes,
47-7	plans, or regulations of any municipality or political subdivision of the state in which those
47-8	projects are situated.
47-9	(c) The corporation shall, in planning, constructing, reconstructing, rehabilitating,
47-10	altering, or improving any project, comply with all requirements of state and federal laws, codes,
47-11	or regulations applicable to that planning, construction, reconstruction, rehabilitation, alteration,
47-12	or improvement. The corporation shall adopt a comprehensive building code (which may, but
47-13	need not be, the BOCA Code) with which all projects shall comply. That adoption shall not
47-14	preclude the corporation's later adoption of a different comprehensive building code or of its
47-15	alteration, amendment, or supplementation of any comprehensive building code so adopted.
47-16	Except as otherwise specifically provided to the contrary, no municipality or other political
47-17	subdivision of the state shall have the power to modify or change in whole or in part the
47-18	drawings, plans, or specifications for any project of the corporation; nor to require that any
47-19	person, firm, or corporation employed with respect to that project perform work in any other or
47-20	different manner than that provided by those drawings, plans, and specifications; nor to require
47-21	that any such person, firm, or corporation obtain any approval, permit, or certificate from the
47-22	municipality or political subdivision in relation to the project; and the doing of that work by any
47-23	person, firm, or corporation in accordance with the terms of those drawings, plans, specifications,
47-24	or contracts shall not subject the person, firm, or corporation to any liability or penalty, civil or
47-25	criminal, other than as may be stated in the contracts or may be incidental to the proper
47-26	enforcement thereof; nor shall any municipality or political subdivision have the power to require
47-27	the corporation, or any lessee or successor in interest, to obtain any approval, permit, or
47-28	certificate from the municipality or political subdivision as a condition of owning, using,
47-29	maintaining, operating, or occupying any project acquired, constructed, reconstructed,
47-30	rehabilitated, altered, or improved by the corporation or pursuant to drawings, plans, and
47-31	specifications made or approved by the corporation; provided, however, that nothing contained in
47-32	this subsection shall be deemed to relieve any person, firm, or corporation from the necessity of
47-33	obtaining from any municipality or other political subdivision of the state any license which, but
47-34	for the provisions of this chapter, would be required in connection with the rendering of personal
48-1	services or sale at retail of tangible personal property.
48-2	(d) Except to the extent that the corporation shall expressly otherwise agree, a
48-3	municipality or political subdivision, including, but not limited to, a county, city, town, or district,
48-4	in which a project of the corporation is located, shall provide for the project, whether then owned
48-5	by the corporation or any successor in interest, police, fire, sanitation, health protection, and other
48-6	municipal services of the same character and to the same extent as those provided for other
48-7	residents of that municipality or political subdivision, but nothing contained in this section shall
48-8	be deemed to require any municipality or political subdivision to make capital expenditures for
48-9	the sole purpose of providing any of these services for that project.
48-10	(e) In carrying out a project, the corporation shall be empowered to enter into contractual
48-11	agreements with municipalities and public corporations and those municipalities and public
48-12	corporations are authorized and empowered, notwithstanding any other law, to enter into any
48-13	contractual agreements with the corporation and to do all things necessary to carry out their
48-14	obligations under the agreements.
48-15	(f) Notwithstanding the provisions of any general, special, or local law or charter,
48-16	municipalities and public corporations are empowered to purchase, or to lease for a term not
48-17	exceeding ninety-nine (99) years, projects of the corporation, upon any terms and conditions as
48-18	may be agreed upon by the municipality or public corporation and the corporation.
48-19	42-64-13.1. Assistance to urban communities for economic revitalization. -- (a) The
48-20	Rhode Island ~~economic development~~ commerce corporation shall, in furtherance of its
48-21	responsibility to assist urban communities, provide for the establishment of an urban enterprise
48-22	equity fund, the establishment of an urban business incubator, and such other programs and
48-23	activities as the corporation may deem appropriate to assist with urban revitalization.
48-24	(b) For purposes of this section, the following words and terms shall have the following
48-25	meanings:
48-26	(1) "Equity" shall mean cash or cash equivalents, through personal or other assets that
48-27	are either pledged to or become part of a small business venture. Equity constitutes resources that
48-28	are considered part of the balance sheet of the small business.
48-29	(2) "Equity Financing" shall be a loan from an institution, bank, non-bank or any other
48-30	resource, by which terms and conditions are established for repayment of the debt. For the
48-31	purposes of this legislation, "Equity Financing" shall be deeply subordinated on the balance sheet
48-32	of the business, and by this deep subordination is converted to equity on the balance sheet.
48-33	"Equity Financing" by virtue of its subordination shall be the last loan to be paid out of the cash
48-34	flow of the business.
49-1	(3) "Fund" shall mean a revolving loan fund used to provide equity to assist start-up and
49-2	existing businesses in securing resources from lenders including, but not limited to, private sector
49-3	lending institutions, and federal and non-federal public sector lenders.
49-4	(4) "Small business" shall mean any corporation, partnership, sole proprietorship, or
49-5	other business entity qualifying as "small" under the standards contained in 13 CFR section 121.
49-6	(5) "Urban" shall mean any community, which exceeds two thousand (2000) persons per
49-7	square mile as established by the most recent federal census.
49-8	(c) Establishment of an Urban Enterprise Equity Fund.
49-9	(1) (i) In order to provide "Equity Financing", commonly referred to as either "Equity"
49-10	or "Equity Debt", to assist small businesses finance investments, the general assembly establishes
49-11	the urban enterprise fund.
49-12	(ii) This fund will be located at and administered by the economic development
49-13	corporation, referred to as the corporation, hereinafter for the purposes of providing equity
49-14	financing to assist small businesses in obtaining additional resources for capital investments.
49-15	Seventy-five percent (75%) of the fund financing shall be targeted to urban small businesses
49-16	located in enterprise zones established pursuant to chapter 64.3 of title 42. The corporation shall
49-17	be responsible for the establishment of "the urban enterprise fund" and for the adoption of rules
49-18	and standards and guidelines, eligibility qualifications, and performance measures for the fund.
49-19	Such rules shall limit the amount of equity financing from the fund in any small business to an
49-20	amount not to exceed one hundred thousand ($100,000) dollars and shall provide, inter alia that
49-21	the corporation be allowed to take stock, stock options, stock warrants, equity or other ownership
49-22	interests in the small business to which it is providing such Equity Financing.
49-23	(2) Nothing herein provided with regard to equity and Equity Financing shall be deemed
49-24	to prevent or restrict the corporation or other private lenders from providing additional financing
49-25	to the small business under traditional methods, conventional financing with or without credit
49-26	enhancements for the purposes of fulfilling the necessary instruments to finance the small
49-27	business.
49-28	(3) In the implementation of the provisions of this paragraph, the corporation is
49-29	encouraged to utilize credit enhancements such as the US Small Business Administration's (SBA)
49-30	Guaranteed Loan Program in conjunction with SBA's participating lenders to make the small
49-31	business financing transactions in the best interest of the Small Business.
49-32	(4) The corporation will annually report the status and performance of the Urban
49-33	Enterprise Equity Fund to the general assembly on or before the first Tuesday of November.
50-34	(d) (1) Establishment of an Urban Business Incubator. - There is hereby authorized,
50-35	established, and created an urban business incubator to be located in an enterprise zone, as
50-36	defined in chapter 64.3 of this title. The incubator shall be designed to foster the growth of
50-37	businesses through a multi-tenant, mixed-use facility serving companies in a variety of industries
50-38	including, but not limited to: services, distribution, light manufacturing, or technology-based
50-39	businesses. The incubator shall provide a range of services designed to assist these new
50-40	businesses, including, but not limited to: flexible leases, shared office equipment, use of common
50-41	areas such as conference rooms, and will provide (directly or indirectly) easily accessible
50-42	business management, training, financial, legal, accounting, and marketing services.
50-43	(2) The incubator shall be established as a non-business corporation, and shall have tax
50-44	exempt status under U.S. Internal Revenue Code section 501(c)(3), 26 U.S.C. section 501(c)(3),
50-45	and shall have an independent board of directors. The board of directors, in consultation with the
50-46	corporations, shall adopt guidelines and performance measures for the purposes of operating and
50-47	monitoring the incubator.
50-48	(e) The general assembly shall annually appropriate the sums it deems necessary to carry
50-49	out the provisions of subsections (c) and (d) of this section.
50-50	42-64-13.2. Renewable energy investment coordination. -- (a) Intent. - To develop an
50-51	integrated organizational structure to secure for Rhode Island and its people the full benefits of
50-52	cost-effective renewable energy development from diverse sources.
50-53	(b) Definitions. - For purposes of this section, the following words and terms shall have
50-54	the meanings set forth in RIGL 42-64-3 unless this section provides a different meaning. Within
50-55	this section, the following words and terms shall have the following meanings:
50-56	(1) "Corporation" means the Rhode Island ~~economic development~~ commerce
50-57	corporation.
50-58	(2) "Municipality" means any city or town, or other political subdivision of the state.
50-59	(3) "Office" means the office of energy resources established by chapter 42-140.
50-60	(c) Renewable energy development fund. - The corporation shall, in the furtherance of its
50-61	responsibilities to promote and encourage economic development, establish and administer a
50-62	renewable energy development fund as provided for in section 39-26-7, may exercise the powers
50-63	set forth in this chapter, as necessary or convenient to accomplish this purpose, and shall provide
50-64	such administrative support as may be needed for the coordinated administration of the renewable
50-65	energy standard as provided for in chapter 39-26 and the renewable energy program established
50-66	by section 39-2-1.2. The corporation may upon the request of any person undertaking a renewable
50-67	energy facility project, grant project status to the project, and a renewable energy facility project,
50-68	which is given project status by the corporation, shall be deemed an energy project of the
51-1	corporation.
51-2	(d) Duties. - The corporation shall, with regards to renewable energy project investment:
51-3	(1) Establish by rule, in consultation with the office, standards for financing renewable
51-4	energy projects from diverse sources.
51-5	(2) Enter into agreements, consistent with this chapter and renewable energy investment
51-6	plans adopted by the office, to provide support to renewable energy projects that meet applicable
51-7	standards established by the corporation. Said agreements may include contracts with
51-8	municipalities and public corporations.
51-9	(e) Conduct of activities.
51-10	(1) To the extent reasonable and practical, the conduct of activities under the provisions
51-11	of this chapter shall be open and inclusive; the director shall seek, in addressing the purposes of
51-12	this chapter, to involve the research and analytic capacities of institutions of higher education
51-13	within the state, industry, advocacy groups, and regional entities, and shall seek input from
51-14	stakeholders including, but not limited to, residential and commercial energy users.
51-15	(2) By January 1, 2009, the director shall adopt:
51-16	(A) Goals for renewable energy facility investment which is beneficial, prudent, and
51-17	from diverse sources;
51-18	(B) A plan for a period of five (5) years, annually upgraded as appropriate, to meet the
51-19	aforementioned goals; and
51-20	(C) Standards and procedures for evaluating proposals for renewable energy projects in
51-21	order to determine the consistency of proposed projects with the plan.
51-22	(f) Reporting. - On March 1, of each year after the effective date of this chapter, the
51-23	corporation shall submit to the governor, the president of the senate, the speaker of the house of
51-24	representatives, and the secretary of state, a financial and performance report. These reports shall
51-25	be posted electronically on the general assembly and the secretary of state's websites as
51-26	prescribed in section 42-20-8.2. The reports shall set forth:
51-27	(1) The corporation's receipts and expenditures in each of the renewable energy program
51-28	funds administered in accordance with this section.
51-29	(2) A listing of all private consultants engaged by the corporation on a contract basis and
51-30	a statement of the total amount paid to each private consultant from the two (2) renewable energy
51-31	funds administered in accordance with this chapter; a listing of any staff supported by these
51-32	funds, and a summary of any clerical, administrative or technical support received; and
51-33	(3) A summary of performance during the prior year including accomplishments and
51-34	shortcomings; project investments, the cost-effectiveness of renewable energy investments by the
52-1	corporation; and recommendations for improvement.
52-2	42-64-14. Relations with state agencies. -- (a) In planning and carrying out projects, the
52-3	Rhode Island ~~economic development~~ commerce corporation shall conform to the applicable
52-4	provisions of the state guide plan as that plan may from time to time be altered or amended. In
52-5	determining whether its proposed projects are in conformity with the state guide plan, the
52-6	corporation and all persons dealing with it shall be entitled to rely upon a written statement signed
52-7	by its chairperson or vice-chairperson of the state planning council to the effect that the proposed
52-8	project conforms to the state guide plan. If the corporation shall submit to the state planning
52-9	council a written request for this determination accompanied by a general description of a
52-10	proposed project describing in reasonable detail its location, nature, and size, and the state
52-11	planning council shall not within forty-five (45) days after the receipt of this written request issue
52-12	its written statement to the effect that the proposed project conforms or does not conform to the
52-13	state guide plan as the case may be, then conformity of the proposed project with the state guide
52-14	plan shall be conclusively presumed. A written statement issued by the state planning council to
52-15	the effect that a proposed project does not conform to the state guide plan shall state the respects
52-16	in which conformity is lacking.
52-17	(b) In planning and carrying out projects, the corporation shall conform to the applicable
52-18	provisions of chapter 23 of title 46.
52-19	(c) The corporation is authorized and empowered to acquire and to dispose of real
52-20	property, subject to the provisions of this chapter, without the necessity of obtaining the approval
52-21	of the state properties committee or otherwise complying with the provisions of title 37.
52-22	42-64-15. Bonds and notes of the corporation. -- (a) The Rhode Island ~~economic~~
52-23	~~development~~ commerce corporation shall have the power and is authorized to issue from time to
52-24	time its negotiable bonds and notes in one or more series in any principal amounts as in the
52-25	opinion of the corporation shall be necessary to provide sufficient funds for achieving its
52-26	purposes, including the payment of interest on bonds and notes of the corporation, the
52-27	establishment of reserves to secure those bonds and notes (including the reserve funds created
52-28	pursuant to section 42-64-18), and the making of all other expenditures of the corporation
52-29	incident to and necessary or convenient to carrying out its corporate purposes and powers.
52-30	(b) All bonds and notes issued by the corporation may be secured by the full faith and
52-31	credit of the corporation or may be payable solely out of the revenues and receipts derived from
52-32	the lease, mortgage, or sale by the corporation of its projects or of any part of its projects, or from
52-33	any other revenues or from repayment from any loans made by the corporation with regard to any
52-34	of its projects or any part of its projects, all as may be designated in the proceedings of the
53-1	corporation under which the bonds or notes shall be authorized to be issued. The bonds and notes
53-2	may be executed and delivered by the corporation at any time from time to time, may be in any
53-3	form and denominations and of any tenor and maturities, and may be in bearer form or in
53-4	registered form, as to principal and interest or as to principal alone, all as the corporation may
53-5	determine.
53-6	(c) Bonds may be payable in any installments, and at times not exceeding fifty (50) years
53-7	from their date, as shall be determined by the corporation.
53-8	(d) Except for notes issued pursuant to section 42-64-16, notes, and any renewals, may
53-9	be payable in any installments and at any times not exceeding ten (10) years from the date of the
53-10	original issue of the notes, as shall be determined by the corporation.
53-11	(e) Bonds and notes may be payable at any places, whether within or outside of the state,
53-12	may bear interest at any rate or rates payable at any time or times and at any place or places and
53-13	evidenced in any manner, and may contain any provisions not inconsistent with this section, all as
53-14	shall be provided in the proceedings of the corporation under which they shall be authorized to be
53-15	issued.
53-16	(f) There may be retained by provision made in the proceedings under which any bonds
53-17	or notes of the corporation are authorized to be issued an option to redeem all or any part of these
53-18	bonds or notes, at any prices and upon any notice, and on any further terms and conditions as
53-19	shall be set forth on the record of the proceedings and on the face of the bonds or notes.
53-20	(g) Any bonds or notes of the corporation may be sold from time to time at those prices,
53-21	at public or private sale, and in any manner as shall be determined by the corporation, and the
53-22	corporation shall pay all expenses, premiums, and commissions that it shall deem necessary or
53-23	advantageous in connection with the issuance and sale of these bonds and notes.
53-24	(h) Moneys of the corporation, including proceeds from the sale of bonds or notes, and
53-25	revenues, receipts and income from any of its projects or mortgages, may be invested and
53-26	reinvested in any obligations, securities, and other investments consistent with this section as
53-27	shall be specified in the resolutions under which the bonds or notes are authorized.
53-28	(i) Issuance by the corporation of one or more series of bonds or notes for one or more
53-29	purposes shall not preclude it from issuing other bonds or notes in connection with the same
53-30	project or any other project, but the proceedings whereunder any subsequent bonds or notes may
53-31	be issued shall recognize and protect a prior pledge or mortgage made for a prior issue of bonds
53-32	or notes unless in the proceedings authorizing that prior issue the right is reserved to issue
53-33	subsequent bonds or notes on a parity with that prior issue.
54-34	(j) The corporation is authorized to issue bonds or notes for the purpose of refunding its
54-35	bonds or notes then outstanding, including the payment of any redemption premium and any
54-36	interest accrued or to accrue to the earliest or subsequent date of redemption, purchase, or
54-37	maturity of the bonds or notes, and, if deemed advisable by the corporation, for the additional
54-38	purpose of paying all or part of the cost of acquiring, constructing, reconstructing, rehabilitating,
54-39	or improving any project, or the making of loans on any project. The proceeds of bonds or notes
54-40	issued for the purpose of refunding outstanding bonds or notes may be applied, in the discretion
54-41	of the corporation, to the purchase, retirement at maturity, or redemption of the outstanding bonds
54-42	or notes either on their earliest or a subsequent redemption date, and may, pending that
54-43	application, be placed in escrow. Those escrowed proceeds may be invested and reinvested in
54-44	obligations of or guaranteed by the United States, or in certificates of deposit or time deposits
54-45	secured or guaranteed by the state or the United States, or an instrumentality of either, maturing at
54-46	any time or times as shall be appropriate to assure the prompt payment, as to principal, interest,
54-47	and redemption premium, if any, of the outstanding bonds or notes to be so refunded. The
54-48	interest, income and profits, if any, earned or realized on the investment may also be applied to
54-49	the payment of the outstanding bonds or notes to be so refunded. After the terms of the escrow
54-50	have been fully satisfied and carried out, any balance of the proceeds and interest, income and
54-51	profits, if any, earned or realized on the investments may be returned to the corporation for use by
54-52	it in furtherance of its purposes. The portion of the proceeds of bonds or notes issued for the
54-53	additional purpose of paying all or part of the cost of acquiring, constructing, reconstructing,
54-54	rehabilitating, developing, or improving any project, or the making of loans on any project, may
54-55	be invested and reinvested in any obligations, securities, and other investments consistent with
54-56	this section as shall be specified in the resolutions under which those bonds or notes are
54-57	authorized and which shall mature not later than the times when those proceeds will be needed for
54-58	those purposes. The interest, income and profits, if any, earned or realized on those investments
54-59	may be applied to the payment of all parts of the costs, or to the making of loans, or may be used
54-60	by the corporation otherwise in furtherance of its purposes. All bonds or notes shall be issued and
54-61	secured and shall be subject to the provisions of this chapter in the same manner and to the same
54-62	extent as any other bonds or notes issued pursuant to this chapter.
54-63	(k) The directors, the executive director of the corporation, and other persons executing
54-64	bonds or notes shall not be subject to personal liability or accountability by reason of the issuance
54-65	of these bonds and notes.
54-66	(l) Bonds or notes may be issued under the provisions of this chapter without obtaining
54-67	the consent of any department, division, commission, board, body, bureau, or agency of the state,
54-68	and without any other proceedings or the happening of any conditions or things other than those
55-1	proceedings, conditions, or things which are specifically required by this chapter and by the
55-2	provisions of the resolution authorizing the issuance of bonds or notes or the trust agreement
55-3	securing them.
55-4	(m) The corporation, subject to any agreements with note holders or bondholders as may
55-5	then be in force, shall have power out of any funds available therefor to purchase bonds or notes
55-6	of the corporation, which shall thereupon be cancelled, at a price not exceeding:
55-7	(1) If the bonds or notes are then redeemable, the redemption price then applicable plus
55-8	accrued interest to the next interest payment date; or
55-9	(2) If the bonds or notes are not then redeemable, the redemption price applicable on the
55-10	earliest date that the bonds or notes become subject to redemption, plus the interest that would
55-11	have accrued to that date.
55-12	(n) Whether or not the bonds and notes are of a form and character as to be negotiable
55-13	instruments under the terms of the Rhode Island Uniform Commercial Code, title 6A, the bonds
55-14	and notes are hereby made negotiable instruments within the meaning of and for all the purposes
55-15	of the Rhode Island Uniform Commercial Code, subject only to the provisions of the bonds and
55-16	notes for registration.
55-17	(o) If a director or officer of the corporation whose signature appears on bonds, notes, or
55-18	coupons shall cease to be a director or officer before the delivery of those bonds or notes, that
55-19	signature shall, nevertheless, be valid and sufficient for all purposes, the same as if the director or
55-20	officer had remained in office until the delivery.
55-21	42-64-16. Short-term notes. -- Money borrowed by the Rhode Island ~~economic~~
55-22	~~development~~ commerce corporation for the purpose of providing temporary financing of a project
55-23	or projects or combination of projects pending the issuance of bonds or other notes, shall be
55-24	evidenced by notes or other obligations. The principal and interest of all notes or other obligations
55-25	of the corporation issued under the provisions of this section shall be payable no later than the
55-26	fourth anniversary of the date of their issue, and shall be payable from the following: (1) from the
55-27	proceeds of bonds subsequently issued; or (2) from the proceeds of subsequent borrowings which
55-28	comply with the provisions hereof; or (3) from general revenues of the corporation which may be
55-29	equal and proportionate with, but not superior to, that securing bonds then outstanding or
55-30	subsequently issued. Notwithstanding any other provisions of this chapter, all these notes shall be
55-31	deemed to be negotiable instruments under the laws of the state of Rhode Island subject only to
55-32	the provisions for registration contained in those laws. The notes or other obligations or any issue
55-33	of these shall be in a form and contain any other provisions as the corporation may determine and
55-34	the notes or resolutions or proceedings authorizing the notes or other obligations or any issue of
56-1	these may contain, in addition to any provisions, conditions, covenants, or limitations authorized
56-2	by this chapter, any provisions, conditions, covenants, or limitations which the corporation is
56-3	authorized to include in any resolution or resolutions authorizing bonds or notes or in any trust
56-4	indenture relating to bonds or notes. The corporation may issue the notes or other obligations in
56-5	any manner either publicly or privately on any terms as it may determine to be in its best
56-6	interests. These notes or other obligations may be issued under the provisions of this chapter
56-7	without obtaining the consent of any department, division, commission, board, body, or agency of
56-8	the state, without any other proceedings or the happening of any conditions or things other than
56-9	those proceedings, conditions, or things which are specifically required by this chapter and by the
56-10	provisions and resolutions authorizing the issuance of the notes or obligations.
56-11	42-64-17. Security for bonds or notes. -- (a) The principal of and interest on any bonds
56-12	or notes issued by the Rhode Island ~~economic development~~ commerce corporation may be
56-13	secured by a pledge of any revenues and receipts of the corporation and may be secured by a
56-14	mortgage or other instrument covering all or any part of one or more projects, including all or part
56-15	of any additions, improvements, extensions to, or enlargements of projects thereafter made.
56-16	(b) Bonds or notes issued for the acquisition, construction, reconstruction, rehabilitation,
56-17	development, or improvement of one or more projects may also be secured by an assignment of
56-18	leases of, or mortgages on, or contracts of sale or loan agreements with regard to the project or
56-19	projects and by an assignment of the revenues, receipts, payments, or repayments derived by the
56-20	corporation from those leases, mortgages, sales agreements, or loan agreements.
56-21	(c) The resolution under which the bonds or notes are authorized to be issued and any
56-22	mortgage, lease, sales agreement, or loan agreement, or other instrument may contain agreements
56-23	and provisions respecting the maintenance of the projects covered thereby, the fixing and
56-24	collection of rents, payments or repayments or other revenues, including moneys received in
56-25	repayment of loans, and interest on the loans, the creation and maintenance of special funds from
56-26	rents or other revenues and the rights and remedies available in the event of default, all as the
56-27	corporation shall deem advisable.
56-28	(d) Each pledge, agreement, mortgage, or other instrument made for the benefit or
56-29	security of any of the bonds or notes of the corporation shall be valid and binding from the time
56-30	the pledge is made and shall continue in effect until the principal of and interest on the bonds or
56-31	notes for the benefit of which the pledge was made has been fully paid, or until provision has
56-32	been made for the payment in the manner provided in the resolutions under which those bonds or
56-33	notes were authorized. The revenues, moneys, or property pledged by the corporation shall
56-34	immediately be subject to the lien of that pledge without any physical delivery thereof or further
57-1	act, and the lien of the pledge shall be valid and binding as against all parties having claims of
57-2	any kind in tort, contract, or otherwise against the corporation, irrespective of whether the parties
57-3	have notice thereof. Neither the resolution nor any other instrument by which a pledge is created
57-4	need be recorded.
57-5	(e) The corporation may provide in any proceedings under which bonds or notes may be
57-6	authorized that any project or part of a project may be constructed, reconstructed, rehabilitated, or
57-7	improved by the corporation, or any lessee, vendee, obligor, or any designee of the corporation
57-8	and may also provide in those proceedings for the time and manner of and requisitions for
57-9	disbursements to be made for the cost of the construction, and for any certificates and approvals
57-10	of construction and disbursements that the corporation shall deem necessary and provide for in
57-11	those proceedings.
57-12	(f) Any resolution under which bonds or notes of the corporation are authorized to be
57-13	issued (and any trust indenture established thereby) may contain provisions for vesting in a
57-14	trustee or trustees those properties, rights, powers, and duties in trust that the corporation may
57-15	determine, including any or all of the rights, powers, and duties of the trustee appointed by the
57-16	holders of any issue of bonds or notes pursuant to section 42-64-25, in which event the provisions
57-17	of section 42-64-25 authorizing the appointment of a trustee by holders of bonds or notes shall
57-18	not apply.
57-19	42-64-18. Reserve funds and appropriations. -- To assure the continued operation and
57-20	solvency of the Rhode Island ~~economic development~~ commerce corporation for the carrying out
57-21	of its corporate purposes:
57-22	(1) The corporation may create and establish one or more special funds, "capital reserve
57-23	funds", and may pay into each capital reserve fund: (i) any moneys appropriated and made
57-24	available by the state for the purpose of the fund; (ii) proceeds from the sale of notes or bonds to
57-25	the extent provided in the resolution or resolutions of the corporation authorizing the issuance
57-26	thereof; and (iii) any other moneys that may be made available to the corporation for the purpose
57-27	of that fund from any other source. All moneys held in a capital reserve fund, except as provided,
57-28	shall be used solely for the payment of the principal of bonds secured in whole or in part by that
57-29	fund or of the sinking fund payments hereinafter mentioned with respect to the bonds, the
57-30	purchase or redemption of the bonds, the payment of interest on the bonds or the payment of any
57-31	redemption premium required to be paid when the bonds are redeemed prior to maturity;
57-32	provided, that moneys in the fund shall not be withdrawn (except for the purpose of making (with
57-33	respect to bonds secured in whole or in part by the fund) payment when due of principal, interest,
57-34	redemption premiums, and the sinking fund payments hereinafter mentioned, for the payment of
58-1	which other moneys of the corporation are not available) if the withdrawal would reduce the
58-2	amount of the fund to less than the minimum capital reserve requirement established for the fund
58-3	as provided in this section. Any income or interest earned by, or incremental to, any capital
58-4	reserve fund due to the investment of the funds may be transferred by the corporation to other
58-5	funds or accounts of the corporation if the transfer would not reduce the amount of the capital
58-6	reserve fund below the minimum capital reserve fund requirement for the fund;
58-7	(2) The corporation shall not at any time issue bonds secured in whole or in part by a
58-8	capital reserve fund if, upon the issuance of the bonds, the outstanding principal balance of such
58-9	bonds would exceed the sum of two hundred fifty million dollars ($250,000,000), or the amount
58-10	of the capital reserve fund would be less than the minimum capital reserve required for the fund,
58-11	unless the corporation, at the time of issuance of the bonds, shall deposit in the fund from the
58-12	proceeds of the bonds to be issued, or from other sources, an amount that, together with the
58-13	amount then in the fund, is not less than the minimum capital reserve fund requirement for the
58-14	fund. For the purpose of this section, the term "minimum capital reserve fund requirement"
58-15	means, as of any particular date of computation, an amount of money, as provided in the
58-16	resolution or resolutions of the corporation authorizing the bonds or notes with respect to which
58-17	the fund is established, equal to not more than the greatest of the respective amounts, for the
58-18	current or any future fiscal year of the corporation, of annual debt service on the bonds of the
58-19	corporation secured in whole or in part by the fund, the annual debt service for any fiscal year
58-20	being the amount of money equal to the sum of: (i) the interest payable during the fiscal year on
58-21	all bonds secured in whole or in part by the fund outstanding on the date of computation plus; (ii)
58-22	the principal amount of all the bonds and bond anticipation notes outstanding on the date of
58-23	computation that mature during the fiscal year; plus (iii) all amounts specified in any resolution of
58-24	the corporation authorizing the bonds as payable during the fiscal year as a sinking fund payment
58-25	with respect to any of the bonds that mature after the fiscal year, all calculated on the assumption
58-26	that the bonds will after the date of computation cease to be outstanding by reason, but only by
58-27	reason, of the payment of bonds when due and application in accordance with the resolution
58-28	authorizing those bonds of all of the sinking fund payments payable at or after the date of
58-29	computation;
58-30	(3) In computing the amount of the capital reserve funds for the purpose of this section,
58-31	securities in which all or a portion of the funds shall be invested, shall be valued as provided in
58-32	the proceedings under which the bonds are authorized but in no event shall be valued at a value
58-33	greater than par;
59-34	(4) In order further to assure the continued operation and solvency of the corporation for
59-35	the carrying out of its corporate purposes, the executive director shall annually, on or before
59-36	December first, make and deliver to the governor a certificate stating the sum, if any, required to
59-37	restore each capital reserve fund to the minimum capital reserve fund requirement for the fund.
59-38	During each January session of the general assembly, the governor shall submit to the general
59-39	assembly printed copies of a budget including the total of the sums, if any, as part of the
59-40	governor's budget required to restore each capital reserve fund to the minimum capital reserve
59-41	fund requirement for the fund. All sums appropriated by the general assembly for this purpose,
59-42	and paid to the corporation, if any, shall be deposited by the corporation in the applicable capital
59-43	reserve fund;
59-44	(5) All amounts paid over to the corporation by the state pursuant to the provisions of
59-45	this section shall constitute and be accounted for as advances by the state to the corporation and,
59-46	subject to the rights of the holders of any bonds or notes of the corporation issued before or after,
59-47	shall be repaid to the state without interest from all available operating revenues of the
59-48	corporation in excess of amounts required for the payment of bonds, notes, or other obligations of
59-49	the corporation, the capital reserve funds and operating expenses;
59-50	(6) The corporation may create and establish any other fund or funds as may be
59-51	necessary or desirable for its corporate purposes;
59-52	(7) The corporation may by resolution permit the issuance of bonds and notes to carry
59-53	out the purposes of this chapter without establishing a capital reserve fund pursuant to this section
59-54	and without complying with the limitations set forth in this section. Bonds and notes issued
59-55	pursuant to this subdivision may be secured by any other funds or methods as the corporation
59-56	may in its discretion determine by resolution.
59-57	(8) On or before January 1 of each year, the Rhode Island ~~economic development~~
59-58	commerce corporation shall issue a report on all such bonds issued by the corporations. The
59-59	report shall include at a minimum the following: a list of each bond issued; the purpose of each
59-60	bond issued; the amount of each bond issued; the amount of principal and interest of each bond
59-61	issued paid to date; the outstanding principal balance of each bond issued; and the total
59-62	outstanding principal balance of all such bonds issued subject to this section. The report shall be
59-63	transmitted to the chairpersons of the house and senate finance committees, with copies to the
59-64	house and senate fiscal advisors.
59-65	42-64-19. Trust funds. -- All moneys received pursuant to the authority of this chapter,
59-66	whether as proceeds from the sale of bonds or notes or as revenues, receipts, or income, and
59-67	moneys held by the Rhode Island ~~economic development~~ commerce corporation in the tire site
59-68	remediation account established pursuant to section 23-63-4.1, shall be trust funds to be held and
60-1	applied solely as provided in the proceedings under which the bonds or notes are authorized. Any
60-2	officer with whom or any bank or trust company with which the moneys shall be deposited as
60-3	trustee shall hold and apply the moneys for the purposes thereof, subject to the applicable
60-4	provisions of this chapter, the proceedings authorizing the bonds or notes and the trust agreement
60-5	securing the bonds or notes, if any.
60-6	42-64-20. Exemption from taxation. -- (a) The exercise of the powers granted by this
60-7	chapter will be in all respects for the benefit of the people of this state, the increase of their
60-8	commerce, welfare, and prosperity and for the improvement of their health and living conditions
60-9	and will constitute the performance of an essential governmental function and the corporation
60-10	shall not be required to pay any taxes or assessments upon or in respect of any project or of any
60-11	property or moneys of the Rhode Island ~~ECONOMIC DEVELOPMENT~~ COMMERCE
60-12	CORPORATION, levied by any municipality or political subdivision of the state; provided, that
60-13	the corporation shall make payments in lieu of real property taxes and assessments to
60-14	municipalities and political subdivisions with respect to projects of the corporation located in the
60-15	municipalities and political subdivisions during those times that the corporation derives revenue
60-16	from the lease or operation of the projects. Payments in lieu of taxes shall be in amounts agreed
60-17	upon by the corporation and the affected municipalities and political subdivisions. Failing the
60-18	agreement, the amounts of payments in lieu of taxes shall be determined by the corporation using
60-19	a formula that shall reasonably ensure that the amounts approximate the average amount of real
60-20	property taxes due throughout the state with respect to facilities of a similar nature and size. Any
60-21	municipality or political subdivision is empowered to accept at its option an amount of payments
60-22	in lieu of taxes less than that determined by the corporation. If, pursuant to section 42-64-13(f),
60-23	the corporation shall have agreed with a municipality or political subdivision that it shall not
60-24	provide all of the specified services, the payments in lieu of taxes shall be reduced by the cost
60-25	incurred by the corporation or any other person in providing the services not provided by the
60-26	municipality or political subdivision.
60-27	(b) The corporation shall not be required to pay state taxes of any kind, and the
60-28	corporation, its projects, property, and moneys and, except for estate, inheritance, and gift taxes,
60-29	any bonds or notes issued under the provisions of this chapter and the income (including gain
60-30	from sale or exchange) from these shall at all times be free from taxation of every kind by the
60-31	state and by the municipalities and all political subdivisions of the state. The corporation shall not
60-32	be required to pay any transfer tax of any kind on account of instruments recorded by it or on its
60-33	behalf.
61-34	(c) For purposes of the exemption from taxes and assessments upon or in respect of any
61-35	project under subsections (a) or (b) of this section, the corporation shall not be required to hold
61-36	legal title to any real or personal property, including any fixtures, furnishings or equipment which
61-37	are acquired and used in the construction and development of the project, but the legal title may
61-38	be held in the name of a lessee (including sublessees) from the corporation. This property, which
61-39	shall not include any goods or inventory used in the project after completion of construction, shall
61-40	be exempt from taxation to the same extent as if legal title of the property were in the name of the
61-41	corporation; provided that the board of directors of the corporation adopts a resolution confirming
61-42	use of the tax exemption for the project by the lessee. Such resolution shall not take effect until
61-43	thirty (30) days from passage. The resolution shall include findings that: (1) the project is a
61-44	project of the corporation under section 42-64-3(20), and (2) it is in the interest of the corporation
61-45	and of the project that legal title be held by the lessee from the corporation. In adopting the
61-46	resolution, the board of directors may consider any factors it deems relevant to the interests of the
61-47	corporation or the project including, for example, but without limitation, reduction in potential
61-48	liability or costs to the corporation or designation of the project as a "Project of Critical Economic
61-49	Concern" pursuant to Chapter 117 of this title.
61-50	(d) For purposes of the exemption from taxes and assessments for any project of the
61-51	corporation held by a lessee of the corporation under subsection (c) of this section, any such
61-52	project shall be subject to the following additional requirements:
61-53	(1) The total sales tax exemption benefit to the lessee will be implemented through a
61-54	reimbursement process as determined by the division of taxation rather than an up-front purchase
61-55	exemption;
61-56	(2) The sales tax benefits granted pursuant to RIGL 42-64-20(c) shall only apply to
61-57	project approved prior to July 1, 2011 and shall: (i) only apply to materials used in the
61-58	construction, reconstruction or rehabilitation of the project and to the acquisition of furniture,
61-59	fixtures and equipment, except automobiles, trucks or other motor vehicles, or materials that
61-60	otherwise are depreciable and have a useful life of one year or more, for the project for a period
61-61	not to exceed six (6) months after receipt of a certificate of occupancy for any given phase of the
61-62	project for which sales tax benefits are utilized; and (ii) not exceed an amount equal to the income
61-63	tax revenue received by the state from the new full-time jobs with benefits excluding project
61-64	construction jobs, generated by the project within a period of three (3) years from after the receipt
61-65	of a certificate of occupancy for any given phase of the project. "Full- time jobs with benefits"
61-66	means jobs that require working a minimum of thirty (30) hours per week within the state, with a
61-67	median wage that exceeds by five percent (5%) the median annual wage for the preceding year
61-68	for full-time jobs in Rhode Island, as certified by the department of labor and training with a
62-1	benefit package that is typical of companies within the lessee's industry. The sales tax benefits
62-2	granted pursuant to Rhode Island general laws subsection 42-64-20(c) shall not be effective for
62-3	projects approved on or after July 1, 2011.
62-4	(3) The corporation shall transmit the analysis required by RIGL 42-64-10(a)(2) to the
62-5	house and senate fiscal committee chairs, the department of labor and training and the division of
62-6	taxation promptly upon completion. Annually thereafter, the department of labor and training
62-7	shall certify to the house and senate fiscal committee chairs, the house and senate fiscal advisors,
62-8	the corporation and the division of taxation the actual number of new full-time jobs with benefits
62-9	created by the project, in addition to construction jobs, and whether such new jobs are on target to
62-10	meet or exceed the estimated number of new jobs identified in the analysis above. This
62-11	certification shall no longer be required when the total amount of new income tax revenue
62-12	received by the state exceeds the amount of the sales tax exemption benefit granted above.
62-13	(4) The department of labor and training shall certify to the house and senate fiscal
62-14	committee chairs and the division of taxation that jobs created by the project are "new jobs" in the
62-15	state of Rhode Island, meaning that the employees of the project are in addition to, and without a
62-16	reduction of, those employees of the lessee currently employed in Rhode Island, are not relocated
62-17	from another facility of the lessee's in Rhode Island or are employees assumed by the lessee as
62-18	the result of a merger or acquisition of a company already located in Rhode Island. Additionally,
62-19	the corporation, with the assistance of the lessee, the department of labor and training, the
62-20	department of human services and the division of taxation shall provide annually an analysis of
62-21	whether any of the employees of the project qualify for RIte Care or RIte Share benefits and the
62-22	impact such benefits or assistance may have on the state budget.
62-23	(5) Notwithstanding any other provision of law, the division of taxation, the department
62-24	of labor and training and the department of human services are authorized to present, review and
62-25	discuss lessee specific tax or employment information or data with the corporation, the house and
62-26	senate fiscal committee chairs, and/or the house and senate fiscal advisors for the purpose of
62-27	verification and compliance with this resolution; and
62-28	(6) The corporation and the project lessee shall agree that, if at any time prior to the state
62-29	recouping the amount of the sales tax exemption through new income tax collections from the
62-30	project, not including construction job income taxes, the lessee will be unable to continue the
62-31	project, or otherwise defaults on its obligations to the corporation, the lessee shall be liable to the
62-32	state for all the sales tax benefits granted to the project plus interest, as determined in RIGL 44-1-
62-33	7, calculated from the date the lessee received the sales tax benefits.
63-34	42-64-20.1. Procedure. -- (a) A resolution by the board of directors of the corporation
63-35	that adopts confirming use of the tax exemption for a project by the lessee as required in section
63-36	42-64-20(c) shall be deemed to have been approved by the general assembly when the general
63-37	assembly passes a concurrent resolution of approval which the corporation requests that, the
63-38	resolution adopting confirming use of the tax exemption for a project by the lessee, be approved
63-39	by the general assembly. These requests shall be transmitted to the speaker of the house and the
63-40	president of the senate with copies to the chairpersons of the respective finance committees, and
63-41	fiscal advisors. The request for approval shall include:
63-42	(1) A full description of the project to which the tax exemption is related;
63-43	(2) The corporation's findings required by section 42-62-10(1); and
63-44	(3) The corporation's analysis of impact required by section 42-64-10(2).
63-45	42-64-21. Notes and bonds as legal investments. -- The notes and bonds of the Rhode
63-46	Island ~~economic development~~ commerce corporation are made securities in which all public
63-47	officers and bodies of this state and all municipalities and municipal subdivisions, all insurance
63-48	companies and associations, and other persons carrying on an insurance business, all banks,
63-49	bankers, trust companies, saving banks and saving associations, including savings and loan
63-50	associations, building and loan associations, investment companies, and other persons carrying on
63-51	a banking business, all administrators, guardians, executors, trustees, and other fiduciaries, and all
63-52	other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other
63-53	obligations of the state, may properly and legally invest funds, including capital, in their control
63-54	or belonging to them.
63-55	42-64-22. Agreement of the state. -- The state does pledge to and agree with the holders
63-56	of any bonds or notes issued under this chapter that the state will not limit or alter the rights
63-57	vested in the Rhode Island ~~economic development~~ commerce corporation to fulfill the terms of
63-58	any agreements made with the holders until the bonds or notes, together with the interest on these
63-59	bonds and notes, with interest on any unpaid installments of interest, and all costs and expenses in
63-60	connection with any action or proceeding by or on behalf of the holders, are fully met and
63-61	discharged. The corporation is authorized to include this pledge and agreement of the state in any
63-62	agreement with the holders of the bonds or notes.
63-63	42-64-23. Credit of state. -- (a) Obligations issued under the provisions of this chapter,
63-64	except those obligations secured by mortgages which are insured by the industrial building
63-65	authority, shall not constitute a debt, liability or obligation of the state or of any political
63-66	subdivision of the state other than the Rhode Island ~~economic development~~ commerce
63-67	corporation or a pledge of the faith and credit of the state or any political subdivision other than
63-68	the corporation but shall be payable solely from the revenues or assets of the corporation. Each
64-1	obligation issued under this chapter, except those obligations secured by mortgages which are
64-2	insured by the industrial building authority, shall contain on its face a statement to the effect that
64-3	the corporation shall not be obligated to pay the obligation or interest on the obligation except
64-4	from revenues or assets pledged therefor and that neither the faith and credit nor the taking power
64-5	of the state or any political subdivision of the state other than the corporation is pledged to the
64-6	payment of the principal of or the interest on the obligation.
64-7	(b) Obligations issued under the provisions of this chapter which are secured by
64-8	mortgages insured by the industrial building authority, in addition to being payable from the
64-9	revenues or assets of the corporation, shall be secured by a pledge of the faith and credit of the
64-10	state consistent with the terms and limitations of chapter 34 of this title.
64-11	42-64-25. Remedies of bondholders and note-holders. -- (a) In the event that the Rhode
64-12	Island ~~economic development~~ commerce corporation shall default in the payment of principal of
64-13	or interest on any bonds or notes issued under this chapter after the bonds or notes shall become
64-14	due, whether at maturity or upon call for redemption, and the default shall continue for a period
64-15	of thirty (30) days, or in the event that the corporation shall fail or refuse to comply with the
64-16	provisions of this chapter, or shall default in any agreement made with the holders of an issue of
64-17	bonds or notes of the corporation the holders of twenty-five percent (25%) in aggregate principal
64-18	amount of the bonds or notes of an issue then outstanding, by instrument or instruments filed in
64-19	the office of the secretary of state and proved or acknowledged in the same manner as a deed to
64-20	be recorded, may appoint a trustee to represent the holders of the bonds or notes for the purposes
64-21	provided in this section.
64-22	(b) The trustee may, and upon written request of the holders of twenty-five percent
64-23	(25%) in principal amount of the bonds or notes then outstanding shall, in the trustee's own name:
64-24	(1) Enforce all rights of the bondholders or note-holders, including the right to require
64-25	the corporation to collect rent, interest repayments and payments on the leases, mortgages, loan
64-26	agreements and sales agreements held by it adequate to carry out any agreement as to, or pledge
64-27	of, rent, interest repayments and payments, and to require the corporation to carry out any other
64-28	agreements with the holders of the bonds or notes and to perform its duties under this chapter;
64-29	(2) Enforce all rights of the bondholders or note-holders so as to carry out any contract
64-30	as to, or pledge of, revenues, and to require the corporation to carry out and perform the terms of
64-31	any contract with the holders of its bonds or notes or its duties under the chapter;
64-32	(3) Bring suit upon all or any part of the bonds or notes;
64-33	(4) By action or suit, require the corporation to account as if it were the trustee of an
64-34	express trust for the holders of the bonds or notes;
65-1	(5) By action or suit, enjoin any acts or things which may be unlawful or in violation of
65-2	the rights of the holders of the bonds or notes;
65-3	(6) Declare all the bonds or notes due and payable and, if all defaults shall be made
65-4	good, then, with the consent of the holders of twenty-five percent (25%) of the principal amount
65-5	of the bonds or notes then outstanding, to annul the declaration and its consequences.
65-6	(c) The trustee shall, in addition to the foregoing, have and possess all the powers
65-7	necessary or appropriate for the exercise of any functions specifically set forth in this section or
65-8	incident to the general representation of bondholders or note-holders in the enforcement and
65-9	protection of their rights.
65-10	(d) Before declaring the principal of bonds or notes due and payable, the trustee shall
65-11	first give thirty (30) days' notice, in writing, to the governor of the state and to the corporation.
65-12	(e) The superior court of Providence County shall have jurisdiction of any suit, action, or
65-13	proceeding by the trustee on behalf of bondholders or note-holders.
65-14	42-64-26. Authorization to accept appropriated moneys. -- The Rhode Island
65-15	~~economic development~~ commerce corporation is authorized to accept any moneys as may be
65-16	appropriated from time to time by the general assembly for effectuating its corporate purposes
65-17	including, without limitation, the payment of the initial expenses of administration and operation
65-18	and the establishment of reserves or contingency funds to be available for the payment of the
65-19	principal of and the interest on any bonds, notes or other obligations of the corporation.
65-20	42-64-27. Assistance by state officers, departments, boards and commission. -- (a)
65-21	All state agencies may render any services to the Rhode Island ~~economic development~~ commerce
65-22	corporation within their respective functions as may be requested by the corporation.
65-23	(b) Upon request of the corporation, any state agency is authorized and empowered to
65-24	transfer to the corporation any officers and employees as it may deem necessary from time to
65-25	time to assist the corporation in carrying out its functions and duties under this chapter. Officers
65-26	and employees so transferred shall not lose their civil service status or rights.
65-27	42-64-28. Annual financial reports and performance report. -- (a) The board shall
65-28	approve and the Rhode Island ~~economic development~~ commerce corporation shall submit to the
65-29	governor, the president of the senate, the speaker of the house of representatives, and the
65-30	secretary of state, within eleven (11) months after the close of its fiscal year, complete and
65-31	detailed financial reports and a performance report. These reports shall cover the corporation and
65-32	its subsidiaries and shall be posted electronically on the general assembly and the secretary of
65-33	state's websites as prescribed in section 42-20-8.1.
66-34	(b) The financial reports shall set forth the corporation's:
66-35	(1) Operations;
66-36	(2) Receipts and expenditures during the fiscal year in accordance with the categories
66-37	and classifications established by the corporation for its operating and capital outlay purposes
66-38	including a listing of all private consultants engaged by the corporation on a contract basis and a
66-39	statement of the total amount paid to each private consultant, a listing of any staff supported by
66-40	these funds, and a summary of any clerical, administrative or technical support received;
66-41	(3) Assets and liabilities at the end of its fiscal year including a schedule of its leases and
66-42	mortgages and the status of the reserve, special or other funds;
66-43	(4) Schedule of the bonds and notes outstanding at the end of its fiscal year together with
66-44	a statement of amounts redeemed and incurred during the fiscal year;
66-45	(5) The reports shall be prepared by independent certified public accountants in
66-46	accordance with generally accepted principles of accounting.
66-47	(c) The performance report shall include:
66-48	(1) A summary of performance during the previous fiscal year including
66-49	accomplishments, shortcomings in general and relative to plan, and actions to be taken to remedy
66-50	such shortcomings;
66-51	(2) For all board meetings and public hearings held by the corporation: the subjects
66-52	addressed, decisions rendered, actions considered and their disposition; and, the minutes of these
66-53	meetings and hearings if requested by the governor, the president of the senate, the speaker of the
66-54	house of representatives, or the secretary of state;
66-55	(3) Rules or regulations promulgated by the board or corporation, a summary of studies
66-56	conducted, policies and plans developed, approved, or modified, and programs administered,
66-57	initiated or terminated;
66-58	(4) A synopsis of hearings, complaints, suspensions, or other legal matters related to the
66-59	authority of the board or corporation;
66-60	(5) A summary of any training courses held pursuant to subdivision 42-64-8(a)(4);
66-61	(6) A briefing on anticipated plans and activities in the upcoming fiscal year; and
66-62	findings and recommendations for improvements.
66-63	(7) Compliance with the reporting requirements of the general laws.
66-64	(d) The director of the department of administration shall be responsible for the
66-65	enforcement of the provisions of this section.
66-66	42-64-29. Inventory of development sites. -- (a) The Rhode Island ~~economic~~
66-67	~~development~~ commerce corporation, in coordination with the statewide planning program, shall
66-68	maintain an inventory of potential sites for development and act as a clearinghouse for investors
67-1	and businesses that want to expand or locate in Rhode Island.
67-2	(b) Further, the corporation, in coordination with Rhode Island municipalities and local
67-3	or regional development agencies, shall promote the re-use of abandoned and distressed industrial
67-4	properties in the State, specifically those designated as brownfields and certified mill buildings.
67-5	(c) The corporation shall create a program of marketing for underutilized or abandoned
67-6	sites as identified by the department of environmental management in section 23-19-14.5(d).
67-7	(d) The corporation shall, in cooperation with the department of environmental
67-8	management, assist prospective Brownfield redevelopment developers in identifying and securing
67-9	public and private funding sources for Brownfield redevelopment projects.
67-10	42-64-31. Other statutes. -- Nothing contained in this chapter shall restrict or limit the
67-11	powers of the Rhode Island ~~economic development~~ commerce corporation arising under any laws
67-12	of this state except where those powers are expressly contrary to the provisions of this chapter;
67-13	provided, however, that the corporation shall not have any power to create, empower or otherwise
67-14	establish any corporation, subsidiary corporation, corporate body, any form of partnership, or any
67-15	other separate entity, without the express approval and authorization of the general assembly.
67-16	Except as otherwise provided, this chapter shall be construed to provide a complete additional
67-17	and alternative method for doing the things authorized hereby and shall be regarded as
67-18	supplemental and in addition to the powers conferred by other laws. The issuance of all bonds,
67-19	notes, and other obligations of the corporation under the provisions of this chapter need not
67-20	comply with the requirements of any other statute applicable to the issuance of bonds, notes and
67-21	obligations, and contracts for the construction and acquisition of any project undertaken pursuant
67-22	to this chapter need not comply with any provision of any other state law applicable to contracts
67-23	for the construction and acquisition of state owned property, except that the provisions of section
67-24	37-13-1 et seq. (prevailing wage); section 37-16-2 et seq. (public works arbitration); and section
67-25	37-12-1 et seq. (contractors' bonds) for the construction and acquisition of state or municipally
67-26	owned property shall be applicable. No proceedings or notice of approval shall be required for the
67-27	issuance of any bonds, notes, and other obligations or any instrument of security except as
67-28	provided in this chapter.
67-29	42-64-34. Appointment of small business advocate. -- (a) The director of the Rhode
67-30	Island ~~economic development~~ commerce corporation shall appoint a staff person to serve as the
67-31	small business advocate.
67-32	(b) The small business advocate shall:
67-33	(1) Identify and convey specific concerns raised by small business in providing notice to
67-34	the state agency proposing the regulation;
68-1	(2) Inform businesses regarding proposed regulation that may have a significant adverse
68-2	economic impact; and
68-3	(3) Formulate policies and procedures in accordance with chapter 35 of this title.
68-4	(4) Assist with implementation and execution of the Rapid Rhody program set forth in
68-5	this chapter.
68-6	(c) The small business advocate may request from any government agency, and the
68-7	agency is authorized and directed to provide, any cooperation and assistance, services, and data as
68-8	will enable the small business advocate to properly perform or exercise any of his or her
68-9	functions, duties, and powers under this chapter.
68-10	SECTION 3. Section 42-64.3-3.1 of the General Laws in Chapter 42-64.3 entitled
68-11	"Distressed Areas Economic Revitalization Act" is hereby amended to read as follows:
68-12	42-64.3-3.1. Enterprise zone council. -- (a) There is created within the Rhode Island
68-13	~~economic development~~ commerce corporation the "enterprise zone council," which shall consist
68-14	of five (5) members to be appointed by the governor; one member shall be the executive director
68-15	of the Rhode Island ~~economic development~~ commerce corporation; one member shall represent
68-16	the urban league of Rhode Island; one member shall represent the Rhode Island League of Cities
68-17	and Towns; and two (2) members from the general public. The governor shall designate one
68-18	member to serve as chairperson of the enterprise zone council.
68-19	(b) The members shall be appointed for terms of five (5) years each; provided, however,
68-20	of the members originally appointed, one shall be appointed for a term of one year, one shall be
68-21	appointed for a term of two (2) years, one shall be appointed for a term of three (3) years, one
68-22	shall be appointed for a term of four (4) years and one shall be appointed for a term of five (5)
68-23	years.
68-24	(c) In carrying out its powers and duties under this chapter, the council shall utilize the
68-25	staffs and resources of the division of statewide planning and the Rhode Island economic
68-26	development corporation. Those agencies and other departments and agencies of state
68-27	government shall cooperate with the council in carrying out its mandate under this chapter.
68-28	(d) The council shall promulgate rules and regulations necessary to implement the intent
68-29	of this chapter.
68-30	(e) Transfer of functions from the Rhode Island economic development corporation
68-31	enterprise zone council. – All functions formerly administered by the Rhode Island economic
68-32	development corporation's enterprise zone council are hereby transferred to the Rhode Island
68-33	commerce corporation.
69-34	SECTION 4. Chapter 42-64 of the General Laws entitled "Rhode Island Economic
69-35	Development Corporation" is hereby amended by adding thereto the following sections:
69-36	42-64-36. Program accountability. -- The board of the Rhode Island commerce
69-37	corporation shall be responsible for establishing accountability standards, reporting standards and
69-38	outcome measurements for each of its programs to include, but not be limited to, the use of tax
69-39	credits, loans, loan guarantees and other financial transactions managed or utilized by the
69-40	corporation. Included in the standards shall be a set of principles and guidelines to be followed by
69-41	the board to include:
69-42	(1) A set of outcomes against which the board will measure each program's and offering's
69-43	effectiveness;
69-44	(2) A set of standards for risk analysis for all of programs especially the loans and loan
69-45	guarantee programs.
69-46	(3) A process for reporting out all loans, loan guarantees and any other financial
69-47	commitments made through the corporation that includes the purpose of the loan, financial data
69-48	as to payment history and other related information.
69-49	The board shall annually prepare a report starting in January 2015 which shall be
69-50	submitted to house and senate. The report shall summarize the above listed information on each
69-51	of its programs and offerings and contain recommendations for modification, elimination or
69-52	continuation.
69-53	The board shall coordinate its efforts with the office of revenue to not duplicate
69-54	information on the use of tax credits and other tax expenditures.
69-55	42-64-37. Loan and loan guarantee programs. – (a) The board shall establish by
69-56	January, 2014 a risk management program for all loans, loan guarantees and all other financial
69-57	commitments into which the corporation enters. The program shall be established in conjunction
69-58	with the state's banking regulators and shall consists of at least the following components:
69-59	(1) A set of principles and guidelines for providing any financial commitments to be
69-60	made by the corporation; and
69-61	(2) A public process for providing financial commitments to include the formation of a
69-62	sub-committee of the board to review, analysis and approve all commitments. This process shall
69-63	include the formation of a sub-committee that consists of members of the board and other non-
69-64	board members that shall have no affiliation with the corporation or with the organization seeking
69-65	the financial commitment. The board shall appoint the non-board members. No employee of the
69-66	corporation shall be a member of the sub-committee. The sub-committee shall be required to
69-67	approve or reject the financial commitment in accordance with the set of principles established by
69-68	the board;
70-1	(b) The board shall approve in public session all financial commitments after the sub-
70-2	committee has rendered its opinion regarding the commitment. The board shall opine that the
70-3	commitment meets the principles and guidelines established by the board.
70-4	(c) The board shall annually audit and provide a risk analysis of all outstanding financial
70-5	commitments. The board shall engage an external firm qualified to conduct such analysis and
70-6	shall submit the report to the general assembly, chairs of the house finance committee and the
70-7	senate finance committee.
70-8	(d) The board shall establish a monitoring process for each financial commitment which
70-9	shall be a part of the risk analysis report; and
70-10	(e) The board shall review the risk analysis report and make modifications to the financial
70-11	commitment as it deems necessary.
70-12	SECTION 5. This act shall take on January 1, 2014.

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	LC02350
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	EXPLANATION
	BY THE LEGISLATIVE COUNCIL
	OF
	A N A C T
	RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND COMMERCE
	CORPORATION
	***

71-1	This act would repeal the Rhode Island economic development corporation and establish
71-2	a new Rhode Island commerce corporation to take over the duties of the former economic
71-3	development corporation.
71-4	This act would take effect on January 1, 2014.

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	LC02350
	=======

H6071