S0718B

	2013 -- S 0718 SUBSTITUTE B
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	LC02041/SUB B/2
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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 - ECONOMIC DEVELOPMENT
	CORPORATION


	Introduced By: Senators Sheehan, Walaska, Felag, Goodwin, and Jabour

	Date Introduced: March 13, 2013

	Referred To: Senate Commerce




	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:
1-3	(1) While institutions and methods which have been employed by the state in the past to
1-4	create and foster economic development have experienced some degree of success, a new and
1-5	revised approach led by the creation of new entities will provide greater state oversight and
1-6	governance and will promote a more dramatic and sustained long-term growth for the state.
1-7	(2) The creation of a Rhode Island commerce corporation will provide increased state
1-8	oversight and governance, while still allowing for the existence of a separate Rhode Island
1-9	commerce corporation that will have the flexibility to address, adapt, and adjust to changing
1-10	economic conditions. This will also create an increased level of transparency and accountability
1-11	to the state.
1-12	(3) That the geographic size and population of Rhode Island, while often derided as an
1-13	impediment to economic growth, are potential assets, not a handicap, to economic development,
1-14	in that they can lead to a more unified branding approach to marketing the state, its people, its
1-15	businesses, and its products, and that these assets have not been utilized to their fullest potential
1-16	by previous business models employed by the state.
1-17	(4) That the above reflects a shift in business cultivation in the state, and such shift can
1-18	best be accomplished through new leadership provided through new entities that seek to foster
1-19	and develop a public-private sector partnership that takes advantage of Rhode Island's strengths.
2-1	(5) That a key element to long-term growth is long-term planning with specific,
2-2	measurable goals and accountability for such goals. As such, a key component of this plan shall
2-3	be to require the use of four (4) year plans or periods to measure economic growth and
2-4	development, with evaluation on an annual basis and significant re-evaluation on a four (4) year
2-5	basis.
2-6	(6) That another key component to such growth is the appointment of a secretary of
2-7	commerce to lead this new economic initiative and coordinate the new entities to be created.
2-8	(7) To such ends, the general assembly shall create a new "Rhode Island commerce
2-9	corporation," a new Rhode Island state economic development planning council, and an
2-10	"executive office of commerce" to be led by a new appointed state officer to be known as the
2-11	"secretary of commerce."
2-12	SECTION 2. The title of Chapter 42-64 of the General Laws entitled "Rhode Island
2-13	Economic Development Corporation" is hereby amended to read as follows:
2-14	~~CHAPTER 42-64~~
2-15	~~Rhode Island Economic Development Commerce Corporation~~
2-16	CHAPTER
2-17	42-64
2-18	RHODE ISLAND COMMERCE CORPORATION
2-19	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,
2-20	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,
2-21	42-64-7.13, 42-64-8, 42-64-8.1, 42-64-9, 42-64-9.1, 42-64-9.2, 42-64-9.4, 42-64-9.5, 42-64-9.6,
2-22	42-64-9.7, 42-64-9.9, 42-64-9.10, 42-64-10, 42-64-11, 42-64-12, 42-64-13, 42-64-13.1, 42-64-
2-23	13.2, 42-64-14, 42-64-15, 42-64-16, 42-64-17, 42-64-18, 42-64-19, 42-64-20, 42-64-21, 42-64-
2-24	22, 42-64-23, 42-64-25, 42-64-26, 42-64-27, 42-64-28, 42-64-29, 42-64-31, and 42-64-34, of the
2-25	General Laws in Chapter 42-64 entitled "Rhode Island Economic Development Corporation" are
2-26	hereby amended to read as follows:
2-27	42-64-1. Short title. -- This chapter shall be known as "The Rhode Island ~~economic~~
2-28	~~development~~ commerce corporation Act".
2-29	42-64-1.1. Change of name. -- (a) Whenever in any general or public law, reference is
2-30	made to the "department of economic development" or the "Rhode Island port authority and
2-31	economic development corporation", ~~the reference shall be deemed to refer to and mean~~ or the
2-32	"Rhode Island economic development corporation", ~~which may also be referred to as the~~
2-33	~~"economic development corporation".~~ , the reference shall be deemed to refer to and mean the
2-34	"Rhode Island commerce corporation," which may also be referred to as the "commerce
3-1	corporation."
3-2	(b) Whenever in any general or public law, reference is made to the "director of the
3-3	department of economic development" or the "executive director of the Rhode Island port
3-4	authority and economic development corporation", the reference shall be deemed to refer to and
3-5	mean the "executive director of the Rhode Island economic development corporation". Upon the
3-6	appointment of a secretary of commerce; whenever in any general or public law, reference is
3-7	made to the "director of the department of economic development" or the "executive director of
3-8	the Rhode Island port authority and economic development corporation," of the executive director
3-9	of the Rhode Island economic development corporation," the reference shall be deemed to refer to
3-10	and mean the chief executive officer of the Rhode Island commerce corporation, who shall also
3-11	be the secretary of the Rhode Island executive office of commerce.
3-12	(c) Whenever in any general or public law, reference is made to the "economic
3-13	development council", the reference shall be deemed to refer to and mean the "board of directors
3-14	of the Rhode Island ~~economic development~~ commerce corporation".
3-15	(d) Nothing in this act shall be construed to change or modify any contracts or
3-16	agreements of any kind by, for, between, or to which the economic development corporation is a
3-17	party. All said contracts and agreements of whatsoever kind are hereby assigned, transferred to,
3-18	and assumed by the Rhode Island Commerce Corporation.
3-19	42-64-2. Legislative findings. -- (a) It is found and declared that there exists in our state
3-20	a condition of substantial and persistent unemployment and underemployment which causes
3-21	hardship to many individuals and families, wastes vital human resources, increases the public
3-22	assistance burdens of the state, impairs the security of family life, contributes to crime and
3-23	delinquency, prevents many of our youths from continuing their education, impedes the economic
3-24	and physical development of municipalities and adversely affects the welfare and prosperity of
3-25	our state; that many existing industrial, manufacturing, recreational and commercial facilities in
3-26	our state are obsolete and inefficient, and dilapidated; that many of these facilities are under-
3-27	utilized or in the process of being vacated, creating additional unemployment; that technological
3-28	advances and the provision of modern and efficient industrial, manufacturing, recreational and
3-29	commercial facilities in other states will speed the obsolescence and abandonment of existing
3-30	facilities, causing serious injuries to the economy of our state; that the drastic curtailment of
3-31	federal military installations in our state presently being undertaken and the announcement by the
3-32	United States government of plans to relocate large numbers of military personnel and their
3-33	families presently on duty in this state has and will further result in an additional loss of
3-34	employment and aggravate the overall unemployment conditions of the state; that new industrial,
4-1	manufacturing, recreational, and commercial facilities are required to attract and house new
4-2	industries and thereby reduce the hazards of unemployment; that unaided efforts of private
4-3	enterprises have not met and cannot meet the needs of providing those facilities due to problems
4-4	encountered in assembling suitable building sites, lack of adequate public service, unavailability
4-5	of private capital for development, and the inability of private enterprise alone to plan, finance
4-6	and coordinate industrial, recreational, and commercial development; that the economic
4-7	insecurity attendant to chronic and new unemployment and the absence of new employment
4-8	opportunities constitutes a serious menace for the safety, morals, and general welfare of the
4-9	people of our state.
4-10	(b) It is further found and declared that the decision of the United States government to
4-11	close certain military facilities located within the state (including those located in the towns of
4-12	North Kingstown, Portsmouth, Middletown and Charlestown, and the city of Newport) and to
4-13	dispose of the property comprising those facilities will, because many residents of the state were
4-14	employed by the United States government at those facilities, aggravate the condition of
4-15	employment and underemployment mentioned above. The United States government is
4-16	authorized and intends to make available to the state or to an instrumentality thereof, the property
4-17	to be disposed of and by virtue of the provisions of Public Laws 1939, chapter 696, certain land in
4-18	the town of North Kingstown shall revert to the state upon the abandonment by the United States
4-19	government of the naval base located there. With comprehensive planning and adequate
4-20	financing, the property can be converted to industrial, manufacturing, recreational, and
4-21	commercial uses which will promote a healthy and growing economy, thereby encouraging new
4-22	industries and commercial enterprises to locate in the state, enabling existing industries and
4-23	commercial enterprises to remain and expand, and alleviating the condition of unemployment and
4-24	underemployment that now exists.
4-25	(c) It is further found and declared that notwithstanding the decision of the United States
4-26	government to dispose of the property mentioned above, there will continue to be a shortage of
4-27	property in the state for industrial, manufacturing, recreational, and commercial development.
4-28	The expansion of the economy, while increasing the need for that property, will continually
4-29	diminish the supply of that property. Private enterprise has encountered difficulty in providing
4-30	new industrial, manufacturing, recreational, and commercial facilities in economically strategic
4-31	areas of the state, because of the problems in assembling tracts of property suitable for those
4-32	purposes and the cost of providing adequate public services to serve the development.
4-33	(d) It is further found and declared that the acquisition and development of property for
4-34	industrial, manufacturing, recreational, and commercial purposes (including the property to be
5-1	disposed of by the United States government and that land reverting to the state pursuant to the
5-2	provisions of Public Laws 1939, chapter 696) and the disposition thereof, must be undertaken on
5-3	a comprehensive statewide basis so as to assure that new industrial, manufacturing, recreational,
5-4	and commercial sites are adequately served by appropriate transportation facilities and public
5-5	services and that those sites are located in any manner as to provide for the orderly economic
5-6	growth and development of the state, while at the same time conserving the environment. Local
5-7	planning and development agencies and institutions are insufficient to provide for that
5-8	comprehensive statewide planning and development.
5-9	(e) It is further found and declared that the appropriate development of the property to be
5-10	disposed of by the United States government and that land reverting to the state pursuant to
5-11	Public Laws 1939, chapter 696 will require development not only for industrial and commercial
5-12	purposes but also for transportation, residential, recreational, utility, institutional, civic, and
5-13	community purposes.
5-14	(f) It is further found and declared that there exists in the state blighted or substandard
5-15	areas, or areas which are becoming blighted and substandard, including obsolete and dilapidated
5-16	buildings and structures, defective construction, outmoded and obsolete design, lack of proper
5-17	sanitary facilities, or adequate fire and safety protection, excessive land coverage, insufficient
5-18	light and ventilation, illegal uses and conversions, inadequate maintenance, buildings abandoned
5-19	or not utilized in whole or in part, obsolete systems of utilities, poorly or improperly designed
5-20	street patterns and intersections, inadequate access to areas, inadequate transportation facilities,
5-21	all of which hamper or impede proper and economic growth of the area as well as the state as a
5-22	whole.
5-23	(g) It is further found and declared to be the public policy of the state to encourage the
5-24	expansion and development of the state's harbors and ports; to foster and improve the handling of
5-25	waterborne commerce from and to any port of this state and other states and foreign counties; to
5-26	seek to effect consolidation of the ports of this state and to promote a spirit of cooperation among
5-27	these ports in the interest of the state as a whole; to initiate and further plan for the development
5-28	of the ports of this state and to keep informed as to the present and future requirements and needs
5-29	of the ports of this state; also to furnish proper and adequate airport facilities within this state and
5-30	to encourage the integration of these facilities so far as practicable.
5-31	(h) In the furtherance of these goals, it is the policy of the state to retain existing
5-32	industries and to induce, encourage, and attract new industries through the acquisition,
5-33	construction, reconstruction, and rehabilitation of industrial, manufacturing, recreational, and
5-34	commercial facilities, as well as transportation, residential, environmental, utility, public service,
6-1	institutional, and civic and community facilities, and to develop sites for those facilities.
6-2	(i) It is declared to be the policy of the state to promote a vigorous and growing
6-3	economy, to prevent economic stagnation, and to encourage the creation of new job opportunities
6-4	in order to ameliorate the hazards of unemployment and underemployment, reduce the level of
6-5	public assistance, increase revenues to the state and its municipalities, and to achieve a stable
6-6	diversified economy.
6-7	(j) The purpose of this chapter is to create the Rhode Island ~~economic development~~
6-8	commerce corporation having an existence separate and apart from the state, with the power and
6-9	authority to acquire and develop property within the state and to provide financing for the
6-10	purposes set forth above in this chapter.
6-11	42-64-3. Definitions. -- As used in this chapter, the following words and terms shall have
6-12	the following meanings, unless the context indicates another or different meaning or intent:
6-13	(1) "Administrative penalty" means a monetary penalty not to exceed the civil penalty
6-14	specified in section 42-64-9.2 of this chapter.
6-15	(2) "Airport facility" means developments consisting of runways, hangars, control
6-16	towers, ramps, wharves, bulkheads, buildings, structures, parking areas, improvements, facilities,
6-17	or other real or personal property necessary, convenient, or desirable for the landing, taking off,
6-18	accommodation, and servicing of aircraft of all types, operated by carriers engaged in the
6-19	transportation of passengers or cargo, or for the loading, unloading, interchange, or transfer of the
6-20	passengers or their baggage, or the cargo, or otherwise for the accommodation, use or
6-21	convenience of the passengers or the carriers or their employees (including related facilities and
6-22	accommodations at sites removed from landing fields and other landing areas), or for the landing,
6-23	taking off, accommodation, and servicing of aircraft owned or operated by persons other than
6-24	carriers. It also means facilities providing access to an airport facility, consisting of rail, rapid
6-25	transit, or other forms of mass transportation which furnish a connection between the air terminal
6-26	and other points within the state, including appropriate mass transportation terminal facilities at
6-27	and within the air terminal itself and suitable offsite facilities for the accommodation of air
6-28	passengers, baggage, mail, express, freight, and other users of the connecting facility.
6-29	(3) "BOCA code" means the BOCA basic building code published by building officials
6-30	& code administrators international, inc., as the code may from time to time be promulgated by
6-31	the building officials & code administrators international, inc.
6-32	(4) "Bonds" and "notes" means the bonds, notes, securities, or other obligations or
6-33	evidences of indebtedness issued by the corporation pursuant to this chapter, all of which shall be
6-34	issued under the name of and known as obligations of the "Rhode Island ~~economic development~~
7-1	commerce corporation."
7-2	(5) "Civic facility" means any real or personal property designed and intended for the
7-3	purpose of providing facilities for educational, cultural, community, or other civic purposes.
7-4	(6) "Compliance schedule" means a schedule of remedial measures including an
7-5	enforceable sequence of actions or operations leading to compliance with an effluent limitation or
7-6	any other limitation, prohibition or standard.
7-7	(7) "Corporation," "port authority", or "authority" means the governmental agency and
7-8	public instrumentality, formerly known as the "Rhode Island port authority and economic
7-9	development corporation" and/or ~~renamed~~ also formerly known as the "Rhode Island economic
7-10	development corporation," and now known as the Rhode Island commerce corporation
7-11	authorized, created, and established pursuant to section 42-64-4, or any subsidiary corporation
7-12	thereof which is established pursuant to section 42-64-7.1.
7-13	(8) "Director" means the executive director of the economic development corporation
7-14	until such time that the secretary of commerce is appointed. Upon the appointment of a secretary
7-15	of commerce, "Director" means the chief executive officer of the Rhode Island commerce
7-16	corporation, who shall also be the secretary of the Rhode Island executive office of commerce.
7-17	(9) "Federal land" means real property within the state, now acquired or hereafter
7-18	acquired by the Rhode Island ~~economic development~~ commerce corporation which was formerly
7-19	owned by the United States government, or any agency or instrumentality thereof, including
7-20	without limiting the generality of the foregoing, any and all real property now or formerly owned
7-21	or used by the United States government in the towns of North Kingstown, Portsmouth,
7-22	Middletown, and Charlestown and the city of Newport as military installations or for other
7-23	purposes related to the national defense. Without limiting the generality of the foregoing, federal
7-24	land shall also mean and include certain land in the town of North Kingstown, or any portion
7-25	thereof, which has or shall revert to the state pursuant to the provisions of Public Laws 1939,
7-26	chapter 696 and is now or hereafter acquired by the corporation from the state.
7-27	(10) "Industrial facility" means any real or personal property, the demolition, removal,
7-28	relocation, acquisition, expansion, modification, alteration, or improvement of existing buildings,
7-29	structures, or facilities, the construction of new buildings, structures, or facilities, the
7-30	replacement, acquisition, modification, or renovation of existing machinery and equipment, or the
7-31	acquisition of new machinery and equipment, or any combination of the United States, which
7-32	shall be suitable for manufacturing, research, production, processing, agriculture, and marine
7-33	commerce, or warehousing; or convention centers, trade centers, exhibition centers, or offices
7-34	(including offices for the government of the United States or any agency, department, board,
8-1	bureau, corporation, or other instrumentality of the United States, or for the state or any state
8-2	agency, or for any municipality); or facilities for other industrial, commercial or business
8-3	purposes of every type and description; and facilities appurtenant or incidental to the foregoing,
8-4	including headquarters or office facilities, whether or not at the location of the remainder of the
8-5	facility, warehouses, distribution centers, access roads, sidewalks, utilities, railway sidings,
8-6	trucking, and similar facilities, parking areas, waterways, dockage, wharfage, and other
8-7	improvements necessary or convenient for the construction, development, maintenance, and
8-8	operation of those facilities.
8-9	(11) "Local governing body" means any town or city council, commission, or other
8-10	elective governing body now or hereafter vested by state statute, charter, or other law, with
8-11	jurisdiction to initiate and adopt local ordinances, whether or not these local ordinances require
8-12	the approval of the elected or appointed chief executive officer or other official or body to
8-13	become effective.
8-14	(12) "Local redevelopment corporation" means any agency or corporation created and
8-15	existing pursuant to the provisions of chapter 31 of title 45.
8-16	(13) "Municipality" means any city or town within the state now existing or hereafter
8-17	created, or any state agency.
8-18	(14) "Parent corporation" means, when used in connection with a subsidiary corporation
8-19	established pursuant to section 42-64-7.1, the governmental agency and public instrumentality
8-20	created and established pursuant to section 42-64-4.
8-21	(15) "Personal property" means all tangible personal property, new or used, including,
8-22	without limiting the generality of the foregoing, all machinery, equipment, transportation
8-23	equipment, ships, aircraft, railroad rolling stock, locomotives, pipelines, and all other things and
8-24	rights usually included within that term. "Personal property" also means and includes any and all
8-25	interests in the property which are less than full title, such as leasehold interests, security
8-26	interests, and every other interest or right, legal or equitable.
8-27	(16) "Pollutant" means any material or effluent which may alter the chemical, physical,
8-28	biological or radiological characteristics or integrity of water, including but not limited to,
8-29	dredged spoil, solid waste, incinerator residue, sewage, garbage, sewage sludge, munitions,
8-30	chemical wastes, biological materials, radioactive materials, heat, wrecked or discarded
8-31	equipment, cellar dirt, or industrial, municipal, agricultural or other waste petroleum or petroleum
8-32	products, including, but not limited to, oil.
8-33	(17) "Pollution" means the discharge of any gaseous, liquid, or solid substance or
8-34	combination thereof (including noise) into the air, water, or land which affects the physical,
9-1	chemical, or biological properties (including temperature) of the air, water, or land in a manner or
9-2	to an extent which renders or is likely to render the air, water, or land harmful or inimical to the
9-3	public health, safety, or welfare, or to animal, bird, or aquatic life, or to the use of the air or water
9-4	for domestic, industrial, or agricultural purposes or recreation including the man-made or man-
9-5	induced alteration of the chemical, physical, biological or radiological integrity of water.
9-6	(18) "Pollution control facility" means any land or interest in land, the demolition,
9-7	removal, relocation, acquisition, expansion, modification, alteration, or improvement of existing
9-8	buildings, structures, or facilities, the construction of new buildings, structures, or facilities, the
9-9	replacement, modification, or renovation of existing machinery and equipment, or the acquisition
9-10	of new machinery and equipment, or any combination thereof, having to do with or the purpose
9-11	of which is the abatement, control, or prevention of pollution, including industrial pollution, and
9-12	all real and personal property incidental to that facility.
9-13	(19) "Port facility" means harbors, ports, and all real and personal property used in
9-14	connection therewith, including, but not limited to, waterways, channels, wharves, docks, yards,
9-15	bulkheads, slips, basins, pipelines, ships, boats, railroads, trucks, and other motor vehicles,
9-16	aircraft, parking areas, shipyards, piers, quays, elevators, compressors, loading and unloading
9-17	facilities, storage facilities, and warehouses of every type, buildings and facilities used in the
9-18	manufacturing, processing, assembling, storing, or handling of any produce or products, other
9-19	structures and facilities necessary for the convenient use of the harbors and seaports, including
9-20	dredged approaches, railways, railroad terminals, side tracks, airports, roads, highways, tunnels,
9-21	viaducts, bridges, and other approaches, useful in connection therewith, and any other shipping or
9-22	transportation facility useful in the operation of a port or harbor.
9-23	(20) "Project" or "port project" means the acquisition, ownership, operation,
9-24	construction, reconstruction, rehabilitation, improvement, development, sale, lease, or other
9-25	disposition of, or the provision of financing for, any real or personal property (by whomever
9-26	owned) or any interests in real or personal property, including without limiting the generality of
9-27	the foregoing, any port facility, recreational facility, industrial facility, airport facility, pollution
9-28	control facility, utility facility, solid waste disposal facility, civic facility, residential facility,
9-29	water supply facility, energy facility or renewable energy facility, or any other facility, or any
9-30	combination of two (2) or more of the foregoing, or any other activity undertaken by the
9-31	corporation.
9-32	(21) "Project cost" means the sum total of all costs incurred by the Rhode Island
9-33	~~economic development~~ commerce corporation in carrying out all works and undertakings, which
9-34	the corporation deems reasonable and necessary for the development of a project. These shall
10-1	include, but are not necessarily limited to, the costs of all necessary studies, surveys, plans, and
10-2	specifications, architectural, engineering, or other special services, acquisition of land and any
10-3	buildings on the land, site preparation and development, construction, reconstruction,
10-4	rehabilitation, improvement, and the acquisition of any machinery and equipment or other
10-5	personal property as may be deemed necessary in connection with the project (other than raw
10-6	materials, work in process, or stock in trade); the necessary expenses incurred in connection with
10-7	the initial occupancy of the project; an allocable portion of the administrative and operating
10-8	expenses of the corporation; the cost of financing the project, including interest on all bonds and
10-9	notes issued by the corporation to finance the project from the date thereof to one year from the
10-10	date when the corporation shall deem the project substantially occupied; and the cost of those
10-11	other items, including any indemnity or surety bonds and premiums on insurance, legal fees, real
10-12	estate brokers and agent fees, fees and expenses of trustees, depositories, and paying agent for
10-13	bonds and notes issued by the Rhode Island ~~economic development~~ commerce corporation,
10-14	including reimbursement to any project user for any expenditures as may be allowed by the
10-15	corporation (as would be costs of the project under this section had they been made directly by
10-16	the corporation), and relocation costs, all as the corporation shall deem necessary.
10-17	(22) "Project user" means the person, company, corporation, partnership, or commercial
10-18	entity, municipality, state, or United States of America who shall be the user of, or beneficiary of,
10-19	a port project.
10-20	(23) "Real property" means lands, structures (new or used), franchises, and interests in
10-21	land, including lands under water, and riparian rights, space rights, and air rights, and all other
10-22	things and rights usually included within the term. "Real property" shall also mean and include
10-23	any and all interests in that property less than fee simple, such as easements, incorporeal
10-24	hereditaments, and every estate, interest or right, legal or equitable, including terms for years and
10-25	liens thereon by way of judgments, mortgages or otherwise, and also all claims for damages to
10-26	that real property.
10-27	(24) "Recreational facility" means any building, development, or improvement, provided
10-28	that building, facility, development, or improvement is designed in whole or in part to attract
10-29	tourists to the state or to provide essential overnight accommodations to transients visiting this
10-30	state, including, without limiting in any way the generality of the foregoing, marinas, beaches,
10-31	bathing facilities, ski facilities, convention facilities, hotels, motels, golf courses, camp grounds,
10-32	arenas, theatres, lodges, guest cottages, and all types of real or personal property related thereto as
10-33	may be determined from time to time by the corporation.
11-34	(25) "Revenues" means: (i) with respect to any project, the rents, fees, tolls, charges,
11-35	installment payments, repayments, and other income or profit derived from a project or a
11-36	combination of projects pursuant to any lease, conditional sales contract, installment sales
11-37	contract, loan agreement, or other contract or agreement, or any combination thereof, and (ii) any
11-38	receipts, fees, payments, moneys, revenues or other payments received or to be received by the
11-39	corporation in the exercise of its corporate powers under this chapter, including, without
11-40	limitation, loan repayments, grants, aid, appropriations and other assistance for the state, the
11-41	United States or any corporation, department or instrumentality of either or of a political
11-42	subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves
11-43	and other funds and accounts established by or pursuant to this chapter or in connection with the
11-44	issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or
11-45	amounts received or receivable by the corporation.
11-46	(26) "Rule or regulation" means any directive promulgated by the Rhode Island
11-47	~~economic development~~ commerce corporation not inconsistent with the laws of the United States
11-48	or the state, for the improvement of navigation and commerce or other project purposes and shall
11-49	include, but not be limited to, charges, tolls, rates, rentals, and security provisions fixed or
11-50	established by the corporation.
11-51	(27) "Sewage" shall be construed to mean the same as "pollutant" as defined in section
11-52	42-64-3(o) above.
11-53	(28) "Sewage treatment facility" means the sewage treatment plant, structure, combined
11-54	sewer overflows, equipment, interceptors, mains, pumping stations and other property, real,
11-55	personal or mixed, for the treatment, storage, collection, transporting or disposal of sewage, or
11-56	any property or system to be used in whole or in part for any of the aforesaid purposes located or
11-57	operated within the boundaries of the Quonset Point/Davisville Industrial Park, or utilized by the
11-58	corporation for the transport, collection, treatment, storage or disposal of waste.
11-59	(29) "Solid waste" means garbage, refuse, and other discarded materials, including, but
11-60	not limited to, solid waste materials resulting from industrial, recreational, utility, and commercial
11-61	enterprises, hotels, apartments, or any other public building or private building, or agricultural, or
11-62	residential activities.
11-63	(30) "Solid waste disposal facility" means any real or personal property, related to or
11-64	incidental to any project, which is designed or intended or designated for the purpose of treating,
11-65	compacting, composting, or disposing of solid waste materials, including treatment, compacting,
11-66	composting, or disposal plants, site and equipment furnishings thereof, and their appurtenances.
11-67	(31) "Source" means any building, structure, facility or installation from which there is
11-68	or may be the discharge of sewage.
12-1	(32) "State" means the state of Rhode Island and Providence Plantations.
12-2	(33) "State agency" means any office, department, board, commission, bureau, division,
12-3	authority, or public corporation, agency or instrumentality of the state.
12-4	(34) "State guide plan" means the plan adopted pursuant to section 42-11-10, which
12-5	establishes the statewide planning program.
12-6	(35) "Utility facility" means any real or personal property designed, intended or utilized
12-7	for generating, manufacturing, producing, storing, transmitting, distributing, delivering, or
12-8	furnishing natural or manufactured gas, steam, electrical, or nuclear energy, heat, light, or power
12-9	directly or indirectly to or for any project, project user, or for the public, the collection and
12-10	disposal of storm and sanitary sewage; any railroads necessary or desirable for the free flow of
12-11	commerce to and from projects; any roads, highways, bridges, tunnels, viaducts, or other
12-12	crossings necessary or desirable for the free flow of commerce to and from projects, and any
12-13	public transportation systems or facilities, including, but not limited to, bus, truck, ferry, and
12-14	railroad terminals, depots, tracked vehicles, and other rolling stock and ferries; and any
12-15	appurtenances, equipment, and machinery or other personal property necessary or desirable for
12-16	the utilization thereof.
12-17	(36) "Water supply facility" means any real or personal property, or any combination
12-18	thereof, related to or incidental to any project, designed, intended, or utilized for the furnishing of
12-19	water for domestic, industrial, irrigation, or other purposes and including artesian wells,
12-20	reservoirs, dams, related equipment, and pipelines, and other facilities.
12-21	(37) "Renewable energy facility" means any real or personal property, or any
12-22	combination thereof, related to, or incidental to, any project, designed, intended, or utilized for an
12-23	eligible renewable energy resource that meets the criteria set forth in subsections 39-26-5(a) and
12-24	39-26-5(c).
12-25	42-64-4. Creation. -- (a) There is authorized, created, and established a public
12-26	corporation of the state having a distinct legal existence from the state and not constituting a
12-27	department of state government, which is a governmental agency and public instrumentality of
12-28	the state, to be known as the "Rhode Island ~~economic development~~ commerce corporation", and
12-29	which may be referred to as the "~~economic development~~ commerce corporation", with those
12-30	powers that are set forth in this chapter, for the purposes of acquiring and developing real and
12-31	personal property, and providing financing to others as set forth in this chapter, providing and
12-32	promoting and encouraging the preservation, expansion and sound development of new and
12-33	existing industry, business, commerce, agriculture, tourism, recreational, and renewable energy
12-34	facilities, promoting thereby the economic development of the state and the general welfare of its
13-1	citizens.
13-2	(b) The exercise by the corporation of the powers conferred by this chapter shall be
13-3	deemed and held to be the performance of an essential governmental function of the state for
13-4	public purposes. It is the intent of the general assembly by the passage of this chapter to vest in
13-5	the corporation all powers, authority, rights, privileges, and titles which may be necessary to
13-6	enable it to accomplish the purposes herein set forth, and this chapter and the powers granted
13-7	hereby shall be liberally construed in conformity with those purposes.
13-8	(c) The corporation and its corporate existence shall continue until terminated by law or
13-9	until the corporation shall cease entirely and continuously to conduct or be involved in any
13-10	business whatsoever in furtherance of its purposes; provided, that no termination shall take effect,
13-11	so long as the corporation shall have bonds, notes, or other obligations outstanding, unless
13-12	adequate provision shall have been made for the payment thereof pursuant to the documents
13-13	securing the obligations or to the terminating law. Upon termination of the existence of the
13-14	corporation, all of its rights and properties shall pass to and be vested in the state. At no time shall
13-15	the assets or other property of the corporation inure to the benefit of any person or other
13-16	corporation or entity.
13-17	42-64-5. Purposes. -- The Rhode Island ~~economic development~~ commerce corporation is
13-18	authorized, created, and established to be an agency under the jurisdiction of the state's lead
13-19	agency for economic development, the executive office of commerce, and to be the operating
13-20	agency of the state to carry out the policies and procedure as established by the secretary,
13-21	governor and the board of directors ~~as the state's lead agency for economic development~~
13-22	~~throughout Rhode Island~~ for the following purposes:
13-23	(1) To promote and encourage the preservation, expansion, and sound development of
13-24	new and existing industry, business, commerce, agriculture, tourism, and recreational facilities in
13-25	the state, which will promote the economic development of the state and the general welfare of its
13-26	citizens; and
13-27	(2) With respect to real property other than federal land or land related to federal land, to
13-28	undertake any project, except a residential facility; and
13-29	(3) With respect to federal land or land related to federal land, to undertake any project,
13-30	except as those responsibilities are assigned to the Quonset Development Corporation.; and
13-31	(4) To create an organization that is responsive to the needs and interests of businesses of
13-32	all sizes within the state of Rhode Island and to be structured to be customer centric to enhance
13-33	commerce in the state utilizing all available resources.
14-34	42-64-6. General powers. -- (a) Except to the extent inconsistent with any specific
14-35	provision of this chapter, the Rhode Island ~~economic development~~ commerce Corporation shall
14-36	have the power:
14-37	(1) To sue and be sued, complain and defend, in its corporate name.
14-38	(2) To have a seal, which may be altered at pleasure and to use the seal by causing it, or
14-39	a facsimile of the seal, to be impressed or affixed, or in any other manner reproduced.
14-40	(3) To purchase, take, receive, lease, or otherwise acquire, own, hold, improve, use, and
14-41	otherwise deal in and with, real or personal property, or any interest in real or personal property,
14-42	wherever situated.
14-43	(4) To sell, convey, mortgage, pledge, lease, exchange, transfer, and otherwise dispose of
14-44	all or any part of its property and assets for any consideration and upon any terms and conditions
14-45	as the corporation shall determine.
14-46	(5) To make contracts and guarantees and incur liabilities, borrow money at any rates of
14-47	interest as the corporation may determine.
14-48	(6) To make and execute agreements of lease, conditional sales contracts, installment
14-49	sales contracts, loan agreements, mortgages, construction contracts, operation contracts, and other
14-50	contracts and instruments necessary or convenient in the exercise of the powers and functions of
14-51	the corporation granted by this chapter.
14-52	(7) To lend money for its purposes, invest and reinvest its funds, and at its option to take
14-53	and hold real and personal property as security for the payment of funds so loaned or invested.
14-54	(8) To acquire or contract to acquire, from any person, firm, corporation, municipality,
14-55	the federal government, or the state, or any agency of either the federal government or the state,
14-56	by grant, purchase, lease, gift, condemnation, or otherwise, or to obtain options for the acquisition
14-57	of any property, real or personal, improved or unimproved, and interests in land less than the fee
14-58	thereof; and to own, hold, clear, improve, develop, and rehabilitate, and to sell, assign, exchange,
14-59	transfer, convey, lease, mortgage, or otherwise dispose or encumber that property for the
14-60	purposes of carrying out the provisions and intent of this chapter, for any consideration as the
14-61	corporation shall determine.
14-62	(9) To conduct its activities, carry on its operations, and have offices and exercise the
14-63	powers granted by this chapter, within or outside of the state.
14-64	(10) To elect or appoint officers and agents of the corporation, and define their duties
14-65	and fix their compensation.
14-66	(11) To make and alter by-laws, not inconsistent with this chapter, for the administration
14-67	and regulation of the affairs of the corporation, and those by-laws may contain provisions
14-68	indemnifying any person who is or was a director, officer, employee, or agent of the corporation,
15-1	or is or was serving at the request of the corporation as a director, officer, employee, or agent of
15-2	another corporation, partnership, joint venture, trust, or other enterprise, in the manner and to the
15-3	extent provided in section 7-1.2-814 of the business corporation act.
15-4	(12) To be a promoter, partner, member, associate, or manager of any partnership,
15-5	enterprise, or venture.
15-6	(13) To have and exercise all powers necessary or convenient to effect its purposes;
15-7	provided, however, that the corporation shall not have any power to create, empower or otherwise
15-8	establish any corporation, subsidiary corporation, corporate body, any form of partnership, or any
15-9	other separate entity without the express approval and authorization of the general assembly.
15-10	(b) Express approval and authorization of the general assembly shall be deemed to have
15-11	been given for all legal purposes on July 1, 1995 for the creation and lawful management of a
15-12	subsidiary corporation created for the management of the Quonset Point/Davisville Industrial
15-13	Park, that subsidiary corporation being managed by a board of directors, the members of which
15-14	shall be constituted as follows: (1) two (2) members who shall be appointed by the town council
15-15	of the town of North Kingstown; (2) two (2) members who shall be residents of the town of North
15-16	Kingstown appointed by the governor; (3) four (4) members who shall be appointed by the
15-17	governor; (4) the chairperson, who shall be: (i) the executive director of the Rhode Island
15-18	economic development corporation until such time that the secretary of commerce is appointed;
15-19	(ii) Upon the appointment of a secretary of commerce, the chief executive officer of the Rhode
15-20	Island commerce corporation, and who also shall be the secretary of the Rhode Island executive
15-21	office of commerce; and (5) non-voting members who shall be the members of the general
15-22	assembly whose districts are comprised in any part by areas located within the town of North
15-23	Kingstown.
15-24	The approval and authorization provided herein shall terminate upon the establishment
15-25	of the Quonset Development Corporation as provided for in chapter 64.10 of this title.
15-26	42-64-7. Additional general powers. -- In addition to the powers enumerated in section
15-27	42-64-6, except to the extent inconsistent with any specific provision of this chapter, the Rhode
15-28	Island ~~economic development~~ commerce corporation shall have power:
15-29	(1) To undertake the planning, development, construction, financing, management,
15-30	operation of any project, and all activities in relation thereto.
15-31	(2) (i) To sell, mortgage, lease, exchange, transfer, or otherwise dispose of or encumber
15-32	any port project, (or in the case of a sale, to accept a purchase money mortgage in connection
15-33	with any port project) or to grant options for any purposes with respect to any real or personal
15-34	property or interest in real or personal property, all of the foregoing for consideration as the
16-1	corporation shall determine. Any lease by the corporation to another party may be for any part of
16-2	the corporation's property, real or personal, for any period, upon any terms or conditions, with or
16-3	without an option on the part of the lessee to purchase any or all of the leased property for any
16-4	consideration, at or after the retirement of all indebtedness incurred by the corporation on account
16-5	thereof, as the corporation shall determine.
16-6	(ii) Without limiting the generality of the foregoing, the corporation is expressly
16-7	empowered to lease or sell any part of the real or personal property owned or controlled by the
16-8	corporation to the state, or any department of the state or to any municipality. The provisions of
16-9	this section or of any other laws of this state (other than this chapter) restricting the power of the
16-10	state, its departments or any municipality, to lease or sell property, or requiring or prescribing
16-11	publication of notice of intention to lease or sell, advertising for bids, the terms of contracts of
16-12	lease or sale, that would in any manner interfere with the purpose of this section, which is to
16-13	provide for the mutual cooperation by and between the corporation and the state, its departments
16-14	or any municipality, to the fullest extent possible, are not applicable to leases and sales made
16-15	pursuant to this section.
16-16	(3) To prepare or cause to be prepared plans, specifications, designs, and estimates of
16-17	costs for the construction, reconstruction, rehabilitation, improvement, alteration, or repair of any
16-18	project, and from time to time to modify those plans, specifications, designs, or estimates.
16-19	(4) To manage any project, whether then owned or leased by the corporation, and to
16-20	enter into agreements with the state or any municipality or any agency or their instrumentalities,
16-21	or with any person, firm, partnership, or corporation, either public or private, for the purpose of
16-22	causing any project to be managed.
16-23	(5) To provide advisory, consultative, training, and educational services, technical
16-24	assistance, and advice to any person, firm, partnership, or corporation, whether it is public or
16-25	private, in order to carry out the purposes of this chapter.
16-26	(6) Subject to the provisions of any contract with note holders or bond holders to consent
16-27	to the modification, with respect to rate of interest, time of payments of any installment of
16-28	principal or interest, security or any other term of any mortgage, mortgage loan, mortgage loan
16-29	commitment, contract, or agreement of any kind to which the corporation is a party.
16-30	(7) In connection with any property on which it has made a mortgage loan, to foreclose
16-31	on that property or commence an action to protect or enforce any right conferred upon it by law,
16-32	mortgage, contract, or other agreement and to bid for and purchase the property at any foreclosure
16-33	or any other sale, or to acquire or take possession of the property; and in that event the
16-34	corporation may complete, administer, pay the principal of, or interest on any obligations incurred
17-1	in connection with the property, dispose of, and otherwise deal with the property in a manner as
17-2	may be necessary or desirable to protect the interest of the corporation therein.
17-3	(8) As security for the payment of principal and interest on any bonds or notes or any
17-4	agreements made in connection therewith, to mortgage and pledge any or all of its projects and
17-5	property, whether then owned or thereafter acquired, and to pledge the revenues and receipts from
17-6	all or part thereof, and to assign or pledge the leases, sales contracts or loan agreements or other
17-7	agreements on any portion or all of its projects and property and to assign or pledge the income
17-8	received by virtue of the lease, sales contracts, loan agreements or other agreements.
17-9	(9) To invest any funds of the corporation, including funds held in reserve or sinking
17-10	funds, or any moneys not required for immediate use or disbursement at the discretion of the
17-11	corporation, in: (i) obligations of the state or the United States, (ii) obligations of the principal
17-12	and interest of which are guaranteed by the state or the United States, (iii) obligations of agencies
17-13	and instrumentalities of the state or the United States, or (iv) certificates of deposits of banks and
17-14	trust companies or shares of building loan associations organized under the laws of the state or
17-15	doing business in the state or (v) any obligations, securities, and other investments as shall be
17-16	specified in resolutions of the corporation.
17-17	(10) To engage the services of consultants on a contract basis for rendering professional
17-18	and technical assistance and advice, and to employ architects, engineers, attorneys, accountants,
17-19	construction, and financial experts and any other advisors, consultants, and agents as may be
17-20	necessary in his or her judgment, and to fix their compensation.
17-21	(11) To contract for and to accept any gifts or grants or loans or funds or property or
17-22	financial or other assistance in any form from the United States or any agency or instrumentality
17-23	of the United States or from the state or any agency or instrumentality of the state or from any
17-24	other source and to comply, subject to the provisions of this chapter, with the terms and
17-25	conditions of this contract.
17-26	(12) To enter into agreements with any municipality or political subdivision, either
17-27	directly or on behalf of any other party which holds legal title to all or any portion of a project as
17-28	the lessee from the corporation designated pursuant to section 42-64-20(c), providing that the
17-29	corporation or the lessee shall pay annual sums in lieu of taxes to the municipality or political
17-30	subdivision of the state in respect to any real or personal property which is owned by the
17-31	corporation or the lessee and is located in the municipality or political subdivision.
17-32	(13) To borrow money and to issue negotiable bonds and notes, and to provide for the
17-33	rights of the holders of these bonds and notes, for the purpose of providing funds to pay all or any
17-34	part of the cost of any port project or for the purpose of refunding any of these bonds issued.
18-1	(14) To construct, acquire, own, repair, develop, operate, maintain, extend, and improve,
18-2	rehabilitate, renovate, furnish, and equip one or more port projects and to pay all or any part of
18-3	the costs of these bonds and notes from the proceeds of bonds of the corporation or from any
18-4	contribution, gift, or donation or other funds made available to the corporation for those purposes.
18-5	(15) To fix, charge and collect rents, fees, tolls, and charges for the use of any port
18-6	project and to alter and investigate rates, and practices of charging, which affect port projects so
18-7	as to increase commerce in the state.
18-8	(16) To prescribe rules and regulations deemed necessary or desirable to carry out the
18-9	purposes of this chapter including rules and regulations to insure maximum use and proper
18-10	operation of port projects.
18-11	(17) To establish penalties for violations of any order, rule, or regulation of the
18-12	corporation, and a method of enforcing these penalties.
18-13	(18) To develop, maintain, and operate foreign trade zones under those terms and
18-14	conditions that may be prescribed by law.
18-15	(19) To impose administrative penalties in accordance with the provisions of section 42-
18-16	64-9.2.
18-17	(20) To make assessments and impose reasonable and just user charges, and to pay for
18-18	those expenses that may be required by law or as may be determined by the corporation to be
18-19	necessary for the maintenance and operation of the sewage treatment facility.
18-20	(21) To establish a sewage pretreatment program, and to require as a condition to the
18-21	grant or re-issuance of any approval, license, or permit required under the program that the person
18-22	applying for the approval, license or permit, pay to the corporation a reasonable fee based on the
18-23	cost of reviewing and acting upon the application and based on the costs of implementing the
18-24	program. In addition, where a violation of any of the provisions of this title or any permit, rule,
18-25	regulation, or order issued pursuant to this title have occurred, the violator shall reimburse the
18-26	corporation for the actual costs of implementing and enforcing the terms of the permit, rule,
18-27	regulation or order as a condition to the grant or re-issuance of any approval.
18-28	(22) To assist urban communities revitalize their local economics.
18-29	(23) To provide assistance to minority businesses and to neighborhoods where there is
18-30	insufficient economic and business investment.
18-31	(24) To support and assist entrepreneurial activity by minorities and by low and
18-32	moderate income persons.
18-33	(25) To issue bonds and notes of the type and for those projects and for those purposes
18-34	specified in any Joint Resolution of the General Assembly adopted by the Rhode Island house of
19-1	representatives and the Rhode Island senate; pursuant to section 18 of title 35 of the general laws
19-2	entitled "the Rhode Island Public Corporation Debt Management Act"; and to make such
19-3	determinations, enter into such agreements, to deliver such instruments and to take such other
19-4	actions as it shall deem necessary or desirable to effectuate the financing of such projects.
19-5	42-64-7.1. Subsidiaries. -- (a) (1) The parent corporation shall have the right to exercise
19-6	and perform its powers and functions, or any of them, through one or more subsidiary
19-7	corporations whose creation shall be approved and authorized by the general assembly.
19-8	(2) (i) Express approval and authorization of the general assembly shall be deemed to
19-9	have been given for all legal purposes on July 1, 1995 for the creation and lawful management of
19-10	a subsidiary corporation created for the management of the Quonset Point/Davisville Industrial
19-11	Park, that subsidiary corporation being managed by a board of directors, the members of which
19-12	shall be constituted as follows: (A) two (2) members who shall be appointed by the town council
19-13	of the town of North Kingstown; (B) two (2) members who shall be residents of the town of
19-14	North Kingstown appointed by the governor; (C) four (4) members who shall be appointed by the
19-15	governor; (D) the chairperson, who shall be: (i) the executive director of the Rhode Island
19-16	economic development corporation until such time that the secretary of commerce is appointed;
19-17	(ii) Upon the appointment of a secretary of commerce, the chief executive officer of the Rhode
19-18	Island commerce corporation, who also shall be the secretary of the Rhode Island executive office
19-19	of commerce; and (E) non-voting members, who shall include the members of the general
19-20	assembly whose districts are comprised in any part by areas located within the town of North
19-21	Kingstown and one non-voting member who shall be a resident of the town of Jamestown,
19-22	appointed by the town council of the town of Jamestown. Upon receipt of approval and
19-23	authorization from the general assembly, the parent corporation by resolution of the board of
19-24	directors may direct any of its directors, officers, or employees to create subsidiary corporations
19-25	pursuant to chapter 1.2 or 6 of title 7 or in the manner described in subsection (b); provided, that
19-26	the parent corporation shall not have any power or authority to create, empower or otherwise
19-27	establish any corporation, subsidiary corporation, corporate body or any form of partnership or
19-28	any other separate entity, without the express approval and authorization of the general assembly.
19-29	(ii) The approval and authorization provided herein shall terminate upon the
19-30	establishment of the Quonset Development Corporation as provided for in chapter 64.10 of this
19-31	title.
19-32	(iii) The Quonset Development Corporation shall be deemed a subsidiary of the Rhode
19-33	Island ~~economic development~~ commerce corporation:
20-34	(A) As set forth in section 42-64.10-6(c); and
20-35	(B) Insofar as it exercises any powers and duties delegated to it by the corporation
20-36	pursuant to this chapter for any project other than on real and personal property owned, leased or
20-37	under the control of the corporation located in the town of North Kingstown, and the corporation
20-38	shall be deemed to have authority to delegate any of its powers, with the exception of the power
20-39	to issue any form of negotiable bonds or notes and the power of eminent domain, in order to
20-40	accomplish the purposes of chapter 64.10 of this title; provided, however, that the corporation
20-41	may, as provided for in this chapter, issue bonds or exercise the power of eminent domain on
20-42	behalf of the Quonset Development Corporation or to undertake a project of the Quonset
20-43	Development Corporation.
20-44	(b) As used in this section, "subsidiary public corporation" means a corporation created
20-45	pursuant to the provisions of this section. The person or persons directed by the resolution
20-46	referred to in subsection (a) shall prepare articles of incorporation setting forth: (1) the name of
20-47	the subsidiary public corporation; (2) the period of duration, which may be perpetual; (3) the
20-48	purpose or purposes for which the subsidiary public corporation is organized which shall not be
20-49	more extensive than the purposes of the corporation set forth in section 42-64-5; (4) the number
20-50	of directors (which may, but need not be, more than one) constituting the initial board of directors
20-51	and their names and business or residence addresses; (5) the name and business or residence
20-52	address of the person preparing the articles of incorporation; (6) the date when corporate
20-53	existence shall begin (which shall not be earlier than the filing of the articles of incorporation
20-54	with the secretary of state as provided in this subsection); (7) any provision, not inconsistent with
20-55	law, which the board of directors elect to set forth in the articles of incorporation for the
20-56	regulation of the internal affairs of the subsidiary public corporation; and (8) a reference to the
20-57	form of authorization and approval by the general assembly and to the resolution of the board of
20-58	directors authorizing the preparation of the articles of incorporation. Duplicate originals of the
20-59	articles of incorporation shall be delivered to the secretary of state. If the secretary of state finds
20-60	that the articles of incorporation conform to the provisions of this subsection, the secretary shall
20-61	endorse on each of the duplicate originals the word "Filed," and the month, day and year of the
20-62	filing; file one of the duplicate originals in his or her office; and a certificate of incorporation to
20-63	which the secretary shall affix the other duplicate original. No filing fees shall be payable upon
20-64	the filing of articles of incorporation. Upon the issuance of the certificate of incorporation or upon
20-65	a later date specified in the articles of incorporation, the corporate existence shall begin and the
20-66	certificate of incorporation shall be conclusive evidence that all conditions precedent required to
20-67	be performed have been complied with and that the subsidiary public corporation has been duly
20-68	and validly incorporated under the provisions hereof. The parent corporation may transfer to any
21-1	subsidiary public corporation any moneys, real, personal, or mixed property or any project in
21-2	order to carry out the purposes of this chapter. Each subsidiary public corporation shall have all
21-3	the powers, privileges, rights, immunities, tax exemptions, and other exemptions of the parent
21-4	corporation except to the extent that the articles of incorporation of the subsidiary public
21-5	corporation shall contain an express limitation and except that the subsidiary public corporation
21-6	shall not have the condemnation power contained in section 42-64-9, nor shall it have the powers
21-7	contained in, or otherwise be subject to, the provisions of section 42-64-12 and section 42-64-
21-8	13(a), nor shall it have the power to create, empower or otherwise establish any corporation,
21-9	subsidiary corporation, corporate body, any form of partnership, or any other separate entity,
21-10	without the express approval and authorization of the general assembly.
21-11	(c) Any subsidiary corporation shall not be subject to the provisions of section 42-64-
21-12	8(a), (c), and (d), except as otherwise provided in the articles of incorporation of the subsidiary
21-13	corporation.
21-14	(d) The Rhode Island ~~economic development~~ commerce corporation, as the parent
21-15	corporation of the Rhode Island Airport Corporation, shall not be liable for the debts or
21-16	obligations or for any actions or inactions of the Rhode Island Airport Corporation, unless the
21-17	Rhode Island ~~economic development~~ commerce corporation expressly agrees otherwise in
21-18	writing.
21-19	(e) The East Providence Waterfront District shall, with the approval of its commission
21-20	and the board of directors of the corporation, 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 act 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	(f) The parent corporation is hereby authorized and empowered to create a subsidiary
21-29	corporation for the expressed purpose to issue bonds and notes of the type and for those projects
21-30	and purposes specified in the Joint Resolution and Act of the general assembly adopted by the
21-31	Rhode Island house of representatives and the Rhode Island senate.
21-32	(g) The I-195 redevelopment district shall be a subsidiary of the Rhode Island ~~economic~~
21-33	~~development~~ commerce corporation for the purposes of exercising such powers of the corporation
21-34	as the board of directors shall determine, and notwithstanding the requirements of subsection (b),
22-1	the chapter creating the district shall be deemed fully satisfactory for the purposes of this section
22-2	regarding the establishment of subsidiary public corporations, and the express approval and
22-3	authorization of the general assembly shall be deemed to have been given for all legal purposes
22-4	for the creation and lawful management of a subsidiary corporation created for the purposes of
22-5	implementing the purposes of the district.
22-6	(h) The Rhode Island airport corporation -- appointment of directors:
22-7	The board of directors of the Rhode Island airport corporation shall consist of seven (7)
22-8	members: The board of directors shall have extensive experience in the fields of finance,
22-9	business, construction and/or organized labor.
22-10	The governor of the State of Rhode Island shall appoint, with the advice and consent of
22-11	the senate when nominated to serve, the seven (7) members of the board of directors. One director
22-12	shall be appointed for a term of one year; two (2) directors shall be appointed for a term of two
22-13	(2) years; three (3) directors shall be appointed for a term of three (3) years; and one director shall
22-14	be appointed for a term of four (4) years. Appointments made thereafter shall be for four (4) year
22-15	terms.
22-16	Any vacancy occurring in the board of directors shall be filled by the governor of the
22-17	State of Rhode Island in the same manner prescribed for the original appointments.
22-18	A director appointed to fill a vacancy of a director appointed by the governor of the State
22-19	of Rhode Island shall be appointed for the unexpired portion of the term of office of the director
22-20	whose vacancy is to be filled.
22-21	All members of the board of directors of the Rhode Island airport corporation shall serve
22-22	without compensation.
22-23	42-64-7.4. Water supply facilities. -- (a) The Rhode Island ~~economic development~~
22-24	commerce corporation is authorized and empowered to acquire and construct water supply
22-25	facilities; to maintain, repair, and operate those facilities; and to issue revenue bonds of the
22-26	corporation payable solely from revenues derived from the leasing of those water supply facilities
22-27	to finance them. Development of these projects may be initiated by the corporation upon request
22-28	of a municipality or municipalities seeking to undertake the project either singly or jointly.
22-29	(b) Without limiting the generality of the foregoing, the corporation is expressly
22-30	empowered to lease or sell water supply facilities or any part of those facilities to any
22-31	municipality. A lease by the corporation to any municipality may be for any period, upon any
22-32	terms and conditions, with or without an option to purchase, as the corporation may determine.
22-33	(c) The provisions of any other laws or ordinances, general, special, or local, or of any
22-34	rule or regulation of the state or any municipality, restricting or regulating in any manner the
23-1	power of any municipality to lease, as lessee or lessor, or sell property real, personal, or mixed,
23-2	shall not apply to leases and sales made with authority pursuant to this section; and insofar as the
23-3	provisions of this section are inconsistent with the other laws of this state, general, special, or
23-4	local, restricting the power of any municipality to enter into a lease or to sell property, the
23-5	provisions of this section shall be controlling.
23-6	(d) Any municipality, notwithstanding any contrary provision of law, is authorized and
23-7	empowered to lease, lend, grant, or convey to the corporation, at its request upon those terms and
23-8	conditions that the proper authorities of a municipality may deem reasonable and fair and without
23-9	the necessity for any advertisement, order of court, or other action or formality, other than the
23-10	regular and formal action of the authorities concerned, any real property or personal property
23-11	which may be necessary or convenient to effectuation of the authorized purposes of the
23-12	corporation including real property already devoted to public use; and subject to the aforesaid, the
23-13	state consents to the use of all lands owned by it, including land lying under water, and which are
23-14	deemed by the corporation to be necessary for the construction or operation of any water supply
23-15	facilities.
23-16	42-64-7.5. ~~Transfer of functions from the department of economic development~~
23-17	Transfer of functions from the economic development corporation. -- (a) Effective January 1,
23-18	2014, all ~~All~~ functions formerly administered by the ~~department of~~ Rhode Island economic
23-19	development corporation are hereby transferred to the Rhode Island ~~economic development~~
23-20	commerce corporation. Also effective January 1, 2014, the commerce corporation shall assume
23-21	all rights, duties, liabilities, and obligations of the former economic development corporation, and
23-22	the commerce corporation shall be considered to be the successor-in-interest to the economic
23-23	development corporation.
23-24	(b) In addition to any of its other powers and responsibilities, the Rhode Island ~~economic~~
23-25	~~development~~ commerce corporation is authorized and empowered to accept any grants made
23-26	available by the United States government or any agency of the United States government, and
23-27	the corporation, with the approval of the governor, is authorized and empowered to perform any
23-28	acts and enter into all necessary contracts and agreements with the United States or any agency of
23-29	the United States as may be necessary in any manner and degree that shall be deemed to be in the
23-30	best interests of the state. The proceeds of any grants received shall be paid to the general
23-31	treasurer of the state and deposited in a separate fund to be used solely for the purposes of the
23-32	grant or grants.
23-33	42-64-7.6. Transfer of functions from the governor's office of intergovernmental
23-34	relations. -- (a) All functions formerly administered by the governor's office of
24-1	intergovernmental relations in the executive department relating to community development
24-2	block grants are hereby transferred to the department of administration, division of planning.
24-3	(b) In addition to any of its other powers and responsibilities, the Rhode Island ~~economic~~
24-4	~~development~~ commerce corporation is authorized and empowered to accept any grants made
24-5	available by the United States government or any agency of the United States government, and
24-6	the corporation, with the approval of the governor, is authorized and empowered to perform any
24-7	acts and enter into all necessary contracts and agreements with the United States or any agency of
24-8	the United States as may be necessary in any manner and degree that shall be deemed to be in the
24-9	best interest of the state. The proceeds of the received grants shall be paid to the general treasurer
24-10	and deposited in a separate fund to be used solely for the purposes of the grant or grants.
24-11	42-64-7.7. Grant of powers to the corporation. -- The Rhode Island ~~economic~~
24-12	~~development~~ commerce corporation is granted all of the powers necessary and convenient to
24-13	perform the functions transferred to the Rhode Island ~~economic development~~ commerce
24-14	corporation pursuant to sections 42-64-7.5 and 42-64-7.6.
24-15	42-64-7.8. Sewer treatment facilities, connections, sewer user fees, charges and
24-16	assessments. -- (a) The Rhode Island ~~economic development~~ commerce corporation shall have
24-17	full and complete authority to limit, deny, or cause appropriate direct or indirect connections to be
24-18	made between any building or property located in the Quonset Point/Davisville Industrial Park, or
24-19	from any location outside the boundaries of the Quonset Point/Davisville Park and discharging
24-20	into the corporation's sewage treatment facility. The corporation shall prescribe those rules and
24-21	regulations for sewer connections that in the opinion of the corporation are necessary and
24-22	appropriate for the maintenance and operation of the sewer treatment facility. No person shall
24-23	make any connection from any structure to any sewer or appurtenance thereto discharging to the
24-24	sewage treatment facility without first being granted a written permit from the corporation in
24-25	accordance with its rules and regulations. Rhode Island ~~economic development~~ commerce
24-26	corporation shall have full and complete power and authority to compel any person within the
24-27	Quonset Point/Davisville Industrial Park, for the purpose of sewage disposal, to establish a direct
24-28	connection on the property of the individual, firm, partnership or corporation, or at the boundary
24-29	thereof to the corporation's sewage treatment facility. These connections shall be made at the
24-30	expense of the individual, firm, partnership or corporation. The term "appurtenance" as used
24-31	herein shall be construed to include adequate pumping facilities, whenever the pumping facilities
24-32	shall be necessary to deliver sewage to the sewage treatment facility.
24-33	(b) The Rhode Island ~~economic development~~ commerce corporation shall assess any
24-34	person having a direct or indirect connection to the Quonset Point/Davisville Industrial Park
25-1	sewage treatment facility the reasonable charges for the use, operation, maintenance and
25-2	improvements to the facility.
25-3	(c) The Rhode Island ~~economic development~~ commerce corporation shall proceed under
25-4	the provisions of this chapter to collect the fees, charges and assessments from any individual,
25-5	firm, partnership or corporation so assessed. Each entity so assessed shall pay the fees, charges,
25-6	or assessments within the time frame prescribed by the rules and regulations of the corporation.
25-7	The Rhode Island ~~economic development~~ commerce corporation may collect the fees, charges
25-8	and assessments in the same manner in which taxes are collected by municipalities, with no
25-9	additional fees, charges, assessments or penalties (other than those provided for in chapter 9 of
25-10	title 44). All unpaid charges shall be a lien upon the real estate of the individual, firm, partnership
25-11	or corporation. The lien shall be filed in the records of land evidence for the city or town in which
25-12	the property is located and the corporation shall simultaneously with the filing of the lien give
25-13	notice to the property owner. Owners of property subject to a lien for unpaid charges are entitled
25-14	to a hearing within fourteen (14) days of the recording of the lien.
25-15	(d) Notwithstanding the provisions of subsection (c), the Rhode Island ~~economic~~
25-16	~~development~~ commerce corporation is authorized to terminate the water supply service of any
25-17	individual, firm, partnership or corporation for the nonpayment of sewer user fees, charges and
25-18	assessments. The corporation shall notify the user of termination of water supply at least forty-
25-19	eight (48) hours prior to ceasing service. The corporation may assess any individual, firm,
25-20	partnership or corporation any fees, charges and assessments affiliated with the shut off and
25-21	restoration of service.
25-22	42-64-7.9. Orders as to pretreatment of sewage. -- (a) Without limiting the generality
25-23	of the foregoing, the authority vested in the Rhode Island ~~economic development~~ commerce
25-24	corporation shall include the authority to limit, reject, or prohibit any direct or indirect discharge
25-25	of pollutants or combination of pollutants as defined by applicable federal or state law, into any
25-26	treatment facility operated by the corporation, to require that any person or class of user shall
25-27	submit any and all discharges into the corporation's wastewater collection and treatment system to
25-28	those pretreatment standards and requirements as prescribed by the corporation.
25-29	(b) The corporation shall adopt rules, regulations and permit requirements for
25-30	pretreatment. The corporation shall adopt rules, regulations and permit requirements necessary to
25-31	ensure compliance by all parties with:
25-32	(1) Applicable federal and state laws
25-33	(2) State and federal discharge permit limitations for the corporation's wastewater
25-34	treatment facility
26-1	(3) Necessary and appropriate local limitations.
26-2	(c) The Rhode Island ~~economic development~~ commerce corporation shall have the
26-3	authority to issue or deny permits to any person for the direct or indirect discharge of any
26-4	pollutants into any corporation wastewater treatment facility and to require the development of a
26-5	compliance schedule by each discharger to insure compliance with any pretreatment required by
26-6	the corporation. No person shall discharge any pollutant into the corporation's wastewater facility
26-7	except as in compliance with the provisions of this section and any rules and regulations
26-8	promulgated under this chapter and pursuant to all terms and conditions of a permit.
26-9	(d) The Rhode Island ~~economic development~~ commerce corporation may, by regulation,
26-10	order, permit or otherwise require any person who discharges into any wastewater treatment
26-11	facility owned by the corporation to:
26-12	(1) Establish and maintain records as required by federal or state statute, or by rule,
26-13	regulation, compliance order or permit terms;
26-14	(2) Make any and all reports as required by federal or state statute or by rule, regulation,
26-15	compliance order or permit terms;
26-16	(3) Install, calibrate, use and maintain any and all monitoring equipment or testing
26-17	procedures including, where appropriate, biological monitoring methods;
26-18	(4) Sample any discharges and effluents in accordance with the methods and at the
26-19	locations and at the intervals and in a manner as the corporation may prescribe, and
26-20	(5) Provide any other information relating to discharges into the facilities of the
26-21	corporation that the corporation may reasonably require to insure compliance with prescribed
26-22	pretreatment. The information shall include, but is not limited to, those records, reports and
26-23	procedures required by applicable federal and state laws.
26-24	(e) Notwithstanding any other provision of this section, the Rhode Island ~~economic~~
26-25	~~development~~ commerce corporation shall have the authority, and shall accordingly prescribe the
26-26	appropriate procedures, to immediately and effectively halt or prevent any discharge of pollutants
26-27	into the facilities of the corporation which reasonably appears to present an imminent danger to
26-28	human health or the environment. The Rhode Island ~~economic development~~ commerce
26-29	corporation shall also have the authority and shall prescribe the appropriate procedures, which
26-30	shall include notice to the affected discharger and an opportunity to respond, to hold or prevent
26-31	any discharge into the facilities of the corporation, which presents or may present a threat to the
26-32	operation of the wastewater collection and/or treatment system. Procedures prescribed under this
26-33	subsection, which comply in form to those provided in section 42-17.1-2(21) shall be deemed to
26-34	be appropriate.
27-1	42-64-7.11. Venture capital forum program. -- The Rhode Island ~~economic~~
27-2	~~development~~ commerce corporation shall establish a "Rhode Island Venture Capital Forum
27-3	Program." To establish the program, the corporation shall organize a statewide system for
27-4	facilitating venture capital investing. Such system may include, but need not be limited to, the
27-5	following:
27-6	(a) Identifying and providing information to investors about investment opportunities in
27-7	new and high-growth business enterprises;
27-8	(b) Identifying and providing information to entrepreneurs and high-growth business
27-9	enterprises about investors seeking investment opportunities;
27-10	(c) Providing statewide and regional meetings, forums, internet-based information
27-11	systems, venture capital fairs, and other opportunities for venture capital investors and new and
27-12	high-growth business enterprises to meet and discuss potential mutual opportunities;
27-13	(d) Cooperating with other service entities in facilitating effectiveness of the program
27-14	including, but not limited to, financial institutions, attorneys, accountants, investment banking
27-15	firms, established venture capital funds, institutions of higher education, local and regional
27-16	development organizations, business development centers, business incubators, and utilities;
27-17	(e) Serving as a clearinghouse and access point for information about venture capital
27-18	investment opportunities in Rhode Island;
27-19	(f) Serving as the central organization and means of delivering appropriate education and
27-20	training programs for potential investors and new or high-growth business enterprises;
27-21	(g) Facilitating the formation of private venture capital funds.;
27-22	(h) Reviewing annually the current status of venture capital in Rhode Island in
27-23	conjunction with the full capital continuum needs of businesses in Rhode Island and make such
27-24	report to the legislature as to the availability of capital for businesses in Rhode Island. The report
27-25	shall analyze the needs of small and larger businesses in Rhode Island. The corporation shall
27-26	work in conjunction with any organization formed to provide economic analysis for the state.
27-27	42-64-7.13. National security infrastructure support fund. -- The Rhode Island
27-28	~~economic development~~ commerce corporation is hereby authorized and empowered to administer
27-29	the national security infrastructure support fund in accordance with the powers and terms
27-30	enumerated in chapter 32 of title 30.
27-31	42-64-8. Directors, officers, and employees. -- (a) The powers of the Rhode Island
27-32	~~economic development~~ commerce corporation shall be vested in a board of directors consisting of
27-33	thirteen (13) members.
28-34	(1) The governor shall serve as a member of the board and as chairperson, ex-officio,
28-35	who shall vote only in the event of a tie.
28-36	(2) In addition to the governor, the membership of the board shall consist of twelve (12)
28-37	public members to be appointed by the governor.
28-38	(3) Each gubernatorial appointee shall be subject to the advice and consent of the senate
28-39	and no one shall be eligible for appointment unless he or she is a resident of this state. The
28-40	membership of the board shall reflect the geographic diversity of the state. Four (4) of the public
28-41	members shall be owners or principals of small businesses doing business in this state which are
28-42	independently owned and operated and which employs one hundred (100) or fewer persons. One
28-43	other of the public members shall be a representative of organized labor. One other of the public
28-44	members shall be a representative of higher education. One other of the public members shall be
28-45	a representative from the governor's work force board. One other of the public members shall be a
28-46	representative of a minority business. One other of the public members shall be appointed on an
28-47	interim basis by the governor when a project plan of the corporation situated on federal land is
28-48	disapproved by the governing body of a municipality in accordance with section 42-64-13(a)(4).
28-49	The member shall be the mayor of the municipality within whose borders all or a majority of the
28-50	project plan is to be carried out, or in a municipality, which has no mayor, the member shall be
28-51	the president of the town or city council. The appointed interim member shall have all the powers
28-52	of other members of the board only in its deliberations and action on the disapproval of the
28-53	project plan situated on federal land and within the borders of his or her municipality. Upon final
28-54	action by the board pursuant to section 42-64-13(a)(5), the interim member's term of appointment
28-55	shall automatically terminate.
28-56	(4) It shall be the responsibility of the corporation to conduct a training course for newly
28-57	appointed and qualified members and new designees of ex-officio members within six (6) months
28-58	of their qualification or designation. The course shall be developed by the executive director of
28-59	the corporation or his or her designee, be approved by the board, and conducted by the executive
28-60	director or his or her designee. The board may approve the use of any board or staff members or
28-61	other individuals to assist with training. The training course shall include instruction in the
28-62	following areas: the provisions of the entirety of chapter 64 of this title and of chapters 46 of this
28-63	title, 14 of title 36, and 2 of title 38 of the Rhode Island general laws; and the board's rules and
28-64	regulations. The director of the department of administration shall, within ninety (90) days of July
28-65	15, 2005, prepare and disseminate materials relating to the provisions of chapters 46 of this title,
28-66	14 of title 36, and 2 of title 38.
28-67	(5) Members of the board shall be removable by the governor, pursuant to the provisions
28-68	of section 36-1-7 and for cause only, and removal solely for partisan or personal reasons
29-1	unrelated to capacity or fitness for the office shall be unlawful.
29-2	(6) The five (5) current members of the board of directors who were duly appointed and
29-3	who have unexpired terms shall continue as directors of the corporation until February 1, 2010,
29-4	and thereafter until their successors are appointed and qualified. Upon passage of this act, the
29-5	governor shall appoint seven (7) members to the board, with terms expiring as follows: three (3)
29-6	members shall have terms expiring on February 1, 2011; three (3) members shall have terms
29-7	expiring on February 1, 2012; and one member shall have a term expiring on February 1, 2013. In
29-8	January 2010, the governor shall appoint five (5) members to the board with terms expiring as
29-9	follows: two (2) members shall have terms expiring on February 1, 2013 and three (3) members
29-10	shall have terms expiring on February 1, 2014. Beginning in 2011 and annually thereafter, during
29-11	the month of January, the governor shall appoint a member or members to succeed the member or
29-12	members whose terms will then next expire to serve for a term of four (4) years commencing on
29-13	the first day of February and then next following, and thereafter until the successors are appointed
29-14	and qualified. Beginning in 2011 and annually thereafter the governor shall appoint owners or
29-15	principals of small businesses doing business in this state which are independently owned and
29-16	operated, and which employs one hundred (100) or fewer persons. The members of the board
29-17	shall be eligible to succeed themselves, but only upon reappointment and with senate advice and
29-18	consent. The current members of the board of directors of the Rhode Island economic
29-19	development corporation who were duly appointed and who have unexpired terms shall be
29-20	considered as directors of the corporation until their terms expire, and thereafter until their
29-21	successors are appointed and qualified.
29-22	(7) In the event of a vacancy occurring in the office of a member by death, resignation or
29-23	otherwise, that vacancy shall be filled in the same manner as an original appointment, but only for
29-24	the remainder of the term of the former member.
29-25	(b) The directors shall receive no compensation for the performance of their duties under
29-26	this chapter, but each director shall be reimbursed for his or her reasonable expenses incurred in
29-27	carrying out those duties. A director may engage in private employment, or in a profession or
29-28	business.
29-29	(c) The chairperson shall designate a vice chairperson from among the members of the
29-30	board who shall serve at the pleasure of the chairperson. A majority of directors holding office
29-31	shall constitute a quorum, and, except as otherwise provided in section 42-64-13, any action to be
29-32	taken by the corporation under the provisions of this chapter may be authorized by resolution
29-33	approved by a majority of the directors present and entitled to vote at any regular or special
29-34	meeting at which a quorum is present. A vacancy in the membership of the board of directors
30-1	shall not impair the right of a quorum to exercise all of the rights and perform all of the duties of
30-2	the corporation.
30-3	(d) The chief executive officer of the corporation shall be executive director of the
30-4	corporation until such time that the secretary of commerce is appointed. ~~, appointed by the~~
30-5	~~governor with the advice and consent of the senate. The executive director shall hold office for~~
30-6	~~the term of three (3) years from the time of his or her appointment and until his or her successor is~~
30-7	~~duly appointed and qualified. The director shall be eligible for reappointment, and shall not~~
30-8	~~engage in any other occupation. The executive director of the corporation shall be entitled to~~
30-9	~~receive for his or her services any reasonable compensation as the board of directors may~~
30-10	~~determine.~~ Upon the appointment of a secretary of commerce, the secretary of commerce shall be
30-11	the commerce corporation’s chief executive officer and responsible for the management of the
30-12	corporation. There shall be a chief operating officer (COO) of the corporation and he/she shall be
30-13	appointed by the secretary of commerce. The COO shall be the chief administrative officer of the
30-14	corporation and responsible for the day to day management of the corporation. The COO shall be
30-15	a professional in the area of economic development, management of economic development
30-16	corporations, and shall hold the requisite experience and education as established by the secretary
30-17	and board.
30-18	(e) The board of directors shall appoint a secretary and such additional officers and staff
30-19	members as they shall deem appropriate and shall determine the amount of reasonable
30-20	compensation, if any, each shall receive. The board of directors may vest in the executive
30-21	director, or the director's subordinates and, upon the appointment of a secretary of commerce, the
30-22	chief operating officer or the chief operating officer's subordinates, the authority to appoint
30-23	additional staff members and to determine the amount of compensation each individual shall
30-24	receive.
30-25	(f) No full-time employee shall during the period of his or her employment by the
30-26	corporation engage in any other private employment, profession or business, except with the
30-27	approval of the board of directors.
30-28	(g) Notwithstanding any other law to the contrary, it shall not be or constitute a conflict
30-29	of interest for a director, officer, or employee of any financial institution, investment banking
30-30	firm, brokerage firm, commercial bank, trust company, building-loan association, architecture
30-31	firm, insurance company, or any other firm, person, or corporation to serve as a director of the
30-32	corporation, nor shall any contract or transaction between the corporation and a financial
30-33	institution, investment banking firm, brokerage firm, commercial bank, trust company, building-
30-34	loan association, architecture firm, insurance company, or other firm, person, or corporation be
31-1	void or voidable by reason of that service as director of the corporation. If any director, officer, or
31-2	employee of the corporation shall be interested either directly or indirectly, or shall be a director,
31-3	officer, or employee of or have an ownership interest (other than as the owner of less than one
31-4	percent (1%) of the shares of a publicly-held corporation) in any firm or corporation interested
31-5	directly or indirectly in any contract with the corporation, that interest shall be disclosed to the
31-6	corporation and set forth in the minutes of the corporation, and the director, officer, or employee
31-7	having that ownership interest shall not participate on behalf of the corporation in the
31-8	authorization of that contract. Interested directors may be counted in determining the presence of
31-9	a quorum at a meeting of the board of directors of the corporation, which authorizes the contract
31-10	or transaction.
31-11	(h) Any action taken by the corporation under the provisions of this chapter may be
31-12	authorized by vote at any regular or special meeting, and each vote shall take effect immediately.
31-13	The corporation shall be subject to the provisions of chapter 42-46 ("Open Meetings") and
31-14	chapter 38-2 ("Access to Public Records"). ~~All meetings shall be open to the public and all~~
31-15	~~records shall be a matter of public record except that if a majority of the board of directors~~
31-16	~~decides that it would be in the best interests of the corporation and the state to hold an executive~~
31-17	~~session in private, then the board of directors is authorized to transact any business it deems~~
31-18	~~necessary at that executive session in private, and the record of the executive session shall not~~
31-19	~~become a matter of public record until the transaction discussed has in the opinion of the board of~~
31-20	~~directors been completed.~~
31-21	(i) The board of directors may designate from among its members an executive
31-22	committee and one or more other committees each of which, to the extent authorized by the board
31-23	of directors, shall have and may exercise all of the authority of the board of directors, but no
31-24	executive committee shall have the authority of the board of directors in reference to the
31-25	disposition of all or substantially all of the property and assets of the corporation, amending the
31-26	by-laws of the corporation, exercising the condemnation power conferred upon the corporation by
31-27	section 42-64-9 or taking actions described or referred to in section 42-64-13(a).
31-28	(j) The board shall create a capital finance subcommittee which shall be responsible for
31-29	drafting for board approval a set of guidelines, principals and processes for all loans, loan
31-30	guarantees and financing programs. The guidelines shall contain a set of metrics which the board
31-31	can use to determine the effectiveness of each program and to inform the governor and the
31-32	general assembly of the outcome of the various programs and to determine if there is need for
31-33	modification, continuance or termination. The guidelines shall also contain measures to annually
31-34	review the outstanding loan and loan guarantee programs to determine if the loans and loan
32-1	guarantees were granted in accordance with the board’s guidelines and principals and to
32-2	determine the risk factors normally used by lending institutions to determine risk and potential for
32-3	repayment. The board shall also implement the provisions of sections 42-64-36 and 42-64-37.
32-4	~~(j)~~(k) Any action required by this chapter to be taken at a meeting of the board of
32-5	directors, or any action which may be taken at a meeting of the board of directors, or committee
32-6	of the board of directors, may be taken without a meeting if a consent in writing, setting forth the
32-7	action to be taken, shall be signed before or after that action by all of the directors, or all of the
32-8	members of the committee, as the case may be.
32-9	~~(k)~~(l) Employees of the corporation shall not, by reason of their employment, be deemed
32-10	to be employees of the state for any purpose, any other provision of the general laws to the
32-11	contrary notwithstanding, including, without limiting the generality of the foregoing, chapters 29,
32-12	39, and 42 of title 28 and chapters 4, 8, 9, and 10 of title 36.
32-13	(m) The board shall create a set of metrics and reporting requirements to disclose the
32-14	programs and services offered or provided by the corporation and the effectiveness of each
32-15	offering. The board shall develop an annual report containing these metrics and shall submit the
32-16	report to the governor and the general assembly. The annual report shall also contain
32-17	recommendations for improving the business climate within the state and other actions the board
32-18	deems necessary to improve its effectiveness.
32-19	42-64-8.1. Appropriation and expenses. -- The general assembly shall annually
32-20	appropriate any sums that it may deem necessary to carry out the provisions of this chapter; and
32-21	the state controller is authorized and directed to draw his or her orders upon the general treasurer
32-22	for the payment of that sum, or so much as may be required from time to time, upon receipt by
32-23	the controller of proper vouchers authenticated.
32-24	42-64-9. Condemnation power. -- (a) If, for any of the purposes of this chapter, the
32-25	Rhode Island ~~economic development~~ commerce corporation shall find it necessary to acquire any
32-26	real property, whether for immediate or future use, the corporation may find and determine that
32-27	the property, whether a fee simple absolute or a lesser interest, is required for the acquisition,
32-28	construction, or operation of a project, and upon that determination, the property shall be deemed
32-29	to be required for public use until otherwise determined by the corporation; and with the
32-30	exceptions hereinafter specifically noted, the determination shall not be affected by the fact that
32-31	the property has been taken for, or is then devoted to, a public use; but the public use in the hands
32-32	or under the control of the corporation shall be deemed superior to the public use in the hands of
32-33	any other person, association, or corporation; provided further, however, that no real property or
32-34	interest, estate, or right in these belonging to the state shall be acquired without consent of the
33-1	state; and no real property or interest, estate, or right in these belonging to any municipality shall
33-2	be acquired without the consent of the municipality; and no real property, or interest or estate in
33-3	these, belonging to a public utility corporation may be acquired without the approval of the public
33-4	utility commission or another regulatory body having regulatory power over the corporation
33-5	except for the following real property or interest or estate in these: the underground electric
33-6	distribution system, located at the Quonset Point/Davisville industrial complex ("QP/D"), North
33-7	Kingstown, Rhode Island, consisting of lines of buried wires and cables and lines of wires and
33-8	cables installed in underground conduits, together with all equipment and appurtenances to these
33-9	for the furnishing of underground electric service running from the southwesterly side of Kiefer
33-10	Park Substation 81 located in QP/D in an easterly and southeasterly direction to Carrier Pier
33-11	Substation 82 located in QP/D together with any and all rights and easements as may be
33-12	necessary to repair, maintain, operate or otherwise gain access to the above-mentioned property.
33-13	(b) The corporation may proceed to acquire and is authorized to and may proceed to
33-14	acquire property, whether a fee simple absolute or a lesser interest, by the exercise of the right of
33-15	eminent domain in the manner prescribed in this chapter.
33-16	(c) Nothing contained in this section shall be construed to prohibit the corporation from
33-17	bringing any proceedings to remove a cloud on title or any other proceedings that it may, in its
33-18	discretion, deem proper and necessary, or from acquiring property by negotiation or purchase.
33-19	(d) The necessity for the acquisition of property under this chapter shall be conclusively
33-20	presumed upon the adoption by the corporation of a vote determining that the acquisition of the
33-21	property or any interest in property described in that vote is necessary for the acquisition,
33-22	construction, or operation of a project. Within six (6) months after its passage, the corporation
33-23	shall cause to be filed in the appropriate land evidence records a copy of its vote together with a
33-24	statement signed by the chairperson or vice-chairperson of the corporation that the property is
33-25	taken pursuant to this chapter, and also a description of the real property indicating the nature and
33-26	extent of the estate or interest in the estate taken and a plat of the real property, which copy of the
33-27	vote and statement of the chairperson or vice-chairperson shall be certified by the secretary of the
33-28	corporation and the description and plat shall be certified by the city or town clerk for the city or
33-29	town within which the real property lies.
33-30	(e) Forthwith thereafter the corporation shall cause to be filed in the superior court in and
33-31	for the county within which the real property lies a statement of the sum of money estimated to be
33-32	just compensation for the property taken, and shall deposit in the superior court to the use of the
33-33	persons entitled to the money the sum set forth in the statement. The corporation shall satisfy the
33-34	court that the amount deposited with the court is sufficient to satisfy the just claims of all persons
34-1	having an estate or interest in the real property. Whenever the corporation satisfies the court that
34-2	the claims of all persons interested in the real property taken have been satisfied, the unexpended
34-3	balance shall be ordered repaid forthwith to the corporation.
34-4	(f) Upon the filing of the copy of the vote, statement, description, and plat in the land
34-5	evidence records and upon the making of the deposit in accordance with the order of the superior
34-6	court, title to the real property in fee simple absolute or any lesser estate or interest specified in
34-7	the resolution shall vest in the corporation, and that real property shall be deemed to be
34-8	condemned and taken for the use of the corporation and the right to just compensation for the
34-9	condemned property shall vest in the persons entitled to compensation, and the corporation
34-10	thereupon may take possession of the real property. No sum paid unto the court shall be charged
34-11	with clerks' fees of any nature.
34-12	(g) After the filing of the copy of the vote, statement, description, and plat, notice of the
34-13	taking of that land or other real property shall be served upon the owners of, or persons having
34-14	any estate or interest in, the real property by the sheriff or his or her deputies of the county in
34-15	which the real estate is situated by leaving a true and attested copy of the vote, statement,
34-16	description, and plat with each of those persons personally, or at the last and usual place of abode
34-17	in this state with some person living there, and in case any of those persons are absent from this
34-18	state and have no last and usual place of abode therein occupied by any person, the copy shall be
34-19	left with the person or persons, if any, in charge of, or having possession of the real property
34-20	taken of the absent persons, and another copy shall be mailed to the address of the person, if the
34-21	address is known to the officer serving the notice.
34-22	(h) After the filing of the vote, description, and plat, the corporation shall cause a copy to
34-23	be published in some newspaper having general circulation in the city or town in which the real
34-24	property lies at least once a week for three (3) successive weeks.
34-25	(i) If any party shall agree with the corporation upon the price to be paid for the value of
34-26	the real property so taken and of appurtenant damage to any remainder or for the value of his or
34-27	her estate, right, or interest therein, the court, upon application of the parties in interest, may order
34-28	that the sum agreed upon be paid forthwith from the money deposited, as the just compensation to
34-29	be awarded in the proceedings; provided, however, that no payment shall be made to any official
34-30	or employee of the corporation for any property or interest in the property acquired from the
34-31	official or employee unless the amount of the payment is determined by the court to constitute
34-32	just compensation to be awarded in the proceedings.
34-33	(j) Any owner of, or person entitled to any estate or right in, or interested in any part of,
34-34	the real property taken, who cannot agree with the corporation upon the price to be paid for his or
35-1	her estate, right or interest in the real property taken and the appurtenant damage to the
35-2	remainder, may, within three (3) months after personal notice of the taking, or if he or she has no
35-3	personal notice, may within one year from the time the sum of money estimated to be just
35-4	compensation is deposited in the superior court to the use of the persons entitled to the
35-5	compensation, apply by petition to the superior court for the county in which the real property is
35-6	situated, setting forth the taking of his or her land or his or her estate or interest in these and
35-7	praying for an assessment of damages by the court or by a jury. Upon the filing of the petition,
35-8	the court shall cause twenty (20) days' notice of the pendency of a trial to be given to the
35-9	corporation by serving the chairperson or vice chairperson of the corporation with a certified copy
35-10	of the notice.
35-11	(k) After the service of notice, the court may proceed to the trial thereof. The trial shall
35-12	be conducted as other civil actions at law are tried. The trial shall determine all questions of fact
35-13	relating to the value of the real property, and any estate or interest, and the amount of this value
35-14	and the appurtenant damage to any remainder and the amount of this damage, and the trial and
35-15	decision or verdict of the court or jury shall be subject to all rights to except to rulings, to move
35-16	for new trial, and to appeal, as are provided by law. Upon the entry of judgment in those
35-17	proceedings, execution shall be issued against the money deposited in court and in default against
35-18	any other property of the corporation.
35-19	(l) In case two (2) or more petitioners make claim to the same real property, or to any
35-20	estate or interest, or to different estate or interests in the same real property, the court shall, upon
35-21	motion, consolidate their several petitions for trial at the same time, and may frame all necessary
35-22	issues for the trial.
35-23	(m) If any real property or any estate or interest, in which any minor or other person not
35-24	capable in law to act in his or her own behalf is interested, is taken under the provisions of this
35-25	chapter, the superior court, upon the filing of a petition by or in behalf of the minor or person or
35-26	by the corporation, may appoint a guardian ad litem for the minor or other person. Guardians
35-27	may, with the advice and consent of the superior court, and upon any terms as the superior court
35-28	may prescribe, release to the corporation all claims for damages for the land of the minor or other
35-29	person or for any estate or interest. Any lawfully appointed, qualified, and acting guardian or
35-30	other fiduciary of the estate of any minor or other person, with the approval of the court of
35-31	probate within this state having jurisdiction to authorize the sale of lands and properties within
35-32	this state of the minor or other person, may before the filing of any petition, agree with the minor
35-33	or other person for any taking of his or her real property or of his or her interest or estate, and
35-34	may, upon receiving the amount, release to the corporation all claims for damages for the minor
36-1	or other person for the taking.
36-2	(n) In case any owner of or any person having an estate or interest in the real property
36-3	fails to file his or her petition, superior court for the county in which the real property is situated,
36-4	in its discretion, may permit the filing of the petition within one year subsequent to the year
36-5	following the time of the deposit in the superior court of the sum of money estimated to be just
36-6	compensation for the property taken; provided, the person shall have had no actual knowledge of
36-7	the taking of the land in season to file the petition; and provided, no other person or persons
36-8	claiming to own the real property or estate or interest shall have been paid the value; and
36-9	provided, no judgment has been rendered against the corporation for the payment of the value to
36-10	any other person or persons claiming to own the real estate.
36-11	(o) If any real property or any estate or interest is unclaimed or held by a person or
36-12	persons whose whereabouts are unknown, after making inquiry satisfactory to the superior court
36-13	for the county in which the real property lies, the corporation, after the expiration of two (2) years
36-14	from the first publication of the copy of the vote, statement, description, and plat, may petition the
36-15	court that the value of the estate or interest of the unknown person or persons be determined.
36-16	After the notice by publication to any person or persons that the court in its discretion may order,
36-17	and after a hearing on the petition, the court shall fix the value of the estate or interest and shall
36-18	order the sum to be deposited in the registry of the court in a special account to accumulate for
36-19	the benefit of the person or persons, if any, entitled to it. The receipt of the clerk of the superior
36-20	court shall constitute a discharge of the corporation from all liability in connection with the
36-21	taking. When the person entitled to the money deposited shall have satisfied the superior court of
36-22	his or her right to receive that money, the court shall cause it to be paid over to him or her, with
36-23	all accumulations thereon.
36-24	(p) The superior court shall have power to make any orders with respect to
36-25	encumbrances, liens, taxes, and other charges on the land, if any, as shall be just and equitable.
36-26	(q) Whenever, in the opinion of the corporation, a substantial saving in the cost of
36-27	acquiring title can be effected by conveying other real property, title to which is in the
36-28	corporation, to the person or persons from whom the estate or interest in real property is being
36-29	purchased or taken, or by the construction or improvement by the corporation of any work or
36-30	facility upon the remaining real property of the person or persons from whom the estate or
36-31	interest in real property is being purchased or taken, the corporation shall be and hereby is
36-32	authorized to convey that other real property to the person or persons from whom the estate or
36-33	interest in real property is being purchased or taken and to construct or improve any work or
36-34	facility upon the remaining land of the person or persons.
37-1	(r) At any time during the pendency of any proceedings for the assessment of damages
37-2	for property or interests taken or to be taken by eminent domain by the corporation, the
37-3	corporation or any owner may apply to the court for an order directing an owner or the
37-4	corporation, as the case may be, to show cause why further proceedings should not be expedited,
37-5	and the court may upon that application make an order requiring that the hearings proceed and
37-6	that any other steps be taken with all possible expedition.
37-7	42-64-9.1. Inspection powers. -- (a) The Rhode Island ~~economic development~~
37-8	commerce corporation is authorized to carry out all inspection, surveillance and monitoring
37-9	procedures necessary to determine, independent of information supplied by any discharger or
37-10	permit holder compliance or non-compliance by the person with pretreatment requirements
37-11	prescribed by the corporation.
37-12	(b) The corporation or its duly authorized employees or agents, upon presentation of
37-13	identification and appropriate credentials, is authorized:
37-14	(1) To enter without delay and at reasonable times, those premises, both public and
37-15	private, either receiving services from the corporation, or applying for a permit for discharge into
37-16	the corporation's wastewater collection and treatment system;
37-17	(2) To examine any and all records kept in accordance with the rules and regulations
37-18	adopted by the corporation, or required by permit or compliance order or maintained pursuant to
37-19	section 42-64-7.9;
37-20	(3) To have access to and inspect or test any monitoring or testing equipment or
37-21	monitoring or testing method, or to sample any effluent or discharge during regular working
37-22	hours, or at other reasonable times, or at any time a discharge is reasonably believed to present an
37-23	imminent danger to human health or the environment.
37-24	(c) Any person obstructing, hindering or in any way causing to be obstructed or hindered
37-25	the corporation or its duly authorized employees or agents in the performance of their duties, or
37-26	who shall refuse to permit the corporation or its duly authorized employees or agents entrance to
37-27	or egress from any premises, buildings, plant or equipment or other places belonging to or
37-28	controlled by the person in the performance of his or her duties shall be subject to the civil and
37-29	criminal penalties set forth in sections 42-64-9.2 and 42-64-9.3.
37-30	42-64-9.2. Civil penalties. -- (a) Any person who violates the provisions of this chapter
37-31	or of any permit, rule, regulation, or order issued pursuant thereto, shall be subject to a civil
37-32	penalty of not more than twenty-five thousand dollars ($25,000) for each day during which the
37-33	violation occurs.
38-34	(b) The Rhode Island ~~economic development~~ commerce corporation shall, in the same
38-35	manner as cities and towns are authorized under the provisions of section 45-6-2.3(a)(4) and the
38-36	Narragansett Bay Commission are authorized under the provisions of section 46-25-25.2(b),
38-37	obtain actual costs and reasonable attorney's fees incurred by the corporation in seeking
38-38	compliance, penalties or damages.
38-39	42-64-9.4. Procedures for enforcement. -- (a) The Rhode Island ~~economic development~~
38-40	commerce corporation shall have authority to seek legal or equitable relief in the federal court or
38-41	in the superior court of Providence county to enforce the requirements of sections 307(b) and (c);
38-42	402(b)(8) and other applicable sections of the Federal Water Pollution Control Act [33 U.S.C.
38-43	section 1251 et seq.]and any regulations implementing those sections or authorized by this
38-44	chapter. Whenever, on the basis of any information available to the corporation, the corporation
38-45	has reasonable grounds to believe that a person has violated any provision of this chapter or of
38-46	any permit, rule, regulation or order issued pursuant to this chapter the corporation may institute
38-47	administrative, civil or criminal proceedings in the name of the Rhode Island ~~economic~~
38-48	~~development~~ commerce corporation. The corporation shall not be required to enter into any
38-49	recognizance or give surety for costs prior to instituting this proceeding. The corporation has the
38-50	authority to order any person who violates any provision of this chapter or of any permit, rule,
38-51	regulation or order issued pursuant to this chapter to cease and desist the violation or to remedy
38-52	the violation and to impose administrative penalties. The corporation may impose administrative
38-53	penalties only in accordance with the notice and hearing provisions of chapter 35 of this title, this
38-54	chapter and as set forth in the corporation's rules and regulations.
38-55	(b) The superior court for Providence county shall have jurisdiction to enforce the
38-56	provisions of this chapter and any rule, regulation, permit or administrative order issued pursuant
38-57	to this chapter. Proceedings for enforcement may be instituted and prosecuted in the name of the
38-58	corporation. In any proceeding on which injunctive relief is sought, it shall not be necessary for
38-59	the corporation to establish that without the relief the injury, which will result will be irreparable
38-60	or that the remedy at law is inadequate. Proceedings provided in this section shall be in addition
38-61	to, and may be utilized in lieu of, other administrative or judicial proceedings authorized by this
38-62	chapter.
38-63	42-64-9.5. Hearings. -- At all hearings held under the provisions of this chapter, the
38-64	Rhode Island ~~economic development~~ commerce corporation and its members shall have the right
38-65	to administer oaths. All persons testifying at the hearings shall do so under oath and under penalty
38-66	of perjury. The corporation shall have the right to issue subpoenas to compel the appearance of
38-67	witnesses and/or the production of any books, records, or other documents. Any person may be
38-68	represented by counsel at the hearing. The corporation may adjourn the hearings from time to
39-1	time whenever the adjournment shall in its opinion, be necessary or desirable. The testimony
39-2	adduced at the hearing shall be transcribed by a stenographer.
39-3	42-64-9.6. Notice of decisions. -- Within a reasonable time following the conclusion of
39-4	the hearing, the Rhode Island ~~economic development~~ commerce corporation shall render its
39-5	decision and findings and shall give notice by publication in some newspaper of general
39-6	circulation published in Rhode Island and distributed in Washington and Providence counties and
39-7	by mailing a copy by registered or certified mail to each person who shall have registered with
39-8	the corporation with his or her name and address with a request for specific notification of the
39-9	results of the hearing.
39-10	42-64-9.7. Notice of hearing on orders. -- Before adopting or entering any order
39-11	applicable to any one or more specific persons, the Rhode Island ~~economic development~~
39-12	commerce corporation shall give to each of the persons, by registered or certified mail, twenty
39-13	(20) days notice of the time and place of the hearing to be afforded to each of the persons if he,
39-14	she or it desires the hearing. The notice shall state the date, time and location of the hearing.
39-15	42-64-9.9. Public access to information. -- Any permit, permit application or effluent
39-16	data shall be available to the public for inspection and copying~~. The Rhode Island economic~~
39-17	~~development corporation shall treat as privileged any information, which would, if made public,~~
39-18	~~divulge methods or processes entitled to protections as trade secrets of the person or entity.~~ in
39-19	accordance with chapter 38-2 ("Access to Public Records"). Confidential or privileged materials
39-20	may be disclosed or transmitted to other officers, employees or agents of the corporation.
39-21	42-64-9.10. Rules and regulations -- Notice of rule review. -- The Rhode Island
39-22	~~economic development~~ commerce corporation may adopt rules and regulations or any
39-23	amendments to rules and regulations according to the provisions of chapter 35 of title 42. The
39-24	corporation shall also give notice of these rules and regulations or any amendments, prior to their
39-25	effective date, by sending, by registered or certified mail, copies to each person interested in these
39-26	rules, regulations or any amendments who shall have registered with the corporation his or her
39-27	name and address, with a request to be notified. Review of the rules and regulations may be had
39-28	as provided in chapter 35 of title 42.
39-29	42-64-10. Findings of the corporation. -- (a) Except as specifically provided in this
39-30	chapter, the Rhode Island ~~economic development~~ commerce corporation shall not be empowered
39-31	to undertake the acquisition, construction, reconstruction, rehabilitation, development, or
39-32	improvement of a project, nor enter into a contract for any undertaking or for the financing of this
39-33	undertaking, unless it first:
40-34	(1) Finds:
40-35	(i) That the acquisition or construction and operation of the project will prevent,
40-36	eliminate, or reduce unemployment or underemployment in the state and will generally benefit
40-37	economic development of the state;
40-38	(ii) That adequate provision has been made or will be made for the payment of the cost
40-39	of the acquisition, construction, operation, and maintenance and upkeep of the project;
40-40	(iii) That, with respect to real property, the plans and specifications assure adequate
40-41	light, air, sanitation, and fire protection;
40-42	(iv) That the project is in conformity with the applicable provisions of chapter 23 of title
40-43	46; and
40-44	(v) That the project is in conformity with the applicable provisions of the state guide
40-45	plan; and
40-46	(2) Prepares and publicly releases an analysis of the impact the proposed project will or
40-47	may have on the State. The analysis shall be supported by appropriate data and documentation
40-48	and shall consider, but not be limited to, the following factors:
40-49	(i) The impact on the industry or industries in which the completed project will be
40-50	involved;
40-51	(ii) State fiscal matters, including the state budget (revenues and expenses);
40-52	(iii) The financial exposure of the taxpayers of the state under the plans for the proposed
40-53	project and negative foreseeable contingencies that may arise therefrom;
40-54	(iv) The approximate number of full-time, part-time, temporary, seasonal, and/or
40-55	permanent jobs projected to be created, construction and non-construction;
40-56	(v) Identification of geographic sources of the staffing for identified jobs;
40-57	(vi) The projected duration of the identified construction jobs;
40-58	(vii) The approximate wage rates for each category of the identified jobs;
40-59	(viii) The types of fringe benefits to be provided with the identified jobs, including
40-60	healthcare insurance and any retirement benefits;
40-61	(ix) The projected fiscal impact on increased personal income taxes to the state of Rhode
40-62	Island; and
40-63	(x) The description of any plan or process intended to stimulate hiring from the host
40-64	community, training of employees or potential employees and outreach to minority job applicants
40-65	and minority businesses.
40-66	(b) With respect to the uses described in section 42-64-3(18), (23), (30), (35), and (36)
40-67	and with respect to projects situated on federal lands, the corporation shall not be required to
40-68	make the findings specified in subsection (a)(1)(i) of this section.
41-1	(c) Except for the findings specified in subsections (a)(1)(iv) and (a)(1)(v) of this
41-2	section, the findings of the corporation made pursuant to this section shall be binding and
41-3	conclusive for all purposes. Upon adoption by the corporation, any such findings shall be
41-4	transmitted to the division of taxation, and shall be made available to the public for inspection by
41-5	any person, and shall be published by the tax administrator on the tax division website.
41-6	(d) The corporation shall monitor every impact analysis it completes through the
41-7	duration of any project incentives. Such monitoring shall include annual reports which shall be
41-8	transmitted to the division of taxation, and shall be available to the public for inspection by any
41-9	person, and shall be published by the tax administrator on the tax division website. The annual
41-10	reports on the impact analysis shall include:
41-11	(1) Actual versus projected impact for all considered factors; and
41-12	(2) Verification of all commitments made in consideration of state incentives or aid.
41-13	(e) Upon its preparation and release of the analysis required by subsection (a)(2) of this
41-14	section, the corporation shall provide copies of that analysis to the chairpersons of the house and
41-15	senate finance committees, the house and senate fiscal advisors, the department of labor and
41-16	training and the division of taxation. Any such analysis shall be available to the public for
41-17	inspection by any person and shall be published by the tax administrator on the tax division
41-18	website. Annually thereafter, the department of labor and training shall certify to the chairpersons
41-19	of the house and senate finance committees, the house and senate fiscal advisors, the corporation
41-20	and the division of taxation that: (i) the actual number of new full-time jobs with benefits created
41-21	by the project, not including construction jobs, is on target to meet or exceed the estimated
41-22	number of new jobs identified in the analysis above, and (ii) the actual number of existing full-
41-23	time jobs with benefits has not declined. This certification shall no longer be required two (2) tax
41-24	years after the terms and conditions of both the general assembly's joint resolution of approval
41-25	required by section 42-64-20.1 of this chapter and any agreement between the corporation and the
41-26	project lessee have been satisfied. For purposes of this section, "full-time jobs with benefits"
41-27	means jobs that require working a minimum of thirty (30) hours per week within the state, with a
41-28	median wage that exceeds by five percent (5%) the median annual wage for full-time jobs in
41-29	Rhode Island and within the taxpayer's industry, with a benefit package that includes healthcare
41-30	insurance plus other benefits typical of companies within the project lessee's industry. The
41-31	department of labor and training shall also certify annually to the chairpersons of the house and
41-32	senate finance committees, the house and senate fiscal advisors, and the division of taxation that
41-33	jobs created by the project are "new jobs" in the state of Rhode Island, meaning that the
41-34	employees of the project are in addition to, and without a reduction in the number of, those
42-1	employees of the project lessee currently employed in Rhode Island, are not relocated from
42-2	another facility of the project lessee in Rhode Island or are employees assumed by the project
42-3	lessee as the result of a merger or acquisition of a company already located in Rhode Island. The
42-4	certifications made by the department of labor and training shall be available to the public for
42-5	inspection by any person and shall be published by the tax administrator on the tax division
42-6	website.
42-7	(f) The corporation, with the assistance of the taxpayer, the department of labor and
42-8	training, the department of human services and the division of taxation shall provide annually an
42-9	analysis of whether any of the employees of the project lessee has received RIte Care or RIte
42-10	Share benefits and the impact such benefits or assistance may have on the state budget. Any such
42-11	analysis shall be available to the public for inspection by any person and shall be published by the
42-12	tax administrator on the tax division website. Notwithstanding any other provision of law or rule
42-13	or regulation, the division of taxation, the department of labor and training and the department of
42-14	human services are authorized to present, review and discuss lessee-specific tax or employment
42-15	information or data with the Rhode Island ~~economic development~~ commerce corporation
42-16	~~(RIEDC)~~(RICC), the chairpersons of the house and senate finance committees, and/or the house
42-17	and senate fiscal advisors for the purpose of verification and compliance with this tax credit
42-18	reporting requirement.
42-19	(g) The corporation and the project lessee shall agree that, if at any time prior to pay
42-20	back of the amount of the sales tax exemption through new income tax collections over three (3)
42-21	years, not including construction job income taxes, the project lessee will be unable to continue
42-22	the project, or otherwise defaults on its obligations to the corporation, the project lessee shall be
42-23	liable to the state for all the sales tax benefits granted to the project plus interest, as determined in
42-24	Rhode Island General Law section 44-1-7, calculated from the date the project lessee received the
42-25	sales tax benefits.
42-26	(h) Any agreements or contracts entered into by the corporation and the project lessee
42-27	shall be sent to the division of taxation and be available to the public for inspection by any person
42-28	and shall be published by the tax administrator on the tax division website.
42-29	(i) By August 15th of each year the project lessee shall report the source and amount of
42-30	any bonds, grants, loans, loan guarantees, matching funds or tax credits received from any state
42-31	governmental entity, state agency or public agency as defined in section 37-2-7 received during
42-32	the previous state fiscal year. This annual report shall be sent to the division of taxation and be
42-33	available to the public for inspection by any person and shall be published by the tax
42-34	administrator on the tax division website.
43-1	(j) By August 15th of each year the division of taxation shall report the name, address,
43-2	and amount of sales tax benefit each project lessee received during the previous state fiscal year
43-3	to the corporation, the chairpersons of the house and senate finance committees, the house and
43-4	senate fiscal advisors, the department of labor and training and the division of taxation. This
43-5	report shall be available to the public for inspection by any person and shall be published by the
43-6	tax administrator on the tax division website.
43-7	(k) On or before September 1, 2011, and every September 1 thereafter, the project lessee
43-8	shall file an annual report with the tax administrator. Said report shall contain each full-time
43-9	equivalent, part-time or seasonal employee's name, social security number, date of hire, and
43-10	hourly wage as of the immediately preceding July 1 and such other information deemed necessary
43-11	by the tax administrator. The report shall be filed on a form and in a manner prescribed by the tax
43-12	administrator.
43-13	42-64-11. Disposition of projects. -- (a) Notwithstanding the provisions of any other
43-14	law, the Rhode Island ~~economic development~~ commerce corporation may sell or lease to any
43-15	person, firm, partnership, or corporation, or to any local redevelopment agency, or to any state or
43-16	federal agency or instrumentality, or to any municipality or political subdivision of the state
43-17	empowered to enter into the sale or lease, any project without public bidding or public sale, for
43-18	consideration and upon terms as may be agreed upon between the corporation and the purchaser
43-19	or lessee; provided that in the case of a lease, the term shall not exceed ninety-nine (99) years.
43-20	The sale or lease or agreement may be consummated as entered into prior to, at the date of, or
43-21	subsequent to the acquisition of completion of the project. Where a contract of sale or lease is
43-22	entered into prior to the completion of construction of the project to be conveyed or leased, the
43-23	corporation may complete the project prior or subsequent to the consummation of the sale or
43-24	lease.
43-25	(b) In connection with the corporation's disposition by sale, lease, or otherwise of any of
43-26	its projects, the corporation is authorized to require that the party acquiring the project, or any
43-27	interest therein or any right to use or occupy the project, may not sell, assign, convey, lease,
43-28	sublease, or otherwise dispose of, in whole or in part, its interest in the project or its right to use
43-29	and occupy the project without the approval, in writing, of the corporation. The corporation may
43-30	not unreasonably withhold that approval; and shall state the reason or reasons upon which that
43-31	withholding of approval is based. In determining whether to grant or withhold that approval, the
43-32	corporation shall consider whether the proposed disposition will further the purposes of this
43-33	chapter and may consider any and all other relevant factors as well.
44-34	(c) The provisions of subsection (b) shall not be deemed to limit in any manner the
44-35	corporation's authority in connection with the disposition by sale, lease, or otherwise of any of its
44-36	projects or to impose those terms and conditions permitted by law with respect to those
44-37	dispositions as it shall determine to be desirable.
44-38	(d) The corporation shall dispose, by sale, lease, transfer or other agreement, of projects
44-39	on or related to former Navy lands in the town of North Kingstown through the Quonset
44-40	Development Corporation as provided for in chapter 64.10 of this title and may dispose, by sale,
44-41	lease, transfer or other agreement, of other projects related to land and real estate development,
44-42	regardless of location in Rhode Island, through the Quonset Development Corporation as may be
44-43	mutually agreeable to the corporation and the Quonset Development Corporation.
44-44	42-64-12. Community advisory committees. -- (a) The Rhode Island ~~economic~~
44-45	~~development~~ commerce corporation may establish one or more local or regional community
44-46	advisory committees to consider and advise the corporation upon matters submitted to them by
44-47	the corporation concerning the development of any area or any project, and may establish rules
44-48	and regulations with respect to those committees. The community advisory committees shall
44-49	include, as members ex officio, the mayors of the cities and the presidents of the town councils of
44-50	the cities and towns, respectively, situated in the area with respect to which the community
44-51	advisory committees are established. Those members shall serve at the pleasure of the corporation
44-52	and without salary, but shall be entitled to reimbursement for their actual and necessary expenses
44-53	incurred in the performance of their duties.
44-54	(b) The corporation may purchase from, sell to, borrow from, loan to, contract with, or
44-55	otherwise deal with any corporation, trust, association, partnership, or other entity in which any
44-56	member of a community advisory committee has a financial interest, direct or indirect, provided
44-57	that the interest is disclosed in the minutes of the corporation.
44-58	(c) Notwithstanding any provision of law, general, special, or local, no officer or
44-59	employee of the state or of any agency thereof shall be deemed to have forfeited or shall forfeit
44-60	his or her office or employment by reason of his or her acceptance of membership on a
44-61	community advisory committee.
44-62	42-64-13. Relations with municipalities. -- (a) (1) With respect to projects situated on
44-63	federal land, the Rhode Island ~~economic development~~ commerce corporation is authorized to
44-64	plan, construct, reconstruct, rehabilitate, alter, improve, develop, maintain, and operate projects:
44-65	(i) in conformity with the applicable provisions of chapter 1 of title 2 except that the projects shall
44-66	not require the approval of a town or city council provided for in section 2-1-21, and (ii) without
44-67	regard to the zoning or other land use ordinances, codes, plans, or regulations of any municipality
44-68	or political subdivision; provided, however, that the exemption from the zoning or other land use
45-1	ordinances, codes, plans, or regulations shall be subject to the corporation's compliance with the
45-2	provisions of this subsection. Projects which are planned, constructed, reconstructed,
45-3	rehabilitated, altered, improved, or developed by the corporation on federal land in accordance
45-4	with the provisions of this subsection may be maintained and operated by lessees from and
45-5	successors in interest to the corporation in the same manner as if the projects had been in
45-6	existence prior to the enactment of the zoning or other land use ordinances, codes, plans, or
45-7	regulations which, but for this chapter, would otherwise be applicable.
45-8	(2) As used in this section, "the comprehensive plan" means a comprehensive plan
45-9	adopted pursuant to chapter 22 of title 45 by a planning board or commission; "the applicable
45-10	comprehensive plan" shall mean the comprehensive plan of any municipality within which any
45-11	project is to be situated, in whole or in part; and "the project plan" shall mean a general
45-12	description of a proposed project situated on federal land, describing in reasonable detail its
45-13	location, nature, and size. A zoning ordinance adopted by a municipality pursuant to chapter 24 of
45-14	title 45 shall not be deemed to be a comprehensive plan nor a statement of the land use goals,
45-15	objectives, and standards.
45-16	(3) If any project plan of the corporation with respect to projects situated on federal land
45-17	conforms to the land use goals, objectives, and standards of the applicable comprehensive plan as
45-18	of the time of the corporation's adoption of the project plan, or if there is no applicable
45-19	comprehensive plan, then before proceeding with the project described in the project plan, the
45-20	corporation shall refer the project plan to the appropriate community advisory committee which
45-21	may thereafter hold any public hearings as it may deem to be desirable for the purpose of
45-22	permitting the public to comment on the project plan. The community advisory committee shall
45-23	not later than forty-five (45) days after its receipt of the project plan, transmit its comments on the
45-24	project plan, in either written or oral form, to the corporation and thereupon, or upon the
45-25	community advisory committee's failure to take any action within the time specified, the
45-26	corporation shall be authorized to proceed with the project described in the project plan without
45-27	regard to the zoning or other land use ordinances, codes, plans, or regulations of a municipality
45-28	within which the project is to be situated in whole or in part.
45-29	(4) If any project plan of the corporation with respect to projects situated on federal land
45-30	does not conform to the land use goals, objectives, and standards of the applicable comprehensive
45-31	plan as of the time of the corporation's adoption of the project plan, then, before proceeding with
45-32	the project described in the project plan, the corporation shall refer the project plan to the local
45-33	governing body of any municipality within which any project is to be situated, in whole or in part.
45-34	The local governing body may thereafter hold any public hearings as it may deem to be desirable
46-1	for the purpose of permitting the public to comment on the project plan. The local governing
46-2	body shall, not later than forty-five (45) days after its receipt of the project plan, advise the
46-3	corporation of its approval or disapproval of that plan. If it shall disapprove the project plan, the
46-4	corporation shall nevertheless be authorized to proceed with the project described in the project
46-5	plan (without regard to the zoning or other land use ordinances, codes, plans, or regulations of a
46-6	municipality within which the project is to be situated in whole or in part) upon the subsequent
46-7	affirmative vote of a majority of the members of the board of directors then holding office as
46-8	directors taken at a meeting open to the public. If the local governing body approves the project
46-9	plan or fails to take any action within the time specified, the corporation shall be authorized to
46-10	proceed with the project described in the project plan without regard to the zoning or other land
46-11	use ordinances, codes, plans, or regulations of a municipality within which the project is to be
46-12	situated in whole or in part.
46-13	(5) The project plan's conformity with the applicable comprehensive plan shall be
46-14	determined by the board of directors of the corporation and its determination shall be binding and
46-15	conclusive for all purposes.
46-16	(b) With respect to projects situated on real property other than federal land, the
46-17	corporation shall plan, construct, reconstruct, rehabilitate, alter, improve, develop, maintain, and
46-18	operate projects in conformity with the applicable zoning or other land use ordinances, codes,
46-19	plans, or regulations of any municipality or political subdivision of the state in which those
46-20	projects are situated.
46-21	(c) The corporation shall, in planning, constructing, reconstructing, rehabilitating,
46-22	altering, or improving any project, comply with all requirements of state and federal laws, codes,
46-23	or regulations applicable to that planning, construction, reconstruction, rehabilitation, alteration,
46-24	or improvement. The corporation shall adopt a comprehensive building code (which may, but
46-25	need not be, the BOCA Code) with which all projects shall comply. That adoption shall not
46-26	preclude the corporation's later adoption of a different comprehensive building code or of its
46-27	alteration, amendment, or supplementation of any comprehensive building code so adopted.
46-28	Except as otherwise specifically provided to the contrary, no municipality or other political
46-29	subdivision of the state shall have the power to modify or change in whole or in part the
46-30	drawings, plans, or specifications for any project of the corporation; nor to require that any
46-31	person, firm, or corporation employed with respect to that project perform work in any other or
46-32	different manner than that provided by those drawings, plans, and specifications; nor to require
46-33	that any such person, firm, or corporation obtain any approval, permit, or certificate from the
46-34	municipality or political subdivision in relation to the project; and the doing of that work by any
47-1	person, firm, or corporation in accordance with the terms of those drawings, plans, specifications,
47-2	or contracts shall not subject the person, firm, or corporation to any liability or penalty, civil or
47-3	criminal, other than as may be stated in the contracts or may be incidental to the proper
47-4	enforcement thereof; nor shall any municipality or political subdivision have the power to require
47-5	the corporation, or any lessee or successor in interest, to obtain any approval, permit, or
47-6	certificate from the municipality or political subdivision as a condition of owning, using,
47-7	maintaining, operating, or occupying any project acquired, constructed, reconstructed,
47-8	rehabilitated, altered, or improved by the corporation or pursuant to drawings, plans, and
47-9	specifications made or approved by the corporation; provided, however, that nothing contained in
47-10	this subsection shall be deemed to relieve any person, firm, or corporation from the necessity of
47-11	obtaining from any municipality or other political subdivision of the state any license which, but
47-12	for the provisions of this chapter, would be required in connection with the rendering of personal
47-13	services or sale at retail of tangible personal property.
47-14	(d) Except to the extent that the corporation shall expressly otherwise agree, a
47-15	municipality or political subdivision, including, but not limited to, a county, city, town, or district,
47-16	in which a project of the corporation is located, shall provide for the project, whether then owned
47-17	by the corporation or any successor in interest, police, fire, sanitation, health protection, and other
47-18	municipal services of the same character and to the same extent as those provided for other
47-19	residents of that municipality or political subdivision, but nothing contained in this section shall
47-20	be deemed to require any municipality or political subdivision to make capital expenditures for
47-21	the sole purpose of providing any of these services for that project.
47-22	(e) In carrying out a project, the corporation shall be empowered to enter into contractual
47-23	agreements with municipalities and public corporations and those municipalities and public
47-24	corporations are authorized and empowered, notwithstanding any other law, to enter into any
47-25	contractual agreements with the corporation and to do all things necessary to carry out their
47-26	obligations under the agreements.
47-27	(f) Notwithstanding the provisions of any general, special, or local law or charter,
47-28	municipalities and public corporations are empowered to purchase, or to lease for a term not
47-29	exceeding ninety-nine (99) years, projects of the corporation, upon any terms and conditions as
47-30	may be agreed upon by the municipality or public corporation and the corporation.
47-31	42-64-13.1. Assistance to urban communities for economic revitalization. -- (a) The
47-32	Rhode Island ~~economic development~~ commerce corporation shall, in furtherance of its
47-33	responsibility to assist urban communities, provide for the establishment of an urban enterprise
47-34	equity fund, the establishment of an urban business incubator, and such other programs and
48-1	activities as the corporation may deem appropriate to assist with urban revitalization.
48-2	(b) For purposes of this section, the following words and terms shall have the following
48-3	meanings:
48-4	(1) "Equity" shall mean cash or cash equivalents, through personal or other assets that
48-5	are either pledged to or become part of a small business venture. Equity constitutes resources that
48-6	are considered part of the balance sheet of the small business.
48-7	(2) "Equity Financing" shall be a loan from an institution, bank, non-bank or any other
48-8	resource, by which terms and conditions are established for repayment of the debt. For the
48-9	purposes of this legislation, "Equity Financing" shall be deeply subordinated on the balance sheet
48-10	of the business, and by this deep subordination is converted to equity on the balance sheet.
48-11	"Equity Financing" by virtue of its subordination shall be the last loan to be paid out of the cash
48-12	flow of the business.
48-13	(3) "Fund" shall mean a revolving loan fund used to provide equity to assist start-up and
48-14	existing businesses in securing resources from lenders including, but not limited to, private sector
48-15	lending institutions, and federal and non-federal public sector lenders.
48-16	(4) "Small business" shall mean any corporation, partnership, sole proprietorship, or
48-17	other business entity qualifying as "small" under the standards contained in 13 CFR section 121.
48-18	(5) "Urban" shall mean any community, which exceeds two thousand (2000) persons per
48-19	square mile as established by the most recent federal census.
48-20	(c) Establishment of an Urban Enterprise Equity Fund.
48-21	(1) (i) In order to provide "Equity Financing", commonly referred to as either "Equity"
48-22	or "Equity Debt", to assist small businesses finance investments, the general assembly establishes
48-23	the urban enterprise fund.
48-24	(ii) This fund will be located at and administered by the economic development
48-25	corporation, referred to as the corporation, hereinafter for the purposes of providing equity
48-26	financing to assist small businesses in obtaining additional resources for capital investments.
48-27	Seventy-five percent (75%) of the fund financing shall be targeted to urban small businesses
48-28	located in enterprise zones established pursuant to chapter 64.3 of title 42. The corporation shall
48-29	be responsible for the establishment of "the urban enterprise fund" and for the adoption of rules
48-30	and standards and guidelines, eligibility qualifications, and performance measures for the fund.
48-31	Such rules shall limit the amount of equity financing from the fund in any small business to an
48-32	amount not to exceed one hundred thousand ($100,000) dollars and shall provide, inter alia that
48-33	the corporation be allowed to take stock, stock options, stock warrants, equity or other ownership
48-34	interests in the small business to which it is providing such Equity Financing.
49-1	(2) Nothing herein provided with regard to equity and Equity Financing shall be deemed
49-2	to prevent or restrict the corporation or other private lenders from providing additional financing
49-3	to the small business under traditional methods, conventional financing with or without credit
49-4	enhancements for the purposes of fulfilling the necessary instruments to finance the small
49-5	business.
49-6	(3) In the implementation of the provisions of this paragraph, the corporation is
49-7	encouraged to utilize credit enhancements such as the US Small Business Administration's (SBA)
49-8	Guaranteed Loan Program in conjunction with SBA's participating lenders to make the small
49-9	business financing transactions in the best interest of the Small Business.
49-10	(4) The corporation will annually report the status and performance of the Urban
49-11	Enterprise Equity Fund to the general assembly on or before the first Tuesday of November.
49-12	(d) (1) Establishment of an Urban Business Incubator. - There is hereby authorized,
49-13	established, and created an urban business incubator to be located in an enterprise zone, as
49-14	defined in chapter 64.3 of this title. The incubator shall be designed to foster the growth of
49-15	businesses through a multi-tenant, mixed-use facility serving companies in a variety of industries
49-16	including, but not limited to: services, distribution, light manufacturing, or technology-based
49-17	businesses. The incubator shall provide a range of services designed to assist these new
49-18	businesses, including, but not limited to: flexible leases, shared office equipment, use of common
49-19	areas such as conference rooms, and will provide (directly or indirectly) easily accessible
49-20	business management, training, financial, legal, accounting, and marketing services.
49-21	(2) The incubator shall be established as a non-business corporation, and shall have tax
49-22	exempt status under U.S. Internal Revenue Code section 501(c)(3), 26 U.S.C. section 501(c)(3),
49-23	and shall have an independent board of directors. The board of directors, in consultation with the
49-24	corporations, shall adopt guidelines and performance measures for the purposes of operating and
49-25	monitoring the incubator.
49-26	(e) The general assembly shall annually appropriate the sums it deems necessary to carry
49-27	out the provisions of subsections (c) and (d) of this section.
49-28	42-64-13.2. Renewable energy investment coordination. -- (a) Intent. - To develop an
49-29	integrated organizational structure to secure for Rhode Island and its people the full benefits of
49-30	cost-effective renewable energy development from diverse sources.
49-31	(b) Definitions. - For purposes of this section, the following words and terms shall have
49-32	the meanings set forth in RIGL 42-64-3 unless this section provides a different meaning. Within
49-33	this section, the following words and terms shall have the following meanings:
50-34	(1) "Corporation" means the Rhode Island ~~economic development~~ commerce
50-35	corporation.
50-36	(2) "Municipality" means any city or town, or other political subdivision of the state.
50-37	(3) "Office" means the office of energy resources established by chapter 42-140.
50-38	(c) Renewable energy development fund. - The corporation shall, in the furtherance of its
50-39	responsibilities to promote and encourage economic development, establish and administer a
50-40	renewable energy development fund as provided for in section 39-26-7, may exercise the powers
50-41	set forth in this chapter, as necessary or convenient to accomplish this purpose, and shall provide
50-42	such administrative support as may be needed for the coordinated administration of the renewable
50-43	energy standard as provided for in chapter 39-26 and the renewable energy program established
50-44	by section 39-2-1.2. The corporation may upon the request of any person undertaking a renewable
50-45	energy facility project, grant project status to the project, and a renewable energy facility project,
50-46	which is given project status by the corporation, shall be deemed an energy project of the
50-47	corporation.
50-48	(d) Duties. - The corporation shall, with regards to renewable energy project investment:
50-49	(1) Establish by rule, in consultation with the office, standards for financing renewable
50-50	energy projects from diverse sources.
50-51	(2) Enter into agreements, consistent with this chapter and renewable energy investment
50-52	plans adopted by the office, to provide support to renewable energy projects that meet applicable
50-53	standards established by the corporation. Said agreements may include contracts with
50-54	municipalities and public corporations.
50-55	(e) Conduct of activities.
50-56	(1) To the extent reasonable and practical, the conduct of activities under the provisions
50-57	of this chapter shall be open and inclusive; the director shall seek, in addressing the purposes of
50-58	this chapter, to involve the research and analytic capacities of institutions of higher education
50-59	within the state, industry, advocacy groups, and regional entities, and shall seek input from
50-60	stakeholders including, but not limited to, residential and commercial energy users.
50-61	(2) By January 1, 2009, the director shall adopt:
50-62	(A) Goals for renewable energy facility investment which is beneficial, prudent, and
50-63	from diverse sources;
50-64	(B) A plan for a period of five (5) years, annually upgraded as appropriate, to meet the
50-65	aforementioned goals; and
50-66	(C) Standards and procedures for evaluating proposals for renewable energy projects in
50-67	order to determine the consistency of proposed projects with the plan.
51-68	(f) Reporting. - On March 1, of each year after the effective date of this chapter, the
51-69	corporation shall submit to the governor, the president of the senate, the speaker of the house of
51-70	representatives, and the secretary of state, a financial and performance report. These reports shall
51-71	be posted electronically on the general assembly and the secretary of state's websites as
51-72	prescribed in section 42-20-8.2. The reports shall set forth:
51-73	(1) The corporation's receipts and expenditures in each of the renewable energy program
51-74	funds administered in accordance with this section.
51-75	(2) A listing of all private consultants engaged by the corporation on a contract basis and
51-76	a statement of the total amount paid to each private consultant from the two (2) renewable energy
51-77	funds administered in accordance with this chapter; a listing of any staff supported by these
51-78	funds, and a summary of any clerical, administrative or technical support received; and
51-79	(3) A summary of performance during the prior year including accomplishments and
51-80	shortcomings; project investments, the cost-effectiveness of renewable energy investments by the
51-81	corporation; and recommendations for improvement.
51-82	42-64-14. Relations with state agencies. -- (a) In planning and carrying out projects, the
51-83	Rhode Island ~~economic development~~ commerce corporation shall conform to the applicable
51-84	provisions of the state guide plan as that plan may from time to time be altered or amended. In
51-85	determining whether its proposed projects are in conformity with the state guide plan, the
51-86	corporation and all persons dealing with it shall be entitled to rely upon a written statement signed
51-87	by its chairperson or vice-chairperson of the state planning council to the effect that the proposed
51-88	project conforms to the state guide plan. If the corporation shall submit to the state planning
51-89	council a written request for this determination accompanied by a general description of a
51-90	proposed project describing in reasonable detail its location, nature, and size, and the state
51-91	planning council shall not within forty-five (45) days after the receipt of this written request issue
51-92	its written statement to the effect that the proposed project conforms or does not conform to the
51-93	state guide plan as the case may be, then conformity of the proposed project with the state guide
51-94	plan shall be conclusively presumed. A written statement issued by the state planning council to
51-95	the effect that a proposed project does not conform to the state guide plan shall state the respects
51-96	in which conformity is lacking.
51-97	(b) In planning and carrying out projects, the corporation shall conform to the applicable
51-98	provisions of chapter 23 of title 46.
51-99	(c) The corporation is authorized and empowered to acquire and to dispose of real
51-100	property, subject to the provisions of this chapter, without the necessity of obtaining the approval
51-101	of the state properties committee or otherwise complying with the provisions of title 37.
52-102	42-64-15. Bonds and notes of the corporation. -- (a) The Rhode Island ~~economic~~
52-103	~~development~~ commerce corporation shall have the power and is authorized to issue from time to
52-104	time its negotiable bonds and notes in one or more series in any principal amounts as in the
52-105	opinion of the corporation shall be necessary to provide sufficient funds for achieving its
52-106	purposes, including the payment of interest on bonds and notes of the corporation, the
52-107	establishment of reserves to secure those bonds and notes (including the reserve funds created
52-108	pursuant to section 42-64-18), and the making of all other expenditures of the corporation
52-109	incident to and necessary or convenient to carrying out its corporate purposes and powers.
52-110	(b) All bonds and notes issued by the corporation may be secured by the full faith and
52-111	credit of the corporation or may be payable solely out of the revenues and receipts derived from
52-112	the lease, mortgage, or sale by the corporation of its projects or of any part of its projects, or from
52-113	any other revenues or from repayment from any loans made by the corporation with regard to any
52-114	of its projects or any part of its projects, all as may be designated in the proceedings of the
52-115	corporation under which the bonds or notes shall be authorized to be issued. The bonds and notes
52-116	may be executed and delivered by the corporation at any time from time to time, may be in any
52-117	form and denominations and of any tenor and maturities, and may be in bearer form or in
52-118	registered form, as to principal and interest or as to principal alone, all as the corporation may
52-119	determine.
52-120	(c) Bonds may be payable in any installments, and at times not exceeding fifty (50) years
52-121	from their date, as shall be determined by the corporation.
52-122	(d) Except for notes issued pursuant to section 42-64-16, notes, and any renewals, may
52-123	be payable in any installments and at any times not exceeding ten (10) years from the date of the
52-124	original issue of the notes, as shall be determined by the corporation.
52-125	(e) Bonds and notes may be payable at any places, whether within or outside of the state,
52-126	may bear interest at any rate or rates payable at any time or times and at any place or places and
52-127	evidenced in any manner, and may contain any provisions not inconsistent with this section, all as
52-128	shall be provided in the proceedings of the corporation under which they shall be authorized to be
52-129	issued.
52-130	(f) There may be retained by provision made in the proceedings under which any bonds
52-131	or notes of the corporation are authorized to be issued an option to redeem all or any part of these
52-132	bonds or notes, at any prices and upon any notice, and on any further terms and conditions as
52-133	shall be set forth on the record of the proceedings and on the face of the bonds or notes.
52-134	(g) Any bonds or notes of the corporation may be sold from time to time at those prices,
52-135	at public or private sale, and in any manner as shall be determined by the corporation, and the
52-136	corporation shall pay all expenses, premiums, and commissions that it shall deem necessary or
53-1	advantageous in connection with the issuance and sale of these bonds and notes.
53-2	(h) Moneys of the corporation, including proceeds from the sale of bonds or notes, and
53-3	revenues, receipts and income from any of its projects or mortgages, may be invested and
53-4	reinvested in any obligations, securities, and other investments consistent with this section as
53-5	shall be specified in the resolutions under which the bonds or notes are authorized.
53-6	(i) Issuance by the corporation of one or more series of bonds or notes for one or more
53-7	purposes shall not preclude it from issuing other bonds or notes in connection with the same
53-8	project or any other project, but the proceedings whereunder any subsequent bonds or notes may
53-9	be issued shall recognize and protect a prior pledge or mortgage made for a prior issue of bonds
53-10	or notes unless in the proceedings authorizing that prior issue the right is reserved to issue
53-11	subsequent bonds or notes on a parity with that prior issue.
53-12	(j) The corporation is authorized to issue bonds or notes for the purpose of refunding its
53-13	bonds or notes then outstanding, including the payment of any redemption premium and any
53-14	interest accrued or to accrue to the earliest or subsequent date of redemption, purchase, or
53-15	maturity of the bonds or notes, and, if deemed advisable by the corporation, for the additional
53-16	purpose of paying all or part of the cost of acquiring, constructing, reconstructing, rehabilitating,
53-17	or improving any project, or the making of loans on any project. The proceeds of bonds or notes
53-18	issued for the purpose of refunding outstanding bonds or notes may be applied, in the discretion
53-19	of the corporation, to the purchase, retirement at maturity, or redemption of the outstanding bonds
53-20	or notes either on their earliest or a subsequent redemption date, and may, pending that
53-21	application, be placed in escrow. Those escrowed proceeds may be invested and reinvested in
53-22	obligations of or guaranteed by the United States, or in certificates of deposit or time deposits
53-23	secured or guaranteed by the state or the United States, or an instrumentality of either, maturing at
53-24	any time or times as shall be appropriate to assure the prompt payment, as to principal, interest,
53-25	and redemption premium, if any, of the outstanding bonds or notes to be so refunded. The
53-26	interest, income and profits, if any, earned or realized on the investment may also be applied to
53-27	the payment of the outstanding bonds or notes to be so refunded. After the terms of the escrow
53-28	have been fully satisfied and carried out, any balance of the proceeds and interest, income and
53-29	profits, if any, earned or realized on the investments may be returned to the corporation for use by
53-30	it in furtherance of its purposes. The portion of the proceeds of bonds or notes issued for the
53-31	additional purpose of paying all or part of the cost of acquiring, constructing, reconstructing,
53-32	rehabilitating, developing, or improving any project, or the making of loans on any project, may
53-33	be invested and reinvested in any obligations, securities, and other investments consistent with
53-34	this section as shall be specified in the resolutions under which those bonds or notes are
54-1	authorized and which shall mature not later than the times when those proceeds will be needed for
54-2	those purposes. The interest, income and profits, if any, earned or realized on those investments
54-3	may be applied to the payment of all parts of the costs, or to the making of loans, or may be used
54-4	by the corporation otherwise in furtherance of its purposes. All bonds or notes shall be issued and
54-5	secured and shall be subject to the provisions of this chapter in the same manner and to the same
54-6	extent as any other bonds or notes issued pursuant to this chapter.
54-7	(k) The directors, the executive director of the corporation, and other persons executing
54-8	bonds or notes shall not be subject to personal liability or accountability by reason of the issuance
54-9	of these bonds and notes.
54-10	(l) Bonds or notes may be issued under the provisions of this chapter without obtaining
54-11	the consent of any department, division, commission, board, body, bureau, or agency of the state,
54-12	and without any other proceedings or the happening of any conditions or things other than those
54-13	proceedings, conditions, or things which are specifically required by this chapter and by the
54-14	provisions of the resolution authorizing the issuance of bonds or notes or the trust agreement
54-15	securing them.
54-16	(m) The corporation, subject to any agreements with note holders or bondholders as may
54-17	then be in force, shall have power out of any funds available therefor to purchase bonds or notes
54-18	of the corporation, which shall thereupon be cancelled, at a price not exceeding:
54-19	(1) If the bonds or notes are then redeemable, the redemption price then applicable plus
54-20	accrued interest to the next interest payment date; or
54-21	(2) If the bonds or notes are not then redeemable, the redemption price applicable on the
54-22	earliest date that the bonds or notes become subject to redemption, plus the interest that would
54-23	have accrued to that date.
54-24	(n) Whether or not the bonds and notes are of a form and character as to be negotiable
54-25	instruments under the terms of the Rhode Island Uniform Commercial Code, title 6A, the bonds
54-26	and notes are hereby made negotiable instruments within the meaning of and for all the purposes
54-27	of the Rhode Island Uniform Commercial Code, subject only to the provisions of the bonds and
54-28	notes for registration.
54-29	(o) If a director or officer of the corporation whose signature appears on bonds, notes, or
54-30	coupons shall cease to be a director or officer before the delivery of those bonds or notes, that
54-31	signature shall, nevertheless, be valid and sufficient for all purposes, the same as if the director or
54-32	officer had remained in office until the delivery.
54-33	42-64-16. Short-term notes. -- Money borrowed by the Rhode Island ~~economic~~
54-34	~~development~~ commerce corporation for the purpose of providing temporary financing of a project
55-1	or projects or combination of projects pending the issuance of bonds or other notes, shall be
55-2	evidenced by notes or other obligations. The principal and interest of all notes or other obligations
55-3	of the corporation issued under the provisions of this section shall be payable no later than the
55-4	fourth anniversary of the date of their issue, and shall be payable from the following: (1) from the
55-5	proceeds of bonds subsequently issued; or (2) from the proceeds of subsequent borrowings which
55-6	comply with the provisions hereof; or (3) from general revenues of the corporation which may be
55-7	equal and proportionate with, but not superior to, that securing bonds then outstanding or
55-8	subsequently issued. Notwithstanding any other provisions of this chapter, all these notes shall be
55-9	deemed to be negotiable instruments under the laws of the state of Rhode Island subject only to
55-10	the provisions for registration contained in those laws. The notes or other obligations or any issue
55-11	of these shall be in a form and contain any other provisions as the corporation may determine and
55-12	the notes or resolutions or proceedings authorizing the notes or other obligations or any issue of
55-13	these may contain, in addition to any provisions, conditions, covenants, or limitations authorized
55-14	by this chapter, any provisions, conditions, covenants, or limitations which the corporation is
55-15	authorized to include in any resolution or resolutions authorizing bonds or notes or in any trust
55-16	indenture relating to bonds or notes. The corporation may issue the notes or other obligations in
55-17	any manner either publicly or privately on any terms as it may determine to be in its best
55-18	interests. These notes or other obligations may be issued under the provisions of this chapter
55-19	without obtaining the consent of any department, division, commission, board, body, or agency of
55-20	the state, without any other proceedings or the happening of any conditions or things other than
55-21	those proceedings, conditions, or things which are specifically required by this chapter and by the
55-22	provisions and resolutions authorizing the issuance of the notes or obligations.
55-23	42-64-17. Security for bonds or notes. -- (a) The principal of and interest on any bonds
55-24	or notes issued by the Rhode Island ~~economic development~~ commerce corporation may be
55-25	secured by a pledge of any revenues and receipts of the corporation and may be secured by a
55-26	mortgage or other instrument covering all or any part of one or more projects, including all or part
55-27	of any additions, improvements, extensions to, or enlargements of projects thereafter made.
55-28	(b) Bonds or notes issued for the acquisition, construction, reconstruction, rehabilitation,
55-29	development, or improvement of one or more projects may also be secured by an assignment of
55-30	leases of, or mortgages on, or contracts of sale or loan agreements with regard to the project or
55-31	projects and by an assignment of the revenues, receipts, payments, or repayments derived by the
55-32	corporation from those leases, mortgages, sales agreements, or loan agreements.
55-33	(c) The resolution under which the bonds or notes are authorized to be issued and any
55-34	mortgage, lease, sales agreement, or loan agreement, or other instrument may contain agreements
56-1	and provisions respecting the maintenance of the projects covered thereby, the fixing and
56-2	collection of rents, payments or repayments or other revenues, including moneys received in
56-3	repayment of loans, and interest on the loans, the creation and maintenance of special funds from
56-4	rents or other revenues and the rights and remedies available in the event of default, all as the
56-5	corporation shall deem advisable.
56-6	(d) Each pledge, agreement, mortgage, or other instrument made for the benefit or
56-7	security of any of the bonds or notes of the corporation shall be valid and binding from the time
56-8	the pledge is made and shall continue in effect until the principal of and interest on the bonds or
56-9	notes for the benefit of which the pledge was made has been fully paid, or until provision has
56-10	been made for the payment in the manner provided in the resolutions under which those bonds or
56-11	notes were authorized. The revenues, moneys, or property pledged by the corporation shall
56-12	immediately be subject to the lien of that pledge without any physical delivery thereof or further
56-13	act, and the lien of the pledge shall be valid and binding as against all parties having claims of
56-14	any kind in tort, contract, or otherwise against the corporation, irrespective of whether the parties
56-15	have notice thereof. Neither the resolution nor any other instrument by which a pledge is created
56-16	need be recorded.
56-17	(e) The corporation may provide in any proceedings under which bonds or notes may be
56-18	authorized that any project or part of a project may be constructed, reconstructed, rehabilitated, or
56-19	improved by the corporation, or any lessee, vendee, obligor, or any designee of the corporation
56-20	and may also provide in those proceedings for the time and manner of and requisitions for
56-21	disbursements to be made for the cost of the construction, and for any certificates and approvals
56-22	of construction and disbursements that the corporation shall deem necessary and provide for in
56-23	those proceedings.
56-24	(f) Any resolution under which bonds or notes of the corporation are authorized to be
56-25	issued (and any trust indenture established thereby) may contain provisions for vesting in a
56-26	trustee or trustees those properties, rights, powers, and duties in trust that the corporation may
56-27	determine, including any or all of the rights, powers, and duties of the trustee appointed by the
56-28	holders of any issue of bonds or notes pursuant to section 42-64-25, in which event the provisions
56-29	of section 42-64-25 authorizing the appointment of a trustee by holders of bonds or notes shall
56-30	not apply.
56-31	42-64-18. Reserve funds and appropriations. -- To assure the continued operation and
56-32	solvency of the Rhode Island ~~economic development~~ commerce corporation for the carrying out
56-33	of its corporate purposes:
57-34	(1) The corporation may create and establish one or more special funds, "capital reserve
57-35	funds", and may pay into each capital reserve fund: (i) any moneys appropriated and made
57-36	available by the state for the purpose of the fund; (ii) proceeds from the sale of notes or bonds to
57-37	the extent provided in the resolution or resolutions of the corporation authorizing the issuance
57-38	thereof; and (iii) any other moneys that may be made available to the corporation for the purpose
57-39	of that fund from any other source. All moneys held in a capital reserve fund, except as provided,
57-40	shall be used solely for the payment of the principal of bonds secured in whole or in part by that
57-41	fund or of the sinking fund payments hereinafter mentioned with respect to the bonds, the
57-42	purchase or redemption of the bonds, the payment of interest on the bonds or the payment of any
57-43	redemption premium required to be paid when the bonds are redeemed prior to maturity;
57-44	provided, that moneys in the fund shall not be withdrawn (except for the purpose of making (with
57-45	respect to bonds secured in whole or in part by the fund) payment when due of principal, interest,
57-46	redemption premiums, and the sinking fund payments hereinafter mentioned, for the payment of
57-47	which other moneys of the corporation are not available) if the withdrawal would reduce the
57-48	amount of the fund to less than the minimum capital reserve requirement established for the fund
57-49	as provided in this section. Any income or interest earned by, or incremental to, any capital
57-50	reserve fund due to the investment of the funds may be transferred by the corporation to other
57-51	funds or accounts of the corporation if the transfer would not reduce the amount of the capital
57-52	reserve fund below the minimum capital reserve fund requirement for the fund;
57-53	(2) The corporation shall not at any time issue bonds secured in whole or in part by a
57-54	capital reserve fund if, upon the issuance of the bonds, the outstanding principal balance of such
57-55	bonds would exceed the sum of two hundred fifty million dollars ($250,000,000), or the amount
57-56	of the capital reserve fund would be less than the minimum capital reserve required for the fund,
57-57	unless the corporation, at the time of issuance of the bonds, shall deposit in the fund from the
57-58	proceeds of the bonds to be issued, or from other sources, an amount that, together with the
57-59	amount then in the fund, is not less than the minimum capital reserve fund requirement for the
57-60	fund. For the purpose of this section, the term "minimum capital reserve fund requirement"
57-61	means, as of any particular date of computation, an amount of money, as provided in the
57-62	resolution or resolutions of the corporation authorizing the bonds or notes with respect to which
57-63	the fund is established, equal to not more than the greatest of the respective amounts, for the
57-64	current or any future fiscal year of the corporation, of annual debt service on the bonds of the
57-65	corporation secured in whole or in part by the fund, the annual debt service for any fiscal year
57-66	being the amount of money equal to the sum of: (i) the interest payable during the fiscal year on
57-67	all bonds secured in whole or in part by the fund outstanding on the date of computation plus; (ii)
57-68	the principal amount of all the bonds and bond anticipation notes outstanding on the date of
58-1	computation that mature during the fiscal year; plus (iii) all amounts specified in any resolution of
58-2	the corporation authorizing the bonds as payable during the fiscal year as a sinking fund payment
58-3	with respect to any of the bonds that mature after the fiscal year, all calculated on the assumption
58-4	that the bonds will after the date of computation cease to be outstanding by reason, but only by
58-5	reason, of the payment of bonds when due and application in accordance with the resolution
58-6	authorizing those bonds of all of the sinking fund payments payable at or after the date of
58-7	computation;
58-8	(3) In computing the amount of the capital reserve funds for the purpose of this section,
58-9	securities in which all or a portion of the funds shall be invested, shall be valued as provided in
58-10	the proceedings under which the bonds are authorized but in no event shall be valued at a value
58-11	greater than par;
58-12	(4) In order further to assure the continued operation and solvency of the corporation for
58-13	the carrying out of its corporate purposes, the executive director shall annually, on or before
58-14	December first, make and deliver to the governor a certificate stating the sum, if any, required to
58-15	restore each capital reserve fund to the minimum capital reserve fund requirement for the fund.
58-16	During each January session of the general assembly, the governor shall submit to the general
58-17	assembly printed copies of a budget including the total of the sums, if any, as part of the
58-18	governor's budget required to restore each capital reserve fund to the minimum capital reserve
58-19	fund requirement for the fund. All sums appropriated by the general assembly for this purpose,
58-20	and paid to the corporation, if any, shall be deposited by the corporation in the applicable capital
58-21	reserve fund;
58-22	(5) All amounts paid over to the corporation by the state pursuant to the provisions of
58-23	this section shall constitute and be accounted for as advances by the state to the corporation and,
58-24	subject to the rights of the holders of any bonds or notes of the corporation issued before or after,
58-25	shall be repaid to the state without interest from all available operating revenues of the
58-26	corporation in excess of amounts required for the payment of bonds, notes, or other obligations of
58-27	the corporation, the capital reserve funds and operating expenses;
58-28	(6) The corporation may create and establish any other fund or funds as may be
58-29	necessary or desirable for its corporate purposes;
58-30	(7) The corporation may by resolution permit the issuance of bonds and notes to carry
58-31	out the purposes of this chapter without establishing a capital reserve fund pursuant to this section
58-32	and without complying with the limitations set forth in this section. Bonds and notes issued
58-33	pursuant to this subdivision may be secured by any other funds or methods as the corporation
58-34	may in its discretion determine by resolution.;
59-1	(8) On or before January 1 of each year, the Rhode Island ~~economic development~~
59-2	commerce corporation shall issue a report on all such bonds issued by the corporations. The
59-3	report shall include at a minimum the following: a list of each bond issued; the purpose of each
59-4	bond issued; the amount of each bond issued; the amount of principal and interest of each bond
59-5	issued paid to date; the outstanding principal balance of each bond issued; and the total
59-6	outstanding principal balance of all such bonds issued subject to this section. The report shall be
59-7	transmitted to the chairpersons of the house and senate finance committees, with copies to the
59-8	house and senate fiscal advisors.
59-9	42-64-19. Trust funds. -- All moneys received pursuant to the authority of this chapter,
59-10	whether as proceeds from the sale of bonds or notes or as revenues, receipts, or income, and
59-11	moneys held by the Rhode Island ~~economic development~~ commerce corporation in the tire site
59-12	remediation account established pursuant to section 23-63-4.1, shall be trust funds to be held and
59-13	applied solely as provided in the proceedings under which the bonds or notes are authorized. Any
59-14	officer with whom or any bank or trust company with which the moneys shall be deposited as
59-15	trustee shall hold and apply the moneys for the purposes thereof, subject to the applicable
59-16	provisions of this chapter, the proceedings authorizing the bonds or notes and the trust agreement
59-17	securing the bonds or notes, if any.
59-18	42-64-20. Exemption from taxation. -- (a) The exercise of the powers granted by this
59-19	chapter will be in all respects for the benefit of the people of this state, the increase of their
59-20	commerce, welfare, and prosperity and for the improvement of their health and living conditions
59-21	and will constitute the performance of an essential governmental function and the corporation
59-22	shall not be required to pay any taxes or assessments upon or in respect of any project or of any
59-23	property or moneys of the Rhode Island ~~ECONOMIC DEVELOPMENT~~ COMMERCE
59-24	CORPORATION, levied by any municipality or political subdivision of the state; provided, that
59-25	the corporation shall make payments in lieu of real property taxes and assessments to
59-26	municipalities and political subdivisions with respect to projects of the corporation located in the
59-27	municipalities and political subdivisions during those times that the corporation derives revenue
59-28	from the lease or operation of the projects. Payments in lieu of taxes shall be in amounts agreed
59-29	upon by the corporation and the affected municipalities and political subdivisions. Failing the
59-30	agreement, the amounts of payments in lieu of taxes shall be determined by the corporation using
59-31	a formula that shall reasonably ensure that the amounts approximate the average amount of real
59-32	property taxes due throughout the state with respect to facilities of a similar nature and size. Any
59-33	municipality or political subdivision is empowered to accept at its option an amount of payments
59-34	in lieu of taxes less than that determined by the corporation. If, pursuant to section 42-64-13(f),
60-1	the corporation shall have agreed with a municipality or political subdivision that it shall not
60-2	provide all of the specified services, the payments in lieu of taxes shall be reduced by the cost
60-3	incurred by the corporation or any other person in providing the services not provided by the
60-4	municipality or political subdivision.
60-5	(b) The corporation shall not be required to pay state taxes of any kind, and the
60-6	corporation, its projects, property, and moneys and, except for estate, inheritance, and gift taxes,
60-7	any bonds or notes issued under the provisions of this chapter and the income (including gain
60-8	from sale or exchange) from these shall at all times be free from taxation of every kind by the
60-9	state and by the municipalities and all political subdivisions of the state. The corporation shall not
60-10	be required to pay any transfer tax of any kind on account of instruments recorded by it or on its
60-11	behalf.
60-12	(c) For purposes of the exemption from taxes and assessments upon or in respect of any
60-13	project under subsections (a) or (b) of this section, the corporation shall not be required to hold
60-14	legal title to any real or personal property, including any fixtures, furnishings or equipment which
60-15	are acquired and used in the construction and development of the project, but the legal title may
60-16	be held in the name of a lessee (including sublessees) from the corporation. This property, which
60-17	shall not include any goods or inventory used in the project after completion of construction, shall
60-18	be exempt from taxation to the same extent as if legal title of the property were in the name of the
60-19	corporation; provided that the board of directors of the corporation adopts a resolution confirming
60-20	use of the tax exemption for the project by the lessee. Such resolution shall not take effect until
60-21	thirty (30) days from passage. The resolution shall include findings that: (1) the project is a
60-22	project of the corporation under section 42-64-3(20), and (2) it is in the interest of the corporation
60-23	and of the project that legal title be held by the lessee from the corporation. In adopting the
60-24	resolution, the board of directors may consider any factors it deems relevant to the interests of the
60-25	corporation or the project including, for example, but without limitation, reduction in potential
60-26	liability or costs to the corporation or designation of the project as a "Project of Critical Economic
60-27	Concern" pursuant to Chapter 117 of this title.
60-28	(d) For purposes of the exemption from taxes and assessments for any project of the
60-29	corporation held by a lessee of the corporation under subsection (c) of this section, any such
60-30	project shall be subject to the following additional requirements:
60-31	(1) The total sales tax exemption benefit to the lessee will be implemented through a
60-32	reimbursement process as determined by the division of taxation rather than an up-front purchase
60-33	exemption;
61-34	(2) The sales tax benefits granted pursuant to RIGL 42-64-20(c) shall only apply to
61-35	project approved prior to July 1, 2011 and shall: (i) only apply to materials used in the
61-36	construction, reconstruction or rehabilitation of the project and to the acquisition of furniture,
61-37	fixtures and equipment, except automobiles, trucks or other motor vehicles, or materials that
61-38	otherwise are depreciable and have a useful life of one year or more, for the project for a period
61-39	not to exceed six (6) months after receipt of a certificate of occupancy for any given phase of the
61-40	project for which sales tax benefits are utilized; and (ii) not exceed an amount equal to the income
61-41	tax revenue received by the state from the new full-time jobs with benefits excluding project
61-42	construction jobs, generated by the project within a period of three (3) years from after the receipt
61-43	of a certificate of occupancy for any given phase of the project. "Full- time jobs with benefits"
61-44	means jobs that require working a minimum of thirty (30) hours per week within the state, with a
61-45	median wage that exceeds by five percent (5%) the median annual wage for the preceding year
61-46	for full-time jobs in Rhode Island, as certified by the department of labor and training with a
61-47	benefit package that is typical of companies within the lessee's industry. The sales tax benefits
61-48	granted pursuant to Rhode Island general laws subsection 42-64-20(c) shall not be effective for
61-49	projects approved on or after July 1, 2011.
61-50	(3) The corporation shall transmit the analysis required by RIGL 42-64-10(a)(2) to the
61-51	house and senate fiscal committee chairs, the department of labor and training and the division of
61-52	taxation promptly upon completion. Annually thereafter, the department of labor and training
61-53	shall certify to the house and senate fiscal committee chairs, the house and senate fiscal advisors,
61-54	the corporation and the division of taxation the actual number of new full-time jobs with benefits
61-55	created by the project, in addition to construction jobs, and whether such new jobs are on target to
61-56	meet or exceed the estimated number of new jobs identified in the analysis above. This
61-57	certification shall no longer be required when the total amount of new income tax revenue
61-58	received by the state exceeds the amount of the sales tax exemption benefit granted above.
61-59	(4) The department of labor and training shall certify to the house and senate fiscal
61-60	committee chairs and the division of taxation that jobs created by the project are "new jobs" in the
61-61	state of Rhode Island, meaning that the employees of the project are in addition to, and without a
61-62	reduction of, those employees of the lessee currently employed in Rhode Island, are not relocated
61-63	from another facility of the lessee's in Rhode Island or are employees assumed by the lessee as
61-64	the result of a merger or acquisition of a company already located in Rhode Island. Additionally,
61-65	the corporation, with the assistance of the lessee, the department of labor and training, the
61-66	department of human services and the division of taxation shall provide annually an analysis of
61-67	whether any of the employees of the project qualify for RIte Care or RIte Share benefits and the
61-68	impact such benefits or assistance may have on the state budget.
62-1	(5) Notwithstanding any other provision of law, the division of taxation, the department
62-2	of labor and training and the department of human services are authorized to present, review and
62-3	discuss lessee specific tax or employment information or data with the corporation, the house and
62-4	senate fiscal committee chairs, and/or the house and senate fiscal advisors for the purpose of
62-5	verification and compliance with this resolution; and
62-6	(6) The corporation and the project lessee shall agree that, if at any time prior to the state
62-7	recouping the amount of the sales tax exemption through new income tax collections from the
62-8	project, not including construction job income taxes, the lessee will be unable to continue the
62-9	project, or otherwise defaults on its obligations to the corporation, the lessee shall be liable to the
62-10	state for all the sales tax benefits granted to the project plus interest, as determined in RIGL 44-1-
62-11	7, calculated from the date the lessee received the sales tax benefits.
62-12	42-64-21. Notes and bonds as legal investments. -- The notes and bonds of the Rhode
62-13	Island ~~economic development~~ commerce corporation are made securities in which all public
62-14	officers and bodies of this state and all municipalities and municipal subdivisions, all insurance
62-15	companies and associations, and other persons carrying on an insurance business, all banks,
62-16	bankers, trust companies, saving banks and saving associations, including savings and loan
62-17	associations, building and loan associations, investment companies, and other persons carrying on
62-18	a banking business, all administrators, guardians, executors, trustees, and other fiduciaries, and all
62-19	other persons whatsoever who are now or may hereafter be authorized to invest in bonds or other
62-20	obligations of the state, may properly and legally invest funds, including capital, in their control
62-21	or belonging to them.
62-22	42-64-22. Agreement of the state. -- The state does pledge to and agree with the holders
62-23	of any bonds or notes issued under this chapter that the state will not limit or alter the rights
62-24	vested in the Rhode Island ~~economic development~~ commerce corporation to fulfill the terms of
62-25	any agreements made with the holders until the bonds or notes, together with the interest on these
62-26	bonds and notes, with interest on any unpaid installments of interest, and all costs and expenses in
62-27	connection with any action or proceeding by or on behalf of the holders, are fully met and
62-28	discharged. The corporation is authorized to include this pledge and agreement of the state in any
62-29	agreement with the holders of the bonds or notes.
62-30	42-64-23. Credit of state. -- (a) Obligations issued under the provisions of this chapter,
62-31	except those obligations secured by mortgages which are insured by the industrial building
62-32	authority, shall not constitute a debt, liability or obligation of the state or of any political
62-33	subdivision of the state other than the Rhode Island ~~economic development~~ commerce
62-34	corporation or a pledge of the faith and credit of the state or any political subdivision other than
63-1	the corporation but shall be payable solely from the revenues or assets of the corporation. Each
63-2	obligation issued under this chapter, except those obligations secured by mortgages which are
63-3	insured by the industrial building authority, shall contain on its face a statement to the effect that
63-4	the corporation shall not be obligated to pay the obligation or interest on the obligation except
63-5	from revenues or assets pledged therefor and that neither the faith and credit nor the taking power
63-6	of the state or any political subdivision of the state other than the corporation is pledged to the
63-7	payment of the principal of or the interest on the obligation.
63-8	(b) Obligations issued under the provisions of this chapter which are secured by
63-9	mortgages insured by the industrial building authority, in addition to being payable from the
63-10	revenues or assets of the corporation, shall be secured by a pledge of the faith and credit of the
63-11	state consistent with the terms and limitations of chapter 34 of this title.
63-12	42-64-25. Remedies of bondholders and note-holders. -- (a) In the event that the Rhode
63-13	Island ~~economic development~~ commerce corporation shall default in the payment of principal of
63-14	or interest on any bonds or notes issued under this chapter after the bonds or notes shall become
63-15	due, whether at maturity or upon call for redemption, and the default shall continue for a period
63-16	of thirty (30) days, or in the event that the corporation shall fail or refuse to comply with the
63-17	provisions of this chapter, or shall default in any agreement made with the holders of an issue of
63-18	bonds or notes of the corporation the holders of twenty-five percent (25%) in aggregate principal
63-19	amount of the bonds or notes of an issue then outstanding, by instrument or instruments filed in
63-20	the office of the secretary of state and proved or acknowledged in the same manner as a deed to
63-21	be recorded, may appoint a trustee to represent the holders of the bonds or notes for the purposes
63-22	provided in this section.
63-23	(b) The trustee may, and upon written request of the holders of twenty-five percent
63-24	(25%) in principal amount of the bonds or notes then outstanding shall, in the trustee's own name:
63-25	(1) Enforce all rights of the bondholders or note-holders, including the right to require
63-26	the corporation to collect rent, interest repayments and payments on the leases, mortgages, loan
63-27	agreements and sales agreements held by it adequate to carry out any agreement as to, or pledge
63-28	of, rent, interest repayments and payments, and to require the corporation to carry out any other
63-29	agreements with the holders of the bonds or notes and to perform its duties under this chapter;
63-30	(2) Enforce all rights of the bondholders or note-holders so as to carry out any contract
63-31	as to, or pledge of, revenues, and to require the corporation to carry out and perform the terms of
63-32	any contract with the holders of its bonds or notes or its duties under the chapter;
63-33	(3) Bring suit upon all or any part of the bonds or notes;
64-34	(4) By action or suit, require the corporation to account as if it were the trustee of an
64-35	express trust for the holders of the bonds or notes;
64-36	(5) By action or suit, enjoin any acts or things which may be unlawful or in violation of
64-37	the rights of the holders of the bonds or notes;
64-38	(6) Declare all the bonds or notes due and payable and, if all defaults shall be made
64-39	good, then, with the consent of the holders of twenty-five percent (25%) of the principal amount
64-40	of the bonds or notes then outstanding, to annul the declaration and its consequences.
64-41	(c) The trustee shall, in addition to the foregoing, have and possess all the powers
64-42	necessary or appropriate for the exercise of any functions specifically set forth in this section or
64-43	incident to the general representation of bondholders or note-holders in the enforcement and
64-44	protection of their rights.
64-45	(d) Before declaring the principal of bonds or notes due and payable, the trustee shall
64-46	first give thirty (30) days' notice, in writing, to the governor of the state and to the corporation.
64-47	(e) The superior court of Providence County shall have jurisdiction of any suit, action, or
64-48	proceeding by the trustee on behalf of bondholders or note-holders.
64-49	42-64-26. Authorization to accept appropriated moneys. -- The Rhode Island
64-50	~~economic development~~ commerce corporation is authorized to accept any moneys as may be
64-51	appropriated from time to time by the general assembly for effectuating its corporate purposes
64-52	including, without limitation, the payment of the initial expenses of administration and operation
64-53	and the establishment of reserves or contingency funds to be available for the payment of the
64-54	principal of and the interest on any bonds, notes or other obligations of the corporation.
64-55	42-64-27. Assistance by state officers, departments, boards and commission. -- (a)
64-56	All state agencies may render any services to the Rhode Island ~~economic development~~ commerce
64-57	corporation within their respective functions as may be requested by the corporation.
64-58	(b) Upon request of the corporation, any state agency is authorized and empowered to
64-59	transfer to the corporation any officers and employees as it may deem necessary from time to
64-60	time to assist the corporation in carrying out its functions and duties under this chapter. Officers
64-61	and employees so transferred shall not lose their civil service status or rights.
64-62	42-64-28. Annual financial reports and performance report. -- (a) The board shall
64-63	approve and the Rhode Island ~~economic development~~ commerce corporation shall submit to the
64-64	governor, the president of the senate, the speaker of the house of representatives, and the
64-65	secretary of state, within eleven (11) months after the close of its fiscal year, complete and
64-66	detailed financial reports and a performance report. These reports shall cover the corporation and
64-67	its subsidiaries and shall be posted electronically on the general assembly and the secretary of
64-68	state's websites as prescribed in section 42-20-8.1.
65-1	(b) The financial reports shall set forth the corporation's:
65-2	(1) Operations;
65-3	(2) Receipts and expenditures during the fiscal year in accordance with the categories
65-4	and classifications established by the corporation for its operating and capital outlay purposes
65-5	including a listing of all private consultants engaged by the corporation on a contract basis and a
65-6	statement of the total amount paid to each private consultant, a listing of any staff supported by
65-7	these funds, and a summary of any clerical, administrative or technical support received;
65-8	(3) Assets and liabilities at the end of its fiscal year including a schedule of its leases and
65-9	mortgages and the status of the reserve, special or other funds;
65-10	(4) Schedule of the bonds and notes outstanding at the end of its fiscal year together with
65-11	a statement of amounts redeemed and incurred during the fiscal year;
65-12	(5) The reports shall be prepared by independent certified public accountants in
65-13	accordance with generally accepted principles of accounting.
65-14	(c) The performance report shall include:
65-15	(1) A summary of performance during the previous fiscal year including
65-16	accomplishments, shortcomings in general and relative to plan, and actions to be taken to remedy
65-17	such shortcomings;
65-18	(2) For all board meetings and public hearings held by the corporation: the subjects
65-19	addressed, decisions rendered, actions considered and their disposition; and, the minutes of these
65-20	meetings and hearings if requested by the governor, the president of the senate, the speaker of the
65-21	house of representatives, or the secretary of state;
65-22	(3) Rules or regulations promulgated by the board or corporation, a summary of studies
65-23	conducted, policies and plans developed, approved, or modified, and programs administered,
65-24	initiated or terminated;
65-25	(4) A synopsis of hearings, complaints, suspensions, or other legal matters related to the
65-26	authority of the board or corporation;
65-27	(5) A summary of any training courses held pursuant to subdivision 42-64-8(a)(4);
65-28	(6) A briefing on anticipated plans and activities in the upcoming fiscal year; and
65-29	findings and recommendations for improvements.;
65-30	(7) Compliance with the reporting requirements of the general laws.
65-31	(d) The director of the department of administration shall be responsible for the
65-32	enforcement of the provisions of this section.
65-33	42-64-29. Inventory of development sites. -- (a) The Rhode Island ~~economic~~
65-34	~~development~~ commerce corporation, in coordination with the statewide planning program, shall
66-1	maintain an inventory of potential sites for development and act as a clearinghouse for investors
66-2	and businesses that want to expand or locate in Rhode Island.
66-3	(b) Further, the corporation, in coordination with Rhode Island municipalities and local
66-4	or regional development agencies, shall promote the re-use of abandoned and distressed industrial
66-5	properties in the State, specifically those designated as brownfields and certified mill buildings.
66-6	(c) The corporation shall create a program of marketing for underutilized or abandoned
66-7	sites as identified by the department of environmental management in section 23-19-14.5(d).
66-8	(d) The corporation shall, in cooperation with the department of environmental
66-9	management, assist prospective Brownfield redevelopment developers in identifying and securing
66-10	public and private funding sources for Brownfield redevelopment projects.
66-11	42-64-31. Other statutes. -- Nothing contained in this chapter shall restrict or limit the
66-12	powers of the Rhode Island ~~economic development~~ commerce corporation arising under any laws
66-13	of this state except where those powers are expressly contrary to the provisions of this chapter;
66-14	provided, however, that the corporation shall not have any power to create, empower or otherwise
66-15	establish any corporation, subsidiary corporation, corporate body, any form of partnership, or any
66-16	other separate entity, without the express approval and authorization of the general assembly.
66-17	Except as otherwise provided, this chapter shall be construed to provide a complete additional
66-18	and alternative method for doing the things authorized hereby and shall be regarded as
66-19	supplemental and in addition to the powers conferred by other laws. The issuance of all bonds,
66-20	notes, and other obligations of the corporation under the provisions of this chapter need not
66-21	comply with the requirements of any other statute applicable to the issuance of bonds, notes and
66-22	obligations, and contracts for the construction and acquisition of any project undertaken pursuant
66-23	to this chapter need not comply with any provision of any other state law applicable to contracts
66-24	for the construction and acquisition of state owned property, except that the provisions of section
66-25	37-13-1 et seq. (prevailing wage); section 37-16-2 et seq. (public works arbitration); and section
66-26	37-12-1 et seq. (contractors' bonds) for the construction and acquisition of state or municipally
66-27	owned property shall be applicable. No proceedings or notice of approval shall be required for the
66-28	issuance of any bonds, notes, and other obligations or any instrument of security except as
66-29	provided in this chapter.
66-30	42-64-34. Appointment of small business advocate. -- (a) The director of the Rhode
66-31	Island ~~economic development~~ commerce corporation shall appoint a staff person to serve as the
66-32	small business advocate.
66-33	(b) The small business advocate shall:
67-34	(1) Identify and convey specific concerns raised by small business in providing notice to
67-35	the state agency proposing the regulation;
67-36	(2) Inform businesses regarding proposed regulation that may have a significant adverse
67-37	economic impact; and
67-38	(3) Formulate policies and procedures in accordance with chapter 35 of this title.
67-39	(c) The small business advocate may request from any government agency, and the
67-40	agency is authorized and directed to provide, any cooperation and assistance, services, and data as
67-41	will enable the small business advocate to properly perform or exercise any of his or her
67-42	functions, duties, and powers under this chapter.
67-43	SECTION 4. Section 42-64.3-3.1 of the General Laws in Chapter 42-64.3 entitled
67-44	"Distressed Areas Economic Revitalization Act" is hereby amended to read as follows:
67-45	42-64.3-3.1. Enterprise zone council. -- (a) There is created within the Rhode Island
67-46	~~economic development~~ commerce corporation the "enterprise zone council," which shall consist
67-47	of five (5) members to be appointed by the governor; one member shall be the executive director
67-48	of the Rhode Island ~~economic development~~ commerce corporation; one member shall represent
67-49	the urban league of Rhode Island; one member shall represent the Rhode Island League of Cities
67-50	and Towns; and two (2) members from the general public. The governor shall designate one
67-51	member to serve as chairperson of the enterprise zone council.
67-52	(b) The members shall be appointed for terms of five (5) years each; provided, however,
67-53	of the members originally appointed, one shall be appointed for a term of one year, one shall be
67-54	appointed for a term of two (2) years, one shall be appointed for a term of three (3) years, one
67-55	shall be appointed for a term of four (4) years and one shall be appointed for a term of five (5)
67-56	years.
67-57	(c) In carrying out its powers and duties under this chapter, the council shall utilize the
67-58	staffs and resources of the division of statewide planning and the Rhode Island economic
67-59	development corporation. Those agencies and other departments and agencies of state
67-60	government shall cooperate with the council in carrying out its mandate under this chapter.
67-61	(d) The council shall promulgate rules and regulations necessary to implement the intent
67-62	of this chapter.
67-63	(e) Transfer of functions from the Rhode Island economic development corporation
67-64	enterprise zone council. – All functions formerly administered by the Rhode Island economic
67-65	development corporation's enterprise zone council are hereby transferred to the Rhode Island
67-66	commerce corporation.
67-67	SECTION 5. Chapter 42-64 of the General Laws entitled "Rhode Island Economic
67-68	Development Corporation" is hereby amended by adding thereto the following sections:
68-1	42-64-8.2. Role and responsibilities of board members. – (a) Board members of the
68-2	corporation shall:
68-3	(1) Execute direct oversight of the corporation in the effective and ethical management of
68-4	the corporation;
68-5	(2) Understand, review, and monitor the implementation of fundamental financial and
68-6	management controls and operational decisions of the corporation;
68-7	(3) Adopt a code of ethics applicable to each officer, director and employee of the
68-8	corporation that, at a minimum, includes the standards established in chapter 36-14 ("Code of
68-9	Ethics");
68-10	(4) Adopt a mission statement expressing the purpose and goals of the corporation, a
68-11	description of the stakeholders of the corporation and their reasonable expectations from the
68-12	corporation;
68-13	(5) Adopt and periodically update an indemnification policy which shall be set forth in
68-14	the bylaws of the corporation; and
68-15	(6) Perform each of their duties as board members, including, but not limited to, those
68-16	imposed by this section, in good faith and with that degree of diligence, care, and skill which an
68-17	ordinarily prudent person in like position would use under similar circumstances and ultimately
68-18	apply independent judgment in the best interest of the corporation, its mission, and the public.
68-19	(b) Board members of the corporation shall establish and maintain written policies and
68-20	procedures for the following:
68-21	(1) Internal accounting and administrative controls in accordance with the provisions of
68-22	chapter 35-20 ("Public Corporation Financial Integrity and Accountability Act of 1995");
68-23	(2) Travel, including lodging, meals, and incidental expenses, provided that no
68-24	reimbursement shall exceed the allowable state employee reimbursement amount per day;
68-25	(3) Charitable and civic donations and/or contributions; provided, however, that all such
68-26	donations or contributions shall be voted by the full board during an open meeting and the vote
68-27	shall be recorded in the minutes of the meeting, together with:
68-28	(i) The citation to the specific state statute authorizing the action;
68-29	(ii) An explanation of how the donation or contribution relates to the mission of the
68-30	corporation;
68-31	(iii) The identity of any board member or employee of the corporation that will receive
68-32	any benefit from the donation or contribution;
68-33	(iv) Any disclosure required by chapter 36-14 ("Code of Ethics"); and
69-34	(v) Each such donation or contribution shall be clearly identified in the financial
69-35	statements of the corporation.
69-36	(4) Credit card use, provided, that pursuant to section 35-20-10, no credit card shall be
69-37	used for personal use;
69-38	(5) Employee reimbursement, including requests by management for business expenses,
69-39	and expenses classified as gifts or entertainment;
69-40	(6) Personnel, including hiring, dismissing, promoting, and compensating employees of
69-41	the corporation, and provided that no employee of the corporation shall be compensated for sick,
69-42	vacation, or other leave time to an extent greater than state employees;
69-43	(7) Severance pay;
69-44	(8) Marketing expenses; and
69-45	(9) Lobbyists' expenses.
69-46	(c) The written policies and procedures required by this section and any additional
69-47	written policies and procedures that the board may adopt shall be approved by the board during
69-48	an open meeting and the vote shall be recorded in the minutes of the meeting.
69-49	42-64-8.3. Transparency requirements established. – The following records deemed
69-50	public under chapter 38-2 shall be available to the public upon request and posted directly on the
69-51	website of the corporation:
69-52	(1) Job descriptions of the executive director and management;
69-53	(2) Employment contracts of the executive director and management;
69-54	(3) Quarterly financial statements produced in accordance with § 35-3-17.1;
69-55	(4) Capital improvement plans;
69-56	(5) Operating budgets;
69-57	(6) Strategic plans;
69-58	(7) Agendas and minutes of the open meetings of the board of the corporation and the
69-59	boards of the corporation's subsidiaries, provided, however, that this provision shall not apply to
69-60	the Quonset development corporation, the Rhode Island airport corporation, the I-195
69-61	redevelopment district and the East Providence waterfront district;
69-62	(8) Quarterly reporting required by section 42-90-1;
69-63	(9) All regulations of the corporation;
69-64	(10) Enabling legislation;
69-65	(11) Mission statement as required by subdivision 42-64-8.2(a)(4);
69-66	(12) Board members;
69-67	(13) Organizational chart;
70-68	(14) Bylaws of the corporation; and
70-69	(15) All reports and audits required by this chapter.
70-70	42-64-31.1. Rules and regulations. – When issuing rules and regulations or any
70-71	amendments to rules and regulations or when adopting bylaws or amendments to bylaws, the
70-72	corporation shall be subject to the provisions of chapter 42-35 ("Administrative Procedures").
70-73	42-64-36. Program accountability. -- The board of the Rhode Island commerce
70-74	corporation shall be responsible for establishing accountability standards, reporting standards and
70-75	outcome measurements for each of its programs to include, but not be limited to, the use of tax
70-76	credits, loans, loan guarantees and other financial transactions managed or utilized by the
70-77	corporation. Included in the standards shall be a set of principles and guidelines to be followed by
70-78	the board to include:
70-79	(1) A set of outcomes against which the board will measure each program's and offering's
70-80	effectiveness;
70-81	(2) A set of standards for risk analysis for all of the programs especially the loans and
70-82	loan guarantee programs; and
70-83	(3) A process for reporting out all loans, loan guarantees and any other financial
70-84	commitments made through the corporation that includes the purpose of the loan, financial data
70-85	as to payment history and other related information.
70-86	The board shall annually prepare a report starting in January 2015 which shall be
70-87	submitted to the house and senate. The report shall summarize the above listed information on
70-88	each of its programs and offerings and contain recommendations for modification, elimination or
70-89	continuation.
70-90	The board shall coordinate its efforts with the office of revenue to not duplicate
70-91	information on the use of tax credits and other tax expenditures.
70-92	42-64-37. Loan and loan guarantee programs. – (a) The board shall establish by
70-93	January, 2014 a risk management program for all loans, loan guarantees and all other financial
70-94	commitments into which the corporation enters. The program shall be established in conjunction
70-95	with the state's banking regulators and shall consist of at least the following components:
70-96	(1) A set of principles and guidelines for providing any financial commitments to be
70-97	made by the corporation; and
70-98	(2) A public process for providing financial commitments to include the formation of a
70-99	sub-committee of the board to review, analyze and approve all commitments. This process shall
70-100	include the formation of a sub-committee that consists of members of the board and other non-
70-101	board members that shall have no affiliation with the corporation or with the organization seeking
70-102	the financial commitment. The board shall appoint the non-board members. No employee of the
71-1	corporation shall be a member of the sub-committee. The sub-committee shall be required to
71-2	approve or reject the financial commitment in accordance with the set of principles established by
71-3	the board.
71-4	(b) The board shall approve in public session all financial commitments after the sub-
71-5	committee has rendered its opinion regarding the commitment. The board shall opine that the
71-6	commitment meets the principles and guidelines established by the board.
71-7	(c) The board shall annually audit and provide a risk analysis of all outstanding financial
71-8	commitments. The board shall engage an external firm qualified to conduct such analysis and
71-9	shall submit the report to the general assembly, chairs of the house finance committee and the
71-10	senate finance committee.
71-11	(d) The board shall establish a monitoring process for each financial commitment which
71-12	shall be a part of the risk analysis report,
71-13	(e) The board shall review the risk analysis report and make modifications to the financial
71-14	commitment as it deems necessary.
71-15	42-64-38. Audit of the corporation. – (a) Commencing July 1, 2014, and every five (5)
71-16	years thereafter, the corporation shall be subject to a performance audit, conducted in compliance
71-17	with the generally accepted governmental auditing standards, by the bureau of audits or a
71-18	certified public accounting firm qualified in performance audits.
71-19	(b) If the audit is not directly performed by his or her office, the selection of the auditor
71-20	and the scope of the audit shall be subject to the approval of the chief of the bureau of audits.
71-21	(c) The audit shall be conducted in conformance with subsections 35-7-3(b) through (d).
71-22	(d) The results of the audit shall be made public upon completion, posted on the websites
71-23	of the bureau of audits and the corporation.
71-24	(e) The corporation shall be responsible for all costs associated with the audit.
71-25	SECTION 6. This act shall take on January 1, 2014.

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	LC02041/SUB B/2
	========

	EXPLANATION
	BY THE LEGISLATIVE COUNCIL
	OF
	A N A C T
	RELATING TO STATE AFFAIRS AND GOVERNMENT - ECONOMIC DEVELOPMENT
	CORPORATION
	***

72-1	This act would eliminate the Rhode Island economic development corporation and
72-2	establish a new Rhode Island commerce corporation to take over the duties of the former
72-3	economic development corporation.
72-4	This act would take effect on January 1, 2014.

	=======
	LC02041/SUB B/2
	=======

S0718B