2015 -- H 6087 | |
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LC002467 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2015 | |
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A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT - CONVENTION CENTER | |
AUTHORITY | |
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Introduced By: Representatives Morgan, Reilly, Giarrusso, and Price | |
Date Introduced: April 16, 2015 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 42-99 of the General Laws entitled "Convention Center Authority |
2 | Act" is hereby amended by adding thereto the following section: |
3 | 42-99-6.1. Application of surplus to corporate debt. – Fifty percent (50%) of any net |
4 | profit identified by an annual accounting approved by the corporation shall be applied to reduce |
5 | any existing corporate debt. |
6 | SECTION 2. This act shall take effect upon passage. |
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LC002467 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT - CONVENTION CENTER | |
AUTHORITY | |
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1 | This act would require the Convention Center Authority Corporation to apply fifty |
2 | percent (50%) of any net profit identified by an annual accounting approved by the corporation to |
3 | reduce any existing corporate debt. |
4 | This act would take effect upon passage. |
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LC002467 | |
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