2018 -- H 7488 | |
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LC003957 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2018 | |
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A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT - COMMERCE CORPORATION | |
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Introduced By: Representatives Giarrusso, Roberts, Quattrocchi, Nardolillo, and | |
Date Introduced: February 07, 2018 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 42-64 of the General Laws entitled "Rhode Island Commerce |
2 | Corporation" is hereby amended by adding thereto the following section: |
3 | 42-64-7.14. Recreational facility exemption. |
4 | Notwithstanding the express powers granted to the commerce corporation by ยงยง 42-64-6 |
5 | and 42-64-7, the corporation shall not provide any grants, loans, or financial assistance of any |
6 | kind or nature to any business in excess of five million dollars ($5,000,000) without general |
7 | assembly approval. |
8 | SECTION 2. This act shall take effect upon passage. |
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LC003957 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT - COMMERCE CORPORATION | |
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1 | This act would prohibit the state commerce corporation, without express general |
2 | assembly approval, providing any grants or loans of any kind that exceed five million dollars |
3 | ($5,000,000). |
4 | This act would take effect upon passage. |
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