Chapter 04-055

2004 -- H 7611

Enacted 06/11/04

A N A C T

RELATING TO PUBLIC FINANCE MANAGEMENT BOARD

Introduced By: Representatives Rose, Anguilla, Savage, Dennigan, and Amaral

Date Introduced: February 10, 2004

It is enacted by the General Assembly as follows:

     SECTION 1. Section 42-10.1-8 of the General Laws in Chapter 42-10.1 entitled "Public

Finance Management Board" is hereby amended to read as follows:

42-10.1-8. Comprehensive review. -- (a) The board shall comprehensively review the

financing of capital improvements by all state, municipal, and regional departments, authorities,

agencies, boards, commissions, and public and quasi-public corporations and study the

comparative debt of all state and local governmental units for capital improvements and the use

of bond financing as a source of the indebtedness. The review shall include an analysis of all

outstanding general obligation and revenue bonds. Annually, on the thirtieth (30th) day of

September thirty-first (31st) day of March, the board shall submit to the general assembly a report

based upon information from the previous fiscal year of its findings and recommendations, if any,

for revising the laws governing such financing devices.

      (b) Neither the board nor its individual members shall have any liability as a result of the

performance of the responsibilities or the exercise of the powers described herein. They shall not

be deemed to have expressed an opinion regarding or deemed to have approved any aspect of any

bonds or notes, including but not limited to, the proper authorization of any bonds or notes, the

availability of funds for the repayment of any bonds or notes, the tax exempt status of any bonds

or notes, or compliance by the issuer of any bonds or notes with any federal or state tax or

securities law.

      (c) In the event that any liability shall accrue to the board or its members because of the

performance of the responsibilities or exercise of the powers described herein, the issuer who

issued the bonds or notes which cause the liability shall fully indemnify the board and the

members.

     SECTION 2. This act shall take effect upon passage.

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LC01873

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