Chapter
444
2006 -- H 7016 SUBSTITUTE A
Enacted 07/07/06
A N A C T
RELATING
TO SEPARATION OF POWERS
Introduced
By: Representative Paul W. Crowley
Date
Introduced: February 01, 2006
It is enacted by the General Assembly as
follows:
SECTION 1.
Sections 35-8-3 and 35-8-5 of the General Laws in Chapter 35-8 entitled
"Bonded Indebtedness of State" are
hereby amended to read as follows:
35-8-3.
Sinking fund commission -- Composition -- Elective members -- Quorum. --
There shall be (a) There is hereby authorized,
created and established in the department of the
general treasurer a sinking fund
commission which shall perform the duties formerly performed
by the board of commissioners of sinking funds
as prescribed by this chapter, which board of
commissioners is hereby abolished. The sinking
fund commission shall consist of the governor or
his or her designee who shall be a
subordinate within the governor's office, the general treasurer
or his or her designee who shall be a subordinate
within the general treasurer's office, the director
of administration or his or her designee who
shall be a subordinate within the department of
administration, the chairperson of the finance
committee of the Senate or his or her designee, the
chairperson of the finance committee of the
House of Representatives or his or her designee, and
one person to be appointed by the speaker of the
house of representatives, one person to be
appointed by the house minority leader, one person
to be appointed by the president of the senate,
and one person to be appointed by the senate
minority leader.
two (2) members of the general
public shall be appointed by the governor, one
of whom shall serve an initial term of three (3)
years and one of whom shall serve an initial
term of two (2) years; and four (4) members of the
general public shall be appointed by the general
treasurer, one of whom shall serve an initial term
of four (4) years and one of whom shall serve an
initial term of three (3) years, one of whom shall
serve an initial term of two (2) years; and one
of whom shall serve an initial term of one year.
Thereafter, all general public member
appointments shall serve for a term of four (4) years and
until his or her successor is appointed and
qualified. All general public member appointments
shall be with the advice and consent of the
senate. The appointed members shall be qualified by
training or experience in the fields of
investment or finance. No one shall be eligible for
appointment unless he or she is a resident of
this state. Public members of the commission shall
be removable by the chair for cause only, and
removal solely for partisan or personal reasons
unrelated to capacity or fitness for the office shall
be unlawful.
Newly appointed
and qualified public members shall, within six (6) months of their
appointment, attend a training course that shall
be developed and provided by the office of the
general treasurer and shall include instruction
in the following areas: the provisions of chapters
35-8, 42-46, 36-14 and 38-2 of the Rhode Island
general laws; and the board's rules and
regulations. The director of the department of
administration shall, within ninety (90) days of the
effective date of this act, prepare and
disseminate training materials relating to the provisions of
chapters 42-46, 36-14 and 38-2.
A majority of all
the members of the commission is necessary to constitute a quorum.
(b) Within
ninety (90) days after the end of each fiscal year during which the commission
has conducted business, the commission shall
submit an annual report to the governor, the
speaker of the house of representatives, the
president of the senate, and the secretary of state of its
activities during that fiscal year. The report
shall provide: an operating statement summarizing
meetings or hearings held, meeting minutes if
requested, subjects addressed, decisions rendered,
rules or regulations promulgated, studies
conducted, policies and plans developed, approved, or
modified, and programs administered or
initiated; a consolidated financial statement of all the
funds received and expended including the source
of funds, a listing of any staff supported by
these funds, and a summary of any clerical,
administrative or technical support received; a
summary of performance during the previous
fiscal year including accomplishments,
shortcomings and remedies; a synopsis of
hearings, complaints, suspensions, or other legal
matters related to the authority of the board; a
summary of any training courses held pursuant to
section 35-8-3; a briefing on anticipated
activities in the upcoming fiscal year; and findings and
recommendations for improvements. The report shall
be posted electronically on the general
assembly and the secretary of state's website as
prescribed in section 42-20-8.2 of the Rhode
Island general laws. The director of the
department of administration shall be responsible for the
enforcement of this provision.
35-8-5.
Officers of sinking fund commission. -- The governor shall be the
chairperson,
the general treasurer shall be the
vice-chairperson, and the director of administration shall be the
secretary of the sinking fund commission, and
the general treasurer shall keep the accounts of the
commission. In the event of the governor's
absence, the general treasurer shall be the chairperson.
A designee of any member shall not serve as
chairperson. The commission shall elect from
among its own members such officers as they deem
necessary.
SECTION 2.
Sections 35-8.1-4, 35-8.1-5 and 35-8.1-10 of the General Laws in Chapter
35-8.1 entitled "Refunding Bond
Authority" are hereby amended to read as follows:
35-8.1-4.
Creation. -- There is hereby created and established a public
corporation to be
administered by the office of the general
treasurer,
having a distinct legal existence from the state
and not constituting a department of state
government, to be known as the "Rhode Island
refunding bond authority". The authority is
constituted as a public instrumentality to exercise
public and essential governmental functions.
35-8.1-5.
Governing board -- Members -- Vacancies -- Officers -- Quorum --
Affirmative votes. -- (a) The authority shall
be governed by a board which shall have six (6)
seven (7) members, consisting of:
(1) The general
treasurer or his or her designee who shall be a subordinate within the
general treasurer's office, who shall serve as
chairperson;
(2) The director
of administration or his or her designee who shall be a subordinate
within the department of administration;
(3) The
minority leader of the house A representative of the budget office
or his or her
designee from within the budget office, who
shall be appointed by the director of administration;
(4) The
chairperson of the finance committee of the senate, or any senator as his or
her
designee;
(5) The
chairperson of the finance committee of the house or any representative as his
or
her designee; and
(6) One
additional Two (2) public members appointed by the governor for
a term of two
(2) years. with the advice and consent of the
senate, one of whom shall serve an initial term of
three (3) years; and one of whom shall serve an
initial term of four (4) years. Thereafter, the
members appointed pursuant to this subsection
shall serve for a term of four (4) years and until
his or her successor is appointed and qualified;
(5) Two (2)
public members appointed by the general treasurer, with the advice and
consent of the senate: one of whom shall serve
an initial term of two (2) years; and one of whom
shall serve an initial term of one year.
Thereafter, the members appointed pursuant to this
subsection shall serve for a term of four (4)
years and until his or her successor is appointed and
qualified; and
(6) The
gubernatorial and general treasurer appointees shall be persons qualified by
training and experience in the fields of finance
or banking. No one shall be eligible for
appointment unless he or she is a resident of
this state. Any member of the general public that
was appointed by the governor prior to the
effective date of this act shall continue to serve until
such time as a successor is appointed and
qualified.
Public members
of the authority shall be removable by the chair for cause only, and
removal solely for partisan or personal reasons
unrelated to capacity or fitness for the office shall
be unlawful.
Newly appointed
and qualified public members shall, within six (6) months of their
appointment, attend a training course that shall
be developed and provided by the office of the
general treasurer and shall include instruction
in the following areas: the provisions of chapters
35-8.1, 42-46, 36-14 and 38-2 of the Rhode
Island general laws; and the authority's rules and
regulations. The director of the department of
administration shall, within ninety (90) days of the
effective date of this act, prepare and
disseminate training materials relating to the provisions of
chapters 42-46, 36-14 and 38-2.
(b) In the event
of vacancy occurring in the public membership, the governor appointing
authority shall appoint a public member for the unexpired
term. Any public member of the board
shall be eligible for reappointment. No one
shall be eligible for appointment unless he or she is a
resident of this state.
(c) Each member
of the board, before entering upon any duties, shall swear or solemnly
affirm to administer the duties of office
faithfully and impartially, and that oath or affirmation
shall be filed in the office of the secretary of
state.
(d) The board
shall elect one of their number to serve as both secretary and treasurer.
Four (4) members of the board shall constitute a
quorum and the affirmative vote of four (4)
members shall be necessary for any action taken
by the authority. No vacancy in the membership
of the board shall impair the right of a quorum
to exercise all the rights and perform all the duties
of the board.
35-8.1-10.
Annual report, audit, and debt service needs certification. -- In the
month of January, the authority shall make an
annual report of its activities for the preceding
fiscal year to the governor and the general
assembly , the speaker of the house of representatives,
the president of the senate and the secretary of
state.
The report shall set forth a complete
operating and financial statement covering its
operations during the year. The joint committee on
legislative services shall cause an annual audit
of the books, records, and accounts of the
authority to be made by the auditor general of
the state.
(b) By October
1 of each year the chairperson of the board shall certify to the governor
the amount needed by the authority to pay the
debt service on its bonds and its expenses for the
next fiscal year. The governor shall include
this amount in the budget of revenues and
appropriations submitted to the general assembly. , a summary of
meetings or hearings held,
meeting minutes if requested, subjects
addressed, decisions rendered, rules or regulations
promulgated, studies conducted, policies and
plans developed, approved, or modified, and
programs administered or initiated; a summary of
performance during the previous fiscal year
including accomplishments, shortcomings and
remedies; a synopsis of hearings, complaints,
suspensions, or other legal matters related to
the authority of the board; a summary of any
training courses held pursuant to subsection
35-8.1-5(a); a briefing on anticipated activities in the
upcoming fiscal year; and findings and
recommendations for improvements. The report shall be
posted electronically on the general assembly
and the secretary of state's website as prescribed in
42-20-8.2 of the Rhode Island general laws. The
director of the department of administration
shall be responsible for the enforcement of this
provision.
SECTION 3.
Sections 35-10-1 and 35-10-7 of the General Laws in Chapter 35-10
entitled "State Investment Commission"
are hereby amended to read as follows:
35-10-1.
Establishment -- Membership -- Officers -- Quorum -- Investment votes --
Fund managers. -- (a) There is hereby authorized,
created and established in the office of the
general treasurer a state investment
commission, the membership of which shall consist of the
general treasurer, ex officio, or a deputy
general treasurer as his or her designee, who shall act as
chairperson, the director of administration, ex
officio, or any assistant director of administration
as his or her designee, who shall act as
secretary, the chairperson of the finance committee of the
senate, or any senator as his designee, the
chairperson of the finance committee of the house of
representatives, ex officio, or his or her
designee, the chairperson a director of the higher
education assistance authority, ex officio,
or his or her designee to be appointed by the general
treasurer, an active or retired teacher, state, or
municipal employee member of the retirement
system or official from the teacher, state, or
municipal employee unions to be appointed by the
general treasurer for a term of three (3)
years, the executive director of the state retirement board,
who shall be a nonvoting member, two (2)
members of the general public to be appointed by the
general treasurer, one of whom shall serve for
an initial term of one year, and one of whom shall
serve for an initial term of two (2) years and
until his or her successor is appointed and qualified
and three (3) members of the general public
to be appointed by the governor, each for a term of
three (3) years one of whom shall
serve for an initial term of three (3) years, one of whom shall
serve for an initial term of two (2) years, and
one of whom shall serve for an initial term of one
year and until his or her successor is appointed and
qualified. Thereafter, the general public
members shall serve for three (3) year terms and
until his or her successor is appointed and
qualified. The members of the general public
appointed by the governor and the general treasurer
shall be qualified by training and or
experience in the field of investment or finance.
The commission
may elect from among its own members such other officers as they
deem necessary. All general treasurer and
gubernatorial appointments made under this section
after the effective date of this act shall be
subject to the advice and consent of the senate. No one
shall be eligible for appointment unless he or
she is a resident of this state.
Public members
of the board shall be removable by the chair for cause only, and removal
solely for partisan or personal reasons
unrelated to capacity or fitness for the office shall be
unlawful.
Newly appointed
and qualified public members shall, within six (6) months of their
appointment, attend a training course that shall
be developed and provided by the office of the
general treasurer and shall include instruction
in the following areas: the provisions of chapters
35-10, 42-46, 36-14 and 38-2 of the Rhode Island
general laws; and the board's rules and
regulations. The director of the department of
administration shall, within ninety (90) days of the
effective date of this act, prepare and
disseminate training materials relating to the provisions of
chapters 42-46, 36-14 and 38-2.
Any member of
the general public who was appointed by the governor or general
treasurer prior to the effective date of this
act shall continue to serve until such time as a
successor is appointed and qualified.
(b) During the
month of February in each year the governor shall appoint a member to
succeed the member whose term will then next expire,
to serve until the first day of March in the
third year next after his or her appointment,
and until his or her successor is elected and qualified.
A member shall be eligible to succeed himself or
herself. In the event of a vacancy in the office of
an appointive member, the vacancy shall be
filled by appointment the appointing authority for the
unexpired term.
(c) A majority of
all the members of the commission shall be necessary to constitute a
quorum thereof. The approval of a majority of
the commission shall be required prior to the
purchase or sale of any investment, excepting
those investments made by investment managers
engaged by the commission and invested in
accordance with the commission's statement of
investment objectives and policies, day to day
cash investments by the general treasurer, and,
because of the importance of speedy action,
investments in obligations of the United States
government or certificates of deposit maturing
within one year. These investments may be made
within the framework of a policy established by
the commission without prior approval of each
transaction. The commission shall be empowered
to engage one or more fund managers and to
delegate to the manager or managers the
authority to carry out the investment of the funds within
the commission's control, or any portion
thereof, in accordance with the objectives of the
commission as set forth in its statement of
investment objectives and policies.
(d) The
day-to-day administration of the commission, including the voting of proxies
and
the execution of investment acquisitions and
dispositions of the commission's assets, shall be
carried out by the office of the general
treasurer; provided, that the costs and expenses incurred in
the management of the funds within the
commission's control shall remain the obligation of those
funds and not that of the general treasurer.
(e) Within
ninety (90) days after the end of each fiscal year during which the board has
conducted business, the commission shall submit
an annual report to the governor, the speaker of
the house of representatives, the president of
the senate, and the secretary of state of its activities
during that fiscal year. The report shall
provide: an operating statement summarizing meetings or
hearings held, meeting minutes if requested,
subjects addressed, decisions rendered, rules or
regulations promulgated, studies conducted,
policies and plans developed, approved, or modified,
and programs administered or initiated; a consolidated
financial statement of all the funds
received and expended including the source of
funds, a listing of any staff supported by these
funds, and a summary of any clerical,
administrative or technical support received; a summary of
performance during the previous fiscal year
including accomplishments, shortcomings and
remedies; a synopsis of hearings, complaints,
suspensions, or other legal matters related to the
authority of the board; a summary of any
training courses held pursuant to section 35-10-1; a
briefing on anticipated activities in the
upcoming fiscal year; and findings and recommendations
for improvements. The report shall be posted
electronically on the general assembly and the
secretary of state's website as prescribed in
section 42-20-8.2 of the Rhode Island general laws.
The director of the department of administration
shall be responsible for the enforcement of this
provision.
35-10-7.
Expenses of commission -- Employees. -- (a) Members of the commission
serving in an ex officio capacity shall serve without
compensation but shall be reimbursed for any
necessary expenses. The commission shall be
authorized to employ investment counsel and such
clerical employees as may be required. The
investment counsel shall be in the unclassified service
of the state.
(b) No member or
employee of the commission shall profit directly or indirectly from
any investment transaction made by the
commission. This provision is not intended to limit in any
way the right of any member or employee of the
commission to own shares of stock or bonds of
any corporation or other entity in which money
of the several funds are or may be invested.
SECTION 4.
Sections 36-8-4, 36-8-5, 36-8-6 and 36-8-8 of the General Laws in Chapter
36-8 entitled "Retirement System -
Administration" are hereby amended to read as follows:
36-8-4.
Composition of retirement board. -- (a) There is hereby authorized,
created and
established in the office of the general
treasurer an independent retirement board which shall hold
and administer, in trust, the funds of the
retirement system in accordance with the provisions of
chapters 8 through 10 of this title and shall
perform such functions as authorized by law. The
membership of the retirement board shall consist
of: the general treasurer or his or her designee
who shall be a subordinate within the general
treasurer's office;
the director of administration or
his or her designee who shall be a
subordinate within the department of administration; the
budget officer a representative of the budget office
or his or her designee from within the budget
office, who shall be appointed by the director
of administration;
the fiscal advisor to the house
finance committee or his or her designee; the president of the
league of cities and towns or his or
her designee; two (2) active state employee
members of the retirement system or officials from
state employee unions to be elected by active
state employees; two (2) active teacher members of
the retirement system or officials from a
teachers union to be elected by active teachers; one
active municipal employee member of the
retirement system or an official from a municipal
employees union to be elected by active
municipal employees; one two (2) retired members of the
retirement system to be elected by retired
members of the system; the chairperson of the house
finance committee or his or her designee; the
chairperson of the senate finance committee or his
or her designee; and two (2) four
(4) public representatives members, one all of
whom shall be a
C.L.U. competent by training or experience in
the area field of pension benefits, finance,
accounting or pensions; two (2) of the public
members
shall be appointed by the governor and
their term , one of whom shall serve an initial
term of three (3) years and one of whom shall serve
an initial term of four (4) years and until his
or her successor is appointed and qualified; and two
(2) of the public members shall be appointed by
the general treasurer, one of whom shall serve an
initial term of three (3) years and one of whom
shall serve an initial term of four (4) years and
until his or her successor is appointed and
qualified. Thereafter, the term of these four (4) public
members shall be for four (4) years or until their
successors are appointed and qualified. Meetings
shall be open to the public and media except
when it is discussing personalities. Further, however,
where a discussion may reflect in a harmful
manner on the persons discussed, those persons may
choose to have that portion of the meeting open
or closed at their discretion. in accordance with
the provisions of chapter 42-46 of the general
laws. Any member of the general public who was
appointed by the governor prior to the effective
date of this act shall continue to serve until such
time as a successor is appointed and qualified.
Any member who was elected prior to the
effective date of this act shall serve for the
remainder of his or her elected term.
(b) Meetings
shall be held at such place as may be designated in the call of the meeting,
provided at no cost to the state, at least
monthly at the call of the chairpersons chair.
(c) The elected members
of the retirement board shall be seated by the following
procedure:
(1) Each
candidate for a position on the board must have one hundred (100) signatures of
members of their respective group.
(2) The term of
office for elected members shall be for four (4) years, and election of
their successors shall be given by the board
prior to the expiration of the terms of the incumbent
elected members.
(3) By petition
for recall of twenty percent (20%) of the respective membership of the
various groups a new election shall be ordered
by the retirement board.
(d) All
gubernatorial and general treasurer appointments made under this section after
the
effective date of this act shall be subject to
the advice and consent of the senate. No one shall be
eligible for appointment unless he or she is a
resident of this state.
Public members
of the board shall be removable by the chair for cause only, and removal
solely for partisan or personal reasons
unrelated to capacity or fitness for the office shall be
unlawful.
Newly appointed
and qualified public members shall, within six (6) months of their
appointment, attend a training course that shall
be developed and provided by the office of the
general treasurer and shall include instruction
in the following areas: the provisions of chapters
42-46, 36-14 and 38-2 of the Rhode Island
general laws, the retirement statutes; and the board's
rules and regulations. The director of the
department of administration shall, within ninety (90)
days of the effective date of this act, prepare
and disseminate training materials relating to the
provisions of chapters 42-46, 36-14 and 38-2.
36-8-5.
Vacancies on board. -- If, for any reason whatsoever, there shall be a
vacancy in
the office of an appointed member of the board
the appointing authority shall appoint a successor
within seventy (70) days for the balance of the
vacated term; provided, however, that all
gubernatorial and general treasurer appointments
made under this section after the effective date
of this act shall be subject to the advice and
consent of the senate.
If, for any reason whatsoever,
there shall be a vacancy in the office of an
elected member of the board the seat shall be filled by
a new election of the respective group within
seventy (70) days for the balance of the vacated
term.
36-8-6.
Votes of board -- Record of proceedings. -- Each member of the board
shall be
entitled to one vote. in the board and
a majority of all the votes of the entire board shall be
necessary for a decision of the board. A majority of the
board shall constitute a quorum and all
actions of the board shall be a majority vote of
the members present and voting at which a
quorum is present. The board shall keep a
record of all the proceedings which shall be open to
public inspection.
36-8-8.
Annual report and statement. -- The retirement board shall submit to
the
governor for transmittal to the general
assembly, the speaker of the house of representatives, the
president of the senate and the secretary of
state,
on or before the first day of December in each
year, an annual report showing the financial
transactions of the system for the fiscal year of the
state next preceding said date. The report shall
contain, among other things, a financial balance
sheet, a statement of income and expenditures, a
valuation balance sheet as prepared by the
actuary, a detailed statement of investments
acquired and disposed of during the year, and such
other statistical data as are deemed necessary
for a proper interpretation of the condition of the
system and the results of its operations. The
report shall also provide: an operating statement
summarizing meetings or hearings held, meeting
minutes if requested, subjects addressed,
decisions rendered, rules or regulations
promulgated, studies conducted, policies and plans
developed, approved, or modified, and programs
administered or initiated; a consolidated
financial statement of all the funds received and
expended including the source of funds, a listing
of any staff supported by these funds, and a
summary of any clerical, administrative or technical
support received; a summary of performance
during the previous fiscal year including
accomplishments, shortcomings and remedies; a
synopsis of hearings, complaints, suspensions, or
other legal matters related to the authority of
the board; a summary of any training courses held
pursuant to section 36-8-4; a briefing on anticipated
activities in the upcoming fiscal year; and
findings and recommendations for improvements.
The report shall be posted electronically on the
general assembly and the secretary of state's
website as prescribed in section 42-20-8.2 of the
Rhode Island general laws. The director of the
department of administration shall be responsible
for the enforcement of this provision. The report shall also
embody such other data as may be of
use in the advancement of knowledge concerning
state employee pensions and any
recommendations of the board for changes in the
laws pertaining to the system. The retirement
board shall cause to be published for
distribution among the members of the system a financial
statement summarizing the results of operations
for the fiscal year.
SECTION 5.
Sections 42-10.1-1, 42-10.1-6 and 42-10.1-8 of the General Laws in
Chapter 42-10.1 entitled "Public Finance
Management Board" are hereby amended to read as
follows:
42-10.1-1.
Creation -- Members. -- (a) There is hereby authorized, created and
established in the department of the general
treasurer
a public finance management board to
consist of nine (9) members,:
(1) one
of whom shall be the general treasurer or his or her designee who shall
be a
subordinate within the general treasurer's
office,;
(2) one
of whom shall represent the director of the department of
administration or his or
her designee who shall be a subordinate within
the department of administration; and shall be
appointed by the governor, two (2) of whom shall
represent cities and towns and shall be
appointed by the general treasurer from a list
of five (5) candidates submitted by the league of
cities and towns, one of whom shall be a member
of the general public who is experienced in the
issuance and sale of bonds by public agencies
and shall be appointed by the governor, two (2) of
whom shall be members of the house of
representatives and shall be appointed by the speaker,
one from the minority party, and two (2) of whom
shall be members of the senate and shall be
appointed by the president of the senate, one
from the minority party.
(b) All
appointed members shall serve at the pleasure of the appointing authority. A
vacancy shall be filled in like manner as the
original appointment.
(3) three (3)
members of the general public to be appointed by the governor, with the
advice and consent of the senate, one of whom
shall serve an initial term of three (3) years, one of
whom shall serve an initial term of two (2)
years an one of whom shall serve an initial term of
one year, and until his or her successor is
appointed and qualified. Thereafter, the members
appointed pursuant to this subsection shall
serve for a term of three (3) years and until his or her
successor is appointed and qualified; and
(4) two (2)
members of the general public to be appointed by the general treasurer, with
the advice and consent of the senate, from a
list of five (5) candidates submitted to the general
treasurer by the League of Cities and Towns, one
of whom shall serve an initial term of two (2)
years and one of whom shall serve an initial
term of three (3) years, and until his or her successor
is appointed and qualified. Thereafter, the
members appointed pursuant to this subsection shall
serve for a term of three (3) years and until
his or her successor is appointed and qualified.
(5) two (2)
members of the general public to be appointed by the general treasurer, with
the advice and consent of the senate, one of
whom shall serve an initial term of two (2) years and
one of whom shall serve an initial term of three
(3) years, and until his or her successor is
appointed and qualified. Thereafter, the members
appointed pursuant to this subsection shall
serve for a term of three (3) years and until
his or her successor is appointed and qualified.
(b) Any member
that was appointed by the governor or general treasurer prior to the
effective date of this act shall continue to
serve until such time as a successor is appointed and
qualified.
(c) All
appointments shall be experienced in the issuance and sale of bonds by public
agencies or shall otherwise be qualified by
training or experience in the field of finance and
investment. No one shall be eligible for
appointment unless he or she is a resident of this state.
Public members
of the authority shall be removable by the chair for cause only, and
removal solely for partisan or personal reasons
unrelated to capacity or fitness for the office shall
be unlawful.
Newly appointed
and qualified public members shall, within six (6) months of their
appointment, attend a training course that shall
be developed and provided by the office of the
general treasurer and shall include instruction
in the following areas: the provisions of chapters
42-10.1, 42-46, 36-14 and 38-2 of the Rhode
Island general laws; and the authority's rules and
regulations. The director of the department of
administration shall, within ninety (90) days of the
effective date of this act, prepare and
disseminate training materials relating to the provisions of
chapters 42-46, 36-14 and 38-2.
A vacancy shall be
filled in like manner as the original appointment.
42-10.1-6.
Officers -- Meetings. -- (a) The general treasurer or his or her
designee shall
serve as chairperson and shall preside at
meetings of the board.
(b) The board
members shall annually elect, by majority vote, one of the members as
vice chairman and one of the members as
secretary and other such officers as they deem
necessary.
(c) The board
shall meet on the call of the chairperson, or at the request of a majority of
the members, or at the request of the governor. Three
(3) Four (4) members of the board shall
constitute a quorum for the transaction of
business, only one of whom may be a legislative
member. No vacancy in the membership of the board
shall impair the right of a quorum to
exercise all of the rights and perform all of the
duties of the board.
(d) The board
shall adopt rules and regulations for the conduct of its business pursuant to
the provisions of chapter 35 of this title.
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.
(b)
Annually, on the thirty-first (31st) day of March, the board shall submit to
the general
assembly governor, the speaker of the house of
representatives, the president of the senate and the
secretary of state 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. The report
shall also set forth a complete operating and
financial statement covering its operations during the
year, a summary of meetings or hearings held,
meeting minutes if requested, subjects addressed,
decisions rendered, rules or regulations
promulgated, studies conducted, policies and plans
developed, approved, or modified, and programs
administered or initiated; a summary of
performance during the previous fiscal year
including accomplishments, shortcomings and
remedies; a synopsis of hearings, complaints,
suspensions, or other legal matters related to the
authority of the board; a summary of any
training courses held pursuant to section 42-10.1-1; a
briefing on anticipated activities in the
upcoming fiscal year; and findings and recommendations
for improvements. The report shall be posted
electronically on the general assembly and the
secretary of state's website as prescribed in
section 42-20-8.2 of the Rhode Island general laws.
The director of the department of administration
shall be responsible for the enforcement of this
provision.
(b) (c)
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) (d)
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 6. This
act shall take effect upon passage.
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LC00785/SUB
A/3
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