Chapter 479
2012 -- H 8023
Enacted 06/25/12
A N A C T
RELATING TO
STATE AFFAIRS AND GOVERNMENT - PUBLIC FINANCE
MANAGEMENT BOARD
Introduced By: Representatives Mattiello, Tomasso, Ferri, and Hearn
Date Introduced: March 29, 2012
It is enacted by the
General Assembly as follows:
SECTION 1. Sections 42-10.1-4 and 42-10.1-8 of Chapter
42-10.1 of the General Laws
entitled “Public Finance Management Board” is hereby amended
to read as follows:
42-10.1-4.
Notice of debt issue to board. – (a) Each state, municipal and regional
department, authority, agency, board, commission, and public and
quasi-public corporation
having authority to issue revenue or general obligation
bonds or notes shall, no later than thirty
(30) days prior to the sale
of any such debt issue at public or private sale, give written notice of
the proposed sale to the board.
(b) The notice shall
include one proposed sale date, the name of the issuer, the nature of
the debt issue, and the estimated principal amount
thereof, and such further information as may
be required by rule of the board and shall be delivered
in accordance with procedures to be
established by rule of the board.
(c) Failure of delivery
of the above notice or of the time or efficiency thereof shall not
affect the validity of the issuance of any debt, bond or
note.
(d) The board shall
submit a report annually on or before March 31st September 30th
of
each year to the director of administration, the speaker
of the house, the chairman of the house
finance committee, the president of the senate, the chairman
of the senate finance committee, and
the auditor general on debt issues by cities and towns
and other authorities subject to the
provision of chapter 45-12, which report shall include the
information set forth in division (b) of
this section and shall be for the notices of debt issues
received in the prior calendar year during
the state’s fiscal year next preceding. An electronic
transmission of the report shall be considered
an acceptable submission.
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 thirty-first (31st) day of
March thirtieth
(30th) day of September, the board shall submit to the general assembly a
report
based upon information from the previous fiscal year
fiscal year ending in the prior calendar year
of its findings and recommendations, if any, for
revising the laws governing such financing
devices. An electronic transmission of the report shall be
considered an acceptable submission.
(b) Annually, on the thirty-first
(31st) day of March thirtieth (30th) day of September, the
board shall submit to the 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
fiscal year ending in the prior calendar year of its findings and recommendations, if any, for
revising the laws governing such financing devices. An
electronic transmission of the report shall
be considered an acceptable submission. 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
fiscal year ending in the prior calendar 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 current
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.
(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.
(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 2. This act shall take effect upon passage.
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LC01935
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