Introduced By: Senators Tavares, Flynn, Breene and Blais
Date Introduced : January 8, 1998
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 {DEL first day of March DEL} {ADD thirtieth day of
September ADD} , the board shall submit to the general assembly
a report 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.
