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2012 -- H 8212 | |
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LC02702 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO TOWNS AND CITIES | |
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Introduced By: Representatives Brien, Baldelli-Hunt, and Phillips | |
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Date Introduced: May 24, 2012 | |
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Referred To: House Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Chapter 45-21 of the General Laws entitled "Retirement of Municipal |
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Employees" is hereby amended by adding thereto the following section: |
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45-21-67. Application of pension funds to reduce tax levy. – Any city or town, or any |
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municipal agency which controls, or has control of, through a selected financial institution acting |
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as custodian, any municipal pension fund may, in its discretion and notwithstanding the |
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provisions of any general law or municipal charter to the contrary, apply the pension funds or a |
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portion thereof, or direct the custodian to apply the pension funds or a portion thereof, to reduce |
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the overall tax levy of the municipality. |
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SECTION 2. This act shall take effect upon passage. |
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LC02702 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO TOWNS AND CITIES | |
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This act would allow municipalities to apply local pension funds to reduce the tax levy of |
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the municipality. |
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This act would take effect upon passage. |
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LC02702 | |
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