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2013 -- H 5745 | |
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LC01075 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO STATE AFFAIRS AND GOVERNMENT - ECONOMIC DEVELOPMENT | |
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CORPORATION | |
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Introduced By: Representatives Newberry, Costa, Chippendale, Trillo, and Giarrusso | |
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Date Introduced: February 28, 2013 | |
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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 42-64 of the General Laws entitled "Rhode Island Economic |
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Development Corporation" is hereby amended by adding thereto the following section: |
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42-64-36. Limitation on lending. – Notwithstanding any provision of this chapter to the |
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contrary, the corporation shall not make any loans or issue any bonds, guarantee any loans or |
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bonds, or enter into any other financing instrument or facility with any one individual or entity |
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which obligates the state for an amount in excess of five million dollars ($5,000,000), unless |
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previously authorized by a joint resolution of the general assembly; provided, however, that this |
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provision shall not affect any loan or financing in existence on the effective date of this section. |
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SECTION 2. This act shall take effect upon passage. |
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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 STATE AFFAIRS AND GOVERNMENT - ECONOMIC DEVELOPMENT | |
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CORPORATION | |
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This act would limit the lending authority of the economic development corporation by |
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providing that it may not loan in excess of five million dollars ($5,000,000) to any one entity or |
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individual. |
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This act would take effect upon passage. |
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LC01075 | |
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