2013 -- H 5746

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LC01628

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- ECONOMIC DEVELOPMENT

CORPORATION

     Introduced By: Representatives Newberry, Chippendale, Trillo, Costa, and Giarrusso

     Date Introduced: February 28, 2013

     Referred To: House Finance

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 - Aggregate. – Notwithstanding any provision of this

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chapter to the contrary, the corporation shall not make any loans, issue any bonds, guarantee any

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loans or bonds, or enter into any other financing instrument or facility the total of which

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obligations exceed an aggregate limit of one billion dollars ($1,000,000,000) outstanding at any

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one time, unless previously authorized by a joint resolution of the general assembly.

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     SECTION 2. This act shall take effect upon passage.

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LC01628

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- ECONOMIC DEVELOPMENT

CORPORATION

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     This act would limit the lending authority of the economic development corporation by

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imposing an aggregate limit on loans and bonds outstanding at any one time to one billion dollars

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($1,000,000,000).

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     This act would take effect upon passage.

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LC01628

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