2024 -- S 2326 | |
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LC003874 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2024 | |
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A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT -- QUASI-PUBLIC | |
CORPORATIONS ACCOUNTABILITY AND TRANSPARENCY ACT | |
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Introduced By: Senator Walter S. Felag | |
Date Introduced: February 12, 2024 | |
Referred To: Senate Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Chapter 42-155 of the General Laws entitled "Quasi-Public Corporations |
2 | Accountability and Transparency Act" is hereby amended by adding thereto the following section: |
3 | 42-155-11. Limitation on transfer or reallocation of funds collected by certain quasi- |
4 | public entities. |
5 | (a) Quasi-public corporations and agencies perform essential government functions and/or |
6 | provide essential government services. Many quasi-public entities are granted the public power to |
7 | collect fees and/or generate other revenue and incur debt. Since quasi-public corporations manage |
8 | significant public resources, and in order to comply with the intent of § 42-155-2, quasi-public |
9 | corporations accountability and transparency act, all Rhode Island quasi-public corporations and |
10 | agencies should make their decisions and budgets especially transparent and open to public |
11 | scrutiny. |
12 | (b) The goals of public policy and transparency dictate that funds or monies collected by |
13 | quasi-public corporations or quasi-public agencies shall remain with the entities for use by the |
14 | entities in order to carry out their designated government functions and services and shall not be |
15 | subject to transfer or reallocation by order of or request by the governor or the general assembly to |
16 | the state's general fund or to another state agency, department, or quasi-public state agency or |
17 | corporation. In order to ensure the furtherance of the objectives of the quasi-public entities, at no |
18 | time shall the assets or other property of the entities inure to the benefit of any person or other |
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1 | corporation or entity. |
2 | (c) The provisions of this section shall apply expressly to the following quasi-public state |
3 | entities: |
4 | (1) Capital center commission, established pursuant to 1981 Pub. L. chapter 332 and |
5 | amended by 1983 Pub. L. chapter 167 and 1994 Pub. L. chapter 19; |
6 | (2) Convention center authority, established pursuant to § 42-99-4; |
7 | (3) I-195 redevelopment district, established pursuant to § 42-64.14-5; |
8 | (4) Narragansett Bay water quality management district commission, established pursuant |
9 | to § 46-25-4; |
10 | (5) Quonset development corporation, established pursuant to § 42-64.10-2; |
11 | (6) Rhode Island airport corporation, established as a semi-autonomous subsidiary of the |
12 | then Rhode Island port authority in 1992 and now the Rhode Island commerce corporation pursuant |
13 | to § 42-64-7.1; |
14 | (7) Rhode Island commerce corporation, established pursuant to § 42-64-4, and its |
15 | subsidiaries; |
16 | (8) Rhode Island health and educational building corporation, established pursuant to § 45- |
17 | 38.1-4; |
18 | (9) Rhode Island housing and mortgage finance corporation, established pursuant to § 42- |
19 | 55-4; |
20 | (10) Rhode Island industrial facilities corporation, established pursuant to § 45-37.l-4; |
21 | (11) Rhode Island industrial-recreational building authority, established pursuant to § 42- |
22 | 34-4; |
23 | (12) Rhode Island infrastructure bank, established pursuant to § 46-12.2-3; |
24 | (13) Rhode Island public rail corporation, established pursuant to § 42-64.2-2; |
25 | (14) Rhode Island public transit authority, established pursuant to § 39-18-2; |
26 | (15) Rhode Island refunding bond authority, established pursuant to § 35-8.1-4; |
27 | (16) Rhode Island resource recovery corporation, established pursuant to § 23-19-6; |
28 | (17) Rhode Island student loan authority, established pursuant to § 16-62-4; |
29 | (18) Rhode Island tobacco settlement financing corporation, established pursuant to § 42- |
30 | 133-4; |
31 | (19) Rhode Island turnpike and bridge authority, established pursuant to § 24-12-2; |
32 | (20) Small business loan fund corporation, established pursuant to chapter 64 of title 42; |
33 | and |
34 | (21) Water resources board (corporate), established pursuant to § 46-15.1-2. |
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1 | SECTION 2. This act shall take effect upon passage. |
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LC003874 | |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO STATE AFFAIRS AND GOVERNMENT -- QUASI-PUBLIC | |
CORPORATIONS ACCOUNTABILITY AND TRANSPARENCY ACT | |
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1 | This act would mandate that quasi-public corporations limit the use of all funds and |
2 | property to perform the function or service for which the quasi-public corporation was created. The |
3 | act also would prohibit the transfer or reallocation of funds held by a quasi-public corporation. |
4 | This act would take effect upon passage. |
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LC003874 | |
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