Introduced By: Senators Fogarty, Paiva Weed, Cicillline and Roberts
Date Introduced : May 20, 1998
Referred To: Senate Committee on Special Legislation
It is enacted by the General Assembly as follows:
SECTION 1. Sections 41-9-2 and 41-9-3 and 41-9-4 of the General Laws in Chapter 41-9 entitled "Establishment and Extension of Gambling Activities and Other Facilities" are hereby amended to read as follows:
41-9-2. Financial disclosure by promoter. -- (a)
Before the question of the establishment or extension of any gambling
activity or facility is presented to the electorate, all persons
and/or corporations promoting or having an interest of {DEL ten DEL}
{ADD five ADD} percent {DEL (10%) DEL} {ADD (5%) ADD} or greater
in the activity or facility shall file with the {DEL ethics
commission DEL} {ADD attorney general and with the secretary
of state ADD} the financial statement provided by the {ADD Rhode
Island ethics ADD} commission which shall conform with the requirements
of section 36-14-16.
(b) The duty to file the financial statement shall be a continuing
duty and shall be required of any and all persons and/or corporations
who have or will have an interest of {DEL ten DEL} {ADD five ADD}
percent {DEL (10%) DEL} {ADD (5%) ADD} or greater in an activity
and/or facility.
{ADD 41-9-3. Disclosure of regulated business interests. -- ADD}
Every person who is required to file a financial statement pursuant
to this chapter and who has, or within the preceding three (3)
years divests himself or herself of {DEL ten DEL} {ADD five ADD}
percent {DEL (10%) DEL} {ADD (5%) ADD} or greater equity interest
in a business entity which is subject to regulation by this chapter,
by a state or municipal agency, shall file with the {DEL ethics
commission DEL} {ADD attorney general and with the secretary
of state ADD} annually an affidavit:
(1) Identifying himself or herself and stating the capacity in which he or she serves or is about to serve which occasions the filing of the affidavit;
(2) Identifying the business entity (or each business entity) and all the principals thereof known to him or her;
(3) Stating the nature of his or her interest in the business entity and that of all the principals thereof known to him or her;
(4) Identifying all those persons and/or corporations known to him or her providing any financing for the business entity.
41-9-4. Town and state election on establishment of facility. -- (a) Before a gambling facility shall be established in any town or city, the town council of the town or the city council of the city shall pose, by adopting a resolution to be placed on the ballot at the next general election {ADD to be held not less than one hundred fifty (150) days after delivery of said resolution to the secretary of state, to the local board of canvassers and to the attorney general, ADD} to be submitted to the qualified electors of the town or city and to the qualified electors of the state, the following question: "Shall a gambling facility and/or activity be established in the town (or city) of ______________ ?"
(b) The question shall be submitted by the local board of canvassers to the electors of the town or city where the facility or activity is to be located, and the results of the election shall be certified to the secretary of state;
(c) The question shall be submitted by the secretary of state to the qualified electors of the state at the same general election and the secretary of state shall certify the election results;
(d) The affirmative vote of the subject town or city and the electors of the state shall be necessary for the approval of the question, and if consent be thus given, all further regulations shall rest with the ethics commission.
(e) The question of the establishment of a harness racing facility in the town of Burrillville shall be submitted to the electors of the state and the town at the November, 1990 general election.
SECTION 2. Chapter 41-9 of the General Laws entitled "Establishment and Extension of Gambling Activities and Other Facilities" is hereby amended by adding thereto the following section:
{ADD 41-9-2.1. Proposal disclosure by promoter -- Review by attorney general -- Public comment -- Report by attorney general. -- ADD} {ADD (a) Before the question of the establishment or extension of any gambling facility is presented to the electorate, all persons and/or corporations promoting or having an interest of more than five percent (5%) or greater in the proposed facility shall file with the attorney general a gambling facility proposal disclosure statement, in a form approved by the attorney general, which shall include, at a minimum the following information: ADD}
{ADD (1) A detailed summary of the proposed gambling facility; ADD}
{ADD (2) Names, addresses and phone numbers of all persons, natural or corporate, having any ownership or management interest in the proposed gambling facility; ADD}
{ADD (3) With respect to any corporation identified pursuant to subsection (2) hereof, the name, address, phone number and occupation of all officers, members of the board of directors, trustees, executive and senior level management including for each position, current persons and persons holding position during the past three (3) years; ADD}
{ADD (4) Organizational structure of the proposed gambling facility; ADD}
{ADD (5) Conflict of interest statements, policies and procedures for the proposed gambling facility; ADD}
{ADD (6) Names, addresses and phone numbers of professional consultants engaged in connection with the proposed gambling facility; ADD}
{ADD (7) A detailed description of real estate issues including title reports for land owned and lease agreements concerning the proposed gambling facility; ADD}
{ADD (8) A detailed description as each relates to the proposed transaction for equipment leases, insurance, regulatory compliance, tax status, pending litigation or pending regulatory citations, pension plan descriptions and employee benefits, environmental reports, assessments and organizational goals; ADD}
{ADD (9) Copies of reports analyzing the proposed gambling facility prepared during the past three (3) years including, but not limited to, reports by appraisers, accountants, investment bankers, actuaries and other experts; and ADD}
{ADD (10) A list of pending or adjudicated citations, violations or charges against any of the persons identified pursuant to subsection (2) brought by any governmental agency within the past three (3) years and the status or disposition of each such matter; ADD}
{ADD (b) Within ten (10) business days after receipt of gambling facility proposal disclosure statement pursuant to subsection (a) of this section, the attorney general shall publish notice of the proposal in a newspaper of general circulation in the state and provide reasonable opportunity for public comment. ADD}
{ADD (c) Within ninety (90) days after receipt of a gambling facility proposal disclosure statement pursuant to subsection (a) of this section, the attorney general shall report to the Governor, to the Speaker of the House of Representatives and to the Majority Leader of the Senate his conclusions and recommendations, if any, concerning ADD}
{ADD (i) The fitness of the proposed facility's promoters; ADD}
{ADD (ii) The likely impact of the proposed facility upon the economy of the State and of the city or town in which the facility would be located; and ADD}
{ADD (iii) The likely impact of the proposed facility upon the environment of the State and of the city or town in which the facility would be located. ADD}
SECTION 3. This act shall take effect upon passage.
This act would lower the level of interest from 10% to 5% in which a gambling promoter must fill a financial disclosure statement with the attorney general and the secretary of state.
This act would take effect upon passage.
