It is enacted by the General Assembly as follows:
SECTION 1. Section 42-116-33 of the General Laws in Chapter 42-116 entitled "Rhode Island Depositors Economic Protection Corporation" is hereby amended to read as follows:
{ADD 42-116-33. Performance review committee. -- ADD} There is hereby created a seven (7) member performance review committee. The members shall be: (1) the Governor or his or her designee; (2) the Speaker of the House of Representatives or his or her designee; (3) the Majority Leader of the Senate or his or her designee; (4) a minority party member of the general assembly to be designated by the Minority Leader of the House of Representatives and the Minority Leader of the Senate acting jointly; (5) one member selected by the board of directors of the Rhode Island Society of Certified Public Accountants; (6) one member selected by the board of directors of the Rhode Island Association of Realtors, Inc.; (7) and one member who shall be a depositor selected by the Joint Committee on Small Business. The Committee shall meet and issue its biannual reports by {DEL January DEL} {ADD February ADD} 15th and {DEL July DEL} {ADD August ADD} 15th of each year. The document shall contain the following:
(a) Information regarding the disposition of the assets and liabilities of the corporation;
(b) Information regarding the interest and income, if any, earned by the corporation and the administrative expenses of the corporation;
(c) Information which updates projections as regards cash inflow and outflow;
(d) Information as to the general fiscal condition of the state and how that condition relates to the activities and operation of the corporation;
(e) Information as to the principal amount of outstanding bonded indebtedness;
(f) A review, which considers subdivisions (a)--(e), of the schedule of payments and a recommendation as to the acceleration or modification of said schedule; and
(g) A recommendation, if any, as to necessary and appropriate legislation.
(h) A brief summary of the document shall be published in a newspaper of general circulation within the state on two (2) successive days.
SECTION 2. This act shall take effect upon passage.