§ 42-10.1-1. Creation — Members.
(a) There is hereby authorized, created, and established in the department of the general treasurer a public finance management board to consist of nine (9) members:
(1) The general treasurer or the general treasurer’s designee who shall be a subordinate within the general treasurer’s office;
(2) The director of the department of administration or the director’s designee who shall be a subordinate within the department of administration;
(3) Three (3) members of the general public to be appointed by the governor, with the advice and consent of the senate, one of whom shall serve an initial term of three (3) years, one of whom shall serve an initial term of two (2) years, and one of whom shall serve an initial term of one year, and until the member’s successor is appointed and qualified. Thereafter, the members appointed pursuant to this subsection shall serve for a term of three (3) years and until the member’s successor is appointed and qualified;
(4) Two (2) members of the general public to be appointed by the general treasurer, with the advice and consent of the senate, from a list of five (5) candidates submitted to the general treasurer by the League of Cities and Towns, one of whom shall serve an initial term of two (2) years and one of whom shall serve an initial term of three (3) years, and until the member’s successor is appointed and qualified. Thereafter, the members appointed pursuant to this subsection shall serve for a term of three (3) years and until the member’s successor is appointed and qualified; and
(5) Two (2) members of the general public to be appointed by the general treasurer, with the advice and consent of the senate, one of whom shall serve an initial term of two (2) years and one of whom shall serve an initial term of three (3) years, and until the member’s successor is appointed and qualified. Thereafter, the members appointed pursuant to this subsection shall serve for a term of three (3) years and until the member’s successor is appointed and qualified.
(b) Any member that was appointed by the governor or general treasurer prior to the effective date of this act shall continue to serve until such time as a successor is appointed and qualified.
(c) All appointments shall be experienced in the issuance and sale of bonds by public agencies or shall otherwise be qualified by training or experience in the field of finance and investment. No one shall be eligible for appointment unless the person is a resident of this state.
Public members of the authority shall be removable by the chair for cause only, and removal solely for partisan or personal reasons unrelated to capacity or fitness for the office shall be unlawful.
Newly appointed and qualified public members shall, within six (6) months of their appointment, attend a training course that shall be developed and provided by the office of the general treasurer and shall include instruction in the following areas: the provisions of this chapter, chapter 46 of this title, chapter 14 of title 36, and chapter 2 of title 38 of the Rhode Island general laws; and the authority’s rules and regulations. The director of the department of administration shall, within ninety (90) days of the effective date of this act, prepare and disseminate training materials relating to the provisions of chapter 46 of this title, chapter 14 of title 36, and chapter 2 of title 38.
A vacancy shall be filled in like manner as the original appointment.
History of Section.
P.L. 1986, ch. 477, § 1; P.L. 2001, ch. 180, § 95; P.L. 2006, ch. 319, § 5; P.L. 2006,
ch. 444, § 5.