2012 -- H 8212

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LC02702

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

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A N A C T

RELATING TO TOWNS AND CITIES

     Introduced By: Representatives Brien, Baldelli-Hunt, and Phillips

     Date Introduced: May 24, 2012

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 45-21 of the General Laws entitled "Retirement of Municipal

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Employees" is hereby amended by adding thereto the following section:

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     45-21-67. Application of pension funds to reduce tax levy. – Any city or town, or any

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municipal agency which controls, or has control of, through a selected financial institution acting

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as custodian, any municipal pension fund may, in its discretion and notwithstanding the

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provisions of any general law or municipal charter to the contrary, apply the pension funds or a

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portion thereof, or direct the custodian to apply the pension funds or a portion thereof, to reduce

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the overall tax levy of the municipality.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TOWNS AND CITIES

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     This act would allow municipalities to apply local pension funds to reduce the tax levy of

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the municipality.

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     This act would take effect upon passage.

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LC02702

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