2013 -- H 5268

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LC00982

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2013

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A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - ECONOMIC DEVELOPMENT

CORPORATION

     Introduced By: Representatives Lima, Lombardi, O`Neill, Carnevale, and Newberry

     Date Introduced: February 06, 2013

     Referred To: House Finance

It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 42-64 of the General Laws entitled "Rhode Island Economic

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Development Corporation" is hereby amended by adding thereto the following section:

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     42-64-36. Loan guarantee. -- The corporation shall be prohibited from providing a loan

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guarantee of more than ten million dollars ($10,000,000) to any one entity.

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     SECTION 2. This act shall take effect upon passage.

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LC00982

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - ECONOMIC DEVELOPMENT

CORPORATION

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     This act would impose a cap of ten million dollars ($10,000,000) on a loan guarantee

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provided by the economic development corporation to any one entity.

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     This act would take effect upon passage.

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LC00982

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