2014 -- S 2695

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LC004578

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - RHODE ISLAND COMMERCE

CORPORATION

     

     Introduced By: Senators Sheehan, Lombardi, Conley, Ottiano, and Raptakis

     Date Introduced: March 05, 2014

     Referred To: Senate 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 Commerce

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

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     42-64-37.1. Voter approval on certain thresholds. -- Notwithstanding the provisions of

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chapters 35-18 and 42-64, and expressly subject to the parameters set forth in the Rhode Island

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Constitution, the Rhode Island commerce corporation, its predecessor in interest, its agents, and

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assigns shall not issue any bonds, including moral obligation bonds, notes, negotiable

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instruments, contracts, pledges, guarantees or other obligations of indebtedness in a principal

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amount not to exceed ten million dollars ($10,000,000) to any private corporation, non-publicly

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owned entity, person, applicant, project, company or development without the expressed consent

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of the people at a duly certified general or special statewide election. This section shall not be

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construed to refer to any money that may be deposited with the state by the government of the

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United States.

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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 STATE AFFAIRS AND GOVERNMENT - RHODE ISLAND COMMERCE

CORPORATION

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     This act would limit the amount of bonds, moral obligation bonds, notes, negotiable

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instruments, contracts, guarantees or other obligations of indebtedness to any one applicant,

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corporation, company or project not to exceed ten million dollars ($10,000,000) by the Rhode

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Island Commerce Corporation without the consent of the people given at a statewide general or

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special election.

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     This act would take effect upon passage.

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