2015 -- H 6142

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LC002596

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2015

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - RHODE ISLAND COMMERCE

CORPORATION

     

     Introduced By: Representatives Lima, Casey, and Messier

     Date Introduced: April 30, 2015

     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 Commerce

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

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     42-64-36.1. Program disclosure. -- Any project developed pursuant to this chapter

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whereby activity is taken by the corporation to provide financing and/or resources to a private

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entity shall be subject to the following requirements:

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     (1) The private entity shall provide full financial disclosure on the proposed project's

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finances and amount of funding being requested as well as the amount of funding being provided

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by the private entity to complete the project;

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     (2) The private entity shall provide a disclosure of all terms of the private entity's

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corporation bylaws and operating agreement including a listing of all corporate directors, officers

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and/or partners subject to the private entity's corporate structure; and

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     (3) The private entity shall provide a business model disclosing the impact the project

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will have on job creation and income tax revenue generated therefrom as well as tax revenue

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expected to be collected from the project's proposed services and/or products.

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     SECTION 2. This act shall take effect upon passage.

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LC002596

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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 require that for any project whereby a private entity seeks financing or

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resources from the commerce corporation, the private entity would be required to provide

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disclosures on the project's finances. The private entity would also have to disclose terms of the

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private entity's corporate governance, agreement, and also provide a business model disclosing

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the projects impact on job creation and the income tax revenue that the project will generate.

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     This act would take effect upon passage.

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