2016 -- S 2819

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LC005418

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2016

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - PUBLIC FINANCE

MANAGEMENT BOARD

     

     Introduced By: Senator Daniel DaPonte

     Date Introduced: March 23, 2016

     Referred To: Senate Finance

     (General Treasurer)

It is enacted by the General Assembly as follows:

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     SECTION 1. Section 42-10.1-2 of the General Laws in Chapter 42-10.1 entitled "Public

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Finance Management Board" is hereby amended to read as follows:

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     42-10.1-2. Purpose. -- It shall be the purpose and responsibility of the board:

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      (1) To advise and assist all state departments, authorities, agencies, boards, commissions,

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and public and quasi-public corporations having authority to issue revenue or general obligation

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bonds or notes with respect to issuance of and financial planning related to all those bonds and

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notes;

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      (2) Upon request, to To advise and/or assist any city or town and any municipal or

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regional agency, authority, board, commission, or public or quasi-public corporation having

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authority to issue revenue or general obligation bonds or notes with respect to the issuance and

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financial planning related to those bonds and notes;

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      (3) To collect, maintain, and provide information on state, municipal and public or quasi-

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public corporation debt authorization, sold and outstanding, and serve as a statistical center for all

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state and municipal debt issues;

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      (4) To maintain contact with state municipal and public or quasi-public corporation bond

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issuers, underwriters, credit rating agencies, investors, and others to improve the market for state

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and local government debt issues;

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      (5) To undertake or commission studies on methods to reduce the costs and improve

 

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credit ratings of state and local debt issues;

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      (6) To recommend changes in state laws and local practices to improve the sale and

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servicing of state and local debts.

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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 - PUBLIC FINANCE

MANAGEMENT BOARD

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     This act would empower the public finance management board (PFMB) to advise and/or

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assist any city or town and any municipal or regional agency board or commissioner regarding

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the issuance of revenue or general obligation bonds or notes with respect to their issuance and

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financial planning without any request from the local entity.

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     This act would take effect upon passage.

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