2016 -- H 7794

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LC005088

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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: Representatives Coughlin, Solomon, Kazarian, and Edwards

     Date Introduced: March 02, 2016

     Referred To: House Finance

     (General Treasurer)

It is enacted by the General Assembly as follows:

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

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

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

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

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

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

notes;

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

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

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

financial planning related to those bonds and notes;

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

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

state and municipal debt issues;

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

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

and local government debt issues;

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

credit ratings of state and local debt issues;

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

servicing of state and local debts.

     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

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

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

financial planning without any request from the local entity.

     This act would take effect upon passage.

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