2017 -- S 0738

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LC001689

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2017

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT - PUBLIC FINANCE

MANAGEMENT BOARD

     Introduced By: Senator Louis P. DiPalma

     Date Introduced: April 12, 2017

     Referred To: Senate Finance

     (by request)

It is enacted by the General Assembly as follows:

     SECTION 1. Section 42-10.1-5 of the General Laws in Chapter 42-10.1 entitled "Public

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

     42-10.1-5. Fees authorized -- Fund established.

     (a) In connection with the discharge of its duties under this chapter, the board is

authorized to charge and impose fees for its services upon the lead underwriter or purchaser of

any affected debt issue, bond, or note in an amount equal to one-fortieth of one percent (1/40%)

of the issued principal amount of the issue. Amounts received under this section shall be

deposited as general revenue.

     (b) Notwithstanding the provisions of subsection (a) of this section, any debt issues,

bond, or note of or purchased by the Rhode Island health and educational building corporation in

relation to chapter 38.2 of title 45. School building authority capital fund or chapter 7 of title 16,

foundation level school support shall not be subject to these fees, and; provided, further, no

general obligation bond or general obligation refunding bond issued or any revenue bond or

refunding revenue bond issued by a municipality of the state shall be subject to these fees.

     SECTION 2. This act shall take effect upon passage.

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LC001689

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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 exempt any debt issues, bond, or note of or purchase by the Rhode Island

and educational building corporation or the school building authority capital fund from the fees

authorized by the board to be imposed for services related to debt or board issues.

     This act would take effect upon passage.

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LC001689

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