It is enacted by the General Assembly as follows:

SECTION 1. Section 35-8-3 and 35-8-5 of the General Laws in Chapter 35-8 entitled "Bonded Indebtedness of State" is hereby amended to read as follows:

35-8-3. Sinking fund commission -- Composition -- Elective members -- Quorum -- There shall be a sinking fund commission which shall perform the duties formerly performed by the board of commissioners of sinking funds as prescribed by this chapter, which board of commissioners is hereby abolished. The sinking fund commission shall consist of the Governor, or his or her designee, the General Treasurer, or his or her designee, the Director of Administration, or his or her designee, the Chairperson of the Finance Committee of the Senate, or his or her designee, the Chairperson of the Finance Committee of the House of Representatives, or his or her designee, and one person to be appointed by the speaker of the house of representatives, one person to be appointed by the house minority leader, one person to be appointed by the senate majority leader, and one person to be appointed by the senate minority leader. A majority of all the members of the commission shall be necessary to constitute a quorum thereof.

SECTION 2. Section 35-8-5 of the General Laws in Chapter 35-8 entitled "Bonded Indebtedness of State" is hereby amended to read as follows:

35-8-5. Officers of sinking fund commission -- The governor shall be chairperson, the general treasurer shall be vice-chairperson and the director of administration secretary, of the sinking fund commission, and the general treasurer shall keep the accounts thereof. In the event of the governor's absence, the general treasurer shall be chairperson. A designee of any member shall not serve as chairperson.

SECTION 3. This act shall take effect upon passage.