Public Finance

Savings Bond Program

SECTION 35-15-3

§ 35-15-3. Creation and duties of advisory board.

(a) The state of Rhode Island savings bond advisory board is hereby created and established to perform the duties and exercise the powers listed in this section. Pursuant to the powers delegated to the department of the treasury, the department shall have the responsibility for supervising, organizing, and evaluating the advisory board and the savings bond program. The advisory board shall consist of the general treasurer, the commissioner of higher education, the director of administration, and the executive director of the Rhode Island housing and mortgage finance corporation or their respective designees, and four (4) additional members to be appointed as follows: the governor, the lieutenant governor, the president of the senate, and the speaker of the house of representatives shall each appoint one member. The governor, the lieutenant governor, president of the senate, and the speaker of the house of representatives shall select members on the basis of their knowledge, skill, and experience in the fields of business, education, housing, or finance. The general treasurer shall serve as chairperson of the advisory board, and the advisory board shall elect one of its members as vice-chairperson and another as secretary-treasurer. The appointed members of the advisory board first appointed shall serve for terms expiring on June 30, 1991, or until their successors have been appointed and have qualified. Following this determination, each member shall swear or solemnly affirm to administer the duties of office faithfully and impartially, indicating by date when the term of the member shall expire. Upon the expiration of the term of any appointed member, the successor member shall be appointed for a term of three (3) years or until a successor has been appointed and has qualified. Any vacancy shall be filled in the manner of the original appointment for the remainder of the unexpired term. The members shall receive no compensation for the performance of their duties, but each member shall be reimbursed for reasonable expenses incurred in carrying out and performing their duties under this chapter.

(b) The advisory board shall have the following responsibilities and duties:

(1) To implement the Rhode Island savings bond program;

(2) To the extent permitted by federal and state laws, to develop and conduct marketing and advertising campaigns for the savings bonds and other instruments;

(3) To make recommendations to the governor, the general treasurer, and the budget office regarding the terms and conditions of the offering of savings bonds, including methods by which the offering may be conducted;

(4) To advise the governor, the general treasurer, and the department of administration regarding minimum denominations, maturity dates, and increments of the savings bonds; and

(5) To make reports to the general assembly annually.

History of Section.
(P.L. 1988, ch. 426, § 1; P.L. 1990, ch. 54, § 1; P.L. 2001, ch. 180, § 73.)