TITLE 35
Public Finance

CHAPTER 35-8.1
Refunding Bond Authority

SECTION 35-8.1-5


§ 35-8.1-5 Governing board – Members – Vacancies – Officers – Quorum – Affirmative votes.

(a) The authority shall be governed by a board which shall have seven (7) members, consisting of:

(1) The general treasurer or his or her designee who shall be a subordinate within the general treasurer's office, who shall serve as chairperson;

(2) The director of administration or his or her designee who shall be a subordinate within the department of administration;

(3) A representative of the budget office or his or her designee from within the budget office, who shall be appointed by the director of administration;

(4) Two (2) public members appointed by the governor with the advice and consent of the senate, one of whom shall serve an initial term of three (3) years; and one of whom shall serve an initial term of four (4) years. Thereafter, the members appointed pursuant to this subsection shall serve for a term of four (4) years and until his or her successor is appointed and qualified;

(5) Two (2) public members appointed by the general treasurer, with the advice and consent of the senate: one of whom shall serve an initial term of two (2) years; and one of whom shall serve an initial term of one year. Thereafter, the members appointed pursuant to this subsection shall serve for a term of four (4) years and until his or her successor is appointed and qualified; and

(6) The gubernatorial and general treasurer appointees shall be persons qualified by training and experience in the fields of finance or banking. No one shall be eligible for appointment unless he or she is a resident of this state. Any member of the general public that was appointed by the governor prior to the effective date of this act [July 4, 2006] shall continue to serve until such time as a successor is appointed and qualified.

Public members of the authority shall be removable by the chair for cause only, and removal solely for partisan or personal reasons unrelated to capacity or fitness for the office shall be unlawful.

Newly appointed and qualified public members shall, within six (6) months of their appointment, attend a training course that shall be developed and provided by the office of the general treasurer and shall include instruction in the following areas: the provisions of chapters 35-8.1, 42-46, 36-14 and 38-2 of the Rhode Island general laws; and the authority's rules and regulations. The director of the department of administration shall, within ninety (90) days of the effective date of this act [July 4, 2006], prepare and disseminate training materials relating to the provisions of chapters 42-46, 36-14 and 38-2.

(b) In the event of vacancy occurring in the public membership, the appointing authority shall appoint a public member for the unexpired term. Any public member of the board shall be eligible for reappointment. No one shall be eligible for appointment unless he or she is a resident of this state.

(c) Each member of the board, before entering upon any duties, shall swear or solemnly affirm to administer the duties of office faithfully and impartially, and that oath or affirmation shall be filed in the office of the secretary of state.

(d) The board shall elect one of their number to serve as both secretary and treasurer. Four (4) members of the board shall constitute a quorum and the affirmative vote of four (4) members shall be necessary for any action taken by the authority. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the rights and perform all the duties of the board.

History of Section.
(P.L. 1987, ch. 12, § 1; P.L. 2006, ch. 319, § 2; P.L. 2006, ch. 444, § 2.)