TITLE 35
Public Finance

CHAPTER 35-8
Bonded Indebtedness of State

SECTION 35-8-3


§ 35-8-3 Sinking fund commission – Composition – Elective members – Quorum.

(a) There is hereby authorized, created and established in the department of the general treasurer 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 who shall be a subordinate within the governor's office, the general treasurer or his or her designee who shall be a subordinate within the general treasurer's office, the director of administration or his or her designee who shall be a subordinate within the department of administration, two (2) members of the general public shall be appointed by the governor, one of whom shall serve an initial term of three (3) years and one of whom shall serve an initial term of two (2) years; and four (4) members of the general public shall be appointed by the general treasurer, one of whom shall serve an initial term of four (4) years and one of whom shall serve an initial term of three (3) years, 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, all general public member appointments shall serve for a term of four (4) years and until his or her successor is appointed and qualified. All general public member appointments shall be with the advice and consent of the senate. The appointed members shall be qualified by training or experience in the fields of investment or finance. No one shall be eligible for appointment unless he or she is a resident of this state. Public members of the commission 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, 42-46, 36-14 and 38-2 of the Rhode Island general laws; and the board's rules and regulations. The director of the department of administration shall, within ninety (90) days of the effective date of this act, prepare and disseminate training materials relating to the provisions of chapters 42-46, 36-14 and 38-2.

A majority of all the members of the commission is necessary to constitute a quorum.

(b) Within ninety (90) days after the end of each fiscal year during which the commission has conducted business, the commission shall submit an annual report to the governor, the speaker of the house of representatives, the president of the senate, and the secretary of state of its activities during that fiscal year. The report shall provide: an operating statement summarizing meetings or hearings held, meeting minutes if requested, subjects addressed, decisions rendered, rules or regulations promulgated, studies conducted, policies and plans developed, approved, or modified, and programs administered or initiated; a consolidated financial statement of all the funds received and expended including the source of funds, a listing of any staff supported by these funds, and a summary of any clerical, administrative or technical support received; a summary of performance during the previous fiscal year including accomplishments, shortcomings and remedies; a synopsis of hearings, complaints, suspensions, or other legal matters related to the authority of the board; a summary of any training courses held pursuant to § 35-8-3; a briefing on anticipated activities in the upcoming fiscal year; and findings and recommendations for improvements. The report shall be posted electronically on the general assembly and the secretary of state's website as prescribed in § 42-20-8.2 of the Rhode Island general laws. The director of the department of administration shall be responsible for the enforcement of this provision.

History of Section.
(P.L. 1939, ch. 660, § 200; impl. am. P.L. 1951, ch. 2727, art. 1, § 3; G.L. 1956, § 35-8-3; P.L. 1998, ch. 31, art. 26, § 2; P.L. 2000, ch. 55, art. 3, § 1; P.L. 2000, ch. 319, § 1; P.L. 2000, ch. 472, § 1; P.L. 2001, ch. 180, § 72; P.L. 2006, ch. 319, § 1; P.L. 2006, ch. 444, § 1.)