TITLE 42
State Affairs and Government

CHAPTER 42-10.1
Public Finance Management Board

SECTION 42-10.1-2


§ 42-10.1-2 Purpose. [Effective January 1, 2017.].

It shall be the purpose and responsibility of the board:

(1) To advise and assist all state departments, municipal and regional authorities, agencies, boards, commissions, public and quasi-public corporations, and fire districts and other special districts having authority to issue revenue or general obligation bonds or GARVEE bonds or notes or other various types of conduit debt or enter into financing leases with respect to issuance of, and financial planning related to, all those bonds, leases, and notes;

(2) To advise and/or assist any city or town and any municipal or regional agency, authority, board, commission, public or quasi-public corporations, or fire districts or other special districts having authority to issue revenue or general obligation bonds or GARVEE bonds or notes or other various types of conduit debt or enter into financing leases with respect to the issuance of, and financial planning related to, those bonds, leases, and notes;

(3) To collect, maintain, and provide information on all state, municipal and regional authority, agency, board, commission, public or quasi-public corporation, and fire district and other special district debt authorization, sold and outstanding, and serve as a statistical center for all state and municipal debt issues;

(4) To maintain contact with state, municipal and regional authority, agency, board, commission, public or quasi-public corporation, fire district and other special district bond issuers, underwriters, credit-rating agencies, investors, and others to improve the market for state and local government debt issues;

(5) To undertake or commission studies on methods to reduce the costs and improve credit ratings of state and local debt issues;

(6) To recommend changes in state laws and local practices to improve the sale and servicing of state and local debts;

(7) To annually ascertain the total amount of state, regional, municipal, and public and quasi-public corporation debt authorized, sold and unsold;

(8) To oversee the undertaking of a debt affordability study no less frequently than every two (2) years that shall include recommended limits for the debt capacity of each state, municipal and regional authority, agency, board, commission, public and quasi-public corporation and fire district and other special district having authority to issue revenue or general obligation bonds or GARVEE bonds or notes or other types of conduit debt or enter into financing leases.

History of Section.
(P.L. 1986, ch. 477, § 1; P.L. 2016, ch. 142, art. 2, § 1.)