TITLE 42
State Affairs and Government

CHAPTER 42-10.1
Public Finance Management Board

SECTION 42-10.1-4


§ 42-10.1-4 Notice of debt issue to board. [Effective January 1, 2017.].

(a) Each state, municipal and regional department, 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 various types of conduit debt shall, no later than thirty (30) days prior to the sale of any such debt issue at public or private sale, give written notice of the proposed sale to the board; and each such issuer shall, within thirty (30) days after closing, submit to the board a report of final sale.

(b) The notice of proposed debt shall include one proposed sale date, the name of the issuer, the nature of the debt issue, and the estimated principal amount thereof, and such further information as may be required by rule of the board and shall be delivered in accordance with procedures to be established by rule of the board; and the notice of final sale shall be made on a form approved by the board and contain all of the information requested on said form. Any issuer that fails to submit the report of proposed debt or report of final sale by the appropriate deadline may be subject to a per diem fine of two hundred fifty dollars ($250), which shall be collected and enforced by the Office of the General Treasurer.

(c) 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 various types of conduit debt or enter into financing leases shall provide annually, within ninety (90) days after the end of each fiscal year, the following information for each outstanding debt incurred as of the end of such year:

(1) The principal amount of the issue outstanding;

(2) The amount of proceeds of the issue that remains unspent;

(3) The amount of debt authorized by the bond act or other appropriate authorization relevant to the issue that remains authorized but unissued; and

(4) A list of the purposes for which the debt has been issued and the amounts expended for each purpose in the prior fiscal year from the proceeds of the issue.

(d) Failure of delivery of the above notice or of the time or efficiency thereof shall not affect the validity of the issuance of any debt, bonds, notes, or leases.

(e) The board shall submit a report annually, on or before September 30th of each year, to the director of administration, the speaker of the house, the chair of the house finance committee, the president of the senate, the chair of the senate finance committee, and the auditor general on debt issues by cities and towns and other authorities, agencies, boards, commissions, public and quasi-public corporations, fire districts, and other special districts subject to the provisions of chapter 12 of title 45, which report shall include the information set forth in subsection (b) and shall be for the notices of debt issues received during the state's fiscal year next preceding. An electronic transmission of the report shall be considered an acceptable submission.

History of Section.
(P.L. 1986, ch. 477, § 1; P.L. 2007, ch. 292, § 6; P.L. 2012, ch. 441, § 1; P.L. 2012, ch. 479, § 1; P.L. 2016, ch. 142, art. 2, § 1.)