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 until January 1, 2017.].

(a) Each state, municipal and regional department, authority, agency, board, commission, and public and quasi-public corporation having authority to issue revenue or general obligation bonds or notes 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.

(b) The notice 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.

(c) 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, bond or note.

(d) 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 chairman of the house finance committee, the president of the senate, the chairman of the senate finance committee, and the auditor general on debt issues by cities and towns and other authorities subject to the provision of chapter 45-12, which report shall include the information set forth in division (b) of this section 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.)