TITLE 42
State Affairs and Government

CHAPTER 42-10.1
Public Finance Management Board

SECTION 42-10.1-8


§ 42-10.1-8 Comprehensive review.

(a) The board shall comprehensively review the financing of capital improvements by all state, municipal, and regional departments, authorities, agencies, boards, commissions, and public and quasi-public corporations and study the comparative debt of all state and local governmental units for capital improvements and the use of bond financing as a source of the indebtedness. The review shall include an analysis of all outstanding general obligation and revenue bonds. Annually, on the thirtieth (30th) day of September, the board shall submit to the general assembly a report based upon information from the fiscal year ending in the prior calendar year of its findings and recommendations, if any, for revising the laws governing such financing devices. An electronic transmission of the report shall be considered an acceptable submission.

(b) Annually, on the thirtieth (30th) day of September, the board shall submit to the governor, the speaker of the house of representatives, the president of the senate and the secretary of state a report based upon information from the fiscal year ending in the prior calendar year of its findings and recommendations, if any, for revising the laws governing such financing devices. An electronic transmission of the report shall be considered an acceptable submission. The report shall also set forth a complete operating and financial statement covering its operations during the year, a summary of 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 summary of performance during the fiscal year ending in the prior calendar 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 § 42-10.1-1; a briefing on anticipated activities in the current 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.

(c) Neither the board nor its individual members shall have any liability as a result of the performance of the responsibilities or the exercise of the powers described herein. They shall not be deemed to have expressed an opinion regarding or deemed to have approved any aspect of any bonds or notes, including but not limited to, the proper authorization of any bonds or notes, the availability of funds for the repayment of any bonds or notes, the tax exempt status of any bonds or notes, or compliance by the issuer of any bonds or notes with any federal or state tax or securities law.

(d) In the event that any liability shall accrue to the board or its members because of the performance of the responsibilities or exercise of the powers described herein, the issuer who issued the bonds or notes which cause the liability shall fully indemnify the board and the members.

History of Section.
(P.L. 1986, ch. 477, § 1; P.L. 1998, ch. 85, § 1; P.L. 2004, ch. 55, § 1; P.L. 2004, ch. 130, § 1; P.L. 2006, ch. 319, § 5; P.L. 2006, ch. 444, § 5; P.L. 2012, ch. 441, § 1; P.L. 2012, ch. 479, § 1.)