TITLE 45
Towns and cities

CHAPTER 45-12
Indebtedness of Towns and Cities

SECTION 45-12-22.1


§ 45-12-22.1 Municipal deficits – Purpose.

The purpose of §§ 45-12-22.1 – 45-12-22.5 are to ensure that municipalities and school districts monitor financial operations on an ongoing basis, execute a rapid response to budget problems, and maintain a balanced budget in compliance with § 44-35-10. It is the intent of the legislature to require that municipalities and school districts:

(1) Prevent year-end deficits;

(2) Immediately address potential deficits;

(3) Immediately address actual year-end deficits; and

(4) Stabilize municipal and school district finances.

History of Section.
(P.L. 2003, ch. 54, § 2; P.L. 2003, ch. 66, § 2.)