Towns and Cities

Indebtedness of Towns and Cities

SECTION 45-12-22.4

§ 45-12-22.4. Deficit, pension and other post-employment benefit financing – Approval required.

(a) Except as provided in chapter 45-9 of the general laws, no municipality shall sell a long-term bond in order to fund a deficit or to fund pension obligations or other post-employment benefits without prior approval by the state auditor general and director of the state department of revenue.

(b) If any provision of this section or the application thereof shall for any reason be judged invalid, that judgment shall not affect, impair or invalidate the remainder of the law, but shall be confined in its effect to the provisions or application directly involved in the controversy giving rise to the judgment.

History of Section.
(P.L. 2003, ch. 54, § 2; P.L. 2003, ch. 66, § 2; P.L. 2008, ch. 98, § 58; P.L. 2008, ch. 145, § 58; P.L. 2011, ch. 269, § 1; P.L. 2011, ch. 277, § 1.)