reglab/statecodes huggingface dataset:
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-2. - Legislative findings.

§ 35-8.1-2. Legislative findings.
The general assembly hereby finds, declares, and observes that the:
(1)
State issued its general obligation bonds dated May 1, 1984, in the aggregate principal amount of thirty million dollars ($30,000,000) pursuant to statutory authorities approved by the electorate of the state, and the state issued its general obligation bonds dated June 28, 1985, in the aggregate principal amount of ninety million dollars ($90,000,000) pursuant to statutory authorities approved by the electorate of the state;
(2)
1984 and 1985 bonds bear interest at a rate in excess of current interest rates and the general assembly has determined that it would be in the best interests of the people of the state to obtain funds to pay, redeem, or retire the 1984 and 1985 bonds with bonds bearing a lower rate of interest;
(3)
Statutory authorities previously approved do not provide authorization for the issuance of general obligation refunding bonds of the state; and
(4)
General assembly desires to create an authority with the power to issue bonds to provide funds to loan to the state so that the state can pay, redeem, or retire the 1984 and 1985 bonds.
(5)
Furthermore, the general assembly desires to consolidate debt issuing authorities and create administrative savings as a result of such consolidations. To accomplish this desire, on July 1, 1997, the public building authority shall be eliminated as an entity and its functions, powers, rights, duties and liabilities shall be transferred to the authority pursuant to the provisions of this chapter.
History of Section.
P.L. 1987, ch. 12, § 1; P.L. 1994, ch. 70, art. 16, § 1; P.L. 1994, ch. 410, § 1; P.L. 1997, ch. 30, art. 2, § 4.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-4. - Creation.

§ 35-8.1-4. Creation.
There is hereby created and established a public corporation to be administered by the office of the general treasurer, having a distinct legal existence from the state and not constituting a department of state government, to be known as the “Rhode Island refunding bond authority”. The authority is constituted as a public instrumentality to exercise public and essential governmental functions.
History of Section.
P.L. 1987, ch. 12, § 1; P.L. 2006, ch. 319, § 2; P.L. 2006, ch. 444, § 2.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-6. - Compensation and expenses of members — Effect of membership on state office or employment.

§ 35-8.1-6. Compensation and expenses of members — Effect of membership on state office or employment.
The members of the authority shall serve without compensation, but the authority shall reimburse them for actual expenses necessarily incurred in the discharge of their duties. Notwithstanding any other law, an officer or employee of the state shall not be deemed to have forfeited or shall forfeit his or her office or employment or any benefits thereof by reason of acceptance of the office of member of the authority.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-7. - Staff — Consultants — Rules.

§ 35-8.1-7. Staff — Consultants — Rules.
The authority shall be staffed by the office of the general treasurer. The authority may employ such consultants, as it, in its discretion, deems necessary. For purposes of this chapter only, the authority may adopt rules pursuant to chapter 35 of title 42 upon less than twenty (20) days’ notice and it may proceed upon any abbreviated notice and hearing to adopt an emergency rule if it finds an economic benefit to the state. The rules shall become effective immediately upon filing with the secretary of state.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-8.1. - Transfer of functions, powers, rights, duties, and liabilities of the public buildings authority.

§ 35-8.1-8.1. Transfer of functions, powers, rights, duties, and liabilities of the public buildings authority.
Upon the passage of this article there are hereby transferred to the authority all the functions, powers, rights, duties, liabilities, property and resources of the public buildings authority.
History of Section.
P.L. 1997, ch. 30, art. 2, § 5.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-8.4. - Eminent domain — Standards.

§ 35-8.1-8.4. Eminent domain — Standards.
In addition to all of the proceedings and requirements under § 35-8.1-8.3, the authority shall further be required to follow the same statutory proceedings for the taking of land as required of state agencies when the agencies take land under the authority granted by chapter 6 of title 37.
History of Section.
P.L. 1997, ch. 30, art. 2, § 5.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-8.5. - Use of projects.

§ 35-8.1-8.5. Use of projects.
The use of the facilities of the authority and the operation of its business shall be subject to the rules and regulations from time to time adopted by the authority; provided, however, that the authority shall not be authorized to do anything which will impair the security of the holders of the obligations of the authority or violate any agreements with them or for their benefit.
History of Section.
P.L. 1997, ch. 30, art. 2, § 5.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-8.6. - Transfer to governmental body.

§ 35-8.1-8.6. Transfer to governmental body.
When all bonds issued under the provisions of the chapter for each specific project and the interest thereon shall have been paid or a sufficient amount for the payment of all the bonds and the interest thereon to the maturity thereof shall have been set aside in trust for the benefit of the bondholders, that specific project financed under the provisions of this chapter may be transferred to the governmental body leasing the project on such terms and conditions and for such consideration as the authority shall determine. If the authority shall be dissolved all funds of the authority not required for the payment of bonds shall be paid to the general treasurer for the use of the state and all property belonging to the authority shall be vested in the state and delivered to it.
History of Section.
P.L. 1997, ch. 30, art. 2, § 5.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-9. - Supplementary powers.

§ 35-8.1-9. Supplementary powers.
In addition to any other powers granted in this chapter, the authority has the power to:
(1)
Conduct examinations and hearings and hear testimony and take proof, under oath or affirmation, at public or private hearings, on any matter material for its information and necessary to carry out the terms of this chapter;
(2)
Issue subpoenas, necessary to carry out the terms of this chapter, requiring the attendance of witnesses and the production of books and papers pertinent to any hearing before the authority, or before one or more of the members of the authority appointed by it to conduct the hearing; and
(3)
Apply to any court, having territorial jurisdiction of the offense, to have punished for contempt any witness who refuses to obey a subpoena, or who refuses to be sworn or affirmed to testify, or who is guilty of any contempt after summons to appear.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-10. - Annual report, audit, and debt service needs certification.

§ 35-8.1-10. Annual report, audit, and debt service needs certification.
In the month of January, the authority shall make an annual report of its activities for the preceding fiscal year to the governor, the speaker of the house of representatives, the president of the senate and the secretary of state. The report shall 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 previous fiscal 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 subsection 35-8.1-5(a); a briefing on anticipated activities in the upcoming 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.
History of Section.
P.L. 1987, ch. 12, § 1; P.L. 2006, ch. 319, § 2; P.L. 2006, ch. 444, § 2.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-11. - Loan to state authorized — Repayment subject to appropriation.

§ 35-8.1-11. Loan to state authorized — Repayment subject to appropriation.
The authority may lend money to the state, upon the request of the governor, by entering into a loan and trust agreement. The governor is authorized to enter into a loan and trust agreement with the authority for the loaning of money to the state upon such terms and conditions as shall be agreed upon by the governor and the authority. Upon the loaning and delivery of money to the state, the state shall be deemed to have agreed to make certain loan payments in order to provide revenues to the authority. Notwithstanding anything in this chapter or any loan and trust agreement to the contrary, the amounts required to be paid by the state shall be subject to and dependent upon appropriations being made from time to time by the general assembly for that purpose.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-12. - Receipt, investment, and application by state of loan.

§ 35-8.1-12. Receipt, investment, and application by state of loan.
(a)
Other than as provided in subsection (b), the proceeds of a loan to the state shall, upon their receipt, be paid by the general treasurer immediately to the paying agent or other suitable trustee for the 1984 and 1985 bonds and the paying agent or trustee shall hold the proceeds in trust until they are applied to pay the 1984 and 1985 bonds. Neither the governor nor the general treasurer or any other official of the state or trustee for the 1984 and 1985 bonds shall make or permit to be made any expenditures for new capital improvements from the proceeds of the loan. While the proceeds are held in trust, they may be invested in obligations of the United States or the state or any other state.
(b)
The proceeds generated for refinancing the pension obligation shall be paid to the general treasurer on behalf of the state, who shall then immediately remit the proceeds to the state retirement system. Neither the governor nor the general treasurer or any other official of the state shall make any expenditures for new capital improvements from the proceeds. While the proceeds are held by the state retirement system they shall be invested pursuant to the investment statutes and policies of the state investment commission.
(c)
The board, with the approval of the governor, shall have the authority to appoint a paying agent or other suitable trustee for the 1984-1985 bonds and the governor is authorized to execute any documents or agreements on behalf of the state necessary to carry out the purposes of this section.
(d)
Any proceeds issued pursuant to § 35-8.1-13(d), can be used in accordance within the terms of any trust or agreement entered into by the authority in connection with such bonds.
History of Section.
P.L. 1987, ch. 12, § 1; P.L. 1994, ch. 70, art. 16, § 1; P.L. 1997, ch. 30, art. 2, § 4.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-14. - Negotiability of bonds.

§ 35-8.1-14. Negotiability of bonds.
Notwithstanding any law to the contrary, bonds issued under this chapter are fully negotiable for all purposes.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-16. - Loan and trust agreement.

§ 35-8.1-16. Loan and trust agreement.
In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a loan and trust agreement by and between the (1) authority, the state, and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state; or (2) the authority, the state and the state retirement system. The loan and trust agreement, or the resolution providing for the issuance of the bonds, may pledge or assign the revenues of the authority and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law. It shall be lawful for any bank or trust company incorporated under the laws of the state which may act as depository of the proceeds of bonds or of revenues of the authority to furnish such indemnifying bonds or to pledge such securities as may be required by the authority. The loan and trust agreement may set forth the rights and remedies of the bondholders and of the trustee, if applicable, and may restrict the individual right of action by bondholders.
History of Section.
P.L. 1987, ch. 12, § 1; P.L. 1994, ch. 70, art. 16, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-17. - Bonds neither debt of or pledge of credit by state or subdivisions.

§ 35-8.1-17. Bonds neither debt of or pledge of credit by state or subdivisions.
(a)
Bonds issued under this chapter shall not be deemed to constitute a debt of the state or any other political subdivision thereof or a pledge of the faith and credit of the state or any other political subdivision thereof, but shall be payable solely from the funds provided therefrom from revenues. Each bond must contain on its face a statement to the effect that the authority is obligated to pay the principal thereof and the interest thereon only from revenues or funds of the authority and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal or the interest on the bonds.
(b)
Except as may be otherwise expressly provided in this chapter or by the authority, every issue of bonds of the authority shall be general obligations of the authority payable out of any revenues or funds of the authority. Bonds may additionally be secured by a pledge of any grants, subsidies, contributions, funds, or moneys from the United States or the state or any governmental unit or any person, firm, or corporation, or a pledge of any income or revenues, funds, or money of the authority from any source whatsoever.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-18. - Revenues.

§ 35-8.1-18. Revenues.
The authority has the power to fix and collect from time to time, subject to the provisions of this chapter, schedules for the repayment of any loan to the state in order to generate revenues. The schedules for repayment shall not be subject to supervision or regulation by any commission, board, bureau, or agency of the state or of any municipality or other political subdivision of the state. The revenues derived from loan repayments may be pledged as provided in any loan and trust agreement or resolution of the authority. The pledge shall be valid and binding from the time when the pledge is made. The revenues so pledged and thereafter received by the authority shall immediately be subject to the lien of the pledge without physical delivery thereof or further act, and the lien of the pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether the parties have notice thereof. Neither the resolution nor any loan and trust agreement by which a pledge is created need be filed or recorded except in the records of the authority. The use and disposition of revenues shall be subject to the provisions of the resolution authorizing the issuance of the bonds or the loan and trust agreement.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-19. - Trust funds.

§ 35-8.1-19. Trust funds.
All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied as may be provided in the resolution authorizing the issuance of the bonds or the loan and trust agreement securing the bonds. The authority shall, in the resolution authorizing the bonds or in the loan and trust agreement securing the bonds, provide for the payment of proceeds of the sale of the bonds and the revenues to be received to a trustee, which shall be any trust company or bank having the powers of a trust company within or without the state, which shall act as trustee of the funds, and which shall hold and apply the funds to the purposes of this chapter, subject to such regulations as this chapter and the resolution or loan and trust agreement may provide.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-20. - Remedies.

§ 35-8.1-20. Remedies.
Any holder of bonds issued under the provisions of this chapter or any coupons appertaining thereto and the trustee under the loan and trust agreement or the resolution, except to the extent the rights given in this chapter may be restricted by the loan and trust agreement or the resolution, may, by civil action, mandamus, or other proceeding, protect and enforce any and all rights under the laws of the state or granted under this chapter or under the loan and trust agreement or the resolution authorizing the issuance of the bonds, and may enforce and compel the performance of all duties required by this chapter or by the loan and trust agreement or resolution to be performed by the authority or by any officer thereof, including the fixing, charging, and collection of revenues.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-21. - Exemptions from taxation.

§ 35-8.1-21. Exemptions from taxation.
The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state and for the facilitation of the conduct of their public business, and will constitute the performance of essential governmental functions. Therefore, the authority shall not be required to pay any taxes or assessments upon any property acquired or used by the authority under the provisions of this chapter or upon any income it may receive, and the bonds issued under the provisions of this chapter, their transfer and the income therefrom (including any profit made on the sale thereof), shall at all times be free from taxation by the state or any political subdivision or other instrumentality of the state, excepting estate taxes.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-22. - Bonds constitute legal investment.

§ 35-8.1-22. Bonds constitute legal investment.
Bonds issued by the authority under the provisions of this chapter are securities in which all public officers and public bodies of the state and its political subdivisions, insurance companies, trust companies, banking associations, investment companies, credit unions, building and loan associations, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. The bonds are securities which may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or obligations is authorized by law.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-23. - State’s pledge not to limit or alter authority’s powers.

§ 35-8.1-23. State’s pledge not to limit or alter authority’s powers.
The state pledges to and agrees with any person, firm, or corporation, or federal agency subscribing to or acquiring the bonds to be issued by the authority that the state will not limit or alter the rights vested in the authority until all bonds at any time issued, together with the interest thereon, are fully met and discharged. The state further pledges to and agrees with the United States and any other federal agency that, in the event that any federal agency shall contribute any funds to the authority, the state will not alter or limit the rights and powers of the authority in any manner which would be inconsistent with the due performance of any agreements between the authority and the federal agency and the authority shall continue to have and may exercise all powers granted in this chapter, so long as these powers shall be necessary or desirable for the carrying out of the purpose of this chapter.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-24. - Personal liability on bonds.

§ 35-8.1-24. Personal liability on bonds.
Neither the members of the board nor any person executing bonds issued under this chapter are liable personally on the bonds.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-25. - Transfer of authority’s funds and property upon dissolution.

§ 35-8.1-25. Transfer of authority’s funds and property upon dissolution.
If the authority shall be dissolved, all funds of the authority, not required for the payment of bonds or other debts of the authority, the disposition of which is not otherwise governed by contracts to which the authority may be party, shall be paid to the general treasurer for the use of the state, and, except as provided in this chapter, all property belonging to the authority shall be vested in the state and delivered to it.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-26. - Chapter controlling over inconsistent provisions.

§ 35-8.1-26. Chapter controlling over inconsistent provisions.
Insofar as the provisions of this chapter are inconsistent with the provisions of any other law or ordinance, general, special, or local, or of any rule or regulation of the state or municipality, the provisions of this chapter shall be controlling.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-27. - Applicability of other laws.

§ 35-8.1-27. Applicability of other laws.
This chapter shall be construed to provide a complete additional and alternative method for doing the things authorized hereby and shall be regarded as supplemental and in addition to the powers conferred by other laws. The issuance of all bonds of the authority under the provisions of this chapter need not comply with the requirements of any other statute applicable to the issuance of bonds. No proceedings or notice of approval shall be required for the issuance by the authority of any bonds.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-28. - Liberal construction.

§ 35-8.1-28. Liberal construction.
This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-8.1 - Refunding Bond Authority › Section 35-8.1-29. - Severability.

§ 35-8.1-29. Severability.
The provisions of this chapter are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of that court shall not affect or impair any of the remaining provisions.
History of Section.
P.L. 1987, ch. 12, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-9 - Touro Funds › Section 35-9-2. - Judah Touro fund.

§ 35-9-2. Judah Touro fund.
The following act as passed by the general assembly in March, 1879, shall continue in force:
“Whereas, it has been made to appear to this general assembly that Judah Touro, formerly of New Orleans, deceased, made in his will the following bequest: ‘I give and bequeath ten thousand dollars ($10,000) for the purpose of paying the salary of a reader or minister to officiate in the Jewish synagogue of Newport, Rhode Island, and to endow the ministry of the same, as well as to keep in repair and embellish the Jewish cemetery in Newport aforesaid, the said amount to be appropriated and paid or invested for that purpose in such manner as my executors may determine concurrently with the corporation of Newport aforesaid, if necessary; and it is my wish and desire that David J. Gould and Nathan H. Gould, sons of my esteemed friend, the late Isaac Gould, Esq., of Newport aforesaid, should continue to oversee the improvements in said cemetery and direct the same,’ and that said city of Newport accepted said bequest and that the said money was paid by the said executors to the persons authorized by said city to receive it, and the same, with accumulations, now stands invested in the name or in the hands of certain trustees of the Judah Touro ministerial fund, appointed by said city. And whereas it is desired that said city shall be expressly authorized to hold said trust property and perform the trusts thereof: Therefore,
“It is enacted by the general assembly as follows:
“§ 1.
The said city of Newport, by its city council, is hereby empowered to demand, recover and receipt for and take and hold the property aforesaid, and to invest and keep invested the same in its name upon the trusts aforesaid, and to use and apply the same to and for the said trusts, with power to appoint and employ such officers and agents as may be needful or desirable for the care of said property and the proper performance of said trusts.”
History of Section.
G.L. 1896, ch. 84, § 1; G.L. 1909, ch. 99, § 1; G.L. 1923, ch. 111, § 1; G.L. 1938, ch. 648, § 1; G.L. 1956, § 35-9-2.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-2. - Determination of funds for investment.

§ 35-10-2. Determination of funds for investment.
The commission shall in its absolute discretion determine which money of the state fund structure are not immediately required for expenditure and shall invest the money of the state from the general fund, rotary funds, sinking funds, special revenue funds, trust and agency funds, including the veterans’ home fund, permanent school fund, employees’ retirement fund, Touro Jewish synagogue fund, Rhode Island temporary disability insurance reserve fund, and from such other funds as are established or which may be established in the custody of the state.
History of Section.
P.L. 1958, ch. 164, § 2.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-4. - Funds not subject to investment.

§ 35-10-4. Funds not subject to investment.
The commission shall not invest money in funds which are subject to the control of the council on postsecondary education; provided, however, that the commission shall not be prohibited from investing moneys in the college savings program created by § 16-57-6.1.
History of Section.
P.L. 1958, ch. 164, § 4; P.L. 1997, ch. 81, § 3; P.L. 1997, ch. 91, § 3; P.L. 2015, ch. 141, art. 7, § 14.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-5. - Investment of sinking fund moneys.

§ 35-10-5. Investment of sinking fund moneys.
Notwithstanding the provisions of this chapter, any sinking fund money shall be invested in bonds or certificates of indebtedness of the state, or in bonds of the United States or of any state of the United States, or, in the commission’s discretion, in the interest bearing notes or bonds of any city, town, or fire district in the state, or of any county, city, or town in any state of the United States.
History of Section.
P.L. 1958, ch. 164, § 5.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-6. - Investment of funds not immediately required.

§ 35-10-6. Investment of funds not immediately required.
(a)
Except as otherwise provided in this chapter, any money not immediately required shall be invested for the benefit of the several funds in any security or investment in which deposits of savings banks and participation deposits in banks and trust companies may be legally invested; provided, that investments shall be made in securities as would be acquired by prudent persons of discretion and intelligence in these matters, who are seeking a reasonable income and the preservation of their capital.
(b)
Notwithstanding subsection (a), the commission is authorized and empowered to execute the disposition and investment of the funds which are within its control in accordance with the prudent person standard as defined in this subsection. The commission shall adopt a statement of investment objectives and policies consistent with the prudent person standard. Management and professional expenses incurred by the commission in the furtherance of this section shall be paid from the funds in an amount required for these expenses. For purposes of this subsection, the prudent person standard shall be that standard of care employed solely in the interest of the participants and beneficiaries of the funds and:
(1)
For the exclusive purpose of:
(i)
Providing benefits to participants and their beneficiaries; and
(ii)
Defraying reasonable expenses of administering the funds;
(2)
With the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with these matters would use in the conduct of an enterprise of a like character and with like aims; and
(3)
By diversifying the investments of the fund so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so.
(c)
The state controller is authorized and directed to draw his or her orders upon the general treasurer for the purchase of investments, upon receipt by him or her of properly authenticated vouchers signed by the chairperson, or a deputy treasurer in the event of the chairperson’s absence or illness, and by the secretary of the commission. The proceeds from the sale of investments shall be paid to the general treasurer for the benefit of the several funds on the forms prescribed and duly signed by the chairperson and secretary of the commission.
History of Section.
P.L. 1958, ch. 164, § 6; P.L. 1987, ch. 60, art. 1, § 6; P.L. 1987, ch. 557, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-7. - Expenses of commission — Employees.

§ 35-10-7. Expenses of commission — Employees.
(a)
Members of the commission shall serve without compensation but shall be reimbursed for any necessary expenses.
(b)
No member or employee of the commission shall profit directly or indirectly from any investment transaction made by the commission. This provision is not intended to limit in any way the right of any member or employee of the commission to own shares of stock or bonds of any corporation or other entity in which money of the several funds are or may be invested.
History of Section.
P.L. 1958, ch. 164, § 7; P.L. 1963, ch. 171, § 1; P.L. 1968, ch. 9, § 1; P.L. 2005, ch. 117, art. 21, § 28; P.L. 2006, ch. 319, § 3; P.L. 2006, ch. 444, § 3.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-8. - Rules and regulations.

§ 35-10-8. Rules and regulations.
The commission is authorized and empowered to adopt and prescribe rules of procedure and regulations, and from time to time amend, change, and eliminate such rules and regulations as it may deem necessary to the proper administration of this chapter and the performance of its duties, by filing written notice thereof in the office of the secretary of state; and may in any particular case prescribe a variation in the procedure or regulation when it shall deem it necessary, in view of the exigencies of the case and the importance of speedy action, in order to carry out the intent and purpose of this chapter, by filing written notice thereof in the office of the secretary of state. All these filings shall be available for public inspection.
History of Section.
P.L. 1958, ch. 164, § 8.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-9. - Repeal of authority of various officers and boards.

§ 35-10-9. Repeal of authority of various officers and boards.
All authority for investment placed with the governor, the general treasurer, the retirement board, the sinking fund commission, the director of employment security, or any other state officer, is herewith repealed.
History of Section.
P.L. 1958, ch. 164, § 9.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-10. - Repealed.

§ 35-10-10. Repealed.
History of Section.
P.L. 1963, ch. 171, § 2; Repealed by P.L. 1994, ch. 70, art. 9, § 1, effective July 1, 1994.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-12. - Investment in corporations doing business in South Africa.

§ 35-10-12. Investment in corporations doing business in South Africa.
(a)
It is hereby found by the general assembly that:
(1)
The African national congress (ANC), led by Nelson Mandela, has called upon the international community to lift all sanctions previously imposed to censure South Africa for its apartheid policies and to apply economic pressure to leverage political and humanitarian change in that country; and
(2)
South Africa has held elections in April, 1994, allowing black South Africans their first opportunity to vote in national elections.
(b)
Following democratically-held elections in the Republic of South Africa, the commission and all quasi-public agencies shall be free to hold the stocks, bonds, and other forms of financial investments of any banks or publicly-traded corporations which operate in South Africa, hereby lifting the sanctions previously imposed on these investments.
(c)
The commission shall encourage, through the voting of proxies with other institutional investors, United States corporations operating in the Republic of South Africa to endorse and comply with the responsible reinvestment standard set forth by the South African council of churches (SACC), known as the “Code of Conduct for Businesses Operating in South Africa”, which is designed to promote equal opportunity, workers’ rights, environmental protection, and community economic development benefitting all South Africans.
History of Section.
P.L. 1985, ch. 336, § 1; P.L. 1988, ch. 419, § 1; P.L. 1994, ch. 138, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-13. - Reinvestments directed at job retention and creation.

§ 35-10-13. Reinvestments directed at job retention and creation.
Consistent with the investment criteria set forth in §§ 35-10-6, 35-10-11, and 35-10-12, the commission is specifically authorized to invest state funds or pension funds in investments which are intended to retain or create jobs in the New England region, but with priority given among the investments to the retention and creation of jobs in the state of Rhode Island. Notwithstanding the investment limitations set forth in §§ 35-10-6 and 35-10-11, the commission may in any particular case prescribe the following variations in these investment limitations when it shall deem it appropriate in view of the exigencies of the case and in order to carry out the intent and purpose of this section: (1) direct or indirect mortgage or collateral loans for projects or businesses; or (2) direct or equity interests in real estate, projects, or businesses; provided, that the total amount of all these loans or investments do not exceed at the time of making the loan and/or investment five percent (5%) of the total funds which are under the jurisdiction of the commission and which are subject to its statement of investment objectives and guidelines; and further provided, that investments made under this section shall be made in accordance with the prudent person standard set forth in this chapter.
History of Section.
P.L. 1985, ch. 336, § 1; P.L. 1990, ch. 244, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10 - State Investment Commission › Section 35-10-15. - Disclosure of performance and expenses.

§ 35-10-15. Disclosure of performance and expenses.
(a)
In 2015, the office of general treasurer launched the “Transparent Treasury Initiative” in order to assist the public in accessing information regarding how the state’s pension investments are managed and invested; how such investments are performing; and to provide an overview of the state’s pension investment strategies. The purpose of this section is to provide a statutory requirement for the continuance of several aspects of this initiative.
(b)
The state investment commission shall, on a best-effort basis, compile and disclose in a manner readily accessible to the public the following information:
(1)
On a quarterly basis, as to each investment vehicle and as to all vehicles in the aggregate, the current values of the investment, and the annualized performance of the investment, net of fees and expenses;
(2)
On an annual basis, as to each vehicle and as to all vehicles in the aggregate, the dollar amount of fees and expenses paid to each manager including, if applicable, management fees, performance fees, and fund expenses.
(c)
Disclosure of expenses in subsection (b)(2) of this section shall only be required for investments initiated by the retirement system on or after June 30, 2017.
(d)
The general treasurer shall use best efforts to calculate and verify the relevant information necessary for the state investment commission to comply with these disclosure requirements.
(e)
For purposes of this section:
(1)
“Investment” means an investment in a mutual fund, index fund, private equity fund, a venture capital fund, a hedge fund, a real estate fund, infrastructure fund, or any other investment vehicle in which retirement system assets are invested.
(2)
“Investment vehicle” means the mutual fund, index fund, limited partnership, limited-liability company or similar legal structure through which the retirement system makes an investment.
(3)
“Retirement system” means the employees’ retirement system of the state established by § 36-8-2.
History of Section.
P.L. 2017, ch. 399, § 1; P.L. 2017, ch. 427, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10.1 - Collateralization of Public Deposits › Section 35-10.1-1. - Short title.

§ 35-10.1-1. Short title.
This chapter shall be known as and may be cited as the “Rhode Island Collateralization of Public Deposits Act”.
History of Section.
P.L. 1991, ch. 44, art. 74, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10.1 - Collateralization of Public Deposits › Section 35-10.1-3. - Securing of deposits.

§ 35-10.1-3. Securing of deposits.
(a)
Every qualified public depository shall, at a minimum insure or pledge eligible collateral equal to one hundred percent (100%) of public deposits which are time deposits with maturities greater than sixty (60) days, and which were maintained with that depository institution as of October 1, 1991; provided, that any qualified depository institution which does not meet its minimum capital standard as prescribed by its federal regulator shall insure or pledge eligible collateral equal to one hundred percent (100%) of all public deposits maintained with that depository institution as of October 1, 1991. The amount of eligible collateral required shall be determined when funds are deposited for time deposits, and at the end of each month for demand deposits. The amount of required insurance shall be determined in accordance with § 35-10.1-8.
(b)
All eligible collateral shall be designated as security for public deposits under this chapter and shall be segregated from the depository institution’s other assets, by:
(1)
Depositing the collateral in a custodial account at the federal reserve bank or federal home loan bank for the district in which the qualified depository institution is located;
(2)
Depositing the collateral in a custodial account in the qualified depository institution’s trust department or in the trust department of another qualified depository institution; provided, that the terms under which the collateral is to be held are set forth in a written custodial agreement; and provided, further, that no creditor of the depository institution that pledged the collateral may have or obtain rights in the collateral that are superior to the rights of the public depositor; or
(3)
When the collateral is held in book entry form, notifying the custodian of the collateral that it has been pledged as collateral for a public deposit.
(c)
If eligible collateral has been designated and segregated as provided in this section, the public depositor shall be deemed to have a perfected security interest therein.
(d)
The qualified depository institution shall deliver to the general treasurer, municipal finance officer, or chief financial officer a power of attorney authorizing the general treasurer, municipal finance officer, or chief financial officer to transfer or liquidate these securities in the event of default, financial failure, or insolvency of a depository institution.
History of Section.
P.L. 1991, ch. 44, art. 74, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10.1 - Collateralization of Public Deposits › Section 35-10.1-4. - Substitution of collateral.

§ 35-10.1-4. Substitution of collateral.
A qualified depository institution may substitute insurance or different forms of collateral from time to time without notice to the public depositor or the commission; provided, that any substitute collateral constitutes eligible collateral; and provided, further, that no substitution of insurance or collateral shall cause the depository institution to cease being a qualified depository institution.
History of Section.
P.L. 1991, ch. 44, art. 74, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10.1 - Collateralization of Public Deposits › Section 35-10.1-5. - Valuation of collateral.

§ 35-10.1-5. Valuation of collateral.
The valuation of collateral shall be established initially at the time the collateral is pledged and shall be adjusted thereafter as of the last day of each month. For the purpose of this chapter, the value of collateral shall be its market value.
History of Section.
P.L. 1991, ch. 44, art. 74, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10.1 - Collateralization of Public Deposits › Section 35-10.1-6. - Income from collateral.

§ 35-10.1-6. Income from collateral.
The income from assets that constitute segregated collateral shall belong without restriction to the depository institution that pledged the collateral unless and until the assets are transferred to the public depositor or its designee as the result of a default or insolvency of the depository institution.
History of Section.
P.L. 1991, ch. 44, art. 74, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10.1 - Collateralization of Public Deposits › Section 35-10.1-7. - Reports.

§ 35-10.1-7. Reports.
(a)
Except with respect to those public deposits which are fully insured by federal deposit insurance, each qualified depository institution holding public deposits shall file a report as required by this section within forty-five (45) days following the end of each of the institution’s fiscal quarters.
(b)
Reports required to be filed under subsection (a) shall be certified as accurate by the chief financial officer of the reporting institution.
(c)
Reports required to be filed under subsection (a) shall be filed with the commission and with each public depositor that maintains a public deposit with the reporting institution.
(d)
Each quarterly report shall contain:
(1)
The name of the reporting institution and the name, title, address, and telephone number of an officer to whom questions regarding the report should be addressed;
(2)
The institution’s total capital as of the last day of the fiscal quarter most recently ended;
(3)
The institution’s risk based capital to risk weighted assets ratio as of the last day of the fiscal quarter most recently ended, computed in accordance with federal regulations applicable to the institution;
(4)
A statement whether or not the institution’s net income for the fiscal quarter most recently ended, as reported in a quarterly financial report certified by the institution’s chief financial officer, exceeded zero;
(5)
The aggregate dollar amount of public deposits held by the institution for each public depositor as of the last day of the fiscal quarter most recently ended;
(6)
The minimum dollar value of eligible collateral the institution is required to pledge in order to be a qualified depository institution in accordance with this chapter;
(7)
The value of all eligible collateral pledged by the institution, determined in accordance with this chapter; and
(8)
The amount of any private deposit insurance purchased by the institution with respect to its public deposits pursuant to § 35-10.1-8.
History of Section.
P.L. 1991, ch. 44, art. 74, § 1; P.L. 1994, ch. 213, § 1.
2023 Rhode Island General Laws › Title 35 - Public Finance › Chapter 35-10.1 - Collateralization of Public Deposits › Section 35-10.1-8. - Insurance.

§ 35-10.1-8. Insurance.
At its option, a depository institution may elect to purchase insurance for one hundred percent (100%) of any public deposit not covered by federal deposit insurance or secured pursuant to this chapter; provided, that this insurance is provided by an insurer rated “AAA” by standard & poor’s corporation, moody’s investors service, or both. This insurance may be provided in lieu of, but shall not be required in addition to, collateral otherwise required pursuant to this chapter.
History of Section.
P.L. 1991, ch. 44, art. 74, § 1.