Rhode Island Code of Regulations › Title 120 - Treasury Department › Chapter 00 - N/A › Subchapter 00 - N/A › Part 4 - Rules and Regulations Governing the Public Finance Management Board (120-RICR-00-00-4) › Section 120-RICR-00-00-4.13 - Comprehensive Review/Board Reports

Current through June 14, 2024
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 government 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.
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 previous fiscal year ending in the prior
				  calendar year of its findings and recommendations, if any, for revising the
				  laws governing such financing devices. The report shall include all required
				  information as prescribed in R.I. Gen. Laws §
										42-10.1-8(b). An
				  electronic submission of the report shall be considered an acceptable
				  submission. The report shall be posted electronically on the general assembly
				  and the secretary of state's website as prescribed in R.I. Gen. Laws §
										42-20-8.2. The Director of the
				  Department of Administration shall be responsible for the enforcement of this
				  provision.
C. The Board shall
				  compile and publish annually the total amount of public state, regional,
				  municipal, and public and quasi-public corporation debt authorized, sold and
				  unsold.
D. No less frequently than
				  every two (2) years, the Board shall oversee the undertaking of a debt
				  affordability study, which shall include recommended limits for the debt
				  capacity of each state, municipal and regional authority, agency, board,
				  commission, public and quasi-public corporation and fire district and other
				  special district having authority to issue revenue or general obligation bonds
				  or GARVEE bonds or notes or other various types of conduit debt or enter into
				  financing leases.
E. 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.
F. 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.