In order to provide for one-time or limited expenses of the school building authority under this chapter, the Rhode Island health and educational building corporation shall provide funding from the school building authority capital fund, fees generated from the origination of municipal bonds and other financing vehicles used for school construction, and its own reserves. The school building authority shall, by October 1 of each year, report to the governor and the chairs of the senate and house finance committees, the senate fiscal advisor, and the house fiscal advisor the amount sought for expenses for the next fiscal year.

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Terms Used In Rhode Island General Laws 16-105-7

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

There is also hereby established a restricted-receipt account within the budget of the department of elementary and secondary education entitled “school construction services,” to be financed by the Rhode Island health and educational building corporation’s sub-allotments of fees generated from the origination of municipal bonds and other financing vehicles used for school construction and its own reserves. Effective July 1, 2018, this account shall be utilized for the express purpose of supporting personnel expenditures directly related to the administration of the school construction aid program. Expenditure of all restricted receipts accepted by the department shall be subject to the annual appropriation process and approval by the general assembly.

History of Section.
P.L. 2015, ch. 141, art. 9, § 2; P.L. 2018, ch. 47, art. 9, § 3; P.L. 2019, ch. 88, art. 9, § 14.