Rhode Island General Laws 30-15-10. Financing – Disaster emergency funding board established
(a) It is the intent of the general assembly and declared to be the policy of the state that funds to meet disaster emergencies shall always be available.
Terms Used In Rhode Island General Laws 30-15-10
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8
(b) A disaster emergency funding board is hereby established, composed of the president of the senate, the speaker of the house, and the chairpersons of the senate and house finance committees.
(c) It is the legislative intent that the first recourse shall be to funds regularly appropriated to state and local agencies. If the governor finds that the demands placed upon these funds in coping with a particular disaster are unreasonably great, with the concurrence of the disaster emergency funding board, he or she may make funds available by transferring and expending moneys appropriated for other purposes or may borrow for a term not to exceed two (2) years from the United States government or any other private source.
(d) Nothing contained in this section shall be construed to limit the governor’s authority to apply for, administer, and expend any grants, gifts, or payments, in aid of disaster prevention, preparedness, response, or recovery.
History of Section.
P.L. 1973, ch. 67, § 2; P.L. 2001, ch. 180, § 61.