Rhode Island General Laws 45-50-3. Legislative findings – Applicability of chapter – Resolution of need required for authority to function
(a) It is declared that a need exists to authorize all municipalities which issue significant amounts of general obligation debt or which have large operating budgets to possess powers enabling the implementation of alternative financing techniques.
Terms Used In Rhode Island General Laws 45-50-3
- authority: means any municipal public buildings authority created pursuant to this chapter, or, if the authority is abolished, the board, body, or commission succeeding to the principal functions or upon whom the powers of the authority given by this chapter are given by law. See Rhode Island General Laws 45-50-9
- issue: except as otherwise provided in any series resolution, means or refers to all bonds issued as part of a series and all additional bonds with respect to bonds of series. See Rhode Island General Laws 45-50-9
- municipality: means and includes any city or town within the state. See Rhode Island General Laws 45-50-9
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- state: means and includes the state of Rhode Island, and any office, department, board, commission, bureau, division, authority, public corporation, agency, or instrumentality thereof. See Rhode Island General Laws 45-50-9
- town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
- town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
(b) This chapter applies to any municipality which has during the three (3) calendar years preceding adoption of the resolution provided for in subsection (d);
(1) Issued in the aggregate in excess of sixty million dollars ($60,000,000) in general obligation debt (excluding tax and revenue anticipation debt and long term advanced refunding bonds); or
(2) Had an annual operating budget in excess of thirty-nine million dollars ($39,000,000).
(c) This chapter also applies to any municipality that has been expressly authorized by public law to approve the establishment of such an authority for the purposes of undertaking projects, as defined by this chapter, within a specified district of the municipality.
(d) The authority of any city or town shall not transact any business or exercise any powers under this chapter, unless and until the city or town council, by resolution, declares, at any time, that there is need for an authority to function in the city or town, and the public finance management board, created by § 42-10.1-1, shall, by resolution, approve the creation of each authority. Neither the state nor the public finance management board shall have any liability as a result of the performance of the duty or exercise of the power described in this chapter.
(e) Any authority created under this chapter is subject to the provisions of chapter 2 of Title 38 (“Access to Public Records”) and chapter 46 of Title 42 (“Open Meetings”) and, in addition, the members of the authority are subject to the provisions of chapter 14 of Title 36 (“Code of Ethics”).
History of Section.
P.L. 1987, ch. 475, § 1; P.L. 1989, ch. 466, § 1; P.L. 2003, ch. 344, § 5; P.L. 2003, ch. 345, § 5.