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

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.