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-00-00-4.9 - Reporting Requirements

Universal Citation: 120 RI Code of Rules 00 00 4.9

Current through September 18, 2024

A. Each state, municipal and regional department, authority, agency, board, commission, public or 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 shall, no later than thirty (30) days prior to the sale of any such debt issue at public or private sale, give written notice of the proposed sale to the Board. Said notice of proposed debt shall be made on a form approved by the Board and shall contain all of the information requested on said form which shall include one proposed sale date, the name of the issuer, the nature of the debt issue, and the estimated principal amount thereof, and such further information as may be required by rule of the board and shall be delivered in accordance with procedures to be established by rule of the board.

B. Each such issuer shall, within thirty (30) days after closing, submit to the Board a report of final sale on a form approved by the Board and the report shall contain all of the information requested on said form.

C. Any issuer which fails to submit the report of proposed debt or report of final sale by the appropriate deadline may be subject to a per diem fine of two hundred fifty dollars ($250), which shall be collected and enforced by the Office of the General Treasurer.

D. Each state, municipal and regional authority, agency, board, commission, public or 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 various types of conduit debt or enter into financing leases shall provide annually, within ninety (90) days after the end of each fiscal year, the following information for each outstanding debt incurred as of the end of such year:

1. the principal amount of the issue outstanding;

2. the amount of proceeds of the issue that remains unspent;

3. the amount of debt authorized by the bond act or other appropriate authorization relevant to the issue that remains authorized but unissued; and

4. a list of the purposes for which the debt has been issued and the amounts expended for each purpose in the prior fiscal year from the proceeds of the issue.

E. Failure of delivery of the above notice or of the time or efficiency thereof shall not affect the validity of the issuance of any debt, bonds, notes or leases.

F. The Board shall submit a report annually on or before September 30th of each year to the Director of Administration, the Speaker of the House, the Chairman of the House Finance Committee, the President of the Senate, the Chairman of the Senate Finance Committee, and the Auditor General on debt issues by cities and towns and other authorities, agencies, boards, commissions, public and quasi-public corporations, fire districts, and other special districts subject to the provision of R.I. Gen. Laws Chapter 45-12, which report shall include the information set forth in § 4.9(B) of this Part above and shall be for the notices of debt issues received during the state's fiscal year next preceding. An electronic transmission of the report shall be considered an acceptable submission.

Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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