§ 42-10.1-4 - Notice of debt issue to board. - Rhode Island Statutes

SECTION 42-10.1-4

   § 42-10.1-4  Notice of debt issue to board.– (a) Each state, municipal and regional department, authority, agency, board,commission, and public and quasi-public corporation having authority to issuerevenue or general obligation bonds or notes shall, no later than thirty (30)days prior to the sale of any such debt issue at public or private sale, givewritten notice of the proposed sale to the board.

   (b) The notice shall include one proposed sale date, the nameof the issuer, the nature of the debt issue, and the estimated principal amountthereof, and such further information as may be required by rule of the boardand shall be delivered in accordance with procedures to be established by ruleof the board.

   (c) Failure of delivery of the above notice or of the time orefficiency thereof shall not affect the validity of the issuance of any debt,bond or note.

   (d) The board shall submit a report annually on or beforeMarch 31st of each year to the director of administration, the speaker of thehouse, the chairman of the house finance committee, the president of thesenate, the chairman of the senate finance committee, and the auditor generalon debt issues by cities and towns and other authorities subject to theprovision of chapter 45-12, which report shall include the information setforth in division (b) of this section and shall be for the notices of debtissues received in the prior calendar year.