§ 42-10.1-1 - Creation – Members.
SECTION 42-10.1-1
§ 42-10.1-1 Creation – Members.– (a) There is hereby authorized, created and established in the department ofthe general treasurer a public finance management board to consist of nine (9)members:
(1) The general treasurer or his or her designee who shall bea subordinate within the general treasurer's office;
(2) The director of the department of administration or hisor her designee who shall be a subordinate within the department ofadministration;
(3) Three (3) members of the general public to be appointedby the governor, with the advice and consent of the senate, one of whom shallserve an initial term of three (3) years, one of whom shall serve an initialterm of two (2) years an one of whom shall serve an initial term of one year,and until his or her successor is appointed and qualified. Thereafter, themembers appointed pursuant to this subsection shall serve for a term of three(3) years and until his or her successor is appointed and qualified; and
(4) Two (2) members of the general public to be appointed bythe general treasurer, with the advice and consent of the senate, from a listof five (5) candidates submitted to the general treasurer by the League ofCities and Towns, one of whom shall serve an initial term of two (2) years andone of whom shall serve an initial term of three (3) years, and until his orher successor is appointed and qualified. Thereafter, the members appointedpursuant to this subsection shall serve for a term of three (3) years and untilhis or her successor is appointed and qualified.
(5) Two (2) members of the general public to be appointed bythe general treasurer, with the advice and consent of the senate, one of whomshall serve an initial term of two (2) years and one of whom shall serve aninitial term of three (3) years, and until his or her successor is appointedand qualified. Thereafter, the members appointed pursuant to this subsectionshall serve for a term of three (3) years and until his or her successor isappointed and qualified.
(b) Any member that was appointed by the governor or generaltreasurer prior to the effective date of this act shall continue to serve untilsuch time as a successor is appointed and qualified.
(c) All appointments shall be experienced in the issuance andsale of bonds by public agencies or shall otherwise be qualified by training orexperience in the field of finance and investment. No one shall be eligible forappointment unless he or she is a resident of this state.
Public members of the authority shall be removable by thechair for cause only, and removal solely for partisan or personal reasonsunrelated to capacity or fitness for the office shall be unlawful.
Newly appointed and qualified public members shall, withinsix (6) months of their appointment, attend a training course that shall bedeveloped and provided by the office of the general treasurer and shall includeinstruction in the following areas: the provisions of chapters 42-10.1, 42-46,36-14 and 38-2 of the Rhode Island general laws; and the authority's rules andregulations. The director of the department of administration shall, withinninety (90) days of the effective date of this act, prepare and disseminatetraining materials relating to the provisions of chapters 42-46, 36-14 and 38-2.
A vacancy shall be filled in like manner as the originalappointment.