§ 42-10.1-8 - Comprehensive review.
SECTION 42-10.1-8
§ 42-10.1-8 Comprehensive review. –(a) The board shall comprehensively review the financing of capitalimprovements by all state, municipal, and regional departments, authorities,agencies, boards, commissions, and public and quasi-public corporations andstudy the comparative debt of all state and local governmental units forcapital improvements and the use of bond financing as a source of theindebtedness. The review shall include an analysis of all outstanding generalobligation and revenue bonds. Annually, on the thirty-first (31st) day ofMarch, the board shall submit to the general assembly a report based uponinformation from the previous fiscal year of its findings and recommendations,if any, for revising the laws governing such financing devices.
(b) Annually, on the thirty-first (31st) day of March, theboard shall submit to the governor, the speaker of the house ofrepresentatives, the president of the senate and the secretary of state areport based upon information from the previous fiscal year of its findings andrecommendations, if any, for revising the laws governing such financingdevices. The report shall also set forth a complete operating and financialstatement covering its operations during the year, a summary of meetings orhearings held, meeting minutes if requested, subjects addressed, decisionsrendered, rules or regulations promulgated, studies conducted, policies andplans developed, approved, or modified, and programs administered or initiated;a summary of performance during the previous fiscal year includingaccomplishments, shortcomings and remedies; a synopsis of hearings, complaints,suspensions, or other legal matters related to the authority of the board; asummary of any training courses held pursuant to § 42-10.1-1; a briefingon anticipated activities in the upcoming fiscal year; and findings andrecommendations for improvements. The report shall be posted electronically onthe general assembly and the secretary of state's website as prescribed in§ 42-20-8.2 of the Rhode Island general laws. The director of thedepartment of administration shall be responsible for the enforcement of thisprovision.
(c) Neither the board nor its individual members shall haveany liability as a result of the performance of the responsibilities or theexercise of the powers described herein. They shall not be deemed to haveexpressed an opinion regarding or deemed to have approved any aspect of anybonds or notes, including but not limited to, the proper authorization of anybonds or notes, the availability of funds for the repayment of any bonds ornotes, the tax exempt status of any bonds or notes, or compliance by the issuerof any bonds or notes with any federal or state tax or securities law.
(d) In the event that any liability shall accrue to the boardor its members because of the performance of the responsibilities or exerciseof the powers described herein, the issuer who issued the bonds or notes whichcause the liability shall fully indemnify the board and the members.