§ 45-50-3 - Legislative findings – Applicability of chapter – Resolution of need required for authority to function.
SECTION 45-50-3
§ 45-50-3 Legislative findings –Applicability of chapter – Resolution of need required for authority tofunction. – (a) It is declared that a need exists to authorize all municipalities whichissue significant amounts of general obligation debt or which have largeoperating budgets to possess powers enabling the implementation of alternativefinancing techniques.
(b) This chapter applies to any municipality which has duringthe three (3) calendar years preceding adoption of the resolution provided forin subsection (d);
(1) Issued in the aggregate in excess of sixty milliondollars ($60,000,000) in general obligation debt (excluding tax and revenueanticipation debt and long term advanced refunding bonds); or
(2) Had an annual operating budget in excess of thirty-ninemillion dollars ($39,000,000).
(c) This chapter also applies to any municipality that hasbeen expressly authorized by public law to approve the establishment of such anauthority for the purposes of undertaking projects, as defined by this chapter,within a specified district of the municipality.
(d) The authority of any city or town shall not transact anybusiness or exercise any powers under this chapter, unless and until the cityor town council, by resolution, declares, at any time, that there is need foran authority to function in the city or town, and the public finance managementboard, created by § 42-10.1-1, shall, by resolution, approve the creationof each authority. Neither the state nor the public finance management boardshall have any liability as a result of the performance of the duty or exerciseof the power described in this chapter.
(e) Any authority created under this chapter is subject tothe provisions of chapter 2 of title 38 ("Access to Public Records") andchapter 46 of title 42 ("Open Meetings") and, in addition, the members of theauthority are subject to the provisions of chapter 14 of title 36 ("Code ofEthics").