§ 35-18-3 Approval by the generalassembly. – (a) No elected or appointed state official may enter into any financing leaseor into any guarantee with any person without the prior approval of the generalassembly unless:
(1) [Deleted by P.L. 2005, ch. 117, art. 6, §1].
(2) [Expired pursuant to P.L. 1994, ch. 148, §2.]
(3) The governor certifies that federal funds will beavailable to make all of the payments which the state is or could be obligatedto make under the financing lease or guarantee; or
(4) The general assembly has adjourned for the year with theexpectation that it will not meet again until the following year and thegovernor certifies that action is necessary, because of events occurring afterthe general assembly has adjourned, to protect the physical integrity of anessential public facility, to ensure the continued delivery of essential publicservices, or to maintain the credit worthiness of the state in the financialmarkets.
(b) No bonds may be issued or other obligation incurred byany public corporation to finance, in whole or in part, the construction,acquisition, or improvement of any essential public facility without the priorapproval of the general assembly, unless:
(1) [Deleted by P.L. 2005, ch. 117, art. 6, §1].
(2) [Expired pursuant to P.L. 1994, ch. 148, §2.]
(3) The governor certifies that federal funds will beavailable to make all of the payments required to be made by the publiccorporation in connection with the bond or obligation. The certification shallbe transmitted to the speaker of the house and the president of the senate withcopies to the chairpersons of the respective finance committees and fiscaladvisors; or
(4) The general assembly has adjourned for the year with theexpectation that it will not meet again until the following year and thegovernor certifies that action is necessary, because of events occurring afterthe general assembly has adjourned, to protect the physical integrity of anessential public facility, to ensure the continued delivery of essential publicservices, or to maintain the credit worthiness of the state in the financialmarkets. The certification shall be transmitted to the speaker of the house andthe president of the senate, with copies to the chairpersons of the respectivefinance committees and fiscal advisors.
(c) In addition to, and not by way of limitation on, theexemptions provided in subsections (a) and (b), prior approval by the generalassembly shall not be required under this chapter for bonds or otherobligations issued by, or financing leases or guarantee agreements entered intoby:
(1) The Rhode Island Industrial Facilities Corporation;provided financing leases, bonds or other obligations are being issued for aneconomic development project;
(2) The Rhode Island clean water finance agency;
(3) The Rhode Island housing and mortgage finance corporation;
(4) The Rhode Island student loan authority;
(5) Any public corporation to refund any bond or otherobligation issued by the public corporation to finance the acquisition,construction, or improvement of an essential public facility provided that thegovernor certifies to the speaker of the house and the president of the senate,with copies to the chairpersons of the respective finance committees and fiscaladvisors that the refunding shall provide a net benefit to the issuer;provided, however, obligations of the Rhode Island resource recoverycorporation outstanding on July 31, 1999, may be refunded by the issuance ofobligations on or before August 1, 1999;
(6) The Narragansett Bay water quality management districtcommission; and
(7) The Rhode Island health and educational buildingcorporation, except bonds or other obligations issued in connection with theacquisition, construction, or improvement of any facility used by any stateagency, department, board, or commission, including the board of governors forhigher education, to provide services to the public pursuant to therequirements of state or federal law, and all fixtures for any of thosefacilities.
(d) Nothing contained in this section applies to any loanauthorized to be borrowed under Article VI, § 16 or 17 of the Rhode IslandConstitution.
(e) Nothing in this section is intended to expand in any waythe borrowing authority of any public corporation under its charter.
(f) Any certification made by the governor under subsection(a), (b), or (c) of this section may be relied upon by any person, includingwithout limitation, bond counsel.
(2) The certifications shall be transmitted to the speaker ofthe house and the president of the senate with copies to the chairpersons ofthe respective finance committees and fiscal advisors.
(g) Except as provided for in this chapter, the requirementsof this chapter supersede any other special or general provision of law,including any provision which purports to exempt sales or leases between thestate and a public corporation from the operation of any law.
§ 35-18-3 Approval by the generalassembly. – (a) No elected or appointed state official may enter into any financing leaseor into any guarantee with any person without the prior approval of the generalassembly unless:
(1) [Deleted by P.L. 2005, ch. 117, art. 6, §1].
(2) [Expired pursuant to P.L. 1994, ch. 148, §2.]
(3) The governor certifies that federal funds will beavailable to make all of the payments which the state is or could be obligatedto make under the financing lease or guarantee; or
(4) The general assembly has adjourned for the year with theexpectation that it will not meet again until the following year and thegovernor certifies that action is necessary, because of events occurring afterthe general assembly has adjourned, to protect the physical integrity of anessential public facility, to ensure the continued delivery of essential publicservices, or to maintain the credit worthiness of the state in the financialmarkets.
(b) No bonds may be issued or other obligation incurred byany public corporation to finance, in whole or in part, the construction,acquisition, or improvement of any essential public facility without the priorapproval of the general assembly, unless:
(1) [Deleted by P.L. 2005, ch. 117, art. 6, §1].
(2) [Expired pursuant to P.L. 1994, ch. 148, §2.]
(3) The governor certifies that federal funds will beavailable to make all of the payments required to be made by the publiccorporation in connection with the bond or obligation. The certification shallbe transmitted to the speaker of the house and the president of the senate withcopies to the chairpersons of the respective finance committees and fiscaladvisors; or
(4) The general assembly has adjourned for the year with theexpectation that it will not meet again until the following year and thegovernor certifies that action is necessary, because of events occurring afterthe general assembly has adjourned, to protect the physical integrity of anessential public facility, to ensure the continued delivery of essential publicservices, or to maintain the credit worthiness of the state in the financialmarkets. The certification shall be transmitted to the speaker of the house andthe president of the senate, with copies to the chairpersons of the respectivefinance committees and fiscal advisors.
(c) In addition to, and not by way of limitation on, theexemptions provided in subsections (a) and (b), prior approval by the generalassembly shall not be required under this chapter for bonds or otherobligations issued by, or financing leases or guarantee agreements entered intoby:
(1) The Rhode Island Industrial Facilities Corporation;provided financing leases, bonds or other obligations are being issued for aneconomic development project;
(2) The Rhode Island clean water finance agency;
(3) The Rhode Island housing and mortgage finance corporation;
(4) The Rhode Island student loan authority;
(5) Any public corporation to refund any bond or otherobligation issued by the public corporation to finance the acquisition,construction, or improvement of an essential public facility provided that thegovernor certifies to the speaker of the house and the president of the senate,with copies to the chairpersons of the respective finance committees and fiscaladvisors that the refunding shall provide a net benefit to the issuer;provided, however, obligations of the Rhode Island resource recoverycorporation outstanding on July 31, 1999, may be refunded by the issuance ofobligations on or before August 1, 1999;
(6) The Narragansett Bay water quality management districtcommission; and
(7) The Rhode Island health and educational buildingcorporation, except bonds or other obligations issued in connection with theacquisition, construction, or improvement of any facility used by any stateagency, department, board, or commission, including the board of governors forhigher education, to provide services to the public pursuant to therequirements of state or federal law, and all fixtures for any of thosefacilities.
(d) Nothing contained in this section applies to any loanauthorized to be borrowed under Article VI, § 16 or 17 of the Rhode IslandConstitution.
(e) Nothing in this section is intended to expand in any waythe borrowing authority of any public corporation under its charter.
(f) Any certification made by the governor under subsection(a), (b), or (c) of this section may be relied upon by any person, includingwithout limitation, bond counsel.
(2) The certifications shall be transmitted to the speaker ofthe house and the president of the senate with copies to the chairpersons ofthe respective finance committees and fiscal advisors.
(g) Except as provided for in this chapter, the requirementsof this chapter supersede any other special or general provision of law,including any provision which purports to exempt sales or leases between thestate and a public corporation from the operation of any law.
§ 35-18-3 Approval by the generalassembly. – (a) No elected or appointed state official may enter into any financing leaseor into any guarantee with any person without the prior approval of the generalassembly unless:
(1) [Deleted by P.L. 2005, ch. 117, art. 6, §1].
(2) [Expired pursuant to P.L. 1994, ch. 148, §2.]
(3) The governor certifies that federal funds will beavailable to make all of the payments which the state is or could be obligatedto make under the financing lease or guarantee; or
(4) The general assembly has adjourned for the year with theexpectation that it will not meet again until the following year and thegovernor certifies that action is necessary, because of events occurring afterthe general assembly has adjourned, to protect the physical integrity of anessential public facility, to ensure the continued delivery of essential publicservices, or to maintain the credit worthiness of the state in the financialmarkets.
(b) No bonds may be issued or other obligation incurred byany public corporation to finance, in whole or in part, the construction,acquisition, or improvement of any essential public facility without the priorapproval of the general assembly, unless:
(1) [Deleted by P.L. 2005, ch. 117, art. 6, §1].
(2) [Expired pursuant to P.L. 1994, ch. 148, §2.]
(3) The governor certifies that federal funds will beavailable to make all of the payments required to be made by the publiccorporation in connection with the bond or obligation. The certification shallbe transmitted to the speaker of the house and the president of the senate withcopies to the chairpersons of the respective finance committees and fiscaladvisors; or
(4) The general assembly has adjourned for the year with theexpectation that it will not meet again until the following year and thegovernor certifies that action is necessary, because of events occurring afterthe general assembly has adjourned, to protect the physical integrity of anessential public facility, to ensure the continued delivery of essential publicservices, or to maintain the credit worthiness of the state in the financialmarkets. The certification shall be transmitted to the speaker of the house andthe president of the senate, with copies to the chairpersons of the respectivefinance committees and fiscal advisors.
(c) In addition to, and not by way of limitation on, theexemptions provided in subsections (a) and (b), prior approval by the generalassembly shall not be required under this chapter for bonds or otherobligations issued by, or financing leases or guarantee agreements entered intoby:
(1) The Rhode Island Industrial Facilities Corporation;provided financing leases, bonds or other obligations are being issued for aneconomic development project;
(2) The Rhode Island clean water finance agency;
(3) The Rhode Island housing and mortgage finance corporation;
(4) The Rhode Island student loan authority;
(5) Any public corporation to refund any bond or otherobligation issued by the public corporation to finance the acquisition,construction, or improvement of an essential public facility provided that thegovernor certifies to the speaker of the house and the president of the senate,with copies to the chairpersons of the respective finance committees and fiscaladvisors that the refunding shall provide a net benefit to the issuer;provided, however, obligations of the Rhode Island resource recoverycorporation outstanding on July 31, 1999, may be refunded by the issuance ofobligations on or before August 1, 1999;
(6) The Narragansett Bay water quality management districtcommission; and
(7) The Rhode Island health and educational buildingcorporation, except bonds or other obligations issued in connection with theacquisition, construction, or improvement of any facility used by any stateagency, department, board, or commission, including the board of governors forhigher education, to provide services to the public pursuant to therequirements of state or federal law, and all fixtures for any of thosefacilities.
(d) Nothing contained in this section applies to any loanauthorized to be borrowed under Article VI, § 16 or 17 of the Rhode IslandConstitution.
(e) Nothing in this section is intended to expand in any waythe borrowing authority of any public corporation under its charter.
(f) Any certification made by the governor under subsection(a), (b), or (c) of this section may be relied upon by any person, includingwithout limitation, bond counsel.
(2) The certifications shall be transmitted to the speaker ofthe house and the president of the senate with copies to the chairpersons ofthe respective finance committees and fiscal advisors.
(g) Except as provided for in this chapter, the requirementsof this chapter supersede any other special or general provision of law,including any provision which purports to exempt sales or leases between thestate and a public corporation from the operation of any law.
