§ 35-18-4 Procedure. – (a) A financing lease, guarantee, bond, or other obligation shall be deemed tohave been approved by the general assembly when the general assembly passes aconcurrent resolution of approval regarding the financing lease, guarantee,bond, or other obligation which the governor or a public corporation, as thecase may be, requests that the financing lease, guarantee, bond, or otherobligation be approved by the general assembly. These requests shall betransmitted to the speaker of the house and the president of the senate withcopies to the chairpersons of the respective finance committees and fiscaladvisors. The request for approval shall include:
(1) A full description of the essential public facility towhich the financing lease, guarantee, bond, or other obligation is related;
(2) An explanation as to why the facility is needed and howit will be paid off; and
(3) The maximum possible obligation of the state or of anypublic corporation under the financing lease, guarantee, bond, or otherobligation.
(b) The governor shall provide the general assembly with atimely explanation of any certification made by him or her pursuant to thischapter in connection with any financing lease, guarantee, bond, or otherobligation. These explanations shall be transmitted to the speaker of the houseand the president of the senate with copies to the chairpersons of therespective finance committees and fiscal advisors. The explanation shall alsoinclude:
(1) A full description of the essential public facility towhich the financing lease, guarantee, bond, or other obligation is related;
(2) An explanation as to why the facility is needed and howit will be paid off; and
(3) The maximum possible obligation of the state or of anypublic corporation under the financing lease, guarantee, bond, or otherobligation.
(c) The state shall not enter into any financing lease orguarantee relating to, nor shall any public corporation issue any bond or otherobligation in connection with, any essential public facility unless thefacility conforms to the description included in the request for approval or inthe explanation for certification submitted by the governor in connection withthe financing lease, guarantee, bond, or other obligation; nor shall thestate's obligation in connection with the financing lease, guarantee, bond, orother obligation exceed the amount set forth in the request for approval orexplanation of certification.
(d) Immediately following the first sale of each issue ofbonds in connection with the financing of an economic development project, thegovernor shall provide the general assembly with copies of any offeringstatement for those bonds and his or her analysis of the benefits and risks tothe state of the project. These statements and analyses shall be transmitted tothe speaker of the house and the president of the senate, with copies to thechairpersons of the respective finance committees and fiscal advisors.
§ 35-18-4 Procedure. – (a) A financing lease, guarantee, bond, or other obligation shall be deemed tohave been approved by the general assembly when the general assembly passes aconcurrent resolution of approval regarding the financing lease, guarantee,bond, or other obligation which the governor or a public corporation, as thecase may be, requests that the financing lease, guarantee, bond, or otherobligation be approved by the general assembly. These requests shall betransmitted to the speaker of the house and the president of the senate withcopies to the chairpersons of the respective finance committees and fiscaladvisors. The request for approval shall include:
(1) A full description of the essential public facility towhich the financing lease, guarantee, bond, or other obligation is related;
(2) An explanation as to why the facility is needed and howit will be paid off; and
(3) The maximum possible obligation of the state or of anypublic corporation under the financing lease, guarantee, bond, or otherobligation.
(b) The governor shall provide the general assembly with atimely explanation of any certification made by him or her pursuant to thischapter in connection with any financing lease, guarantee, bond, or otherobligation. These explanations shall be transmitted to the speaker of the houseand the president of the senate with copies to the chairpersons of therespective finance committees and fiscal advisors. The explanation shall alsoinclude:
(1) A full description of the essential public facility towhich the financing lease, guarantee, bond, or other obligation is related;
(2) An explanation as to why the facility is needed and howit will be paid off; and
(3) The maximum possible obligation of the state or of anypublic corporation under the financing lease, guarantee, bond, or otherobligation.
(c) The state shall not enter into any financing lease orguarantee relating to, nor shall any public corporation issue any bond or otherobligation in connection with, any essential public facility unless thefacility conforms to the description included in the request for approval or inthe explanation for certification submitted by the governor in connection withthe financing lease, guarantee, bond, or other obligation; nor shall thestate's obligation in connection with the financing lease, guarantee, bond, orother obligation exceed the amount set forth in the request for approval orexplanation of certification.
(d) Immediately following the first sale of each issue ofbonds in connection with the financing of an economic development project, thegovernor shall provide the general assembly with copies of any offeringstatement for those bonds and his or her analysis of the benefits and risks tothe state of the project. These statements and analyses shall be transmitted tothe speaker of the house and the president of the senate, with copies to thechairpersons of the respective finance committees and fiscal advisors.
§ 35-18-4 Procedure. – (a) A financing lease, guarantee, bond, or other obligation shall be deemed tohave been approved by the general assembly when the general assembly passes aconcurrent resolution of approval regarding the financing lease, guarantee,bond, or other obligation which the governor or a public corporation, as thecase may be, requests that the financing lease, guarantee, bond, or otherobligation be approved by the general assembly. These requests shall betransmitted to the speaker of the house and the president of the senate withcopies to the chairpersons of the respective finance committees and fiscaladvisors. The request for approval shall include:
(1) A full description of the essential public facility towhich the financing lease, guarantee, bond, or other obligation is related;
(2) An explanation as to why the facility is needed and howit will be paid off; and
(3) The maximum possible obligation of the state or of anypublic corporation under the financing lease, guarantee, bond, or otherobligation.
(b) The governor shall provide the general assembly with atimely explanation of any certification made by him or her pursuant to thischapter in connection with any financing lease, guarantee, bond, or otherobligation. These explanations shall be transmitted to the speaker of the houseand the president of the senate with copies to the chairpersons of therespective finance committees and fiscal advisors. The explanation shall alsoinclude:
(1) A full description of the essential public facility towhich the financing lease, guarantee, bond, or other obligation is related;
(2) An explanation as to why the facility is needed and howit will be paid off; and
(3) The maximum possible obligation of the state or of anypublic corporation under the financing lease, guarantee, bond, or otherobligation.
(c) The state shall not enter into any financing lease orguarantee relating to, nor shall any public corporation issue any bond or otherobligation in connection with, any essential public facility unless thefacility conforms to the description included in the request for approval or inthe explanation for certification submitted by the governor in connection withthe financing lease, guarantee, bond, or other obligation; nor shall thestate's obligation in connection with the financing lease, guarantee, bond, orother obligation exceed the amount set forth in the request for approval orexplanation of certification.
(d) Immediately following the first sale of each issue ofbonds in connection with the financing of an economic development project, thegovernor shall provide the general assembly with copies of any offeringstatement for those bonds and his or her analysis of the benefits and risks tothe state of the project. These statements and analyses shall be transmitted tothe speaker of the house and the president of the senate, with copies to thechairpersons of the respective finance committees and fiscal advisors.
