§ 35-8-3 Sinking fund commission –Composition – Elective members – Quorum. – (a) There is hereby authorized, created and established in the department ofthe general treasurer a sinking fund commission which shall perform the dutiesformerly performed by the board of commissioners of sinking funds as prescribedby this chapter, which board of commissioners is hereby abolished. The sinkingfund commission shall consist of the governor or his or her designee who shallbe a subordinate within the governor's office, the general treasurer or his orher designee who shall be a subordinate within the general treasurer's office,the director of administration or his or her designee who shall be asubordinate within the department of administration, two (2) members of thegeneral public shall be appointed by the governor, one of whom shall serve aninitial term of three (3) years and one of whom shall serve an initial term oftwo (2) years; and four (4) members of the general public shall be appointed bythe general treasurer, one of whom shall serve an initial term of four (4)years and one of whom shall serve an initial term of three (3) years, one ofwhom shall serve an initial term of two (2) years; and one of whom shall servean initial term of one year. Thereafter, all general public member appointmentsshall serve for a term of four (4) years and until his or her successor isappointed and qualified. All general public member appointments shall be withthe advice and consent of the senate. The appointed members shall be qualifiedby training or experience in the fields of investment or finance. No one shallbe eligible for appointment unless he or she is a resident of this state.Public members of the commission shall be removable by the chair for causeonly, and removal solely for partisan or personal reasons unrelated to capacityor 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 35-8, 42-46,36-14 and 38-2 of the Rhode Island general laws; and the board'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 majority of all the members of the commission is necessaryto constitute a quorum.
(b) Within ninety (90) days after the end of each fiscal yearduring which the commission has conducted business, the commission shall submitan annual report to the governor, the speaker of the house of representatives,the president of the senate, and the secretary of state of its activitiesduring that fiscal year. The report shall provide: an operating statementsummarizing meetings or hearings held, meeting minutes if requested, subjectsaddressed, decisions rendered, rules or regulations promulgated, studiesconducted, policies and plans developed, approved, or modified, and programsadministered or initiated; a consolidated financial statement of all the fundsreceived and expended including the source of funds, a listing of any staffsupported by these funds, and a summary of any clerical, administrative ortechnical support received; a summary of performance during the previous fiscalyear including accomplishments, shortcomings and remedies; a synopsis ofhearings, complaints, suspensions, or other legal matters related to theauthority of the board; a summary of any training courses held pursuant to§ 35-8-3; a briefing on anticipated activities in the upcoming fiscalyear; and findings and recommendations for improvements. The report shall beposted electronically on the general assembly and the secretary of state'swebsite as prescribed in § 42-20-8.2 of the Rhode Island general laws. Thedirector of the department of administration shall be responsible for theenforcement of this provision.
§ 35-8-3 Sinking fund commission –Composition – Elective members – Quorum. – (a) There is hereby authorized, created and established in the department ofthe general treasurer a sinking fund commission which shall perform the dutiesformerly performed by the board of commissioners of sinking funds as prescribedby this chapter, which board of commissioners is hereby abolished. The sinkingfund commission shall consist of the governor or his or her designee who shallbe a subordinate within the governor's office, the general treasurer or his orher designee who shall be a subordinate within the general treasurer's office,the director of administration or his or her designee who shall be asubordinate within the department of administration, two (2) members of thegeneral public shall be appointed by the governor, one of whom shall serve aninitial term of three (3) years and one of whom shall serve an initial term oftwo (2) years; and four (4) members of the general public shall be appointed bythe general treasurer, one of whom shall serve an initial term of four (4)years and one of whom shall serve an initial term of three (3) years, one ofwhom shall serve an initial term of two (2) years; and one of whom shall servean initial term of one year. Thereafter, all general public member appointmentsshall serve for a term of four (4) years and until his or her successor isappointed and qualified. All general public member appointments shall be withthe advice and consent of the senate. The appointed members shall be qualifiedby training or experience in the fields of investment or finance. No one shallbe eligible for appointment unless he or she is a resident of this state.Public members of the commission shall be removable by the chair for causeonly, and removal solely for partisan or personal reasons unrelated to capacityor 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 35-8, 42-46,36-14 and 38-2 of the Rhode Island general laws; and the board'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 majority of all the members of the commission is necessaryto constitute a quorum.
(b) Within ninety (90) days after the end of each fiscal yearduring which the commission has conducted business, the commission shall submitan annual report to the governor, the speaker of the house of representatives,the president of the senate, and the secretary of state of its activitiesduring that fiscal year. The report shall provide: an operating statementsummarizing meetings or hearings held, meeting minutes if requested, subjectsaddressed, decisions rendered, rules or regulations promulgated, studiesconducted, policies and plans developed, approved, or modified, and programsadministered or initiated; a consolidated financial statement of all the fundsreceived and expended including the source of funds, a listing of any staffsupported by these funds, and a summary of any clerical, administrative ortechnical support received; a summary of performance during the previous fiscalyear including accomplishments, shortcomings and remedies; a synopsis ofhearings, complaints, suspensions, or other legal matters related to theauthority of the board; a summary of any training courses held pursuant to§ 35-8-3; a briefing on anticipated activities in the upcoming fiscalyear; and findings and recommendations for improvements. The report shall beposted electronically on the general assembly and the secretary of state'swebsite as prescribed in § 42-20-8.2 of the Rhode Island general laws. Thedirector of the department of administration shall be responsible for theenforcement of this provision.
§ 35-8-3 Sinking fund commission –Composition – Elective members – Quorum. – (a) There is hereby authorized, created and established in the department ofthe general treasurer a sinking fund commission which shall perform the dutiesformerly performed by the board of commissioners of sinking funds as prescribedby this chapter, which board of commissioners is hereby abolished. The sinkingfund commission shall consist of the governor or his or her designee who shallbe a subordinate within the governor's office, the general treasurer or his orher designee who shall be a subordinate within the general treasurer's office,the director of administration or his or her designee who shall be asubordinate within the department of administration, two (2) members of thegeneral public shall be appointed by the governor, one of whom shall serve aninitial term of three (3) years and one of whom shall serve an initial term oftwo (2) years; and four (4) members of the general public shall be appointed bythe general treasurer, one of whom shall serve an initial term of four (4)years and one of whom shall serve an initial term of three (3) years, one ofwhom shall serve an initial term of two (2) years; and one of whom shall servean initial term of one year. Thereafter, all general public member appointmentsshall serve for a term of four (4) years and until his or her successor isappointed and qualified. All general public member appointments shall be withthe advice and consent of the senate. The appointed members shall be qualifiedby training or experience in the fields of investment or finance. No one shallbe eligible for appointment unless he or she is a resident of this state.Public members of the commission shall be removable by the chair for causeonly, and removal solely for partisan or personal reasons unrelated to capacityor 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 35-8, 42-46,36-14 and 38-2 of the Rhode Island general laws; and the board'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 majority of all the members of the commission is necessaryto constitute a quorum.
(b) Within ninety (90) days after the end of each fiscal yearduring which the commission has conducted business, the commission shall submitan annual report to the governor, the speaker of the house of representatives,the president of the senate, and the secretary of state of its activitiesduring that fiscal year. The report shall provide: an operating statementsummarizing meetings or hearings held, meeting minutes if requested, subjectsaddressed, decisions rendered, rules or regulations promulgated, studiesconducted, policies and plans developed, approved, or modified, and programsadministered or initiated; a consolidated financial statement of all the fundsreceived and expended including the source of funds, a listing of any staffsupported by these funds, and a summary of any clerical, administrative ortechnical support received; a summary of performance during the previous fiscalyear including accomplishments, shortcomings and remedies; a synopsis ofhearings, complaints, suspensions, or other legal matters related to theauthority of the board; a summary of any training courses held pursuant to§ 35-8-3; a briefing on anticipated activities in the upcoming fiscalyear; and findings and recommendations for improvements. The report shall beposted electronically on the general assembly and the secretary of state'swebsite as prescribed in § 42-20-8.2 of the Rhode Island general laws. Thedirector of the department of administration shall be responsible for theenforcement of this provision.
