§ 35-8-3. Sinking fund commission — Composition — Elective members — Quorum.
(a) There is hereby authorized, created and established in the department of the general
treasurer a sinking fund commission which shall perform the duties formerly performed
by the board of commissioners of sinking funds as prescribed by this chapter, which
board of commissioners is hereby abolished. The sinking fund commission shall consist
of the governor or his or her designee who shall be a subordinate within the governor's
office, the general treasurer or his or her designee who shall be a subordinate within
the general treasurer's office, the director of administration or his or her designee
who shall be a subordinate within the department of administration, two (2) members
of the general public shall be appointed by the governor, one of whom shall serve
an initial term of three (3) years and one of whom shall serve an initial term of
two (2) years; and four (4) members of the general public shall be appointed by the
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 of whom shall serve an
initial term of two (2) years; and one of whom shall serve an initial term of one
year. Thereafter, all general public member appointments shall serve for a term of
four (4) years and until his or her successor is appointed and qualified. All general
public member appointments shall be with the advice and consent of the senate. The
appointed members shall be qualified by training or experience in the fields of investment
or finance. No one shall be 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
cause only, and removal solely for partisan or personal reasons unrelated to capacity
or fitness for the office shall be unlawful.
Newly appointed and qualified public members shall, within six (6) months of their
appointment, attend a training course that shall be developed and provided by the
office of the general treasurer and shall include instruction 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 and regulations. The director of the department of administration
shall, within ninety (90) days of the effective date of this act, prepare and disseminate
training materials relating to the provisions of chapters 42-46, 36-14 and 38-2.
A majority of all the members of the commission is necessary to constitute a quorum.
(b) Within ninety (90) days after the end of each fiscal year during which the commission
has conducted business, the commission shall submit an annual report to the governor,
the speaker of the house of representatives, the president of the senate, and the
secretary of state of its activities during that fiscal year. The report shall provide:
an operating statement summarizing meetings or hearings held, meeting minutes if requested,
subjects addressed, decisions rendered, rules or regulations promulgated, studies
conducted, policies and plans developed, approved, or modified, and programs administered
or initiated; a consolidated financial statement of all the funds received and expended
including the source of funds, a listing of any staff supported by these funds, and
a summary of any clerical, administrative or technical support received; a summary
of performance during the previous fiscal year including accomplishments, shortcomings
and remedies; a synopsis of hearings, complaints, suspensions, or other legal matters
related to the authority of the board; a summary of any training courses held pursuant
to §â€‚35-8-3; a briefing on anticipated activities in the upcoming fiscal year; and findings and
recommendations for improvements. The report shall be posted electronically on the
general assembly and the secretary of state's website as prescribed in §â€‚42-20-8.2 of the Rhode Island general laws. The director of the department of administration shall be responsible for the enforcement
of this provision.