§ 42-10.1-1. Creation — Members.
(a) There is hereby authorized, created, and established in the department of the general
treasurer a public finance management board to consist of nine (9) members:
(1) The general treasurer or the general treasurer's designee who shall be a subordinate
within the general treasurer's office;
(2) The director of the department of administration or the director's designee who shall
be a subordinate within the department of administration;
(3) Three (3) members of the general public to be appointed by the governor, with the
advice and consent of the senate, 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, and until the member's successor is appointed
and qualified. Thereafter, the members appointed pursuant to this subsection shall
serve for a term of three (3) years and until the member's successor is appointed
and qualified;
(4) Two (2) members of the general public to be appointed by the general treasurer, with
the advice and consent of the senate, from a list of five (5) candidates submitted
to the general treasurer by the League of Cities and Towns, one of whom shall serve
an initial term of two (2) years and one of whom shall serve an initial term of three
(3) years, and until the member's successor is appointed and qualified. Thereafter,
the members appointed pursuant to this subsection shall serve for a term of three
(3) years and until the member's successor is appointed and qualified; and
(5) Two (2) members of the general public to be appointed by the general treasurer, with
the advice and consent of the senate, one of whom shall serve an initial term of two
(2) years and one of whom shall serve an initial term of three (3) years, and until
the member's successor is appointed and qualified. Thereafter, the members appointed
pursuant to this subsection shall serve for a term of three (3) years and until the
member's successor is appointed and qualified.
(b) Any member that was appointed by the governor or general treasurer prior to the effective
date of this act shall continue to serve until such time as a successor is appointed
and qualified.
(c) All appointments shall be experienced in the issuance and sale of bonds by public
agencies or shall otherwise be qualified by training or experience in the field of
finance and investment. No one shall be eligible for appointment unless the person
is a resident of this state.
Public members of the authority 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 this chapter, chapter 46 of this title, chapter 14 of title 36, and chapter 2 of title 38 of the Rhode Island general laws; and the authority'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 chapter 46 of this title, chapter 14 of title 36, and chapter 2 of title 38.
A vacancy shall be filled in like manner as the original appointment.