§ 42-10.1-3. Allocation of statewide financing limitation.
(a) The eighty-seven million four thousand dollars ($87,004,000) in total recovery zone
economic development bond volume cap allocations granted to the five (5) counties
of the state of Rhode Island by the United States Secretary of the Treasury pursuant
to 26 U.S.C. §§ 1400U-1 [repealed] and 1400U-2 [repealed] of the Internal Revenue Code are hereby ceded to the state of Rhode Island
for use by the state in connection with the issuance of general obligation bonds of
the state.
(b) The one hundred thirty million five hundred four thousand dollars ($130,504,000) in
total recovery zone facility bond volume cap allocations granted to the five (5) counties
of the state of Rhode Island by the United States Secretary of the Treasury pursuant
to 26 U.S.C. §§ 1400U-1 [repealed] and 1400U-3 [repealed] are hereby ceded to the public finance management board for subsequent
allocation by the board in accordance with rules and regulations to be promulgated
by the board in accordance with the Administrative Procedures Act, chapter 35 of this
title.
(c) The ten million nine hundred one thousand dollars ($10,901,000) in total qualified
energy conservation bond volume cap allocation granted to the state of Rhode Island
by the Secretary of the Treasury pursuant to 26 U.S.C. § 54D [repealed] of the Internal Revenue Code is hereby allocated to the board for subsequent
allocations by the board in accordance with rules and regulations to be promulgated
by the board in accordance with the Administrative Procedures Act, chapter 35 of this
title, provided, however, that the City of Providence shall be allocated by the board
no less than its portion as provided in 26 U.S.C. § 54D(e)(2)(A) [repealed] of the Internal Revenue Code unless the City of Providence determines
that the board may further reallocate such portion to other bond issuers.
(d) The general assembly hereby finds, declares and designates the entire state of Rhode
Island as a "recovery zoneâ€� meeting the standards referenced in 26 U.S.C. § 1400U-1(b)(1) [repealed] of the Internal Revenue Code, given the significant unemployment, rate
of foreclosures, or general distress present throughout the state of Rhode Island,
and particularly given the geographic compactness of the state and the resultant interrelated
nature of economic conditions and activities within the state as a whole.
(e) The board is hereby authorized to allocate tax exempt and taxable bond issuance capacity
and/or federal tax credits among all issuers in the state of Rhode Island, pursuant
to 26 U.S.C. § 103, 26 U.S.C. § 145, or pursuant to 26 U.S.C. §§ 1400U-1 [repealed], 1400U-2 [repealed], 1400U-3 [repealed], 54D [repealed] and any similar federal legislation heretofore or hereinafter enacted.
The allocations of tax exempt and taxable bond issuance capacity and/or federal tax
credits shall be pursuant to rules and regulations to be promulgated by the board
in accordance with the Administrative Procedures Act, chapter 35 of this title.