§ 42-10.1-4. Notice of debt issue to board.
(a) Each state, municipal and regional department, authority, agency, board, commission,
public and quasi-public corporation, and fire district and other special district
having authority to issue revenue or general obligation bonds or GARVEE bonds or notes
or other various types of conduit debt shall, no later than thirty (30) days prior
to the sale of any such debt issue at public or private sale, give written notice
of the proposed sale to the board; and each such issuer shall, within thirty (30)
days after closing, submit to the board a report of final sale.
(b) The notice of proposed debt shall include one proposed sale date, the name of the
issuer, the nature of the debt issue, and the estimated principal amount thereof,
and such further information as may be required by rule of the board and shall be
delivered in accordance with procedures to be established by rule of the board; and
the notice of final sale shall be made on a form approved by the board and contain
all of the information requested on said form. Any issuer that fails to submit the
report of proposed debt or report of final sale by the appropriate deadline may be
subject to a per diem fine of two hundred fifty dollars ($250), which shall be collected
and enforced by the Office of the General Treasurer.
(c) Each state, municipal and regional authority, agency, board, commission, public and
quasi-public corporation, and fire district and other special district having authority
to issue revenue or general obligation bonds or GARVEE bonds or notes or various types
of conduit debt or enter into financing leases shall provide annually, within ninety
(90) days after the end of each fiscal year, the following information for each outstanding
debt incurred as of the end of such year:
(1) The principal amount of the issue outstanding;
(2) The amount of proceeds of the issue that remains unspent;
(3) The amount of debt authorized by the bond act or other appropriate authorization relevant
to the issue that remains authorized but unissued; and
(4) A list of the purposes for which the debt has been issued and the amounts expended
for each purpose in the prior fiscal year from the proceeds of the issue.
(d) Failure of delivery of the above notice or of the time or efficiency thereof shall
not affect the validity of the issuance of any debt, bonds, notes, or leases.
(e) The board shall submit a report annually, on or before September 30 of each year,
to the director of administration, the speaker of the house, the chair of the house
finance committee, the president of the senate, the chair of the senate finance committee,
and the auditor general on debt issues by cities and towns and other authorities,
agencies, boards, commissions, public and quasi-public corporations, fire districts,
and other special districts subject to the provisions of chapter 12 of title 45, which report shall include the information set forth in subsection (b) and shall
be for the notices of debt issues received during the state's fiscal year next preceding.
An electronic transmission of the report shall be considered an acceptable submission.