Title 35, Title 35 Finance

Whenever the holder of any registered or coupon bond of this state which is now or shall hereafter be issued or outstanding shall desire to substitute the registered bond for a coupon bond, or the coupon bond for a registered bond, he or she shall present the coupon bond to the g…

(a) All bonds, coupons, and certificates of indebtedness which have or shall become the property of the state, except those held by the sinking fund commission, and all bonds, coupons, and certificates of indebtedness which have been issued by the state but which have not been so…

Notwithstanding any provision of general or public law to the contrary, whenever the general treasurer is authorized by any general or public law to issue and sell bonds of the state, he or she may determine, with the approval of the governor, to issue and sell all or a portion o…

Bonds or notes issued pursuant to two (2) or more bond or note authorization acts may be consolidated for the purpose of sale and issued, sold, printed, and delivered as a single bond or note issue despite the requirement of any bond or note authorization act requiring or designa…

Notwithstanding any contrary provision of general or special law, the state and its agencies may rebate to the United States treasury any income from investments (including gains from the disposition of investments) of proceeds of bonds or notes to the extent deemed necessary to …

Unless otherwise provided therein, public laws which authorize the state to issue its general obligation bonds are “general obligation bond acts” as that term is defined in § 35-15-2(2).

(a) Any special act of the state which: (1) Authorizes the issuance of general obligation bonds or notes of the state; (2) Has a balance which remains unissued; and (3) Is seven (7) years or older; shall become invalid, but only as to that portion which remains unissued. The seve…

(a) When bonds or notes have been issued as provided in this chapter, the general treasurer shall be authorized and empowered hereby, with the approval of the governor and in accordance with this chapter, to issue, from time to time, refunding bonds or notes of the state to refun…

(a) In connection with the issuance of duly authorized bonds or notes of the state, notwithstanding any other authority to the contrary, such bonds or notes may be issued in the form of variable rate obligations, so-called. In connection therewith, the state, acting through the g…

Notwithstanding any general or public law or rule to the contrary, income from investments in the capital development fund may be applied to capital purposes and shall not become part of the general fund of the state to the extent necessary to exempt (in whole or in part) the int…

(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 commissioner…

The sinking fund commission shall perform the duties prescribed by this chapter. Wherever in any general law, public law, or resolution of the general assembly, or in any document, record, instrument, or proceeding authorized by law or resolution, unless the context or subject ma…

The governor shall be the chairperson, the general treasurer shall be the vice-chairperson, and the director of administration shall be the secretary of the sinking fund commission, and the general treasurer shall keep the accounts of the commission. In the event of the governor’…

The sinking fund commission shall have the control and management of all sinking funds established for the redemption of any bonds or certificates of indebtedness issued by the state, except for investments which are made by the state investment commission under the provisions of…

Notwithstanding any general law or special law to the contrary, the sinking fund commission shall have no authority to take or cause to be taken any action or actions that would adversely affect the exclusion from income taxation of interest on any bonds, notes or certificates of…

(a) Prior to the issuance of previously authorized general obligation debt contained in the capital improvement plan, the sinking fund commission may cause a savings analysis to be performed to determine if the estimated savings resulting from the defeasance of the general obliga…

The sinking fund commission shall make provision for the safekeeping of its securities, and it may hire and pay for a place of security. The records and books of account of the commission shall be deposited in the vault in the office of the general treasurer.

The sinking fund commission shall keep a full record of its meetings and proceedings. The commission shall make a full report in writing to the general assembly on or before the tenth day of January in each year, showing respectively the conditions and manner of the investments o…

The following act as passed by the general assembly in June, 1823, and amended in June, 1827, and June, 1834, and subsequently amended, shall continue in force: “Whereas, it has been made to appear to this general assembly, upon the representation of Titus Weeks, Esq., executor o…

The following act as passed by the general assembly in March, 1879, shall continue in force: “Whereas, it has been made to appear to this general assembly that Judah Touro, formerly of New Orleans, deceased, made in his will the following bequest: ‘I give and bequeath ten thousan…

(a) There is hereby authorized, created and established in the office of the general treasurer a state investment commission, the membership of which shall consist of the general treasurer, ex officio, or a deputy general treasurer as his or her designee, who shall act as chairpe…

The state, any state agency, any city or town, and any municipal agency which has, or has control of, any funds not immediately required for other purposes may, in addition to other investments in which it may be authorized to invest by law, and notwithstanding any provisions of …

(a) It is hereby found by the general assembly that: (1) The African national congress (ANC), led by Nelson Mandela, has called upon the international community to lift all sanctions previously imposed to censure South Africa for its apartheid policies and to apply economic press…

Consistent with the investment criteria set forth in §§ 35-10-6, 35-10-11, and 35-10-12, the commission is specifically authorized to invest state funds or pension funds in investments which are intended to retain or create jobs in the New England region, but with priority given …

(a) Notwithstanding any general or special law or regulation to the contrary, the general treasurer, acting as the treasurer/custodian of the state employees’ retirement system and the teachers’ retirement system, and as the chairperson of the state investment commission, is auth…

(a) In 2015, the office of general treasurer launched the “Transparent Treasury Initiative” in order to assist the public in accessing information regarding how the state’s pension investments are managed and invested; how such investments are performing; and to provide an overvi…

The commission shall in its absolute discretion determine which money of the state fund structure are not immediately required for expenditure and shall invest the money of the state from the general fund, rotary funds, sinking funds, special revenue funds, trust and agency funds…

The commission shall invest the proceeds of all bond issues not immediately required.

The commission shall not invest money in funds which are subject to the control of the council on postsecondary education; provided, however, that the commission shall not be prohibited from investing moneys in the college savings program created by § 16-57-6.1.

Notwithstanding the provisions of this chapter, any sinking fund money shall be invested in bonds or certificates of indebtedness of the state, or in bonds of the United States or of any state of the United States, or, in the commission’s discretion, in the interest bearing notes…

(a) Except as otherwise provided in this chapter, any money not immediately required shall be invested for the benefit of the several funds in any security or investment in which deposits of savings banks and participation deposits in banks and trust companies may be legally inve…

(a) Members of the commission shall serve without compensation but shall be reimbursed for any necessary expenses. (b) No member or employee of the commission shall profit directly or indirectly from any investment transaction made by the commission. This provision is not intende…

The commission is authorized and empowered to adopt and prescribe rules of procedure and regulations, and from time to time amend, change, and eliminate such rules and regulations as it may deem necessary to the proper administration of this chapter and the performance of its dut…

All authority for investment placed with the governor, the general treasurer, the retirement board, the sinking fund commission, the director of employment security, or any other state officer, is herewith repealed.

The purpose of this chapter is to establish a comprehensive public finance and management system for the State of Rhode Island that manages a data-driven budget process; monitors state departments’ and agencies’ performance; improves the regulatory climate; and ensures accountabi…

(a) The director of the office of management and budget is hereby directed to conduct research and analysis to study the programs of the department of transportation and other quasi-transportation related agencies not limited to bridge, vehicle and winter maintenance efficiencies…

The office of management and budget shall be deemed an agency for purposes of § 42-35-1 et seq. The director shall make and promulgate such rules and regulations, and establish fee schedules not inconsistent with state law and fiscal policies and procedures as he or she deems nec…

If any provision of this chapter or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the chapter, which can be given effect without the invalid provision or application, and to this end the…

There is hereby established within the department of administration an office of management and budget. This office shall serve as the principal agency of the executive branch of state government for managing budgetary functions, regulatory review, performance management, interna…

(a) Within the department of administration there shall be a director of management and budget who shall be appointed by the director of administration with the approval of the governor. The director shall be responsible to the governor and director of administration for supervis…

(a) The offices assigned to the office of management and budget include the budget office, the office of regulatory reform, the performance management office, and the office of internal audit and program integrity. (b) The offices assigned to the office of management and budget s…

(a) The controller shall be responsible for managing federal grant applications; providing administrative assistance to agencies regarding reporting requirements; providing technical assistance; and approving agreements with federal agencies pursuant to § 35-1-1. The controller s…

(a) There is created a restricted receipt account for the office of management and budget to be known as OMB administrative expense account. Payments from the account shall be limited to expenses for administrative oversight and management of federal and state funds received by t…

The director of administration, subject to the provisions of applicable state law, shall be the appointing authority for all employees of the office of management and budget. The director of administration may delegate this function to such subordinate officers and employees of t…

The general assembly shall annually appropriate such sums as it may deem necessary for the purpose of carrying out the provisions of this chapter. The state controller is hereby authorized and directed to draw his or her orders upon the general treasurer for the payment of such s…

(a) The departments and other agencies of the state of the executive branch that have not been assigned to the executive office of management and budget under this chapter shall assist and cooperate with the executive office as may be required by the governor and/or requested by …