Title 35, Title 35 Finance

(a) Prior to opening the RISavers retirement savings program for enrollment, the office of the general treasurer shall design and disseminate to employers an employee information packet that shall also be made available in an electronic format. The packet shall include background…

(a) After the office of the general treasurer opens the RISavers retirement savings program for enrollment, eligible employers shall have a payroll deposit retirement savings arrangement to allow employee participation in the program under the terms and conditions prescribed by t…

As used in this chapter: (1) “Designated beneficiary” means an individual who is: (i) Born on or after January 1, 2026; and (ii) Whose parent or guardian is enrolled in the Rhode Island works program pursuant to § 40-5.2-1 et seq., within the first twelve (12) months of their lif…

(a) There is hereby established the Rhode Island baby bond trust. The trust shall constitute an instrumentality of the state and shall perform essential governmental functions as provided under the provisions of this chapter. The trust shall receive and hold all payments and depo…

(a) The general treasurer, on behalf of the trust and for purposes of the trust, may: (1) Receive and invest monies in the trust in any instruments, obligations, securities, or property in accordance with the provisions of this chapter; (2) Enter into one or more contractual agre…

Notwithstanding the provisions of §§ 35-10-12 — 35-10-14, inclusive, the general treasurer shall invest the amounts on deposit in the trust in a manner reasonable and appropriate to achieve the objectives of the trust, exercising the discretion and care of a prudent person in sim…

(a) The property of the trust and the earnings on the trust shall be exempt from all taxation by the state and all political subdivisions of the state. Distributions made pursuant to § 35-24-7 shall be considered income subject to taxation in accordance with chapter 30 of title 4…

Except as otherwise required by federal law, any money deposited into the trust and credited to a designated beneficiary, and any increase in the values thereof, shall not be used to calculate the personal assets of a designated beneficiary for purposes of determining income elig…

(a) The general treasurer shall establish in the Rhode Island baby bond trust an accounting for each designated beneficiary. Each such account shall include the amount transferred to the trust pursuant to § 35-24-8, plus the designated beneficiary’s pro rata share of total net ea…

Upon the birth of a designated beneficiary, the general treasurer shall allocate three thousand dollars ($3,000) from the trust to be credited toward the accounting of such designated beneficiary pursuant to § 35-24-7.

The general treasurer’s duty to implement this chapter is contingent upon availability of public or private funds the general treasurer deems sufficient to administer the trust consistent with the provisions of § 35-24-8.

(a) There is hereby established within the office of management and budget an office of internal audit and program integrity. Within the office of internal audit and program integrity, there shall be a chief, appointed by the director of administration, who shall be the administr…

(a) The office of internal audit and program integrity shall prepare an annual report summarizing the activities of the office of internal audit and program integrity for the prior fiscal year. The office of internal audit and program integrity may also prepare interim performanc…

The chief of the office of internal audit and program integrity shall have the authority to initiate civil recovery actions. In any case where the office of internal audit and program integrity has discovered fraudulent acts and believes that civil recovery proceedings may be app…

(a) The chief of internal audit and program integrity shall supervise, coordinate, and/or conduct audits, civil and administrative investigations, and inspections or oversight reviews, when necessary, relating to expenditure of state or federal funds, or to any and all state prog…

The office of internal audit and program integrity may, upon the written request of the governor or of the general assembly, conduct audits, provide management advisory and consulting services, or conduct investigations relative to the financial affairs or the economy and efficie…

When requested in writing by a public body to the chief, the office of internal audit and program integrity may provide management advisory or consulting services to the public body. Any such request must include the scope of services requested and a schedule for the work to be p…

Any qualified person duly authorized by the director of management and budget to act as auditor may examine the books, papers, and documents of any public body having control of state or federal funds, and if the audit discloses any irregularities or improper handling of records …

(a) The chief, in carrying out the duties outlined in this chapter, shall have access to all records, reports, audits, reviews, papers, books, documents, recommendations, correspondence, including information relative to the purchase of goods or services or anticipated purchase o…

(a) The chief shall accept and may investigate or audit complaints or information from any identified individual concerning the possible existence of any activity constituting fraud, waste, abuse, or mismanagement relating to programs and operations of public bodies. (b) The chie…

In carrying out the chief’s duties and responsibilities, the chief shall report to the Rhode Island state police whenever the chief has reasonable grounds to believe there has been a violation of federal or state criminal law. The chief shall also refer findings to the state ethi…

The chief may coordinate with other state agencies that are responsible for investigating, auditing, reviewing, or evaluating the management of public bodies for the purpose of sharing information and avoiding duplication of effort.

This chapter shall be known as and may be cited as the “Rhode Island Refunding Bond Authority Act”.

In the month of January, the authority shall make an annual report of its activities for the preceding fiscal year to the governor, the speaker of the house of representatives, the president of the senate and the secretary of state. The report shall set forth a complete operating…

The authority may lend money to the state, upon the request of the governor, by entering into a loan and trust agreement. The governor is authorized to enter into a loan and trust agreement with the authority for the loaning of money to the state upon such terms and conditions as…

(a) Other than as provided in subsection (b), the proceeds of a loan to the state shall, upon their receipt, be paid by the general treasurer immediately to the paying agent or other suitable trustee for the 1984 and 1985 bonds and the paying agent or trustee shall hold the proce…

(a) The authority shall have the power and is authorized to provide by resolution for the issuance of bonds upon the request of the governor and a finding of a financial benefit to the state, in such principal amounts as it shall deem necessary to provide funds for the purposes o…

Notwithstanding any law to the contrary, bonds issued under this chapter are fully negotiable for all purposes.

(a) Bonds shall be authorized by resolution of the authority and may be issued in one or more series and shall bear such date or dates, mature at such time or times, be in such denomination or denominations, be in such form, carry such conversion or registration privileges, have …

In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a loan and trust agreement by and between the (1) authority, the state, and a corporate trustee, which may be any trust company or bank having the powers of a trust company…

(a) Bonds issued under this chapter shall not be deemed to constitute a debt of the state or any other political subdivision thereof or a pledge of the faith and credit of the state or any other political subdivision thereof, but shall be payable solely from the funds provided th…

The authority has the power to fix and collect from time to time, subject to the provisions of this chapter, schedules for the repayment of any loan to the state in order to generate revenues. The schedules for repayment shall not be subject to supervision or regulation by any co…

All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied as may be provided in the resolution authorizing the issuance of the bonds or the loan and trust agr…

The general assembly hereby finds, declares, and observes that the: (1) State issued its general obligation bonds dated May 1, 1984, in the aggregate principal amount of thirty million dollars ($30,000,000) pursuant to statutory authorities approved by the electorate of the state…

Any holder of bonds issued under the provisions of this chapter or any coupons appertaining thereto and the trustee under the loan and trust agreement or the resolution, except to the extent the rights given in this chapter may be restricted by the loan and trust agreement or the…

The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of the state and for the facilitation of the conduct of their public business, and will constitute the performance of essential governmental functions. Therefore, the authorit…

Bonds issued by the authority under the provisions of this chapter are securities in which all public officers and public bodies of the state and its political subdivisions, insurance companies, trust companies, banking associations, investment companies, credit unions, building …

The state pledges to and agrees with any person, firm, or corporation, or federal agency subscribing to or acquiring the bonds to be issued by the authority that the state will not limit or alter the rights vested in the authority until all bonds at any time issued, together with…

Neither the members of the board nor any person executing bonds issued under this chapter are liable personally on the bonds.

If the authority shall be dissolved, all funds of the authority, not required for the payment of bonds or other debts of the authority, the disposition of which is not otherwise governed by contracts to which the authority may be party, shall be paid to the general treasurer for …

Insofar as the provisions of this chapter are inconsistent with the provisions of any other law or ordinance, general, special, or local, or of any rule or regulation of the state or municipality, the provisions of this chapter shall be controlling.

This chapter shall be construed to provide a complete additional and alternative method for doing the things authorized hereby and shall be regarded as supplemental and in addition to the powers conferred by other laws. The issuance of all bonds of the authority under the provisi…

This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed so as to effectuate its purposes.

The provisions of this chapter are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of that court shall not affect or impair any of the remaining provisions.

Unless otherwise indicated by the context, the following definitions shall apply for purposes of this chapter: (1) “Authority” shall mean this refunding bond authority created by § 35-8.1-4; (2) “Board” means the board of directors of the authority as constituted by § 35-8.1-5; (…

There is hereby created and established a public corporation to be administered by the office of the general treasurer, having a distinct legal existence from the state and not constituting a department of state government, to be known as the “Rhode Island refunding bond authorit…