§ 9-13-302. Duties of the Comptroller of the Treasury
The comptroller of the treasury shall develop and recommend statutory changes, policies, and procedures for the purpose of: Promptly identifying financially distressed municipalities, counties, utility districts and education agencies; Providing for the timely restructuring of the debt of such municipalities, counties, utility districts and education agencies; Considering the need for temporary loans or other fiscal […]
§ 9-13-301. Short Title
This part shall be known and may be cited as the “Financially Distressed Municipalities, Counties, Utility Districts and Education Agencies Act of 1993.”
§ 9-13-204. Loan Guarantees — Cutoff Date for Guarantee
In order to provide emergency technical and financial assistance to a local government, the state funding board is authorized to guarantee the payment of a loan made to a local government by another lender only under the following conditions: A majority of all members constituting the local government legislative body, by resolution, has requested a […]
§ 9-13-205. Security for Loans — Pledges — Disposition of Proceeds — Withholding of State-Shared Taxes
The state funding board shall establish the terms and conditions of loan guarantees to local governments and may require such guarantees or security as it deems necessary to adequately secure the loans. The local government shall pledge the full faith and credit of the local government as security for any loan or loan guarantee. The […]
§ 9-13-206. Issuance of Notes
Notwithstanding any other law to the contrary, the legislative body of any local government is hereby authorized to issue notes which may mature beyond the close of the fiscal year in which such notes are issued, when such notes either: Are approved by the comptroller of the treasury or the comptroller’s designee and guaranteed by […]
§ 9-13-207. Scope of Assistance — Guidelines — Personnel — Audits — County Budgets
Whenever a loan is guaranteed by the state funding board, the comptroller of the treasury or the comptroller’s designee shall, subject to the comptroller of the treasury’s or the comptroller’s designee’s discretion, provide emergency technical assistance to such local government until such time as the local government has completely repaid any loans guaranteed by or […]
§ 9-13-208. Notice of Director’s Approval for Purchases or Payments
The state funding board shall publish a notice, in a newspaper of general circulation in any local government which is receiving emergency technical assistance pursuant to this part, that no purchase of or payment for goods, services or equipment or other matters shall be made by such local government without the prior approval of the […]
§ 9-13-209. Payment of Costs — Administrative Personnel
When a local government is granted a loan guarantee, any costs as determined and approved by the state funding board which are associated with providing the loan guarantee or technical assistance, including, but not limited to, the services of the comptroller of the treasury or the comptroller’s designee and other personnel, shall be borne by […]
§ 9-13-210. Reports to Legislative Committees
The comptroller of the treasury shall report to the state funding board at the next meeting of the state funding board following any approval of note issuance pursuant to § 9-13-206. The state funding board shall report to the finance, ways and means committees of the senate and the house of representatives whenever a loan […]
§ 9-13-211. Penalty for Nonperformance
Any official or employee of the local government, or of any institution or agency thereof, who fails or refuses to perform the duties required of such official or employee by this part, or who fails or refuses otherwise to conform to this part, commits a Class C misdemeanor and is subject to fine and to […]