Section 35-18-2. – Definitions.
§ 35-18-2. Definitions. The words defined in this section shall have the meanings set forth below whenever they appear in this chapter, unless the context in which they are used clearly requires a different meaning: (1) “Bond” and “obligation” mean an agreement by any person to repay borrowed money. (2) “Economic development project” means any […]
Section 35-18-3. – Approval by the general assembly.
§ 35-18-3. Approval by the general assembly. (a) No elected or appointed state official may enter into any financing lease or into any guarantee with any person without the prior approval of the general assembly unless: (1) The governor certifies that federal funds will be available to make all of the payments which the state […]
Section 35-18-4. – Procedure.
§ 35-18-4. Procedure. (a) A financing lease, guarantee, bond, or other obligation shall be deemed to have been approved by the general assembly when the general assembly passes a concurrent resolution of approval regarding the financing lease, guarantee, bond, or other obligation which the governor or a public corporation, as the case may be, requests […]
Section 35-18-5. – Existing obligations.
§ 35-18-5. Existing obligations. Nothing in this chapter is intended to interfere with the obligations of the state or any public corporation under any trust agreement, financing lease, or other agreement in effect on, or with respect to any bonds or other obligations outstanding on, January 1, 1995. History of Section.P.L. 1994, ch. 148, § […]
Section 35-20-1. – Short title.
§ 35-20-1. Short title. This chapter shall be known and may be cited as the “Public Corporation Financial Integrity and Accountability Act of 1995.” History of Section.P.L. 1995, ch. 86, § 1.
Section 35-20-2. – Policy.
§ 35-20-2. Policy. (a) The legislature hereby finds that: (1) Fraud and errors in public and quasi-public programs are more likely to occur from a lack of sufficient internal control structures in the state-authorized public corporations. (2) Effective internal control structures provide the basic foundation upon which public accountability must be built. (3) An entity’s […]
Section 35-20-3. – Corporation responsibilities.
§ 35-20-3. Corporation responsibilities. The chairs and chief executive officers of public corporations are responsible for the establishment and maintenance of a system or systems of internal accounting and administrative control within their respective corporations. This responsibility includes documenting the system, communicating system requirements to employees, and assuring that the system is functioning as prescribed […]
Section 35-20-4. – Internal accounting controls.
§ 35-20-4. Internal accounting controls. (a) Internal accounting and administrative controls are the methods through which reasonable assurances can be given that measures adopted by public corporations to safeguard assets, check the accuracy and reliability of accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies are being followed. The elements of a […]
Section 35-20-5. – Definitions.
§ 35-20-5. Definitions. As used in this chapter: (1) “Controller” means the state controller of Rhode Island. (2) “Director” means the director of administration. (3) “Governor” means the governor of Rhode Island. (4) “Public corporation” means any body corporate and politic created or to be created pursuant to statute, including, without limitation, the Rhode Island […]
Section 35-20-6. – Annual report.
§ 35-20-6. Annual report. (a) To ensure that the requirements of this section are fully complied with, each public corporation shall prepare and submit a report on the adequacy of the corporation’s systems of internal accounting and administration control by December 31 of each year. (b) The report, including the state agency’s response to report […]