§ 42-10.1-1. Creation - Members. (a) There is hereby authorized, created and established in the department of the general treasurer a public finance management board to consist of nine (9) members:

(1) The general treasurer or his or her designee who shall be a subordinate within the general treasurer's office;

(2) The director of the department of administration or his or her designee who shall be a subordinate within the department of administration;

(3) Three (3) members of the general public to be appointed by the governor, with the advice and consent of the senate, one of whom shall serve an initial term of three (3) years, one of whom shall serve an initial term of two (2) years an one of whom shall serve an initial term of one year, and until his or her successor is appointed and qualified. Thereafter, the members appointed pursuant to this subsection shall serve for a term of three (3) years and until his or her successor is appointed and qualified; and

(4) Two (2) members of the general public to be appointed by the general treasurer, with the advice and consent of the senate, from a list of five (5) candidates submitted to the general treasurer by the League of Cities and Towns, one of whom shall serve an initial term of two (2) years and one of whom shall serve an initial term of three (3) years, and until his or her successor is appointed and qualified. Thereafter, the members appointed pursuant to this subsection shall serve for a term of three (3) years and until his or her successor is appointed and qualified.

(5) Two (2) members of the general public to be appointed by the general treasurer, with the advice and consent of the senate, one of whom shall serve an initial term of two (2) years and one of whom shall serve an initial term of three (3) years, and until his or her successor is appointed and qualified. Thereafter, the members appointed pursuant to this subsection shall serve for a term of three (3) years and until his or her successor is appointed and qualified.

(b) Any member that was appointed by the governor or general treasurer prior to the effective date of this act shall continue to serve until such time as a successor is appointed and qualified.

(c) All appointments shall be experienced in the issuance and sale of bonds by public agencies or shall otherwise be qualified by training or experience in the field of finance and investment. No one shall be eligible for appointment unless he or she is a resident of this state.

Public members of the authority shall be removable by the chair for cause only, and removal solely for partisan or personal reasons unrelated to capacity or fitness for the office shall be unlawful.

Newly appointed and qualified public members shall, within six (6) months of their appointment, attend a training course that shall be developed and provided by the office of the general treasurer and shall include instruction in the following areas: the provisions of chapters 42-10.1, 42-46, 36-14 and 38-2 of the Rhode Island general laws; and the authority's rules and regulations. The director of the department of administration shall, within ninety (90) days of the effective date of this act, prepare and disseminate training materials relating to the provisions of chapters 42-46, 36-14 and 38-2.

A vacancy shall be filled in like manner as the original appointment.

History of Section. (P.L. 1986, ch. 477, § 1; P.L. 2001, ch. 180, § 95; P.L. 2006, ch. 319, § 5; P.L. 2006, ch. 444, § 5.)